OKEx Launches Own Blockchain (OKExChain) and Decentralized Exchange (OKDEx DEX)

By March 23, 2019 Ethereum
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The major cryptocurrency exchange OKEx has recently announced that it is launching its new blockchain platform and decentralized exchange (DEX). The new blockchain will be called OKExChain and the decentralized platform OKDEx.

OKEx Announces New Products

OKEx is one of the largest crypto platforms in the market. In a recent blog post, the firm informed that they will be releasing a new DEX and a Blockchain platform. This is something that seems to follow the decision taken by Binance, the largest virtual currency exchange in the market, to launch its own DEX.

In the announcement, OKEx informed that they will be putting the OKB token into ERC-20 and migrate it to OKChain mainnet once it becomes ready. At the same time, they will be delaying the decision to release 700 million OKB tokens from 2020 to 2022.

Thus, the latest products launched released by the platform are the OKB token, the OKChain, the OKDEx and he OKJumpstart. This is the same what Binance is doing with its BNB token, the Binance chain, the Binance DEX, and the Binance launchpad.

The official announcement released by OKEx reads as follows:

“Our Operations Team was secretly developing a blockchain of our own – the OKChain. Currently, the OKChain is at the final development stage and we expect to launch it on a testnet in June 2019.”

At the moment, the native blockchain is still in the development phase. Once everything is tested and stable, the OKB token will be migrated to the OKChain mainnet from ERC-20 blockchain. ERC-20 are those asses that are based on the Ethereum (ETH) platform. Tron (TRX) and other digital assets have moved from the Ethereum network to their own. Binance Coin is also expected to move from Ethereum to the Binance Chain.

Users will also be able to vote for the favorite super node candidates and settle transaction fees on OKDEx. It is worth mentioning that the OBK coin will also be used for token pre-sales.

The OKJumstart platform will be working with OKB as a native token. This is an initiative to help crypto projects and startups launch their own digital assets to the market and raise money to fund their project.

Binance Launchpad has also been supporting ICOs such as Tron’s BitTorrent Token (BTT) or Fetch.AI.

At the time of writing this article, OKEx is the 10th largest cryptocurrency exchange in terms of trading volume after handling $615 million in the last 24 hours.

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