[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"20883dfe-356a-4685-b153-0ae3e1b3f9fc","updated_at":"2022-07-15T10:46:00+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The cryptocurrency market is flooded with altcoins and it becomes difficult to differentiate the legitimate coins from the shams. OKX exchange and its utility token OKB were born to tackle this problem. Let’s take a deep dive into OKB token!","sapo":"The cryptocurrency market is flooded with altcoins and it becomes difficult to differentiate the legitimate coins from the shams. OKX exchange and its utility token OKB were born to tackle this problem. Let’s take a deep dive into OKB token!","title":"OKB (OKB): The Global Utility Token of OKX","content":"

Introduction to OKX exchange

OKX is an international cryptocurrency exchange that allows traditional trading pairs, along with derivatives and other advanced trading features.

OKB provides a service fee discount for its token holders, voting rights, the ability to invest in projects on OKX Jumpstart, among other benefits.

OKX has several blockchain incubators focused on growing startups. It has also partnered with a variety of businesses which will allow it to remain nimble in the coming years.

Below are some main purposes of this exchange:

To provide a safe and convenient cryptocurrency trading environment for cryptocurrency traders;
To enable the cryptocurrency-based Initial Coin Offering to operate along with the cryptocurrency trading market in one place;
To become a top tier exchange that offers services around the world.

OKX is a very transparent platform. Security is claimed to be their top priority as OKX provides a safe and stable trading environment. For protection, they deploy load balancing on servers, distributed clusters, and other technologies.

About OKB token

OKB (Symbol: OKB) is the utility token of OKX exchange. OKB is an ERC-20 token issued on the Ethereum blockchain.

Its function is similar to that of other exchange tokens available on the market. OKB allows customers to have access to the crypto exchange's unique features.

The token is used to compute and pay trading fees, to give users access to platform voting and governance, as well as to reward users for holding OKB.

History of OKB

In 2017, OKEx Malta-based crypto exchange was launched by Star Xu.

On 24 July 2017, OKEx completed an initial coin offering (ICO) that raised more than $100 million for the exchange.

In 2018, OKEx launched OKB, an ERC-20 token that is used for paying transaction fees on the exchange. Jay Hao joined OKEx as their CEO in November 2018.

Since May 2019, the exchange has been conducting a quarterly token buyback-and-burn program to reduce the token’s circulating supply.

In February 2020, OKEx launched the testnet for OKChain, the exchange’s proprietary blockchain.

OKEx rolled out the mainnet of OKChain, which has since been renamed into OKC, between December 2020 and January 2021.

On 18 January 2022, OKEx rebranded into OKX.

OKB reached an all-time high ever of $44.01 on May 3rd 2021.

Features of OKB

OKX exchange provides a range of services:

OKX trading: Investors can use leverage to try to amplify returns when trading in futures, advanced options, and perpetual swaps.
Staking: OKX provides interest-bearing staking accounts for more than 100 different tokens and projects.
Crypto mining pool: On OKX, once a block has been solved, the rewards will be split up among mining pool members according to how much computing power each contributed.
Flexible lending options: It offers traditional DeFi options using Aave, dYdX, Compound, DDEX, and Maker. These have varying interest rates determined by the platform and the token type you'd like to borrow. OKX also enables peer-to-peer lending services with flexible terms.

Outlook on OKB

OKB is a great example of a cryptocurrency created by a big exchange, and the OKB price has been growing at a rapid pace.

Unlike many altcoins which are not backed by anything, the OKB token is backed by one of the largest centralized cryptocurrency exchanges in the ecosystem. Because of that, the OKB price is expected to continue growing in the future.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.

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OKB (OKB): The Global Utility Token of OKX

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