With the headquarters based in Malta, OKX is one of the world’s most popular cryptocurrency exchanges. Its native utility token is known as OKB and it was introduced to the trading market in 2018. It runs on the Ethereum blockchain and is based on the ERC-20 standard.
OKX plans to launch its own public blockchain called OKChain and conduct the token swap once the OKChain becomes stable. OKB will be the only native token on the OKChain which is at the final development stage at the time of writing.
The OKB use cases and perspectives
OKB is designed to perform various functions on the exchange contributing much to the development of blockchain technology. According to the official statement, OKB aims to extend the OKX users’ potential, being a substantial part of the OKX ecosystem. It allows the users to construct a partner exchange, to settle trading fees, and to subscribe for new tokens on the OK Jumpstart platform. OKB holders also get discounts, the size of which depends on the amount of OKB a user holds and how often a user trades on OKX.
OKB can be used in OKX listing votes which allow users to influence the token listing process. When the voting process is over, all OKB tokens spent on voting are to be returned to their holders automatically.
At the time of writing, OKB covers major countries and areas, being turned into a global token. It is not just a native OKX-based token on the OKChain and the only accepted token for OK Jumpstart. It also contributes to other industries beyond the bounds of the OKX ecosystem, such as network security, financial services, and lifestyle. For example, you can use OKB to make payments on Tripio, the world’s first decentralized travel booking marketplace.
On October 31, 2019, OKB was listed on the OKX C2C market. Thus, OKB was introduced to the OKX’s C2C sector, which accounts for approximately 110 million USD of daily trading volume, according to the official OKX statements. Both takers and makers don’t have to pay any transaction fee when trading OKB on the C2C market.
OKB total supply and trading pairs
According to OKX, the total supply of OKB equals to 300 million tokens. At the same time, 700 million of OKB remain locked up at the time of writing. 300 million of the impounded OKB will be transmitted to OKX users through the loyalty programs. The OK Blockchain Foundation and the operation team own the rest of 400 million. The supply steadily decreases due to regular coin burn events increasing the value of remaining tokens.
The cryptocurrency exchange Bitfinex, one of the largest platforms for cryptocurrency trading, offers the following trading pairs with OKB and other basic fiat and digital currencies since June 2019:
U.S. dollars (OKB/USD)
OKB is announced to enter OKX’s C2C market, which will allow its users to buy OKB with USD, CNY, and other fiat currencies. At the time of writing, the project managers promise the recognition of OKB at other platforms, too. Thus at the end of November 2019, OKB was supported by Aliniex, the largest over-the-counter (OTC) exchange in Vietnam.
OKX team and partners
OKX was founded in 2014 and originally hosted its offices in Hong Kong. In 2018, it was relocated to Malta as this country provides more opportunities for further development.
Jay Hao is the CEO of OKX. Before taking his position, he worked in the area of blockchain-driven applications for live video streaming and mobile gaming.
Andy Cheung is a Head of Operations of the Company. He is a former CEO of GROUPON HK. Also, he worked at Baidu International, Alibaba.com and co-founded many tech start-ups in the APAC region. His professional experience includes Digital, eCommerce and Blockchain industries.
At the end of November 2019, four major partners integrated with OKB. The token is now accepted by:
Ledger. This is a hardware wallet with clients located across 165 countries. The total amount of Ledger’s wallets sold already exceeds 1.5 million.
Aliniex. This is one of the largest exchanges in Vietnam. Cooperation with Aliniex offers opportunities for OKB/VND trades, which makes possible to use OKB for purchases.
Bvnex. This is another huge Vietnamese exchange.
Cryptomall. Integrating with Cryptomall allows OKX’s users to buy various products through the virtual retailer.
OKB is also listed on Bitsonic and Probit, the two largest C2C exchanges in South Korea.
Slowmist, Beosin, Certik, LinkEye, Molecular Future, Tripio, BitTorrent are also mentioned among the OKX's partners. Generally, OKX collaborates with numerous projects and companies and is open to cooperation with other industry players.