What is OKB?
OKB is the native token of OKEx. OKEx is a cryptocurrency exchange located in the Seychelles that offers a trading forum for a variety of cryptocurrencies. Spot and derivative trading are two of the exchange’s most important functions. It was founded in 2017.
OKEx is a world-leading digital asset platform established in China in 2014 that uses blockchain technology to offer innovative financial services to global traders. OKEx is now one of the most common digital asset platforms in terms of market volume, with over 20 million users in more than 100 countries. Their BTC futures trade has about $1.5 billion in regular turnover and is generally regarded as the industry’s gold standard.
How does OKB work?
Within the OKEx Exchange, OKB is used as a utility token that enables users to earn discounts on trading rates, with the size of the discount varying based on how many OKB you own and how often you transact on OKEx.
OKB has a cumulative supply of one billion units, 300 million of which are now in circulation and 700 million of which are still locked. The OK Blockchain Foundation and the operations team will receive 300 million of the locked up OKB, while the remaining 400 million will go to the OK Blockchain Foundation and the operations team, and the supply will continue to decrease with daily coin burn events from the OKEx team.
What is the History of OKB?
OKEx was established by OKCoin, one of the first Chinese exchanges, with the aim of attracting a global clientele. OKCoin was created in response to pressure from Chinese government officials to include bitcoin exchange without the use of Chinese yuan pairs.
Star Xu created OKEx, a cryptocurrency location and futures exchange in China. Since then, the exchange’s offices have been relocated to Malta. OKEx is one of the few cryptocurrency futures trading platforms accessible.
OKEx is part of the OK Group, which was formed in 2013 and specializes in blockchain technology. The market has a large trade volume, with over 400 futures and spot trading pairs. They still have a pocket, vault, and block explorer in their suite of items.
In late March of 2018, the bitcoin price on OKEx’s trading site plummeted by nearly $2,000, even more than the rates on other exchanges. OKEx was suspected of price theft, but it refuted the allegations, claiming that it had no business place.
After the volatility in March 2018, trading volumes did not drop significantly, and OKEx remained one of the largest cryptocurrency exchanges.
Where can I hold OKB?
OKB is an ERC20 token. You can hold it on any common Ethereum wallet, such as Metamask or MyEtherWallet.