Exchanging of Favors: Bitfinex and OKEx Mutually List Native Tokens
OKEx announced on June 12, 2019, the listing of its native token OKB on cryptoexchange Bitfinex, along with USDK, a stablecoin co-developed by OKLink and Prime Trust. The two new entries to the Bitfinex roster will offer 9 new pairs, which officially opens nine new trading at 10:00 am (UTC) on June 13, 2019.
Bitfinex and Okex, an unusual couple
The news comes as OKEx also announced on June 12, that it would be listing Bitfinex’s native token, UNUS SED LEO (LEO). It would be the second big exchange to list the LEO token after ZB.com. Even though this exchange is unknown to many, it is actually a rather important platform in the Asian market given the daily trading volumes, which are close to $700 million .
Founded in 2014, the Chinese exchange OKEx is the second largest cryptocurrency exchange in the world in terms of volume.
OKEx offers a relatively uncommon C2C trading system, similar to over-the-counter (OTC) trading. Transactions can be made between individual OKEx users who set their prices in a secure and moderated portal. Like its competitor Binance, OKEx recently moved to the Maltese island, a crypto-friendly nation.
Its native token OKB is currently running on the Ethereum blockchain (ERC20), and is in its final phase of testing. The team is building the OKChain ecosystem that will allow the token to migrate from the Ethereum blockchain to the OKChain main net during the course of the year.
To stimulate the exchange’s internal economy, OKB would strengthen the OKEx ecosystem by allowing its users to perform various tasks such as setting up an OKEx partner exchange, settling trading fees, and subscribing for new tokens on the platform OKJumpstart.
Important step OKEx Growth and Adoption
The OKB token is used to encourage trading on the OKEx platform while the company is developing its native blockchain. The token carries a total supply of one billion – of which 70 percent is blocked. Every week, the company distributes to OKB holders 50 percent of its service fees collected during the week. The actual amount dispensed is weighted by the amount of OKB a user holds.
In addition, OKEx launched its Global Partners Program, an initiative to promote the OKEx ecosystem. The system is structured around OKB credits and references, with rewards being distributed in the form of special awards and the OKB token.
To participate in the program, users must have at least 5,000 OKB and refer 50 people per month to the site. The reward for this is 30 percent of the related negotiation fees collected on your recommendations over the following six months.
OKEx said on its writes:
“We are looking for influential global partners like you to join our mission of spreading blockchain technology on a large scale,”
OKEx is expanding its market offers and is creating a wide range of tools and trading venues for all levels of investment. Recently they launched their stable coin USDK and once they will complete the development of their blockchain OKChain, they will have all the credentials to compete for the first position for trading volumes that is currently held by Binance.