• Crypto Exchange OKX Announces New OKBChain
• OKBChain Fosters the Development of an OKB Decentralized Ecosystem
• Upon Announcement, OKB Token Hits New All-Time High
Crypto Exchange OKX Announces New OKBChain
Seychelles-based cryptocurrency exchange OKX announced the launch of its new blockchain dubbed OKBChain, which is separate from the existing Ethereum Virtual Machine (EVM)-compatible smart contracts protocol OKXChain. According to OKX’s founder Star Xu, the new OKBChain would foster the development of an OKB decentralized ecosystem.
OKBChain Functionality
OKBChain will be launched in Q1 2023 as a separate protocol from OKXChain, as they serve different purposes. The CEO clarified that the OKXChain is a proof-of-stake blockchain co-built by communities while the OKBChain would be developed and operated by OKX. As EthereumFair’s official Twitter account further explained,
OKBChain would be more focused on providing business solutions to organizations and businesses. On the other hand,
OKXChain will continue to offer a decentralized platform for creating and deploying decentralized applications (dApps).
OKB Token Reacts to Announcement
Reacting to the announcement, OKB, the utility token of the OKX Blockchain Foundation, surged by 23.13%, skyrocketing to a new all-time high (ATH) of $52.31, according to data from CoinMarketCap. However, at the time of writing, the token has retraced slightly to under $50.
Continued Growth for Exchange
Since its inception in 2019, crypto exchange powerhouse OkEx has been steadily working towards becoming one of leading exchanges globally with innovative products such as staking pools and futures trading platforms among others. With this newly announced blockchain protocol however it appears that OkEx is aiming for greater heights and is ready for any challengers that may come along in its quest for global domination in terms of cryptocurrency exchanges.
Conclusion
OkEx’s recent announcement of its new blockchain called ‘OKBCHain’ shows that it is serious about decentralization and building an even larger user base globally than before with access to various innovative products not found on other exchanges yet as well as more options when it comes to securely storing their funds on multiple blockchains simultaneously if desired. This could potentially lead OkEx towards becoming one of leading contenders within this rapidly growing industry over time if they are able to execute their plans accordingly and keep up with current trends going forward into 2023 and beyond