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OKX
OKX formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It offers basic trading including spot and simple options, and derivatives including margin, futures, perpetual swaps, and options. Other products include trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0, etc.), crypto loans, and Jumpstart, the exchange's launchpad. [1]
OKX also has its own native blockchain — OKX Chain[21] and native token — OKB, which allows builders and projects to deploy DApps and developers to use infrastructure like OKX Oracle and more. [1]
History
OKX (formerly OKEx) is a subsidiary of OKCoin owned by OK Group. The company was founded by Mingxing "Star" Xu back in 2013 and the exchange was launched in 2017. It is headquartered in Seychelles.
Xu is a Chinese entrepreneur. He holds a Bachelor's degree in Applied Physics from the University of Science and Technology Beijing. Star Xu is the CEO of OK Group. Jay Hao joined OKX as their CEO in November 2018. He is a tech veteran and seasoned industry leader with a background in engineering.[2]
2018
On April 11, 2018, OKX declared its expansion into Malta due to the country's effort to offer a reliable regulatory environment for blockchain enterprises and digital asset exchanges. [3]
In May 2018, OKX's former CEO Chris Lee resigned just as the exchange became the world's largest cryptocurrency exchange by reported turnover. Lee left for personal reasons, to "start a new life" [4][22]
In June 2018, the platform became one of the largest exchanges to launch and offer a cryptocurrency exchange white label service, where applicants must have solid industry experience and $2.5 million in their accounts. [5]
2019
In November 2019, OKX said that they previously opened their Indian Telegram group a year before opening their Indian operations. The company also announced 4 major partners (Ledger, Aliniex, Bvnex, and Cryptomall) for its global utility token "OKB". [6]
2021
According to Reuters, in February 2021 OKX saw its biggest trading volume in history, up 26% from the previous month to $188 billion. [7]
2022
In January 2022, OKEx rebranded to OKX
“OKX is moving beyond the standard centralized exchange model to give our customers an end-to-end cryptocurrency experience, Most importantly, we’re doing this while upholding the core principles of crypto — decentralization, and autonomy. Our goal is to give customers the tools they need to easily and securely earn, transfer, and spend their wealth as they see fit, without intermediation from us. We’ve dropped the “E” from our name because we’re so much more than an exchange, just like crypto is so much more than a speculative asset.”
In March 2022, OKX rejected calls to ban Russian crypto trading. [9] In the same month, football team Manchester City F.C. announced a partnership with OKX as their official cryptocurrency partner.[10][14]
In May 2022, OKX signed a sponsorship deal with McLaren Racing[23] as a primary partner [11]
“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things"
said Zak Brown, CEO of McLaren Racing.
In November 2022, OKX expanded to the Bahamas with new registration and regional office. The crypto exchange registered as a Digital Asset Business in the Bahamas and formed a subsidiary, OKX Bahamas. [15]
In the middle of December 2022, the crypto space was amazed by another step of Twitter boss Elon Musk, who suddenly started following the account of the OKX exchange founded by “Star” Xu on Twitter. OKB soared immediately from $22.97 to $24.15 with the trading volume showing an increase as well, adding around $3 million. [25]
OKB
OKB is the global utility token of the cryptocurrency exchange OKX. OKB aims to link potential digital asset projects to OKX users and professional investors, establishing an OKX ecosystem that fosters the development of blockchain technology and the digital asset sector. It is the native exchange token of OKX that provides discounts on trading fees, access to the OK Jumpstart initial exchange offering (IEO) platform[24], and voting rights for tokens to be listed on the exchange.
OKC
OKC (OKChain) is an EVM & IBC-compatible, Layer-1 blockchain network, and smart contract platform built on Cosmos offering high-performance capabilities and low cost for decentralized applications. It is backed by OKX - the crypto exchange and is suitable for DeFi protocols, NFTs, and other Metaverse applications.[21]
OKT
OKT is OKChain’s native token that acts as the base token for OKChain’s DPoS (Delegated Proof of Stake) consensus and supports the development of OKChain. [26]
Liquid Staking on OKC
OKT Liquid Staking is a liquidity staking solution on the OKC Chain. Launched on December 20, 2022, OKT liquid staking allows users to earn OKT staking funds without having to participate in the maintenance of the infrastructure, and enables them to trade staking positions, as well as use staking assets to participate in on-chain decentralized finance. OKC users can stake OKT to receive rewards of up to 40% APR through OKC Liquid Staking. [27][38]
"Liquid Staking is a key element of our vision for promoting decentralization and creating more opportunities for OKX users. Not only does Liquid Staking add liquidity and utility of assets, but it also plays an important role in boosting the on-chain TVL and ecosystem development. We are thrilled to see Liquid Staking grow in parallel with other OKC's DeFi products, and lay the foundation for future advanced protocols on chain" -
- Chai Li, Head of OKC Ecosystem Development. [28]
stOKT
stOKT is a KIP20 token that represents the account's share of the total amount of OKT staked on OKT Liquid Staking. It is an immutable token, and the value of the token is subject to change over time because the staking funds received from staking OKT are not constant. [27]
Earn
Earn on OKX offers a range of investment options to generate interest on assets, including Staking, Loan, and third-party DeFi services. [30]
Staking
Staking is a way to earn rewards by locking crypto assets in proof-of-stake (PoS) networks. The rewards are determined by the ratio of the staked amount to the total staked amount, and staking helps to run the network and participate in its governance. [29]
Dual Investment
Dual Investment allows users to maximize their profits by choosing a major crypto pair to trade (e.g., BTC - USDT, ETH - USDT). Once subscribed, users can obtain steady returns in either of the cryptocurrencies, depending on their target price. On the date of expiration, buyers will receive the crypto they invest in if the target price is reached. Otherwise, they will have their stablecoins back, along with their interests. Likewise, sellers will receive their returns in stablecoins if they reach the target price at expiration, or have their crypto back, along with the interest. [31]
Flash Deals
Flash Deals on OKX are exclusive Earn offers with high rewards and low risks. Flash Deals have limited terms and amounts and appear on an irregular basis. [32]
Fixed Income
OKX's Fixed Income provides users with the opportunity to invest in crypto loans and achieve stable and secure returns. Users can choose from a variety of currency types and loan periods based on their individual risk preferences. Fixed Income also ensures the security of assets while providing an outlet for idle assets. [33]
OKX Wallet
OKX Wallet is a Web3 wallet that provides access to DeFi, GameFi, NFTs, and associated services in the OKX Web3 ecosystem and beyond. It enables users to create, trade, and generate passive income. OKX Wallet’s most basic function is a simple Web3 wallet to manage the crypto asset keys. [34][35][36]
OKX NFT Marketplace
OKX NFT Marketplace is a decentralized NFT Marketplace running across Ethereum, Solana, OKC, Polygon, BNB Chain, Avalanche C, Immutable X, Aptos, Arbitrum, Optimism, and Klaytn. Users can create and trade NFTs across these different blockchains and platforms. [37]
Controversies
On February 24, 2018, the Dongguan Public Security Bureau officially opened a criminal case against OKX for possible "illegal futures trading" or, more seriously, "fraud". [12]
On March 10, 2018, Sylvain Ribes[13], a trader and investor, published an article titled Chasing fake volume: a crypto-plague, in which he concluded from an analysis of publicly available data that approximately 93% of trading volume on OKX was faked. [13]
On September 5, 2018, the exchange experienced problems such as app flashbacks, inability to log into the platform, and inability to view contracts. Subsequently, many investors crowded Beijing, where the institution was headquartered at the time, to defend their rights. On the evening of the 10th of the same month, the founder of the exchange, Star Xu, was summoned by the Shanghai public security authorities to assist in the investigation of alleged digital currency fraud. [16][17]
In October 2020 OKX temporarily suspended withdrawals following its founder's Star Xu alleged arrest. On November 19, 2020, OKX announced that withdrawals would reopen and will resume on or before November 27. [18][19][20]
OKX
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