• OKX exchange announced the launch of its own blockchain, OKBChain, to foster the development of an OKB decentralized ecosystem.
• OKXChain will continue to offer a decentralized platform for creating and deploying dApps while the new OKBChain will be focused on providing business solutions to organizations.
• The news sparked a surge in the price of the OKB token which hit a new all-time high (ATH) of $52.31, though it has since retraced slightly at the time of writing.
OKX Exchange Announces New Blockchain
Seychelles-based cryptocurrency exchange OKX announced the launch of its new blockchain dubbed OKBChain, which is separate from their 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.
OKXChain vs. Okbchain
As per Xu’s tweet, 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).
OKT Token Reaches New ATH
Reacting to the announcement, okb -the utility token of Okx Blockchain Foundation -surged 23%, skyrocketing to a new all-time high (ATH) of $52.31 according to data from CoinMarketCap; however it has since retraced slightly at time of writing under $50 USD..
Continued Development
Since its inception in 2018 with over 100 million USD raised during their initial coin offering (ICO), Okx continues building towards what they describe as “a one stop shop for digital asset services” including spot trading as well as derivatives markets for futures and options trading with perpetual contracts available in various crypto pairs such as Bitcoin (BTC), Etheruem (ETH), Ripple’s XRP and even Tether stablecoin among others .
Conclusion
Insights about this news show us that besides continuing building over their multi asset operations service platform ,Okx’s strategic move towards developing their own blockchain could provide benefits both investors and users that join this project .