OKEx develops a blockchain and a decentralized exchange

OKEx develops a blockchain and a decentralized exchange

A Hong Kong company OKEx is developing its own blockchain OKChain and decentralized cryptocurrency exchange, which will operate based on it. According to company representatives, OKChain is in the final stages of creation.

OKEx plans to launch a test version OKChain in June 2019. Until the end of April, the exchange will take your tokens OKB (OKB) in the blockchain Ethereum (ETH), then they will be moved to a decentralized network OKChain. Cryptocurrency OKB will operate in the blockchain OKChain, it will be possible to pay Commission for transactions and processing trade orders. Tokens will also serve as a means of payment in decentralized applications running on the network OKChain.

Guide OKEx decided to open decentralized trading platform after the exchange Binance has launched a test version of its own decentralized platform Binance DEX. Exchange Binance DEX works on the basis of the blockchain Binance Chain, which differs from many competitors with high performance and convenient user interface. The head of the Binance Changpeng Zhao said adding unit in the network Chain Binance is 1 second, while in the blockchain of Bitcoin (BTC) , this figure reaches 10 minutes, and Ethereum - 20 seconds.

In December 2018 OKEx provided a platform to trade cryptocurrency derivatives calledm Perpetual Swap. It is possible to trade contracts for the purchase of Bitcoin, each contract has a face value of$100 in coins BTC. Traders use one of two strategies:

  • Creating long positions (allows you to capitalize on the growth of cryptocurrency rate);
  • open a short position (profit from a falling Bitcoin value).

Contracts Perpetual Swap differ from futures contracts in that they open-ended and give opportunity to withdraw income on a daily basis. According to representatives of OKEx, the site is popular among customers as it allows you to capitalize on the dynamics forecasting the price changes of Bitcoin.

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