In the headlines today, the OKB token’s price, the native coin on the OKEx trade platform, jumped up an impressive 40% as the company launched the test net of its new decentralized exchange.
The buzz first started late last year when OKEx first announced plans for launching its proprietary blockchain known as OKChain in 2020, as well as its decentralized exchange, OKDEX. As of today, both the OKChain and OKEx’s test net have gone live.
In turn, this has lead to the jaw-dropping increase in OKB’s trade price practically overnight.
The Launch of OKEx’s Test Net
Launched in 2017, OKEx is a Malta-based cryptocurrency exchange founded by Star Xu. And according to the company’s website, they are, “the world’s leading one-stop cryptocurrency exchange,”
What the exchange’s new test net will do is enable the platform’s users to issue their cryptocurrencies on the platform’s public chain, OKChain. This will also allow users to create their cryptocurrency exchanges, adding trading pairs and assets if they wish to do so.
And in addition to this, the company also announced a few of the OKChain’s other innovative features, which include progressive multi-chain development, sharding, data layering, as well as creating a competitive environment, which will help bolster the development of crypto-related project all across the industry.
About the OKB Token
As mentioned, the OKB token is the native cryptocurrency token of the OKEx trading platform. It currently operates on the Ethereum blockchain and has a total supply of 300,000,000, with roughly 60,000,000 already in circulation.
At the time of this writing, OKB is trading at against $5.6 and marks a staggering increase upwards of 40%.
OKB/USD. Source: TradingView
OKB was designed as a global utility token issued by the OK Blockchain Foundation. The goal behind it is to connect multiple digital asset projects to a single user on the OKEx crypto exchange. Furthermore, the token will also be accessible to professional investors, creating an ecosystem that will help advance the development of countless blockchain projects to come.
OKB is being traded on just over 40 active markets and saw an estimated $564,964,594 in trade over the past 24 hours.
Elsewhere, as of February 10th, 2020, Bitcoin is currently trading at $9,837, and Ethereum, the world’s second-largest cryptocurrency per market cap, is trading at $222.
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