OKEX EXCHANGE HAS ITS OWN TOKEN

The OKEX cryptocurrency exchange announced the launch of its own OKB token in the public blockchain. From April 29, users were already able to withdraw OKB tokens to wallets that support the ERC-20 standard, or to the cold storage in the exchange application.

In total, 300 million OKB tokens entered the public network.

The developers also confirmed that they expect to launch OKChain in June. After confidence that OKChain is stable, OKB coins migrate with standard ERC-20 to a core network of the new blockchain.

OKB tokens are intended primarily for the future decentralized exchange: they can be used to pay transaction fees, as well as in decentralized applications based on OKChain. In addition, OKB will be used in token presales, for voting and payment of service fee to supernodes.

Of the 1 billion, OKB currently blocked 700 million tokens. Of these, 300 million coins were originally to be distributed to OKEx users as part of a loyalty program. The remaining 400 million OKB will remain under the management of OK Blockchain Foundation and the exchange team. The blocking period will end in 2022.