Crypto Reporter
Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies
December 24, 2022 By
OKX (formerly OKEx) is one of the largest crypto exchanges in the world, providing access to a variety of trading instruments and opportunities in both the crypto spot and crypto derivatives markets. Despite its success in trading crypto-assets and crypto-derivatives, this year the OKX team announced that it will focus on developing services for DeFi, NFT, GameFi and Web3 as part of its rebranding.
In addition, automated trading for classic OKX Spot is available on the trading platform using the RevenueBot service, as well as trading of OKX Futures perpetual contracts (perpetual swaps).
About OKX
OKX, known until January 2022 as OKEx, is a crypto market newcomer. It was one of the first to provide the crypto community with access to cryptocurrency derivatives, margin trading and trading bots.
OKX was founded in 2017 in Hong Kong by Chinese cryptocurrency entrepreneur Mingxing Xu, also known as Star Xu. With the first cryptocurrency derivatives in the form of Bitcoin futures appearing in late 2017, OKX was able to quickly take the lead in this market due to the lack of high competition. However, in 2018, due to stricter regulation of the crypto market in China and an outright ban on trading tokens issued as part of the ICO, the management of the trading platform decided to change jurisdiction. Today, OKX is headquartered in the Seychelles, which is considered one of the best jurisdictions for cryptocurrencies and blockchain startups.
OKX is owned by Ok Group, which owns another popular trading platform, Okcoin, also founded by Mingxing Xu in 2013. OKX originally launched as a complementary platform to Okcoin, but over time it has overtaken the former in terms of trading volume, supported trading instruments and assets in the listing.
In 2018, OKX was one of the first to release OKB Coin (OKB), a utility token for cryptocurrency commissions at a discount. OKB is also required to participate in tokensalуs on OKX, and can be staked to earn passive income on the OKX Earn platform. Until the end of 2021, the trading platform mainly focused on developing trading tools for the crypto market, but in early 2022 the OKX team announced a rebranding and the launch of the whole Web3 ecosystem.
In January, the trading platform changed its name from OKEx to OKX, noting that Ex (from the word Exchange) used to represent the crypto-exchange’s ambition to become the leading crypto-asset exchange. But over the past few years, the crypto market has moved far beyond just trading. The community now has access to DeFi-protocols, metaverse, NFT and many GameFi-projects that will be an integral part of the future decentralized Web3 Internet.
Today, the OKX team is developing a trading ecosystem that already features a multi-currency non-custodial OKX crypto wallet, a NFT marketplace, OKC’s own blockchain, and a variety of DeFi and GameFi tokens. It is also possible to conduct automated digital asset trading on OKX, thanks to the RevenueBot service.
Filed Under: Press Releases
December 24, 2022
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