OKEx Building its Own Blockchain OkChain, DEX to Come Soon

Cryptocurrency exchange OKEx plans to build its own blockchain and a decentralised exchange on top of it. According to the official announcement, the blockchain is called OKChain and the testnet is expected in June this year. OKChain will be used to build its first decentralised exchange called OKDex.

The exchange’s native token OKB will also be put on the blockchain. It will be first made available as an ERC-20 token and then migrated to OKChain. OKB will be used to settle the transaction fees and for dapps built on OKChain. In addition, OKB will be the only token accepted on OKEx’s new token sale platform OK Jumpstart.

According to data available on CoinMarketCap at the time of writing, OKEx is the sixth largest cryptocurrency exchange by trading volume. The exchange has brought in a lot of changes to its platform recently, launching a crypto derivative product and supporting Thai Baht on its P2P platform.

(Image credit: OKEx Official Blog)