OKEx announced the launch of its own blockchain and a decentralized platform dedicated to cryptocurrency trading.

After the announcement, the company’s original OKB token rose by almost 40%.

Official launch of OKChain and OKDEx

in Tweet Recently, the Malta-based cryptocurrency exchange OKEx explained that the beta version of the “OKChain” chain is now available.

The “OKChain” blockchain is designed to drive various decentralized applications that are designed with a meaning intended to be the foundation.

According to Jay Howe, CEO of OKEx, OKChain is designed to help unfettered by providing them with “essential financial services” to achieve “financial inclusion.”

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Howe said:

We have noticed that there are still about 1.7 billion people in the world who do not have a bank account.

Which means it’s a huge use of resources in old finance in a bad way.

Therefore, we hope that OKChain will become an unrestricted financial infrastructure… This is the first change we want to make with OKChain.

OKEx also announced the launch of its own decentralized platform, called “OKDEx.”

This is the first decentralized application to run on top of the “OKChain” protocol, as the new platform provides the ability for users to keep their cryptocurrencies in their wallets to ensure greater security.

According to the OKEx platform announcement:

The OKDEx platform enables various players in the industry to participate in crypto trading with complete transparency on the network.

It also allows users to freely control and manage their assets.

The company also revealed that in the future, users will be able to launch their cryptocurrency and decentralized trading on the OKChain network.

This blockchain group will support the launch of DeFi, smart contracts and bitcoin applications.

Read:A trader in the cryptocurrency world committed suicide after the losses of his “investment fund”

OKB . coin

The launch of OKChain and OKDEx appears to have sparked investor interest in the company’s native cryptocurrency.

OKB went from trading at $3.94 to $5.56 a few hours after the announcement.

This represents an increase in price of approximately 40 percent.

Another increase in the demand for this cryptocurrency may reach the next level of resistance offered by the 127.2 percent Fibonacci retracement level.

This price barrier is currently at $6.60.

However, a rise in sell orders from the current price levels may lead to a correction.

Read:Bitcoin price dips after touching $12,500 level

On its way down, OKB could find support around the 78.6 and 61.8 percent Fibonacci retracement level.

These support levels are located at $4.73 and $4.10, respectively.

Moving Forward

OKEx is making huge strides to increase the usefulness of its cryptocurrency “OKB”.

By introducing OKChain and OKDEx, the company is checking out one of its main competitors, Pepinance.

Now that both cryptocurrency exchanges offer similar products, time will tell if OKEx will be able to attract some retail users, which Binance has been able to capture using Binance, BNB, Launchpad, and DEX.

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