What is OKB

OKB is the cryptocurrency of the Malta-based crypto exchange OKX, which is part of the Chinese exchange OKCoin. OKB uses its own blockchain.

OKX was founded by blockchain entrepreneurs Jay Hao and Minxin Xu, who founded the Chinese platform OKCoin back in 2013.

Jay Hao is the CEO of the Maltese exchange OKX and Minxin Xu is the CEO of OK Group.

OKEx offers a wide range of services, such as an integrated cloud mining platform as well as a variety of unique products for cryptocurrency investing, such as crypto options and derivatives.

How does OKB work?

OKX offers its users an Earn program through which they can stack their tokens and receive passive income, as well as get a vote on future ecosystem development proposals.

The cryptocurrency itself supports all functions within the exchange and is not used as much as a speculative asset.

OKB holders also receive discounts on transaction fees and are also given the opportunity to invest in new crypto projects through the exchange’s Jumpstart pool.

Despite the popularity of OKB and the various features it provides within OKX, the asset does not have a whitepaper, which in the crypto industry can be questionable. Despite this fact, OKB has been operating for quite some time, and there have been no serious incidents to date.

Advantages of OKB

The “Learn about OKX” page explains what benefits OKB offers:

Trading fee discounts: users save significantly on trading fees (up to 25%) just by holding OKB tokens in their accounts.

Access to OKX Earn: OKB holders can also access OKX Earn, which offers savings schemes that can generate lucrative returns for exchange users.

Pre-programmed shortfall: On 4 May 2019, OKX launched its OKB buyback program, where 30% of spot market transaction fees are used to buy back OKB. This helps ensure that it has a healthy level of scarcity and that its price continues to rise over time.

Access to OKX Jumpstart: Owning a predetermined amount of OKB allows users to participate in the Jumpstart pool on the platform. As previously mentioned, Jumpstart allows users to invest in new crypto projects that have been appropriately vetted by the platform and are listed as secure, and have high potential.

Other key benefits: along with the ability to use C2C lending and better participate in margin trading, owning OKB also gives you a say in how you think the future of the OKX platform should be shaped.

Where to buy OKB?

OKB can be purchased on its home exchange OKEx, and on many other exchanges, such as Hotbit and Gate.io. Since Binance and Coinbase are direct competitors of OKEx, buying OKB tokens on these exchanges is impossible.