What Is OKB (OKB)?

OKB (OKB) is the native token of the OKX platform. OKX is a cryptocurrency exchange platform with numerous financial services. These services include spots (providing instant delivery), margin (allowing investors to trade beyond affordability), futures and options (trade stocks and assets at a pre-determined price on a specific date), swapping, DeFi, lending, and mining services. OKX envisions to provide users with a platform for safe and transparent trading and investment.

As per its website, OKX seeks to resolve two problems within the financial system: financial barriers for users and security issues. OKX adopts blockchain to build an ecosystem that eliminates financial barriers and evolves the global economy. For security, OKX provides a safe, reliable, and stable environment for crypto trading via web and mobile apps. This security provision happens via global server load balancing and other technologies for added protection.

OKX offers four features to their users.

1. Simplicity- With a user-friendly interface OKX makes cryptocurrency trading easy.

2. Flexibility- OKX offers a variety of payment methods and supports numerous local currencies to help users trade cryptocurrency.

3. Quick- OKX users instantly trade cryptocurrency with a credit card and have it deposited in their account in minutes.

4. Support- OKX offers a 24/7 online support service for users.

OKB token operates on the Ethereum blockchain as an ERC-20 token. OKB holders are entitled to various perks on the OKX platform. These perks include trading fee discounts and additional passive income-generating opportunities. To further reward OKB holders, OKX burns part of the currency’s circulating supply. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means, the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value. OKX uses 30 percent of the profits generated every three months to purchase OKB tokens. After repurchasing, OKX sends the tokens to a verified burn address, which removes the token from the circulating supply forever.

 History of OKB

OK Blockchain Foundation launched OKX platform in 2017. OK blockchain is the investment arm of OK Group, focusing on blockchain industry investments. The foundation also created the OKB token in March 2018.