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Crypto exchange OKEx said it plans to launch a decentralized exchange (DEX) on its own blockchain.
The Malta-based company announced Friday that its operations team has been developing a blockchain called OKChain, which will provide the underlying tech for its “first” decentralized exchange, OKDEx. OKChain is currently at the “final” development stage, the company said, adding that a test network launch is expected in June.
Due to demand, the exchange said it will put OKB onto an ethereum ERC-20 standard blockchain by the end of April, and will migrate all tokens to OKChain later and once the new network is “stable.”
According to the announcement:
“OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps [decentralized apps] developed on OKChain.”
It seems a decentralized exchange is the latest must-have accessory for exchanges.
Binance, the world’s largest crypto exchange by adjusted trading volume, is also launching a DEX on its own blockchain network.
Binance opened its DEX for public testing last month, allowing users to create wallets and interact with the trading platform’s interface. Last month, the exchange also announced a trading competition with prizes of $100,000 in its native token BNB in a bid to boost the number of people testing the platform.
Singapore-based cryptocurrency exchange Huobi is going a step further, announcing a plan to evolve into a standalone decentralized exchange last June. At the time, it offered funding for developer assistance in creating an underlying open-source blockchain protocol for the platform.
OKEx image via Shutterstock