OKX Launches New Blockchain, OKB Price Reaches New All-Time High

OKX exchange said it would launch a new blockchain called OKBChain, which will be launched in the first quarter of 2023 of this year and is independent of the current OKXchain.

This news was officially confirmed by the founder of OKX exchange Star Xu on February 16. Accordingly, he said OKXchain is a blockchain operating under Proof-of-Stake (PoS) consensus mechanism with completely open source code and built by the community, while OKBChain is developed and operated by the exchange company. These two chains are completely separate.

After the creator of a prominent cryptocurrency derivatives exchange announced the debut of a new blockchain, OKB, the company’s internal token, surged 20% and hit a new all-time high on Wednesday. At the time of writing, OKB is trading at $47.7.

It can be seen that launching a bold new blockchain is a relatively reasonable development for OKX at the present time; despite the market conditions still being in a difficult period, there is not yet enough data to confirm a healthy uptrend signal is back despite Bitcoin‘s sudden jump above $24,000, setting a new high for 2023.

OKB is now the 25th largest cryptocurrency by market capitalization following the most recent price increase.

OKX has gained a lot of strong intrinsic momentum, such as issuing Proof-of-Reserves twice at the end of December 2022 after a series of FUDs on the status of customer deposits that are not transparent about the exchange, affected by the collapse of FTX. In addition, just recently, in January 2023, the exchange continued to publish a new asset report, holding $7.5 billion in user funds.

In late December 2020, OKX released the OKXChain mainnet, which embodies the openness and decentralization that are fundamental to blockchain technology. The fourth and last step of the mainnet’s rollout, which took place over the course of four phases, enabled the smart contract virtual machine and made OKXChain interoperable with all Ethereum-based projects.

With the introduction of OKBChain, the exchange is ready to grow its decentralized ecosystem and solidify its place as a major player in the cryptocurrency industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News