Cryptocurrency change OKEx introduced a brand new function that enables its customers to transform small balances to the agency’s proprietary toke
Cryptocurrency change OKEx introduced a brand new function that enables its customers to transform small balances to the agency’s proprietary token OKB.
OKEx introduced on April 7 that the brand new product permits its consumer to transform all of the crypto asset balances value lower than 0.001 Bitcoin (BTC) ($7.38 at press time) into OKB. The higher restrict for conversion worth is 0.01 BTC ($73.84 at press time), there isn’t any restrict on conversion time however the conversion is simply obtainable when the worth fluctuates inside 5%.
A dealer advised Cointelegraph that small stability dealing with is a crucial function for long-term merchants as a result of it prevents customers from losing sources when buying and selling a number of totally different property. He stated that small balances are an enormous situation on crypto exchanges “as a result of they’re funds that can not be used” to commerce.
A brush for cryptocurrency “mud”
Binance has the same function letting customers convert small balances — typically known as mud — into its proprietary token Binance Coin (BNB). When the function first launched in late April 2018, Binance co-founder and CEO Changpeng Zhao joked on Twitter, “I hear the staff has constructed a brush, who desires it?”
Identical to BNB, OKB permits customers to pay much less for charges on the buying and selling platform. In a Feb. 16 submit, OKEx explains a number of the benefits that OKB holders have on its change:
“There is just one buying and selling price low cost program for OKB holders on OKEx, through which customers solely want to carry 500 OKBs to take pleasure in price reductions. To obtain the utmost low cost, customers solely want to carry a most of 2000 OKBs.”
OKEx CEO Jay Hao urged merchants to keep away from speculating on OKB, stating, “A precept that I like to recommend all our customers persist with is that if you don’t totally consider in the long run progress of OKEx, then please don’t commerce OKB.”
The rise of OKEx
Over the previous yr, OKEx considerably grew in significance throughout the cryptocurrency ecosystem. As Cointelegraph reported on the finish of March, OKEx not too long ago grew to become the world’s high Bitcoin Futures change by every day buying and selling quantity, overtaking business veteran BitMEX.
Hao presumably believes that OKEx’s rivals don’t respect the expansion of his platform; in February he blamed them for denial of service assaults towards the change.