Ex-CEO OKEx to Join Huobi

Chris Lee joined Huobi as a vice president of global business development
21 May 2018   263

Chris Lee, former CEO of one of the world's largest bitcoin exchanges OKEx, will continue his career as vice president of global business development at Huobi.

I've officially joined Huobi group as secretary of the board of Directors & Vice president of International business development

With e combination of Huobi expertise with industry leading marketing & operational abilities, we WILL be biggest in the entire industry!
 

Chris Lee (Twitter)

Ex-CEO OKEx, vice president of global business development at Huobi

Huobi said that Lee will lead the group responsible for the strategy of global mergers and acquisitions, and will also oversee the international development of the exchange.

The news that Lee will continue to work in Huobi came just a week after he left the post of CEO of OKEx. As the exchange said then, he took this step for personal reasons, including the desire to "start a new life."

As noted by CoinDesk, in a public recording in WeChat, Chris Lee stressed that over the past few years, OKCoin (the former name OKEx) has been replaced by a whole group of top managers.

For my former employer, I have done all I could ... The first generation of OKCoin's international and management teams have left. How many of the second generation are still there? And how many CTOs have left in the last three to four years?
 

Chris Lee

Ex-CEO OKEx, vice president of global business development at Huobi

Earlier, the OKEx based in mainland China, where it operated under the name OKCoin and was one of the most popular trading platforms in the world. Under pressure from the Chinese authorities, the exchange subsequently moved to Hong Kong and continued to operate under a new signboard. 

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   479

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to coincodex.com. OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.