OKEx Expands to Malta Following Binance

OKEx found the Malta government’s approach appealing and decided to grow OKEx exchange further on Malta
12 April 2018   888

At the end of March 2018 we have reported that the Binance cryptocurrency exchange was planning to open offices in Malta. It seems like the sunny island is very attractive for the exchanges, as OKEx has also announced today that it has met with Maltese government and regulatory leaders to discuss their legislative plans. OKEx found the Malta government’s approach appealing and decided to grow OKEx exchange further on Malta.

We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.
 

Chris Lee

CEO, OKEx

Moreover, OKEx plans to become a member of Malta Blockchain community, and the exchange will also participate in Malta’s Government sponsored DLT Delta Conference which will be held in October, 2018.

The Hon. Silvio Schembri  meets with OKEx Chief Risk Officer Tim Byun and Vice President Jason Lau Silvio Schembri meets with OKEx Chief Risk Officer Tim Byun and Vice President Jason Lau

Malta is striving to become a "blockchain island", for instance, the new Malta Digital Innovation Authority certifies blockchain platforms used by companies in the country. The government of Malta really wants to bring some peace of mind to businesses using distributed ledgers for cross-border payments.

OKEx to Launch Own ERC-20 Based Token

In total, 300 million OKB tokens have entered the public network and they have confirmed that are going to launch OKChain in June
29 April 2019   428

OKEx cryptocurrency exchange announced the launch of its own OKB token in the public blockchain. Starting from Monday, April 29, users will be able to display OKB tokens in wallets that support the ERC-20 standard, or in a cold storage in the exchange application.

In total, 300 million OKB tokens have entered the public network.

The developers also confirmed that they expect to launch OKChain in June. After the confidence that OKChain is working stably, OKB coins migrate from the ERC-20 standard to the main network of the new blockchain.

OKB tokens are intended primarily for the future decentralized exchange: they can be used to pay for transaction fees, as well as in decentralized applications based on OKChain. In addition, OKB will be used in the tokens' pre-sales, for voting and paying for the service fee of supernodals.

Of the 1 billion OKB, 700 million tokens are currently blocked. Of these, 300 million coins were originally to be distributed among OKEx users as part of a loyalty program. The remaining 400 million OKB will remain under the control of the OK Blockchain Foundation and Exchange teams. The lockout period will end in 2022.