OKEx to Launch Crypto Index Fund

The new product was named OK06ETT and will give customers the opportunity to invest in a basket of six cryptocurrencies
05 June 2018   339

One of the largest cryptoexchanges OKEx announced the launch of the cryptocurrency index fund, CCN reports.

The new product was named OK06ETT and will give customers the opportunity to invest in a basket of six cryptocurrencies through a fund whose shares will be traded on the exchange against the USDT.

At launch, OK06ETT will include bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), EOS, and OKB - the own utility token of the OKEx exchange.

Investors will also be able to buy back the fund for USDT or basic assets, which will not allow its rate to deviate too far from the net asset value.

It is noteworthy that the launch of the OKEx index fund took place a few days after a similar product was presented by the competing Huobi exchange. At the same time, the Singaporean company called its HB10 fund "the first crypto-currency ITF in the world".

By analogy with Huobi's HB10, minimal investments in OK06ETT are set at $ 100, which makes them affordable for retail investors.

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   489

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.