OKEx follows Binance in developing its own blockchain - OKChain

25 Mar, 2019 | Updated: 26 Mar, 2019
by David Robb
OKEx follows Binance in developing its own blockchain - OKChain

Leading crypto exchange OKEx is in the process of developing its own blockchain. OKChain will be released in a testnet version sometime in June of this year.

Binance was the first crypto trading platform to branch out into direct contributions to the blockchain space. Launched as a testnet at the end of February, Binance Chain is already being seen as a potential rival to Ethereum in terms of dApp development and other projects. 

Read more: CZ: More than 8 projects have migrated from Ethereum to Binance Chain; OKEx to launch platform similar to Binance Launchpad, OK Jumpstart soon

OKEx is now creating its own decentralized network, which is the second time it has followed the lead of Binance recently. OK Jumpstart, a token sale platform similar to Binance Launchpad, was announced earlier in March. Another exchange, Huobi, had also followed suit with Huobi Prime, which was announced around the same time.

OKChain will serve as the base network for OKEx's upcoming DEX. The exchange will also be moving its own native token, OKB, on to a blockchain by the end of April. Initially an ERC-20 token, it will be migrated to the OKChain mainnet at a later stage, when the network is stabilized.

Read more: 4 cryptocurrency exchanges closed in 2019: what happened?

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Read more about: OKEX Binance


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