OKB coin and its place on today’s crypto market

What is an OKB coin?

The financial crypto platform OKX that launched OKB started its operations in 2014. OKX has established a reputation as one of the most reliable exchange platforms since then.

OKB is a token that only operates on the Ethereum blockchain.

OKX is offering a set of tools that include the following:

spot trading;
margin trading;
futures;
perpetual swap.

OKX is constantly evolving and working on diversifying the platform with a set of new tools and features.

Some of the features that they successfully implemented for the users of the platform include:

money pool;
crypto-wallet;
platform-specific cloud storage
possibility of earning;
option of staking.

OKB is a token issued by OKX and as such it works as the platform’s global utility token.

OKB is a cornerstone of the whole OKX crypto ecosystem. It cannot function without it.

OKB gives several perks to the customers of the OKX platform:

discounts on trading fees;
accessing token sales;
OKB staking.

OKB can be used in different ways in a number of applications. It can be compared with the Binance coin in being the quintessential coin of the platform that had previously issued it.

The OKB buy-back and burn program

One of the interesting features of the OKB is the OKB buy-back and burn program. That program plays a crucial part in sustaining the value of the token. Over the period of 1 year, the issuing platform OKX bought back and then burned over 14.6 million OKB tokens. This way the platform managed to throttle the overall supply to subsequently increase the value of the token. These planned burns happen every 3 months steadily. The platform provides the holders of the token with the opportunity to see the details and the resulting value of every burn the founders perform.

OKX also conducts several promotional campaigns and competitions to draw more holders and engage them in trading on the platform. The platform is implementing a varied set of strategies. The participants and the winners of these programs are rewarded the OKBs.

How the token OKB is performing?

Since its inception in the year 2019, the token has been steadily increasing its value. It did not have big blows or serious ups but was a steady achiever of a reputation among the serious players in the cryptocurrency market.

The price of the token at the time of the launch was USD 1.60. It was in May 2019. Except for a brief dip that happened 2 weeks after its launch, it never came lower its initial US Dollar mark. At the end of 2019, the token saw its value increase to USD 2.60, which is a significant achievement for the freshly launched brand-new coin.

In the year 2020, the coin was steadily rising further. By the end of 2021, the coin was selling at USD 9.2.

The huge leap for the coin happened in February 2022 when the price hit the mark of USD 21 and even more. In April and May, it declined only to hit the point of USD 44 at the end of May.

How many OKB tokens are on the market?

The total of OKB tokens on the cryptocurrency market is over 1 billion.

40 percent of the tokens are allocated to the founders;
10 percent of the tokens are allocated to investors;
50 percent of the tokens are allocated for use in airdrops and rewards.

Who is behind the project of OKB?

Let’s look at some of the personalities who stand behind the OKB.

Jay Hao is the Chief Executive Officer of OKX. Having founded the company, he keeps his position of CEO to this day.

Jay Hao has had an extensive career in the technology and engineering sectors and has been involved in the blockchain industry for many years with a particular focus on blockchain-based applications for video streaming and mobile applications. Before working for OKX, Jay Hao was an engineer for over 20 years and had a history of developing a broad range of multimedia codecs and SOCs for multimedia processors.

Another key team member of OKX is Mingxing Xy rightly nicknamed Star in the cryptocommunity.

Mingxing was the actual founder of OKB coin in China in 2013 and since then he has earned a strong reputation in the crypto world. In 2017 Xy co-created the separate OKX exchange in Malta that is operating under a separate legal entity. As of now, he is the CEO of the OK Group.

The difference between OK Coin and OKX

As there was a bit of confusion around OKX and OKB Coin, we will touch on these.

OKX has been a separate entity from that of the OKB since 2017. It has moved its headquarters to Malta.

Initially, the two exchanges shared some of the same leadership, but for now, they are distinct entities run by separate stakeholders.

OKB coin is a fair crypto exchange coin that supports legacy bank accounts and financial payment tools. This is a consumer bridge, so cryptocurrency and fiat funds can work together. This way, OKC is more of an on-ramp platform coin.

OKX, on the other hand, is close to the Wall Street market, with futures and spot trades occurring between the assets that are predominantly digital.

OKX has proven itself to be a platform that is continuously innovating and growing. There will be definitely many more services added as the company continues its steady growth.

The two entities are connected in their development. As s OKX is growing, the token OKB will also be growing.

The token is a promising asset as it has performed pretty well over the years and has had only a few shortfalls while maintaining steady growth for most of the time.