OKEx Crypto Exchange Is Building a Blockchain, DEX to Come Soon

Cryptocurrency exchange OKEx has said it plans to soon launch a decentralized exchange (DEX) on a native blockchain.

AccessTimeIconMar 25, 2019 at 6:05 p.m. UTC
Updated Sep 13, 2021 at 9:01 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Crypto exchange OKEx said it plans to launch a decentralized exchange (DEX) on its own blockchain.

The Malta-based company announced Friday that its operations team has been developing a blockchain called OKChain, which will provide the underlying tech for its "first" decentralized exchange, OKDEx. OKChain is currently at the “final” development stage, the company said, adding that a test network launch is expected in June.

Due to demand, the exchange said it will put OKB onto an ethereum ERC-20 standard blockchain by the end of April, and will migrate all tokens to OKChain later and once the new network is "stable."

According to the announcement:

"OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps [decentralized apps] developed on OKChain."

It seems a decentralized exchange is the latest must-have accessory for exchanges.

Binance, the world’s largest crypto exchange by adjusted trading volume, is also launching a DEX on its own blockchain network.

Binance opened its DEX for public testing last month, allowing users to create wallets and interact with the trading platform’s interface. Last month, the exchange also announced a trading competition with prizes of $100,000 in its native token BNB in a bid to boost the number of people testing the platform.

Singapore-based cryptocurrency exchange Huobi is going a step further, announcing a plan to evolve into a standalone decentralized exchange last June. At the time, it offered funding for developer assistance in creating an underlying open-source blockchain protocol for the platform.

OKEx image via Shutterstock 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.