Key takeaways:
- OKEx, a leading cryptocurrency trading platform, has announced that it will rename to OKX on January 18th.
- The company’s name change from OKEx to OKX symbolises the platform’s growing number of opportunites.
- OKX intends to provide investors with self-custody of their digital assets by allowing them access to decentralised assets and technologies.
OKEx, a well-known crypto exchange, has changed its name to OKX to reflect the ongoing evolution of the digital asset industry.
The platform, which is currently based in Seychelles, issued a statement on Twitter.
OKEx has changed its model name to OKX since it is now “so much more than an exchange,” according to the company.
“Our goal is to give customers the tools they need to easily and securely earn, transfer and spend their wealth as they see fit, without intermediation from us,” stated OKX CEO Jay Hao. “We’ve dropped the ‘E’ from our name because we’re so much more than an exchange, just like crypto is so much more than a speculative asset.”
OKEx also announced that the company’s new name, as well as its new logo and identity, would be reflected across all of its apps. Furthermore, the trading platform hinted at further advancements to come in the following six to one years.
The “Ex” in their name stands for the open marketplace they’ve been working to create so that anyone may freely access and trade their crypto assets. They began as a centralised exchange since it was necessary and practical for their industry to expand.
The crypto market cap, on the other hand, is currently more than $2 trillion. In comparison, the market capitalization of digital currencies is roughly 20% that of gold, despite the fact that gold has been around for considerably longer. The emergence of the metaverse, as well as related phenomena like non-fungible tokens (NFTs), decentralised finance (DeFi), and Web3, is opening up incredible possibilities. The incredible growth of digital assets and the broader crypto sector fueled the exchange’s growth. As a result, OKEx believes that rebranding is the most effective strategy to represent this shift. In a blog post, OKEx stated:
“We are building so much more than a centralised exchange. It is time for us to evolve our brand to reflect what we stand for and what we are building toward. We want to venture with you into the possibilities that exist ahead of us — intersections between crypto and so many worlds we’ll enter together. Finance (DeFi) and gaming (play-to-earn) are just the starting points. That’s why we’re dropping the E and dialling up the X to pave that path.”
Despite the perceived name change and subsequent rebranding, OKEx’s essential values remain the same, according to the company. These include the exchange’s promise to a more decentralised and intelligent future, as well as its customer-centric approach. OKEx also promised new services for tens of millions of customers.
The platform, which began as OKEx in 2017, claims to have over 20 million users globally. The business is now the second-largest crypto exchange by spot trading volume, with over USD 5 billion in “normalised” 24-hour buying and selling volume and 535 buying and selling pairings.
Next up is MetaX, a new OKX experience that includes a multi-chain self-custody wallet and NFT marketplace, as well as a DEX and DApp ecosystem.
They’ve released OEC (OKX’s decentralised chain), which has a transaction rate of 1,000 transactions per second.
