World’s Second Largest Crypto Exchange OKEX Changes Brand Name To OKX
According to the company, one of the largest major cryptocurrency exchanges of the world, OKEx, has changed its brand name to OKX since it has now transformed into “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,” Jay Hao, CEO of OKX, said.
“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,” Hao said.
The company stated that they plan to get into the crypto segments such as decentralized finance (DeFi) and play-to-earn games powered by non-fungible tokens (NFT).
The new OKX brand name of the company “upholds the core principles of crypto — decentralization & autonomy,” the CEO added.
“We’re moving beyond the standard centralized exchange model to give customers an end-to-end cryptocurrency experience,” he added.
The OKX has also been working on a set of decentralized goods to help it gain traction in the Web 3.0 space. For example, OKX has been working on MetaX, a noncustodial wallet that works with various blockchains, an NFT marketplace, and OEX, a yet-to-be-launched decentralized exchange.
The platform, which debuted as OKEx in 2017, claims to have over 20 million users globally. According to CoinGecko.com, the business is currently the second-largest crypto exchange by spot trading volume, with a “normalized” 24-hour trading volume of over USD 5 billion and 535 trading pairs. With USD 14 billion in trading volume and 1,420 trading pairs, Binance is currently the market leader.
OKX recently became the second-largest cryptocurrency exchange globally by spot trading volume.
After the brand name change, the company reiterated its mission – “to remove barriers to wealth creation by giving you access to everything our decentralized future holds.”
This reflects the platform’s expanding decentralization, which allows investors to have self-custody their digital assets. In addition, unlike other centralized cryptocurrency exchanges, OKX is committed to steadily reducing its engagement in user activity, with the ultimate goal of eliminating intermediation.
OKX, which covered over 250 digital assets and was for long the largest cryptocurrency futures trading platform globally, has surpassed Coinbase to become the world’s second-largest cryptocurrency spot trading platform. In 2021, the total volume of trading on the platform, including spot and derivatives instruments, increased by more than 700%, while the number of trades conducted increased by more than 480%. This year, consumers deposited over $5.1 billion in staking, savings, and DeFi offers on OKX Earn, paying over $314 million in passive income.