On January 18, OKEx, the second-largest crypto exchange in the world by spot trading volume, announced via Twitter that it has changed its company name from OKEx to OKX. The announcement reflects the platform’s rising number of wealth creation opportunities beyond the exchange, which investors normally use to trade multiple digital assets on derivatives, margin and spot markets. With the change, OKX aims to enable users to access decentralized tools and assets to give them the option of self-custody of their digital assets.
The shift reflects the company’s expansion of its suite of digital asset investing products to include a decentralized blockchain that provides about 1000 transactions per second, a growing suite of digital investment products like OKX Earn, a tool for earning passive crypto income, an NFT marketplace, a decentralized application discovery hub and most recently, MetaX, a new decentralized mode that features a cross-chain dashboard and self-custody Web 3.0 wallet for storing NFTs and digital assets.
According to the news, OKX stated that it is different from other centralized exchanges as it is moving to minimize its central involvement in user activity, with the aim to completely shed intermediary trading service.
Jay Hao, the CEO of OKex, stated: “OKX is moving beyond the standard centralized exchange model to give our customers an end-to-end cryptocurrency experience. Most importantly, we’re doing this while upholding the core principles of crypto, decentralization and autonomy. 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. 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.”
How OKX Is Succeeding in the Digital Assets Market
The announcement by OKX comes at a time when the company is keen on expanding its presence to different regions of the globe beyond the existing 180 nations and areas. The aim of such investments is to enable the firm to take advantage of increasing business opportunities and the rising demand for digital assets trading. In November last year, OKX launched a $100 million fund to bring in cutting edge technology and blockchain possibilities in Asia. The digital assets firm was one of the earliest supporters of DeFi in 2020. So far, the company has remained committed to introducing a series of new products, launching community initiatives, running numerous competitions and reward campaigns, and implementing updates and features that continue to set the bar between its platform from other crypto exchanges.
