OKEx Rolls Out First Two Exchanges under Partnership Program

 In Exchanges

The new platforms, OK Top and CofeeOKEx, offer crypto-to-crypto trading in pairs with Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Hong Kong-based OKEx, one of the largest cryptocurrency markets, said on Thursday it had launched two partner virtual trading platforms – OK Top and CofeeOKEx. Both offer various digital coins in crypto trading only and are not subsidiaries of OKEx.

OK Top and CofeeOKEx went live on August 9 and have three basic virtual currencies: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This is similar to OKEx, which has one additional market with its own token OKB.

CofeeOKEx supports trading in seven coins: BTC, ETH, USDT, OKB, EOS (EOS), Cardano (ADA), and Ontology (ONT). As for OK Top, it offers around 55 cryptos, including the seven virtual currencies mentioned plus Ripple (XRP), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Ethereum Classic (ETC), Tron (TRX), Stellar Lumens (XLM), NEO (NEO), Dash (DASH), Monero (XMR), IOTA (MIOTA), Qtum (QTUM), and ZCash (ZEC).

OK Top and CofeeOKEx are the first exchanges to emerge from the Digital Asset Exchange Open Partnership Program that OKEx announced in June. The first round of the initiative offers 100 places and every open exchange project should deposit OKB 500,000 for participation.

“The open exchanges will support multiple sets of transaction fee. The first 100 exchanges will run a platform token-based operation. To wit, the Program will support each exchange in issuing its own platform token. 51% of the total tokens issued should be assigned as the “Mining Portion” and 49% as “Issuance Portion”, in which 25% is owned by the exchange and 24% is distributed to OKB holders,” OKEx explained in June.

The participating projects use OKEx facilitation but remain independent. The term “open exchanges” does not mean decentralized as “digital asset exchange is still an unfeasible idea with the current technology” but a concept based on DEX, OKEx added.

Related Article:  Controversial Stablecoin Tether Issues New Batch of USDT Tokens Worth $50 Million

The crypto community is hotly debating the pros and cons of centralized and decentralized exchanges. Binance, one of the OKEx main competitors, unveiled this week the demo version of its upcoming DEX exchange.

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