OKEx Becomes Second Largest Crypto Exchange, Rebrands as OKX
OKX, which just surpassed Coinbase as the world’s second biggest cryptocurrency exchange by spot trading volume, today unveiled a company-wide rebranding initiative that represents the vibrancy and rapid acceptance of cryptocurrencies.
Founded in 2017 as a cryptocurrency trading platform, OKX has grown to over 20 million users and expanded its suite of digital asset investing products to include OKX Earn, a tool for passive crypto income generation; an NFT marketplace and decentralized application discovery hub; and, most recently, MetaX, OKX’s new decentralized mode that includes a cross-chain dashboard and self-custody Web 3.0 wallet for storing digital assets, including NFTs.
OKX was founded in 2017 and has grown to become the world’s largest cryptocurrency exchange and ecosystem. With over 20 million users in 180 countries, OKX’s purpose is to eliminate obstacles to wealth creation by providing access to all the decentralized future has to offer.
As seen by the company’s name change from OKEx to OKX, this transformation underscores the platform’s rising number of wealth creation options outside the exchange, which investors utilize to trade hundreds of digital assets on spot, margin, and derivatives markets.
OKX has announced its purpose as part of the move to “eliminate obstacles to wealth creation by providing access to all our decentralized future has to offer.” This demonstrates the platform’s continued growth toward decentralization, which includes the provision of self-custody for investors’ digital assets.
In contrast to other centralized cryptocurrency exchanges, OKX is dedicated to steadily reducing its engagement in user activity, with the end objective of completely eliminating intermediation.
“OKX is evolving beyond the traditional centralized exchange paradigm to provide an end-to-end cryptocurrency experience for our consumers,” stated Jay Hao, CEO of OKX.
“Most significantly, we’re doing so while adhering to crypto’s fundamental values of decentralization and autonomy. Our mission is to provide consumers with the tools they need to earn, move, and spend their money quickly and securely, without our intervention. We eliminated the ‘E’ from our name since we are much more than an exchange, just as cryptocurrency is far more than a speculative asset.”
OKX, which now includes over 250 digital assets and has long been the market leader in bitcoin futures trading volumes, just surpassed Coinbase as the world’s second biggest cryptocurrency spot trading platform. In 2021, the platform’s overall trading volume, which includes both spot and derivatives instruments, surged by more than 700 percent, while the number of deals conducted increased by more than 480 percent.
Through OKX Earn’s staking, savings, and DeFi programs, consumers deposited over $5.1 billion and earned over $314 million in passive income last year.