Cryptocurrency exchanges are an integral part of this booming ecosystem. Some companies are looking to offer services well beyond their traditional scope. OKEx has announced the Digital Asset Exchange Open partnership Program. More white-label exchange solutions is never a bad thing in this industry.
OKEx Welcomes More Competition
Very few cryptocurrency exchanges ever become wildly successful. It is safe to say OKEx is one of those companies succeeding in this regard. The platform is one of the biggest trading ventures in the world. Even so, there is no time to rest on one’s laurels either. Launching the Digital Asset Exchange Open Partnership Program is a remarkable way of doing so.
This white-label crypto exchange solution is designed to create new digital asset exchanges. As such, OKEx is effectively giving others the tools to compete with the company in any way, shape, or form they see fit. Interested parties need to own a domain name, logo, and a management team running this new service.
As one would expect, there are some other requirements. A $2.5 million investment must be made in the form of 500,000 OKB tokens. This utility token is used to settle various cryptocurrency transaction fees on the OKEx platform. Moreover, the tokens can be exchanged for USDT, BTC, and ETH accordingly.
More Platforms and More Tokens
Fulfilling all requirements is still no guarantee for approval. Those who do get approved will receive access to the matching system of OKEx. Additionally, both hot and cold wallets will be supported as well. Perhaps the most valuable aspect of this package deal is the technical support provided by OKEx.
As if that isn’t interesting enough, all successful applicants need to create native tokens. Said tokens are then to be distributed according to very specific rules. Over the years, there has been an increase in the number of exchange-issued tokens. Whether or not this requirement by OKEx is a smart idea, remains to be determined. 24 percent of the new tokens will be distributed to holders of OKB tokens, which means that OKEx will gain a percentage of the new tokens.
According to the company, this latest move is another step toward creating decentralized digital asset exchanges. Unfortunately, the company also confirms the current technology isn’t suited for that purpose. Having more exchanges come to market will always result in some interesting competition. Even so, it remains to be seen if any applicants will pursue this opportunity.
What do you think about OKEx helping create more cryptocurrency exchanges? Let us know in the comments below.
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