Crypto exchange OKX announces new Okbchain, OKB shoots up to new ATH

Crypto exchange OKX announces new Okbchain, OKB shoots up to new ATH

The cryptocurrency exchange based on the Seychelles announced the introduction of their new blockchain with the name Okbchain, which is separated from the existing Ethereum Virtual Machine (EVM)-compatible Smart Contracts Protocol Okxchain.

According to OKX founder Star XU, the new OKBCHAIN ​​would promote the development of a decentralized OKB ecosystem.

OKX presents a new protocol for decentralized economy

as with XU Twitter Okbchain is introduced as a separate protocol from OKXCHAIN ​​in the first quarter of 2023, as they serve different purposes.

The CEO made it clear that the OKXCACHAIN ​​is a proof-of-stake blockchain that is developed by communities while the OKBCHAIN ​​is developed and operated.

as an official Twitter account from Ethereumfair further explained , Okbchain would be more Concentrate business solutions for organizations and companies. On the other hand, Okxchain will continue to offer a decentralized platform for creating and providing decentralized applications (DAPPS).

OKB token reaches new ATH

In response to the announcement, OKB, the Utility token of the OKX Blockchain Foundation, was 23.13 % and thus reached a new all -time high (ATH) of $ 52.31 Data from Coinmarketcap.

At the time of writing this article, however, the token has easily declined to less than $ 50.

Okbusd. Tradingview

OKX continues to build

Since its introduction in 2017, OKX, formerly known as Okex, has supported growth and development of the crypto sector.

last year, CryptoPotato that the company released a fund of $ 100 million to support crypto projects affected by the collapse of the crypto exchange FTX.

last month, okx released his third proof-of-reserves (POR) report, which revealed that it was "clean assets" worth $ 7.5 billion in Bitcoin (BTC), Ether (Eth) and USDT.

The stock exchange has also teamed up with several traditional companies when it was pursued after the introduction of crypto. In mid-2022, OKX was signed A multi-year contract with the British racing team McLaren Racing, which becomes the official main partner of the Formula 1 team.

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