Cryptocurrency trade OKEx introduced a brand new characteristic that enables its customers to transform small balances to the agency’s proprietary token OKB.
OKEx announced on April 7 that the brand new product permits its person to transform all of the crypto asset balances value lower than 0.001 Bitcoin (BTC) ($7.38 at press time) into OKB. The higher restrict for conversion worth is 0.01 BTC ($73.84 at press time), there isn’t a restrict on conversion time however the conversion is just out there when the worth fluctuates inside 5%.
A dealer instructed Cointelegraph that small steadiness dealing with is a crucial characteristic for long-term merchants as a result of it prevents customers from losing sources when buying and selling a number of totally different property. He mentioned that small balances are an enormous problem on crypto exchanges “as a result of they’re funds that can’t be used” to commerce.
A brush for cryptocurrency “mud”
Binance has the same characteristic letting customers convert small balances — typically known as mud — into its proprietary token Binance Coin (BNB). When the characteristic first launched in late April 2018, Binance co-founder and CEO Changpeng Zhao joked on Twitter, “I hear the staff has constructed a brush, who desires it?”
Similar to BNB, OKB permits customers to pay much less for charges on the buying and selling platform. In a Feb. 16 post, OKEx explains a few of the benefits that OKB holders have on its trade:
“There is just one buying and selling charge low cost program for OKB holders on OKEx, by which customers solely want to carry 500 OKBs to take pleasure in charge reductions. To obtain the utmost low cost, customers solely want to carry a most of 2000 OKBs.”
OKEx CEO Jay Hao urged merchants to keep away from speculating on OKB, stating, “A precept that I like to recommend all our customers follow is that if you don’t totally imagine in the long run progress of OKEx, then please don’t commerce OKB.”
The rise of OKEx
Over the previous 12 months, OKEx considerably grew in significance inside the cryptocurrency ecosystem. As Cointelegraph reported on the finish of March, OKEx not too long ago turned the world’s high Bitcoin Futures trade by each day buying and selling quantity, overtaking trade veteran BitMEX.
Hao presumably believes that OKEx’s rivals don’t admire the expansion of his platform; in February he blamed them for denial of service assaults in opposition to the trade.
