Second-largest crypto exchange OKX changes name as cross-platform service provider

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NEW DELHI: OKX, which recently became the world’s second-largest cryptocurrency exchange by spot trading volume, announced its rebranding as a multi-platform service provider on Tuesday.

Founded in 2017 as a cryptocurrency trading service, OKX has since amassed over 20 million users and expanded its range of digital asset investment products to include OKX Earn, an income-earning tool. passive crypto; an NFT marketplace and a decentralized application discovery hub; and most recently, MetaX, OKX’s new decentralized mode that includes a cross-chain dashboard and self-custodial Web 3.0 wallet for storing digital assets, including NFTs, according to a press release.

This shift, evidenced by the company’s change of name from OKEx to OKX, reflects the growing number of platforms for wealth-building opportunities beyond the exchange, which investors are using to trade hundreds of digital assets across spot, margin and derivatives markets.

OKX aims to enable access to decentralized assets and tools and give investors the ability to self-custody their digital assets.

OKX goes beyond the standard centralized exchange model to provide our customers with an end-to-end cryptocurrency experience,” said Jay Hao, CEO of OKX. More importantly, we were doing this while adhering to the fundamentals of crypto decentralization and autonomy. Our goal is to give clients the tools they need to easily and securely earn, transfer and spend their wealth as they see fit, without intermediation on our part. We removed the E” from our name because it was much more than an exchange, just as crypto is much more than a speculative asset.”

OKX, which lists over 250 digital assets and has long held the No. 1 spot for cryptocurrency futures trading volumes, recently became the second largest cryptocurrency spot trading platform in the world. In 2021, the total trading volume on the platform, including cash and derivatives, grew by more than 700%, while the number of trades executed on the platform grew by more than 480%. DeFi staking, savings and offerings through OKX Earn saw over $5.1 billion deposited by users and paid out over $314 million in passive income last year, according to the press release.

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