OKEx, a crypto exchange firm based in Malta, has revealed that its team of developers are working on a new blockchain by the name, “OKChain.” The blockchain-based system – now in the final stages of development – is set to power the company’s first decentralized exchange called OKDEx.

The firm has published a timeline for the trial network launch in June this year. It also revealed that OKB – a utility token issued by the OK Blockchain Foundation – will be integrated into an Ethereum ERC-20 standard blockchain before the end of April. The utility tokens will be transferred to OKChain when the new network is ready

According to the company’s statement,

OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps [decentralized apps] developed on OKChain.

The development and adoption of decentralized exchanges has become the norm for crypto exchanges. One of the world’s largest crypto exchanges by trade volume, Binance, has also signalled plans to introduce a DEX using its own blockchain network. The DEX, which began trials in February 2019, lets users interact with Binance’s trading platform interface and create wallets. The company also launched a trading competition to boost the number of users on its platform, offering a prize of US$100,000 in BNB tokens.

Meanwhile, Singapore’s Huobi crypto exchange unveiled plans to develop a decentralized exchange in June 2018, inviting developers to join a project to create an open-source blockchain solution for the DEX platform.

Source: www.coindesk.com

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