"We value integrity and transparency. We dedicate our efforts on serving our customers with better technology and services, and we are constantly on the road of perfecting our systems, especially in safeguarding users’ assets. We never sacrifice safety for profits"- OKEx
Preamble
The world is changing and fintech is leading the line. According to Voice of America, mordern trading methods and exchange mediums has evolved from trade by barter thousands of years ago to stock hundreds of years ago and now cryptocurrencies.
Futhermore, gone are the days when only stocks, shares, futures where traded by centralized traditional institutions alone. The blockchain space has made cryptocurrency the gateway from whence all decentralized trading forms are possible seamlessly.
The creation of Bitcoin the first distributed ledger peer to peer cryptocurrency built on blockchain thanks to the wonderful invention by Satoshi Nakamoto in 2009 began an unstoppable revolution in the digital assets space that will revolutionize finance, exchanges and trading.
Blockchain's incresing Popularity and DeFi
More people are joining the Blockchain community and world powers like U.S President Donald Trump who tweeted about Bitcoin have now fully registered their interest in this life changing decentralized technology. With research and understanding of the technology comes the desire to BuidL, then acquisition, Utility, HoDLing and ultimately exchanging it for value in an immutable and secured network.
In a world where traditional currencies are minted with reckless abandon causing inflation; DeFi system and exchanges is imminent.
Early Crypto Exchanges
In this comprehensive report, BNC stated that a total of 36 exchanges earliest extinct exchanges (like MtGox, Bitconica, TradeHill, Bitfloor etc) were torchlighted (Some where hacked, shut down due to government regulatory crackdown, outright scam etc) and the MtGox incident was notable as it was the biggest exchange at the time (took up to 70% of all bitcoin transactions in early 2011), the hack which led to the lost 850,000 BTC will forever shape the face of cryptocurrency exchanges.
Cryptocurrencies' Theory of Survival of the fittest
In life and indeed in the blockchain space, the theory by Charles Darwin couldn't be truer, competition will take out the weak and keep the strong. The failures of the earliest exchanges paved way for the mordern, regulatory compliant, self-sufficient, long-term sustainable, innovative, scalable and most importantly secured exchange that will stand the test of time.
Consequently, a lot of exchanges today are still facing challenges (like low liquidity/ fake trading volume, financial sustainability, security to mention a few)
Evolution of centralized exchanges
As one of the world's top cryptocurrency exchange OKEx opined in their latest blog Okex Defining Blockchain and Redefining finance that there are over 20,000 exchanges! This is a mind boggling figure as compared to just over 36 in 2010 or about 1,500 in 2017; even though some other ranking sites like coinmarketcap and coingecko reports 286 and 369 listed exchanges respectively, so much more are not listed there
The era of centralized exchanges is gradually evolving as decentralized exchanges are likely to be vessels that will bridge the gap between traditional currencies and DeFi for digital assets in the world.
Thus, the need to find the best exchanges is key. Considering OKEx/OKDex as the future of a holistic crypto exchange, let us examine the following:
*Years of existence and customer support
*Trade volume/TokenMetrics
*Security
*Innovative features as well as future potentials
A breath of fresh air
The MtGox hack in 2010 and the 2017 ico boom and eventual doom led to the creation of many scam projects, investors lost billions in the process, this had a direct negative effect on the mood of blockchain enthusiasts, developers etc. who was lost on most projects.
There was need for more trustworthy worldclass exchanges to help change the face of the blockchain industry.
Enter OKEx
In the midst of the 2017 ico quagmire, at a time where investors confidence was low and sentiments awry; Okex launched in Malta (with offices in Malaysia and Hongkong) courtesy of OkGroup and its subsidiary OkCoin which heralded the beginning of a transparent and totally secured first of its kind digital assets trading system in the cryptocurrency space with major focus on bridging the gap opened by traditional financial systems and excellent provision for customers/client demands.
Trading Volume/Tokenomics
OKEx has an average daily volume of $1b on its spot market and a massive $1.5b daily trading volume on its Futures market with a 24hour trading volume of about $615m (16-10-2019 by Coinmarketcap). It has a native token (OKB) with details below:
Market Cap
$47,924,420 USD
5,905 BTC
269,031 ETH
Volume (24h)
$66,620,529 USD
8,208 BTC
373,985 ETH
Circulating Supply
20,000,000 OKB
Total Supply
300,000,000 OKB
OKB current Price is $2.40 putting its ROI at 51.52%.
Security
OKEx as a brand is synonymous with 100% track record of tight security. No record of a single security architecture has been breached, no hack, no identity theft etc. This makes OKEx unique as security is the #1 priority of users in any exchange, the number of users using the platform is growing astronomically with millions of users in 100+ countries.
Systemic rewards for finding security threat or any loophole on the exchange
OKEx uses multiple security infrastructure to prevent funds theft, information breach or website attack; from phone/email verification, multisig wallet whitelisting, 2FA, Multiple passwords etc
Innovative Features
OK GLASS
OK Piggy bank
OKEx Spot trading with advanced limit order/ fast speed matching engine, Futures and Perpetual swaps
OK JumpStart with Fair participatory rules
OKEx C2C/OTC
24/7 multiple languages phone/ online support
Okcoin global regulatory compliant partner with plan to bank the unbanked
OKEx chain/ OKEx DEX (in development)
OKDEx: The Digital Assets CryptoBank for the future
Decentralized exchanges like OKDEx will pioneer DeFi in the future because of its huge potentials such as:
Tokenizing of assets and various cryptocurrencies
Negligible transaction/trading fees
Exchanges will be powered by the host blockchain
Scalability and being completely trustless
Non-compulsory Kyc/AmL
Non custodial account infrastructure to safeguard users funds etc.
As the world inch ever closer to embracing crypto mass adoption, top exchanges are primed to be the digital asset management and trading platform for the global audience in the nearest future.
Conclusion
OKEx as a brand continue to expand and cater to the needs of clients and community, there is indeed hope for blockchain as it can transform to not only be an exchange, but also scale to become a global cryptobank; offering decentralized services like Loans, worldwide remittances, cross border payments/settlements, insurance services and much more.. It is worth keeping an eye on OKEx.
Without any iota of doubt, the future of decentralized digital finance is bright, and its in the hand of a willing, capable, innovative, stable, secured, scalable and trusthworthy cryptocurrency exchange.
Written by Gibsoon
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