What is OKB Coin? (Crypto and OKX)

A lot is happening in the financial world, especially with the advent of digital currencies.

Developments have brought many questions to the minds of investors. For example, what is OKB crypto? What problem is it trying to solve?

Key points

  • OKB is an OKEx utility coin that gives you access to essential features in the crypto exchange.
  • OKB has many benefits that make it a worthwhile investment.
  • The process of earning OKB coins is straightforward.
  • Trading OKB is also a simple process.

This post breaks down all the essential concepts concerning the OKB coin.

By reading this article, you will discover what it is, how to earn OKB coins, and how you can trade them.

After reading this piece blow-by-blow, you can decide whether the OKB coin is a good investment.

What is OKB crypto?

The OK Blockchain Foundation and the Maltese exchange OKEx developed the OKB cryptocurrency.

The exchange is one of the biggest globally and ranks third in liquidity and fourth in trading volume. Moreover, it provides a massive selection of trading pairs.

OKEx has many similarities with Binance apart from a few essential points. It has its own mining cloud service, aiming to provide users with more specialized trading services. On the other hand, Binance focuses on providing a wide selection of crypto services globally.

OKB is the utility coin for OKEx, enabling users to access certain features of the crypto exchange. You can use this token to calculate and settle exchange fees. Furthermore, it gives you voting and governance rights.

Who are OKB’s founders?

Jay Hao has served as OKEx’s CEO since its launch in 2017. His career has focused mainly on engineering and technology, particularly in the blockchain industry, especially blockchain applications for mobile gaming and video streaming.

Mingxing “Star” Xu is also a key management team member. He is OKCoin’s founder and has established himself in the industry. Xu co-founded OKEx in Malta in 2017. Currently, he serves as OK Group’s CEO.

How OKB works

OKX (formerly OKEx) is a key crypto spot and derivatives trading exchange. It provides crypto financial services to traders worldwide. Its financial services include token-to-token, fiat-to-token, and derivatives trading.

On the other hand, OKB is OKX’s native token and has multiple use cases. For example, you can use the tokens to pay fees on the exchange to allow you to participate in the network’s governance.

As an OKX user, you will get passive income if you hold OKB tokens on the exchange, particularly on OKX profit. This is a functionality that allows you to earn on your assets. Additionally, the OKB token will distribute money on the OKX Jumpstart platform.

You can only participate on Jumpstart after you register on the site. After that, you can conduct purchases via MixTrust. OKB is OKX’s main asset. This means you can use it on-chain to support spot trade, trading derivatives, and creating many scalable apps simultaneously.

In addition, it has a layered design that minimizes consensus times, boosts scalability, and enhances security. All these features add value to OKB, making it more appealing to holders. The OKX usually burns tokens every three months and reports it on the official website.    

Is OKB coin a good investment?

It is important to understand that OKB is a global utility token that allows OKX users to enjoy multiple features of the crypto exchange.

OKB computes and settles trading fees. It also grants users voting and administrative rights on the site. Users also participate in OKX Jumpstart.

The OKB plays a critical role in the OKX ecosystem. It enables you to enjoy up to 40% discount on transactions depending on the number of tokens you own.

The exchange puts its users into two groups: normal and VIP. The number of OKB tokens you own determines the level you will be in.

So, OKB is a good investment. Here are the other attributes that make it a good investment:

  • Trading fee discounts: As an active trader, you continually look for ways to improve your profitability. In this sense, trading fee discounts can make a significant difference. By holding OKB within a sub-account, you will save up to 25% on trading fees.
  • Save OKB and earn: Being an OKEx user grants you access to OKEx Earn. This section offers users opportunities for passive earning. Moreover, the section supports multiple digital assets and allows holders to earn interest on their savings.
  • OKEx Jumpstart: If you are interested in more active opportunities, OKEx Jumpstart enables you to stake your holdings and earn reward tokens from imminent blockchain projects. In addition, holding 100 OKB tokens for five consecutive days allows you to participate in Jumpstart token sales. Here, your allotment rates and subscription amounts depend on the size of your OKB holdings.

How do you earn coins in OKB?

You can easily get OKB coins by buying them via OKEx. But, you can use many other crypto exchanges to buy and trade the token. They include:

  • FTX
  • HitBTC
  • Hotcoin Global
  • LBank
  • Uniswap (V2)
  • ProBit Global

Here are the steps to follow to buy OKB:

  1. Compare different crypto exchanges: The best place to buy OKB is from a cryptocurrency exchange. Go for the one with appealing features such as ease of use, low fees, and 24/7 customer support. Below are factors to consider when selecting a crypto exchange:
    1. Fees
    2. Range of cryptocurrencies available
    3. The payment methods it supports
    4. Customer support
    5. Ease of use
    6. User reviews
    7. Whether the exchange is registered with a local regulator.
  2. Create an account: Once you identify a crypto exchange, you must create a user account. Moreover, the crypto exchange will request you to verify your email address and identity. Therefore, ensure you have your photo ID ready. This process is known as Know Your Customer (KYC). It requires a photo ID and a smartphone.
  3. Deposit: After verification, deposit $ to your crypto exchange account using your preferred payment method. You can use:
    1. Bank transfers. Transfer from your local bank account is normally free. However, you must check with the exchange you have chosen.
    2. Credit and Debit card payments. You’ll have to link a card to your account. This method might attract an additional fee. But, it is more convenient because it allows you to make instant purchases or set recurring purchases.  
    3. Cryptocurrency: you can also purchase OKB by trading it for other cryptocurrencies such as Stablecoin or Bitcoin. However, this varies between exchanges. Therefore, you need to search for OKB on the spot market to check the cryptocurrencies you can trade it for.
  4. Buy OKB: With money in your crypto wallet, you can buy OKB. If you selected an exchange that is easy to use, this process is straightforward. You simply enter the amount you want to purchase and click buy.  

How many OKB coins are there?

As mentioned earlier, the OKB coins are similar to Binance Coin (BNB). Half of the service fee revenue is usually distributed to token holders based on their OKB balance. There are one billion OKBs on the market. They are broken down as follows:

  • 40% – Founders and project;
  • 10% – Investors;
  • 50% – AirDrops and rewards;

The OKB price at the time of writing is $15.44, with a 24-hour trading volume of $9279879. It currently ranks #50 in the CoinMarketCap with a $926109192 live market cap. Furthermore, it has a supply of 60000000 OKB coins.

How do you trade OKB?

You can sell or convert your OKB with the same exchange you used to buy it. Here is how you trade OKB:

  • Sign in to the crypto exchange holding your OKB.
  • If your OKB is in a digital wallet, find the best crypto exchanges to convert or sell them on.
  • After that, select Sell or Convert and place a sell order.
  • Select the amount of OKB you want to sell or convert.
  • Confirm the selling price and fees before closing your sale of OKB.
  • Complete the transaction and move your OKB to the wallet for storage.

Final Thoughts

OKB coin is a good investment opportunity for people trading in the crypto market. Some benefits include trading fee discounts, passive income opportunities, and access to OKEx Jumpstart. Therefore, if you were thinking about investing in OKB coins, it is a worthwhile investment. Create a user account, OKEx, to start enjoying the benefits. 

Further Reading

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