• OKX [OKB], one of the largest crypto exchanges by trading volume, announced the formation of its Hong Kong affiliate to launch its digital assets trading services.
• The exchange was found to have 100% clean asset reserves and has applied for a virtual asset service provider (VASP) license in Hong Kong.
• OKX’s native token is down 0.88%, but it has grown 80% YTD.
Overview of OKX
OKX [OKB] is one of the largest crypto exchanges by trading volume and recently announced the formation of its Hong Kong affiliate to launch its digital assets trading services. The exchange also applied for a virtual asset service provider (VASP) license in Hong Kong and is at the forefront of innovation and regulation.
OKX’s Trading Volume
According to CoinGecko, OKX was the third-largest exchange by trading volume over the last 24 hours, with over $1.6 billion worth of transactions – a 65% jump from the daily volume recorded a month ago. Additionally, data from DeFiLlama revealed that the exchange recorded net inflows on a 24-hour, weekly and monthly basis, meaning that more funds were injected into the platform than flown out.
Clean Asset Reserves
The exchange was one of the few which published its proof-of-reserve data, allowing users to verify its reserves and liabilities. Based on that, OKX’s clean asset reserves were found to be 100%, which was the best among major exchanges. Clean reserves, as defined by blockchain analytics firm CryptoQuant, are total reserve of each exchange excluding its native token. The firm notes that there could be a potential risk in liquidity if a self-issued token holds a significant percentage of total reserve amount – as seen with FTX’s downfall due to FTT holdings being too large relative to other assets held in their balance sheet.
Performance Of OKB Token
The native token of the exchange was down 0.88% at press time per CoinMarketCap; however this could be due to ripples sent across market due to regulatory action on Binance when considered on YTD basis it grew at whopping 80%. Lately network activity has slowed down indicating consolidation period even though fundamentals remain strong overall sentiment is mixed due various factors such as regulatory uncertainty impacting prices globally & intense competition between projects in same space making it difficult for any single project or coin/token standout above rest regardless how well they are doing technically & fundamentally otherwise .
Overall outlook for OKX remains positive especially after announcement regarding establishment new entity in Hong Kong which will not only increase user base but also add more legitimacy project & help create stronger foundation future growth .