Cryptocurrency exchange OKEx introduced a brand-new function that permits its individuals to transform tiny equilibriums to the company’s exclusive token OKB.
OKEx introduced on April 7 that the brand-new item permits its customer to transform all the crypto property equilibriums worth much less than 0.001 Bitcoin ( BTC) ($ 7.38 at press time) right into OKB. The ceiling for conversion worth is 0.01 BTC ($7384 at press time), there is no restriction on conversion time however the conversion is just offered when the cost changes within 5%.
An investor informed Cointelegraph that tiny equilibrium handling is an essential function for long-lasting investors since it stops individuals from throwing away sources when trading a number of various properties. He claimed that tiny equilibriums are a huge problem on crypto exchanges “since they are funds that can not be made use of” to trade.
A mop for cryptocurrency “dirt”
Binance has a comparable function allowing individuals transform tiny equilibriums– typically called dirt– right into its exclusive token Binance Coin ( BNB). When the function very first introduced in late April 2018, Binance founder and also Chief Executive Officer Changpeng Zhao joked on Twitter, “I listen to the group has constructed a mop, that desires it?”
Much Like BNB, OKB permits individuals to pay much less for charges on the trading system. In a Feb. 16 article, OKEx clarifies several of the benefits that OKB owners carry its exchange:
” There is just one trading charge discount rate program for OKB owners on OKEx, in which individuals just require to hold 500 OKBs to take pleasure in charge price cuts. To get the optimum discount rate, individuals just require to hold an optimum of 2000 OKBs.”
OKEx Chief Executive Officer Jay Hao advised investors to stay clear of guessing on OKB, mentioning, “A concept that I suggest all our individuals stay with is that if you do not completely count on the long-term development of OKEx, after that please do not trade OKB.”
The increase of OKEx
Over the previous year, OKEx substantially expanded in significance within the cryptocurrency ecological community. As Cointelegraph reported at the end of March, OKEx just recently came to be the globe’s leading Bitcoin Futures exchange by everyday trading quantity, surpassing sector expert BitMEX.
Hao most likely thinks that OKEx’s rivals do dislike the development of his system; in February he criticized them for rejection of solution strikes versus the exchange.