Crypto exchange OKEx said it plans to launch a decentralized exchange (DEX) on its own blockchain.
The Malta-based company announced Friday that its operations team has been developing a blockchain called OKChain, which will provide the underlying tech for its "first" decentralized exchange, OKDEx. OKChain is currently at the “final” development stage, the company said, adding that a test network launch is expected in June.
Due to demand, the exchange said it will put OKB onto an ethereum ERC-20 standard blockchain by the end of April, and will migrate all tokens to OKChain later and once the new network is "stable."
According to the announcement:
It seems a decentralized exchange is the latest must-have accessory for exchanges.
Binance, the world’s largest crypto exchange by adjusted trading volume, is also launching a DEX on its own blockchain network.
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Binance opened its DEX for public testing last month, allowing users to create wallets and interact with the trading platform’s interface. Last month, the exchange also announced a trading competition with prizes of $100,000 in its native token BNB in a bid to boost the number of people testing the platform.
Singapore-based cryptocurrency exchange Huobi is going a step further, announcing a plan to evolve into a standalone decentralized exchange last June. At the time, it offered funding for developer assistance in creating an underlying open-source blockchain protocol for the platform.
OKEx image via Shutterstock