Another token that serves as a native token on a crypto exchange is OKB, jointly launched by the OK Blockchain Foundation and the crypto exchange giant OKX.

OKB Price to PHP

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The Story Behind OKB

In 2018, OKEx, which rebranded to OKX four years later, introduced OKB to its platform. OKB was initially and ERC-20 token but integrated into the exchange’s own blockchain, the OKExChain in 2019.

According to the developers, OKExChain aims to provide a scalable infrastructure for $OKB and the OKX ecosystem. 

Initially, the OKX team planned to cap $OKB at one billion tokens. However, the 700 million $OKB, which were locked up for rewarding loyal users, funding the OK Blockchain Foundation, and supporting the company’s operations, were burned. This made the total supply of $OKB to 300 million. 

$OKB Advantages

As OKX’s utility token, $OKB holders can receive up to 40% discounts on trading fees. It is also accepted as payment for BitTorrent subscriptions and on Alchemy Pay and Now Payments. 

Furthermore, OKX users can stake their $OKB on the exchange’s “OKX Earn” feature to earn free TONCOIN tokens. 

Moreover, the OKB team assured token holders they could access OKX’s special features, vote and be part of the governance that will affect the platform’s performance, and first try those newly introduced services on the platform. 

$OKB holders are also allowed to participate in token pre-sales on the exchange’s Jumpstart feature and access new token offering on OKX.

How to Buy $OKB?

Step 1: To start buying, selling, holding, and trading $OKB on exchanges, users should create and verify an account by providing requirements such as personal information, an email address, a phone number, a valid ID, and a selfie. 

Step 2: Choose the $OKB trading pair; it could be $OKB/USDT, $OKB/USD, $OKB/PHP, or others.

Step 3: Buy $OKB by typing the desired amount. 

Step 4: Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with $OKB.

Step 5: Check if the transaction is complete. Usually, the amount has already been loaded to the wallet. 

Closing Thoughts

We have just witnessed another utility token for a crypto exchange. But take note that $OKB is not just limited to OKX; as it can be bought to other exchanges as well. 

$OKB also reached its all-time high about four hours ago, as of this writing. Do not let FOMO eat you. Learn to practice due diligence and do your own research before investing in an asset. 

This article is published on BitPinas: OKB Guide and Usecases

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Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
• BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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