The OKX exchange is pushing ahead with a plan to launch OKBChain, a brand-new blockchain that will debut in the first quarter of 2023. According to the exchange, the new blockchain will operate and be independent of the current existing Okxchain.
On February 16, Star Xu, the creator of the crypto exchange, made the announcement formally official. Consequently, he claimed that OKBChain is created and run by the public Corporation OKX, but the existing platform is a blockchain that operates under the Proof-of-Stake (POS) consensus method with entirely open-source code. These two chains stand alone completely.
OKX dares the challenging market conditions
It is worth noting that the introduction of a daring new blockchain is currently a sensible move for OKX, despite the challenging market conditions. Despite Bitcoin’s unexpected increase above $24,300, which represents a new high for 2023, there is not sufficient data to confirm the return of a robust uptrend.
In addition, the Company has historically benefited from numerous strong intrinsic motivations, including the decision to twice issue Proof-of-Reserves at the end of December 2022 following a series of FUDs regarding deposit status. Customers are not forthcoming about exchanges that have been impacted by FTX’s demise.
Additionally, the Company proceeded to issue a new asset report in January 2023 while retaining $7.5 billion in customer funds. However, as soon as the news was made public, the price of OKB went up, smashing the previous record of 44 USD that had only been set a year earlier and reaching a new ATH of 52.8 USD. recent week.