Seychelles-based cryptocurrency exchange OKX announced the launch of its new blockchain dubbed OKBChain, which is separate from the existing Ethereum Virtual Machine (EVM)-compatible smart contracts protocol OKXChain.
According to OKX’s founder Star Xu, the new OKBChain would foster the development of an OKB decentralized ecosystem.
OKX Unveils New Protocol for Decentralized Economy
As per Xu’s tweet, OKBChain will be launched in Q1 2023 as a separate protocol from OKXChain, as they serve different purposes.
The CEO clarified that the OKXChain is a proof-of-stake blockchain co-built by communities while the OKBChain would be developed and operated by OKX.
As EthereumFair’s official Twitter account further explained, OKBChain would be more focused on providing business solutions to organizations and businesses. On the other hand, OKXChain will continue to offer a decentralized platform for creating and deploying decentralized applications (dApps).
OKB Token Hits New ATH
Reacting to the announcement, OKB, the utility token of the OKX Blockchain Foundation, surged by 23.13%, skyrocketing to a new all-time high (ATH) of $52.31, according to data from CoinMarketCap.
However, at the time of writing, the token has retraced slightly to under $50.
OKX Continues to Build
Since its launch in 2017, OKX, formerly known as OKEx, has continued to support the growth and development of the crypto sector.
Last year, CryptoPotato reported that the company released a $100 million fund to assist crypto projects affected by the collapse of the crypto exchange FTX.
Last month, OKX released its third Proof-of-Reserves (PoR) report, which revealed that it held “clean assets” worth $7.5 billion in Bitcoin (BTC), ether (ETH), and USDT.
The exchange has also partnered with several traditional entities in its drive for crypto adoption. In mid-2022, OKX signed a multi-year deal with British motor racing team McLaren Racing, becoming the Official Primary Partner of the Formula 1 team.