OKB, the utility token of Seychelles-based cryptocurrency exchange OKX, jumped by up to 15% during Asia trading hours on Monday. The exchange has been taking part in a trend among centralized exchanges to promote transparency following the collapse of FTX. OKT, the native token of the exchange’s own blockchain OKX Chain, was up 13%. 

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Fast facts

  • The price of OKB, an Ethereum-based ERC-20 token, grew by more than 30% in the last seven days to US$29.97, an 86% increase from Oct. 1, 2022, according to CoinMarketCap data.
  • OKT, the ecosystem token for the exchange’s blockchain, also surged 13.3% in the past day to US$28.85.
  • OKX Chain launched its Liquid Staking protocol on Dec. 20, 2022, which rewards users with an annual percentage rate of up to 40%. The price of OKT has increased by about 40% since the launch of the service.
  • Bitcoin fell 14%, and Ether was down 10% in the last quarter along with most major cryptocurrencies as the FTX debacle, centered around the alleged misuse of customer funds by the bankrupt firm, damaged the reputation of centralized exchanges. 
  • OKX’s latest proof-of-reserves report updated on Dec. 20 claimed that the exchange’s Bitcoin and Tether reserve ratio was at 101% while its Ether reserve had 103%.
  • In November, OKX registered itself as a digital asset business in the Bahamas, the home of bankrupt FTX. Last summer, OKX announced its plans to branch out to Dubai after getting approval from the United Arab Emirates to serve local investors.

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