Malta-based Crypto Exchange OKEx Joins Global Blockchain Platform Klaytn to Promote DLT Adoption

Malta-based digital asset exchange OKEx announced recently that it will be joining the global blockchain platform Klaytn, which has been developed by Kakao’s subsidiary Ground X.

On October 25, OKEx’s management noted that blockchain project Klaytn is preparing to onboard the digital currency exchange into their growing ecosystem, which aims to promote the adoption of distributed ledger technologies (DLT).

OKEx will reportedly be joining several other industry participants including Samsung Blockchain, IDG Capital, and Shinhan Bank. OKEx believes the new partnership will give the exchange an opportunity to develop a more stable blockchain sector while connecting to various networks and portfolios in the DLT ecosystem. 

Commenting on the partnership, Andy Cheung, head of operations of OKEx, remarked: 

“Exchanges and projects itself should work together to define and adopt standards that will promote digital asset adoption globally.”

Leading crypto exchange Binance recently joined Klaytn’s governance council. Malta-based Binance and 24 other member companies including LG Electronics, Unionbank of the Philippines and Celltrion, will be taking important decisions related to Klaytn’s ongoing business and technical operations.

After announcing its partnership with Klaytn, OKEx stated in a press release that it had secured another 14 partnerships with major service providers to encourage the adoption of OKB, the exchange’s utility token. 

Cheung stated:

“The 14 new partnerships is a shot in the arm for OKB. Together with our community, we will continue to explore the possibility of OKB. By offering a wider array of applications, OKB holders will be able to enjoy the fruit of blockchain technology and the appreciating value of our token.”

Last month, OKEx denied allegations of engaging in manipulative practices such as wash trading on its crypto trading platform. The exchange noted that the allegations made in a report published by the Blockchain Transparency Institute were “not accurate and misleading.”

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