Digital Assets: StormX Is Available on Crypto Trading Platform Okcoin

StormX (STMX) is currently available via digital asset platform Okcoin.

Customers may now deposit, withdraw, and trade STMX tokens via Okcoin. This offer is for “all Okcoin customers except for residents of the EU, the UK, Singapore, and Brunei.” Deposits, withdrawals, and trading are “live as of July 27.”

What’s StormX?

As explained in a blog post, StormX is “a crypto cashback system that helps users earn rewards and cashback on fiat transactions.” With more than 1000+ eligible stores, customers can “earn up to 87.5% cashback on their purchases, depending on their reward membership level.”

StormX membership “comes in six different tiers.” Members automatically “access the Purple tier when they connect a wallet within the app.” The real magic “begins when they level up to Bronze, Silver, Gold, Platinum, and finally Diamond tier, since each tier comes with the potential to earn higher amounts of crypto cashback.”

STMX is “the project’s utility token.”

It’s primarily used “for staking, governance, and cashback rewards.” This token model provides incentives “for members to not only purchase STMX tokens, but also to use them since STMX holders can stake their tokens to further increase their rewards.”

In another update, it was revealed that Okcoin’s DART engineering team is “dedicated to ensuring [their] software quality meets the highest standards.”

Despite market downturn, Okcoin reveals they are “still building and hiring.” The DART team is “made out of DevOps, Automation, Release, and Triage engineers.” Each sub-team “has a specific role in taking [their] software quality to the highest level.” The firm is “currently hiring for DevOps, Automation, and Triage roles.”

For more details on this update, check here.

As covered, crypto exchange Okcoin is reporting a 125% increase in institutional trading from Q1 to Q2 2022. Okcoin said this is the fourth consecutive quarter that institutional transactions more than doubled from the prior quarter. Institutional customers jumped by 13% in Q2 and 28% for the first six months of the year.

In the first half of the year, stablecoins accounted for 33% of asset buys and Bitcoin for 40%, according to Okcoin. The platform said that institutions held large Bitcoin positions during that time, with stablecoins accounting for just 6% of purchases during the lowest six-month period whereby the crypto market value declined 70%.

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