Crypto Exchange OKEx Joins Internet Giant Kakao’s Blockchain Project

OKEx announced that it is joining Klaytn, a global public blockchain platform developed by Kakao subsidiary Ground X.

On Oct. 25, OKEx wrote in a press release that blockchain project Klaytn will be onboarding the crypto exchange into their ecosystem aiming to expand blockchain adoption.

OKEx is joining a number of industry giants such as Samsung Blockchain, IDG Capital, and Shinhan Bank. The exchange called this partnership an opportunity to build a stable blockchain ecosystem and connect to different networks and portfolios in the blockchain industry. Andy Cheung, Head of Operations of OKEx, commented on the partnership:

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

Recently, cryptocurrency exchange Binance joined Klaytn’s governance council. Binance, together with another 24 member companies such as LG Electronics, Unionbank of the Philippines and Celltrion, will make key decisions for Klaytn’s business and technical developments.

OKEx announces 14 new partnerships

Following the news of OKEx joining Klaytn, the exchange reported in a press release that it had established another 14 partnerships with service providers to promote the adoption of its utility token OKB. Cheung said:

"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."

Accusations of wash trading 

In September, OKEx refuted allegations of manipulative practices such as wash trading on its platform. The exchange said that the allegations made in a recent report from the Blockchain Transparency Institute (BTI) were “not accurate and misleading.”