OKEx Rebrands to OKX as It Ventures into DeFi and Play-to-Earn Gaming

UTC by Tolu Ajiboye · 3 min read
OKEx Rebrands to OKX as It Ventures into DeFi and Play-to-Earn Gaming
Photo: OKX / Twitter

Prominent crypto exchange OKEx says that it has changed its name to OKX as it matches up to the continuous evolution in the digital assets space.

Leading crypto exchange platform OKEx has announced that it is rebranding to OKX starting from January 18th. The platform, which currently has its headquarters in Seychelles, posted a message on Twitter.

OKEx also stated that all its apps would begin to reflect the company’s new name and accompanying new logo and identity. In addition, the exchange platform also teased more developments to reveal within the next six months to one year.

OKEx Explains Factors Influencing the Name Change

Founded in 2017, the exchange began its foray into crypto when the crypto market’s value was much lower. OKEx added the “Ex” to its name to represent the open crypto marketplace. This was a hub for buyers and sellers to access and exchange crypto assets at will. OKEx says that it started out as a centralized exchange due to the industry’s growth requirements at the time.

However, at present, the crypto market cap is more than $2 trillion. Put in perspective, the market value of digital currencies is approximately 20% of gold’s market cap, even though gold has been around much longer. The emerging metaverse alongside accompanying phenomena such as non-fungible tokens (NFTs), decentralized finance (DeFi), and Web3 are creating remarkable possibilities. The remarkable evolution of digital assets and the entire crypto sector spurred the exchange’s own evolution. Consequently, OKEx believes that rebranding is easily the best way to reflect this change. As OKEx put it in a blog post:

“We are building so much more than a centralized exchange. It is time for us to evolve our brand to reflect what we stand for and what we are building toward. We want to venture with you into the possibilities that exist ahead of us — intersections between crypto and so many worlds we’ll enter together. Finance (DeFi) and gaming (play-to-earn) are just the starting points. That’s why we’re dropping the E and dialing up the X to pave that path.”

OKEx Pledges Continued Optimum Service, Teases New Offerings Under the New OKX Moniker

OKEx also added that its core values remain the same despite the perceived name change and subsequent rebranding. These include the exchange’s commitment to building a more decentralized and smart future, as well as its focus on customers. OKEx also teased new offerings for its customer base, which numbers tens of millions of users. Some of these new offerings include the MetaX, which provides a multi-chain self-custody wallet and an NFT marketplace. It does this along with a DEX and DApp ecosystem.

In addition, OKEx (now OKX) also launched the OEC decentralized chain that can process about 1,000 transactions per second. In February 2021, OKX recorded its biggest trading volume in history. The exchange hit $188 billion, a 26% rise from the previous month.

Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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