OKB (OKB)

Discover the basics of OKB and find links to beginner-friendly guides that show you the best way to invest in it.
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Updated: Jan 20, 2023
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About OKB

What is OKB?

OKB is the native cryptocurrency of the OKX exchange. Its primary function is to allow OKX users to invest in new digital projects. It’s the currency on the OKX exchange (formerly known as OKEx).

As one of the leading crypto spot and derivatives trading exchanges, OKX offers a wide range of crypto financial services to traders, including fiat-to-crypto trading.

The OKB token is used to pay fees on the exchange and to vote on the network’s governance, giving holders a voice in the direction and decision-making of the platform.

How does OKB work?

OKB works by recording every transaction made on a digital ledger called a blockchain. The blockchain is a decentralised, distributed ledger that ensures the integrity of the data recorded.

OKB is built on the Ethereum blockchain and is an ERC20 token. This means OKB adheres to a specific set of standards defined by Ethereum, allowing other network users to validate transactions quickly.

OKB is the utility token for the OKX cryptocurrency exchange. It allows users to access special features on the platform, such as discounted trading fees, voting rights on the platform, and rewards for holding the token.

OKB is used as a means of payment for trading fees on the exchange, and the more OKB, a user, has, the more benefits they receive in terms of discounted trading fees.

How is the OKB network secured?

It is secured by the blockchain it operates on. OKB is an ERC-20 token that utilises a proof-of-stake (PoS) consensus mechanism, which means that users can validate transactions on the network by holding and staking the token.

Initially, OKB was built on the Ethereum blockchain, but later it was moved to its own blockchain, OKExChain, providing more flexibility and security to the network.

The OKX platform prioritises security, using several technologies to ensure a reliable and stable trading environment. It has also developed hot and cold wallets, the latter being one of the safest methods for storing cryptocurrencies.

What is OKB used for?

OKB allows users to access different features of the OKX exchange. One of the primary uses of OKB is to pay fees when you buy and sell digital money on OKX. When you hold OKB, you also get extra perks like discounts on trading fees, a say in how OKX is run, and rewards for holding the tokens.

The more OKB you have, the more benefits you get. VIP users get extra perks based on how much they trade.

OKB is also used on OKX Jumpstart, a platform for investing in new digital money projects. To participate in Jumpstart, you must register on the site and buy OKB using MixTrust.

Why does OKB have value?

It offers discounts if you want to trade crypto on the OKX exchange. It’s also deflationary, so the total supply of OKB tokens falls over time, creating scarcity and driving up the price.

OKX charges a trading fee on every transaction, and 30% of the total is burned every three months. A ‘burn’ permanently removes those coins from circulation.  The details of these burns are recorded and publicly available on the OKX website.

Who created OKB?

OKX was founded by Jay Hao, the CEO, who has been with the company since its inception. Before joining OKX, he had 20 years of experience in the semiconductor industry, working on a wide range of codecs such as UVLED, ASIC, FPGA, and multimedia codecs and SOCs for multimedia processors.

Where can I buy OKB?

You can buy OKB on a crypto exchange. An exchange is a marketplace that allows you to sign up, deposit your money, and buy some crypto, just as you would with a stock platform.

Most cryptocurrency brokers allow you to keep the coins you buy in your account. However, you may want to sign up for a dedicated cryptocurrency wallet for some extra security.

You can deposit money into a broker or exchange account by a bank transfer or card payment. However, if you prefer to use a different payment method, like PayPal, then your options may be more limited.

Are there any other ways to invest in OKB?

The simplest way to invest in OKB is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.

You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.

More about the OKB price

What is the OKB price today?

The OKB price is currently $30.38, as of 19 January, 2023. The price of OKB is up 21.23% over the last 52 weeks. You can use the live OKB chart to track the OKB/USD price in real time above, or compare the OKB value today to its past performance using the OKB price history tab at the top of this page.

What is the price prediction for OKB?

The average OKB price prediction values the coin at $66.43 by the end of 2024. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.

It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.

What is the total supply of OKB?

The circulating supply is 60,000,000 OKB, out of a total maximum supply of 300,000,000 OKB.

Are there any OKB alternatives?

There are lots of OKB alternatives and all exchanges have their own tokens. Here’s a selection of the best OKB alternatives for you to consider.

  • Binance Coin. BNB is the native coin of the Binance cryptocurrency platform
  • Cronos. Cronos is a cryptocurrency that is part of the Crypto.com exchange
  • Huobi Token. Huobi Token is the native coin of the Huobi exchange.

More crypto guides

FAQs

Is OKB safe?
Has OKB been hacked?
Is OKT and OKB the same?

Latest OKB news

Recent OKB analysis

Should I buy OKB Token Right Now?
June 29, 2021

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.