After the announcement was published, the rate of the crypto exchange’s native token, OKT, rose by 16,6%

​OKX exchange will invest $100 million to support the crypto industry

15.11.2022 - 10:00

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2 min

What’s new? On November 15, the rate of the crypto exchange’s OKX (OKT) native token jumped by 16,6% to $16,72. This came after the platform’s Chinese arm announced the launch of a $100 million support program for crypto projects. The exchange noted that it will help strong projects experiencing liquidity problems after the bankruptcy of the FTX crypto exchange to migrate to the OKXChain platform. Eligible companies will also be provided with liquidity and technical support. The initiative aims to promote the healthy development of the industry. As of 10:00 UTC, OKT corrected to $16,28, according to aggregator CoinGecko.

Who else will help the industry? On November 14, Binance exchange CEO Changpeng Zhao announced the creation of a crypto industry recovery fund. The initiative is also aimed at helping strong projects that are going through a liquidity crisis. While interacting with his Twitter Spaces followers, Zhao revealed that about five companies already contacted him to participate in the formation of the fund. He also announced a joint project with Ethereum co-founder Vitalik Buterin aimed at creating a new method of proof-of-reserves crypto exchanges.

What is known about OKX? It is a centralized exchange (CEX) founded in 2017. It is headquartered in Seychelles. The platform offers 350 tokens and 637 trading pairs, fee-free conversion, as well as perpetual swaps, futures and options. The daily trading volume is $1 billion.

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