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

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

15.11.2022 - 10:00

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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.

🙌我们将联合 #OKXChain 、OKX Demo Day 启动 $100,000,000 的项目生态扶持计划！在近期突发事件的影响下，部分生态的优质项目出现了流动性等问题。为促进行业生态健康发展，欧易将助力优质项目方进行平滑迁徙，对符合条件的项目方提供生态/技术/流动性等支持，共克时艰🦾 — 欧易OKX中文 (@okxchinese) November 15, 2022

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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