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OKX is one of the largest centralized crypto exchanges in the world, known for its wide selection of trading pairs. It provides traders with safe and convenient cryptocurrency trading markets and offers different types of financial services. 

Together with the OK Blockchain Foundation, OKX released its native, utility OKB token. The OKB token has a total supply of 300,000,000 OKB, with the following allocation:

• 60% – User-incentives, ecosystem development, marketing
• 20% – Team motivation
• 10% – Purchased by shareholder
• 10% – Operations of OK Blockchain Foundation 

The OKB token has many use cases, all of which have been created to incentivize activity on the OKX exchange and reward loyal users.

OKX divides OKB token holders into two groups based on how many tokens they have:

• Normal
• VIP

The token holders receive the following benefits:

• Discounts on trading fees – Active traders on the platform can receive discounts on trading fees up to 25% if they hold OKB tokens within a sub-account.
• Access to the OK Jumpstart Initial Exchange Offering (IEO) platform – OKB token holders looking for more active investment opportunities in the crypto industry can participate in token sales of projects on the OK Jumpstart IEO platform.
• Voting rights – The token holders are granted voting rights for tokens to be listed on the OKX exchange.
• Staking rewards – Users who stake OKB are rewarded with more tokens.
• Passive income opportunities – OKX users have access to OKX Earn, which allows OKB holders to earn interest on their savings.
• Token burn – 30% of the OKX spot trading fees income is used to buy back and burn OKB tokens from the circulating supply. 

Mingxing ‘Star’ Xu founded OKX (formerly known as OKex) in 2017.

On 24 July 2017, OKX conducted an Initial Coin Offering (ICO) and raised over $100 million. This resulted in the launch of OKB as the native cryptocurrency on the OKX exchange. 

In November 2018, Jay Hao joined OKX as the CEO, and he still holds the position.

OKX introduced the token Buy-Back & Burn program in May 2019 to boost the value of OKB. Since May 2019, the team has been actively conducting a quarterly token Buy-Back & Burn with 30% of the income from spot trading fees.

In February 2020, OKX launched the testnest for OKChain, their own blockchain network.

In September 2020, OKX burned 700 million unissued OKB tokens. This reduced the total supply to less than 300 million OKB tokens (minus the OKB tokens that had been burned as part of the token Buy-Back & Burn program).

On 15 January 2021, OKX launched the mainnet of OKChain. The chain has now been renamed to OKC and has a native token called OKT. At the launch, OKX issued OKT tokens to OKB token holders who had staked their OKB on the OKX Jumpstart platform.

On 18 January 2022, the exchange was rebranded from OKex into OKX. Jay Hao said in a statement about the rebranding to OKX: “We’ve dropped the ‘E’ from our name because we’re so much more than an exchange.”

Originally, the OKB token was launched as an ERC-20 token and thus leveraged the security of the Ethereum blockchain. OKB is now built on OKChain, a secure and programmable smart contract platform, backed by OKX.

However, online theft and fraud are often conducted not by attacking the blockchain network but by targeting users’ online/hot wallets to expose their private keys. Such malicious actors trick users into revealing their private keys or attack systems with malware. 

Ledger hardware wallets overcome this vulnerability by storing private keys in physical storage devices cut off from the internet and, therefore, out of the reach of malicious actors.

Investors can buy and hold OKX tokens (OKR) on many centralized exchanges. However, this method poses serious security concerns, as discussed above. Many CEXs also require the disclosure of KYC information to use their platform, which is not ideal for privacy. DEXs enable investors to overcome the privacy concerns associated with CEXs. Nevertheless, this method also has its own security risks as investors need to operate an online wallet to use DEXs.

To mitigate these risks, Ledger lets you simultaneously purchase and transfer ERC-20 tokens like OKB into your Ledger hardware wallet, providing sovereign control over your private keys. Moreover, you can directly manage and track your investments’ performance using Ledger Live on both desktop and mobile. 

Above all, using Ledger’s services is pretty simple. You can purchase cryptocurrencies on Ledger using PayPal or a debit/credit card by following the simple steps below:

1. Get a Ledger hardware wallet. 
2. Download Ledger Live on desktop or mobile. 
3. Install the Ethereum application on the hardware wallet from the Ledger Live dashboard. 
4. Create a designated OKB account after setting up Ledger Live. 
5. Start buying OKB using Ledger Live and its partners. 

You can also swap or trade OKB with other cryptocurrencies for a dynamic and diversified portfolio. The hundreds of swap pairs available on Ledger Live can be accessed as follows: 

1. Get a Ledger hardware wallet. 
2. Download Ledger Live. 
3. Install the ‘Exchange’ application on Ledger Live, along with the applications for the coins you wish to swap. 
4. One needs to have OKB in the linked hardware wallet to facilitate the swap. 
5. Once there are sufficient assets in the wallet, swapping is possible.