Academy Press Room Article

OKEx Launches “Convert Small Balances to OKB” for Better Management of Crypto Assets

2020.04.09

OKEx (www.okex.com), the world’s largest cryptocurrency spot and derivatives exchange, has launched a new product to allow users covert small amount of crypto asset balances to OKB, the global utility token adopted by OKEx. The feature went live on website on Apr 7, 2020 and the mobile app version will be available soon. Users can convert their small Bitcoin balances (less than 0.01 BTC) to OKB for unlimited number of times, but the conversion is available only when the price fluctuates within 5%, and the final amount of OKB will be exchanged based on the market price at the time of the conversion.

For advanced crypto traders, dealing with small balances has always been a headache. When balances are lower than 0.01 BTC, it’s too difficult to trade and also too wasteful to discard, these small balances would end up lying in the accounts untouched instead of realizing their true value. As for new traders, it’s an asset loss that is not easily detectable. In terms of industry, small balances not only reduce market liquidity, but also increase the cost of cryptocurrencies in circulation.

According to Chainalysis data in 2017, about 2.87 million to 3.79 million bitcoins have disappeared forever, which is a huge loss to the crypto market. Since the total number of some cryptocurrencies, such as Bitcoin, is limited, the unnecessary losses in circulation is intolerable.

However, the loss can be avoided simply by allowing users to convert their small balances to OKB, so that OKEx can help users to better manage and integrate their assets to maximize asset utilization.

“We are always committed to becoming a partner to help our global users better deal with their assets and making our products and trading experience more humanized. Helping users integrate fragmented assets is just the first step, we will be launching more of these services in the future,” said Jay Hao, CEO of OKEx. “On the other hand, as a strong believer in blockchain, we feel painful about the permanent loss of digital assets. We will do our best to protect the interests of our users and the whole industry.”

For more details, please refer to Guide to Convert Small Balances to OKB

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About OKEx

The world’s largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:
Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

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