OKEx, the 2nd most popular cryptocurrency exchange by trading volume, launched its platform token ‘OKB‘ today with 10 trading pairs. On its official support page, OKEx describes OKB is a global utility token issued by the OK Blockchain Foundation. The total available supply of OKB will be one billion tokens (1,000,000,000), with a distribution model that allocates 60% of the supply will be given out to OKEx customers for community building and during marketing campaigns.

OKEx detailed a number of applications for OKB, including:

Happy Friday – OKBOSS: Every Friday, 50% of the service fees collected by OKEx during the week will be shared with the OKB holders as a special bonus, of which the amount is based on the percentage of OKB the user holds. The program started on April 20 and will last 2 years. Global Partners: Global partnerships formed OKEx using OKB, giving privileges such as service fee rebates. OKB Trading Market – zero fees: In the OKB trading market, investors enjoy fee-free transactions and services. Designated Merchant Privileges: Designated merchants using OKB receive exclusive profile icons, dedicated customer service, and better liquidity. Fees Discounts: Investors can settle OKEx service fees with OKB to access discounts. Advanced Investment Portfolio: OKB will be a part of the world’s first blockchain ETF, along with the top five public chain tokens by market capitalization. Token Listing Voting: Investors can vote for projects proposed to OKEx for listing on the platform. Global Digital Asset Ecosystem: OKB will act as a base token to allow global blockchain teams to participate in the construction of a global exchange. Decentralized Ecosystem: Constructs a decentralized trading platform by relying on high-performance public chains and by using OKB as the facilitator.

In the last two weeks of the Happy Friday program being active, over 1,000 BTC has been distributed to OKB holders, who receive 0.008376298 BTC for every 10,000 OKB they hold. Additionally, investors holding OKB are now able to trade a number of popular coins, including:

LTC/OKB

BCH/OKB

ETC/OKB

EOS/OKB

XRP/OKB

QTUM/OKB

DASH/OKB

NEO/OKB

IOTA/OKB

ZEC/OKB

While OKEx initially issued OKB as an ERC20 token, the exchange plans to shift it to the official OK chain in order to further expand its utility. Investors can purchase OKB directly on the OKEx exchange through any of its trading pairs for ~$1.89 per OKB.

Enjoy zero-fee trading in OKB market! LTC, EOS, XRP, NEO & more token pairs are available!https://t.co/qJVGBft3nV pic.twitter.com/KJWYiGErAm — OKEx (@OKEx) April 28, 2018

OKEx is based out of Belize, and trading is not currently available to investors located in the United States, Hong Kong and many other countries listed here.