OKEx, a prominent cryptocurrency exchange has come up with a fresh scheme on the 7th of April, that would provide its users with the option to convert small cryptocurrency assets below 0.001 ($7.38 at the time of writing) into its native token OKB. The upper limit has been set at 0.01 BTC.
The conversion time comes without any defined limit, however, it is only applicable when the price goes up and down within five per cent. In order to assist its customers from wasting resources when they are exchanging multiple different assets, looking after small balances is an essential feature for long term traders. According to a trader, these small balances are a huge stumbling block, as they happen to find that can’t be put to use, to trade.
OKEx Doing a Binance
OKEx is following in the footsteps of Binance, which possesses and came up with something similar. Binance labels the small balances as dust and converts it into Binance coin (BNB). It was feature was launched a couple of years ago in April and CEO CZ put a humorous spin on it by stating ” I hear the team has built a broom, who wants it? “
This conversion comes with an added advantage as the holders of BNB and OKB pay minimal fees on the exchange. OKEx, in a post, threw some light on the benefits of it in a post on April 16, stating that one singular exchange fee discount currently exists For OKB owners on the exchange, and a mere 500 OKB is needed by the customers to avail fee discounts. In order to extract the maximum discount, 2000 OKBs suffice.
Jay Hao, the CEO of OKEx has asked its users to first make up their mind on it and only trade in OKB if they have full faith in the OKEx platform and believe that it is one for the future.
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