OKEx has announced a strategic partnership with Trustee Wallet.
It's official! We're excited to announce @OKEx's strategic #partnership 🤝 with @Trustee_Wallet.$OKB is now supported on this custodial, multicurrency #cryptowallet that allows you to buy & sell digital assets via #Visa, #Mastercard 💳 with low exchange rates & many more perks! pic.twitter.com/P2l9L9qQxZ
— OKEx (@OKEx) July 8, 2020
As a result of this partnership, the exchange’s token, OKB, will be supported on Trustee’s multi-currency wallet, which also allows buying and selling digital assets using fiat currency by paying with Visa or Mastercard.
Trustee Wallet, not to be confused with Trust Wallet, is a multi-currency wallet developed by BlockSoftLab, which in particular offers purchases and sales of cryptocurrencies at the best rates on the market thanks to a smart algorithm that chooses the provider with the best exchange rate. Trading fees are 1.5%.
OKEx, on the other hand, is a famous crypto exchange created in China in 2017 whose headquarters were moved to Malta in 2018.
It allows the trading of hundreds of cryptocurrencies, tokens and futures, and is among the top 20 crypto exchanges in the world for spot trading volumes, and among the top 5 for crypto derivatives trading volume.
The OKB token debuted on the markets in May 2019, at a price of $1.6. Since then it has grown steadily, albeit with ups and downs, reaching a first peak in August of the same year, when it exceeded $3.8.
Its absolute peak was reached in February 2020, when it exceeded $7.2, before falling to $2.8 during the collapse of the financial markets in March.
Since then, however, it has recovered, falling back above $4 at the end of March, only to reach $5 in April and fluctuate steadily around this threshold in the following months.
Compared to the market placement, OKB has gained more than 200% in just over a year, and in 2020 it gained more than 90% from around $2.6 to $5.
Its market capitalization of around $300 million puts it in 35th place among the most capitalized cryptocurrencies, surpassed only by three other crypto exchange tokens: Huobi token (HT) with $900 million, Bitfinex’s Unus Sed Leo (LEO) with $1.2 billion, and Binance Coin (BNB) with over $2.6 billion.
In terms of daily trading volume, HT and OKB are respectively 24th and 25th overall, surpassing well-known cryptocurrencies or tokens such as BAT, Monero or COMP (Compound).
OKEx recently announced another partnership with Paxful, to provide more liquidity to the exchange and for users to have more payment methods to buy cryptocurrencies, and at the end of 2019, they announced the initiative to launch a proprietary blockchain, OKChain, designed to help unbanked people access financial services.