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NEW DELHI: OKX, which recently became the second largest cryptocurrency exchange in the world by spot trading volume, on Tuesday announced rebranding itself as a cross-platform services provider.

Founded in 2017 as a cryptocurrency trading service, OKX has since amassed over 20 million users and expanded its suite of digital asset investing products to include OKX Earn, a tool for earning passive crypto income; an NFT marketplace and decentralised application discovery hub; and most recently, MetaX, OKX's new decentralized mode that features a cross-chain dashboard and self-custody Web 3.0 wallet for storing digital assets, including NFTs, according to a press release.

This shift, as highlighted by the company’s name change from OKEx to OKX, reflects the platform’s growing number of wealth creation opportunities beyond the exchange, which investors use to trade hundreds of digital assets on spot, margin and derivatives markets.

OKX aims to enable access to decentralised assets and tools and give investors the option of self-custody of their digital assets. 

“OKX is moving beyond the standard centralised exchange model to give our customers an end-to-end cryptocurrency experience," said Jay Hao, CEO of OKX. “Most importantly, we’re doing this while upholding the core principles of crypto — decentralization and autonomy. Our goal is to give customers the tools they need to easily and securely earn, transfer, and spend their wealth as they see fit, without intermediation from us. We’ve dropped the “E" from our name because we’re so much more than an exchange, just like crypto is so much more than a speculative asset."

OKX, which lists over 250 digital assets and has long held the top rank for cryptocurrency futures trading volumes, recently became the second largest cryptocurrency spot trading platform in the world. In 2021, total trading volume on the platform, including spot and derivatives instruments, grew over 700%, while the number of trades executed on the platform increased over 480%. Staking, savings and DeFi offerings via OKX Earn saw over $5.1 billion deposited by users, and paid out over $314 million in passive income this past year, as per the press release.

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