OKEx’s native token, OKB, has reached its all-time high and it is currently one of the top-performing cryptocurrency projects. The currency has rallied up to 17.1% in the last 24 hours. Additionally, the token has gained 8.2% in the weekly charts. After its most recent gains, OKB is now the 11th-ranked cryptocurrency project by market cap.
OKB’s rally follows OKX founder Star Xu announcing a new blockchain, OKBchain, independent of the current Okxchain. Moreover, according to Xu, the new blockchain will be launched in Q1, 2023. Okxchain is a PoS (Proof-of-Stake) network that was co-created by communities. Meanwhile, the OKX company developed the OKBChain. The two chains are wholly different, the founder said.
Additionally, OKB’s current rally comes amid a larger cryptocurrency market surge. Bitcoin (BTC) made gains of up to 10.7% in the daily charts, while Ethereum (ETH) rallied by 8.1% in the same time frame. The global market cap, meanwhile, grew by 8% in the last 24 hours, currently sitting at $1.16 trillion. The sudden surge is likely because of eased regulatory fears among investors.
At press time, OKB was trading at $49.00, down 2.8% in the last hour.
Other developments for the OKX cryptocurrency exchange
OKX is one of the official sponsors for the McLaren F1 team. The company recently unveiled its car for the 2023 season with the OKX logo.
After a disastrous 2022, many F1 teams, such as Mercedes, Ferrari, and Alpha Tauri, called off deals with cryptocurrency sponsors. Mercedes had FTX as a sponsor, which ended with the exchange’s historic collapse. Additionally, Ferrari ended its sponsorship with Velas, and Alpha Tauri ended its partnership with Fantom and ICM.com.
Furthermore, the exchange has recently announced a partnership with Manchester City Football Club players Jack Grealish, Rúben Dias, Ilkay Gündoğan, and Alex Greenwood. The alliance will introduce the OKX Collective, a fan-focused immersive metaverse experience.