OKX Token Jumps 25% as Crypto Exchange Opens Shop in Bahamas CryptoBlog

OKB, the native token of crypto exchange OKX, has jumped nearly 25% in the past 24 hours and hit a new monthly high of $22.15, according to data from Quinceko.

After pulling back from a longer bull run, OKB is now trading at around $20.37 at the time of this writing and is the 19th largest cryptocurrency with a market capitalization of $5.1 billion.

Trading volumes also increased by 208% to $90.019 million in the past 24 hours. OKB is only half a billion dollars away from overtaking the popular decentralized exchange (DEX) token behind Uniswap.

On a weekly note, OKB gained over 28.9%, the third largest weekly gain among the top 100 cryptocurrencies by market capitalization.

OKB hit its monthly high. Source: OKB/USDT via TradingView.

Despite today’s huge gains, the coin is still down over 53% from its all-time high of $44.01 recorded in May 2021.

What is driving OKX’s token?

According to the company Press releaseOKX, the exchange behind the OKB token, has registered as a digital asset firm in the Bahamas, fueling the token’s valuation.

The company has also opened an office in Nassau, the island nation’s capital, with plans to hire at least 100 people.

This is not the first time a crypto exchange has opened up shop in the Bahamas. Sam Bankman-Fried’s FTX also moved its headquarters to the Bahamas last year.

The Bahamas’ clear regulatory stance on cryptocurrencies has been one of the main reasons companies are moving to the Caribbean.

Thanks to the country’s Digital Assets and Registered Exchanges (DARE) Bill launched in the late 2020s, companies can easily issue and sell digital tokens, which are scrutinized much more closely by other regulators. worldwide.

OKX has also been registered under the DARE Act, according to the company’s press release.

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