Crypto exchange platform OKEx has reportedly rolled out a facilitating upgrade, enabling conversion process of clients’ small balances to its proprietary token OKB.
Specifically, as revealed by the firm, the new support feature will allow for conversion int OKB, regarding crypto asset balances, whose value do not surpass the 0.001 Bitcoin (BTC) cap. The upper limit concerning conversion value is set at 0.01 BTC.
Despite conversion period is not specifically restricted within any preset value, this process will reportedly be carried out solely when there is fluctuation around the 5% benchmark, price-wise.
Small balance handling is reportedly recognized as a necessary addition to the long-term traders’ toolkit, since it assists users in generating excessive resources, upon the trading activities of numerous assets. As for crypto exchanges, small balances appeared to be a major problem, due to its nature of being “funds that cannot be used” for trading.
Binance reportedly also a service with the same function, facilitating small balances (known as “dust”) conversion into its proprietary token Binance Coin (BNB). And similar to BNB, OKB helps cut down required costs for trading on the platform.
“There is only one trading fee discount program for OKB holders on OKEx, in which users only need to hold 500 OKBs to enjoy fee discounts. To receive the maximum discount, users only need to hold a maximum of 2000 OKBs.”
“A principle that I recommend all our users stick to is that if you do not fully believe in the long term growth of OKEx, then please do not trade OKB.” Head of OKEx, Jay Hao, further remarked.