Most cryptocurrency enthusiasts have multiple assets stored across exchanges and trading platforms. OKEx now provides an option to convert smaller balances to OKB balances, giving users even more flexibility.
Converting Smaller Balances to a Useful Asset
Enthusiasts who frequent cryptocurrency exchanges will have built up a growing portfolio over the years. Several parts of that portfolio consist of smaller balances associated with assets that have been traded on said exchange at one time. More often than not, those lower balances are either forgotten completely, or are no longer worth converting to a bigger asset like Bitcoin.
OKEx has come up with an interesting solution to address the situation. By giving users an option to convert these small balances to OKB, they can make the most of the remaining assets. As long as the balance in their account is tradable and is valued at less than 0.001 BTC, it can be converted to OKB instantly, and the limitation for conversion is 0.01BTC.
For users of the OKEx exchange, this creates new opportunities waiting to be explored. By converting these tradable balances to OKB without limits, some of the overlooked funds can be turned into a more tangible asset. Converting multiple small balances to OKB can add up over time.
To prevent users from experiencing major volatility when converting to OKB, OKEx ensures this method only works if the Bitcoin price remains within 5% of its current value. Volatility is a regular occurrence in the cryptocurrency world. OKEx wants to ensure its users are not affected by such developments in a negative way.
OKB is a Powerful Asset
For those unfamiliar with OKB, it is currently the #11 cryptocurrency by market cap. The asset was introduced by OKEx in 2018, and is now hitting its stride in full. The strong start to 202 for the OKEx exchange is contributing to the success and appeal of OKB.
The asset is considered to bridge the gap between OKEx as a company and its users. Exchange tokens are often criticized for their lack of real world value and utility. OKB Shows that those features can be achieved, and the OKEx team is confident they can drive value to users through OKB.
Holders of this asset will also benefit from a trading fee discount when trading on the OKEx platform. A minimum balance of 500 OKB balance is required to partake in these discounts.