OKX and OKCoin Team up For Bitcoin Lightning Network Enhancement

OKX is one of the leading cryptocurrency exchanges and is ranked second in terms of trading volume. On May 19, 2023, the exchange announced that it partnered with Okcoin to make the Bitcoin Lightning Network more scalable.

Both these crypto-focused companies will collectively sponsor the recent Open Source Developer Grant recipient Dusty Daemon. He is developing an extra advanced feature for the Bitcoin Lightning Network.

The upcoming Splicing update of Lighting Network will improve the scalability and make it easier to use for smaller transactions in daily routine. Jason Lau, Chief Innovation Officer of OKX, has appreciated open source developers for the development of the Bitcoin Network.

He said OKX has supported the Bitcoin Community and will continue to support in coming times. Jason appreciated major contributions of Dusty for the Lighting Network. Dusty will be collectively backed by OKX and Okcoin to focus for more improvements on Lighting Network if any.

OKX – Active Partnerships and Investments

OKX was first established in 2017 in Beijing but due to the ban of the Chinese government it shifted to Seychelles. Star Xu is the founder of the crypto exchange and is also one of the lead developers behind the development of OKX.

OKX has majorly contributed in the crypto market and has invested in some of the leading and startups to support them in development. Some of the major investments of OKX are Sei Network, Arbitrum, Gitcoin, LayerZero including Outland and many others.

Earlier in 2022 OKX partnered with dozens of companies and sport teams to boost its presence in almost every possible sector. McLaren F1 racing team is an official partner of OKX and they even use its service to accept crypto payments.

Is OKX Connected to FTX?

Soon after FTX collapsed, a data analytics firm Arkham Intelligence reported that trading arm of Sam Bankman Fried’s Almeda Research has received over $60 million in cryptocurrency in 16 different transactions from OKX exchange.

In addition to its involvement with the FTX issue, OKX has announced that it will be the title sponsor for the largest Blockchain conference in Eurasia, the Blockchain Economy Istanbul Summit.

A media outlet reported that the Embed acquisition by FTX has led to some lawsuits. It further wrote that on May 17, former FTX CEO Sam Bankman-Fried and other top executives of FTX received a case. However, FTX’s new leadership alleges that the acquisition took place with due diligence.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing