OKX to Use Third-Party Custodian Wallet Services of Komainu

Crypto Exchange OKX is the Second largest trading volume in the entire market. The exchange has agreed to enlist the services of Komainu, a digital asset storage firm. This feature will enable institutional users to hold their crypto in the Norura-backed storage and use the funds to buy and sell on the exchange.

The partnership is a perfect example of how a centralized crypto exchange used traditional finance and segregation of operations using third-party software and protocols to avoid an FTX like disaster.

OKX is the first crypto exchange to use Komainu Connect which offers 24/7 trading with mixed cold storage, multiplayer computation, and hardware security modules. During a conversation with a crypto media outlet, OKX’s Chief Commercial Officer detailed that “assets deposited in Komainu custody wallet are transferred to Komainu wallet and later linked to OKX account.”

The crypto exchange did not reveal the amount of assets to be transferred to the custody wallet; it will be significant.

Significant Events of OKX 2023

The exchange just announced a cooperation with Tafabot to improve users’ trading experiences.

OKX’s users will have access to a wide range of spot, futures, and arbitrage trading bots thanks to the cooperation with Tafabot. Users can access this feature by installing the Tafabot app from the Apple Store or Play store. Users must create an account on the interface after the application has been successfully downloaded before selecting the

“connect to an exchange” option.

Earlier on May 20, 2023, TheCoinRepublic reported that OKX 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 advanced feature for the Bitcoin Lightning Network.

The exchange announced that it had sent its license proposal application under Hong Kong’s new regulatory regime of VASPs after it came into effect on June 1, 2023.

After the collapse of the world’s three biggest crypto exchange, FTX several exchanges struggled and even some of them filed for bankruptcy . Crypto services are exploring almost all countries in search of a favorable regulatory environment.

According to CoinMarketCap, Bitcoin fell below $26K. Notably, SOL, Ethereum, and some other significant tokens fell by more than 5% intraday.

As per the market analysts, the declining price of crypto assets is majorly affected by the action of the United States SEC, which is taking a hardline approach to enforcement.

At press time, the cryptocurrency market was valued at 1.09 Trillion, and Bitcoin was trading at $25,727.39 with a 24-hours trading volume of $20 Billion. It is important to note that sellers are more active compared to buyers.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas 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