Crypto exchange OKX’s utility token OKB is skyrocketing today. The 24-hour low and high are $45.29 and $54.49, up more than 20% over the past 24 hours. In addition, trading volume is up 330% in the past 24 hours, supporting strong upside momentum. OKB price is currently trading at $54.04 at the time of writing, with more rallies expected in the coming days.

OKX Announces SUI Token Sale

The huge upward move came after OKX announced support for selling SUI tokens. OKX will begin offering the SUI token on April 23 through the leading token selling platform OKX Jumpstart in the form of a token allocation lottery. Users must have OKB tokens from April 20-22 to get SUI tokens. The number of available tokens is 225 million and the selling price is $0.1.

OKX Wallet’s strategic partnership with Sui Network allows users to access Sui ecosystem projects and participate in airdrops and initiatives.

Crypto exchanges like OKXBybit, and KuCoin announced that they will make a list SUI Token and initiate a subscription mechanism instead of an airdrop. Allow list users who contribute to the ecosystem can purchase SUI from a pool at a very low price.

Last September, the SUI development team Mysten Labs completed $300 million in funding at a $2 billion valuation by FTX Ventures, Binance Labs, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners.

In addition, OKX will be one of the largest exchanges to benefit from Hong Kong’s aggressive move to evolve into a crypto hub. Institutional investors of Hong-Kong are likely to trade on OKX to buy crypto for the first time.

On March 28, OKX established an entity in Hong Kong to provide virtual asset services. The newly incorporated OKX entity will apply for the Virtual Asset Service Provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and the Type 1 & 7 licenses under the Securities and Futures Ordinance.

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Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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