OKX has launched trading of BRC-20 tokens on a customized marketplace created for Ordinals. The feature is coming as an update created in the OKX app as all users are required to update their apps to enjoy the service.
OKX is a Seychelles-based cryptocurrency and derivatives exchange founded by Star Xu in 2017. It offers a variety of services and products, including spot trading, margin trading, futures trading, and options trading. Despite not being available to US and Canadian users, the exchange crossed $1 billion in institutional trading volume in the year 2023.
OKX made an earlier announcement that users could trade BRC-20 tokens on a newly created marketplace for the token that has attractedthe attention of the entire crypto market.
Ordinals and BRC-20 tokens
Recently, there has been an increase in interest in fungible tokens on the Bitcoin blockchain. This led to the creation of the BRC-20 token standard which is different from those of the Ethereum blockchain.
The BRC-20 token standard was created in March 2023 by Domo, a blockchain analyst to support token development and deployment using the Ordinals protocol.
The Ordinal Protocol is a system that is used to number Satoshis, the smallest unit of Bitcoin, with specific serial numbers that can be tracked. This makes it possible for users to attach data to each Satoshi making them unique through a process called inscription.
Projects such as Ordi, Vmpx and Pepe are among the first BRC-20-based tokens to be created on the Bitcoin blockchain. With the help of Ordinals, the use of the Bitcoin blockchain has gone beyond just the transfer of value to creating value similar to how Ethereum is utilized.
OKX now makes it possible for its users to trade already existing BRC-20 tokens and those that will be created using the same standard.