CEO of the OKX cryptocurrency exchange, Jay Hao, named five basic principles for listing cryptocurrencies on the platform.
Jay Hao posted on his X account that many friends are urging him to stake more BRC-20 tokens. However, he explained why this strategy is not suitable for OKX.
The head of the cryptocurrency exchange presented five basic principles for listing specific tokens on the exchange. He indicated that before deciding to list crypto assets, one must rely on the following factors:
- Blockchain technology and token-based product
- Popularity of the token in the community
- The founder and team are long-term builders.
- Legislation and Compliance Review
- Refusal to list “shitcoins”
“I want to clarify, as an exchange if we use the simplest strategy that is just list all tokens, I believe it may help exchange market more quick money, but will destroy the market.”
Jay Hao, OKX CEO
Jay Hao also noted that OKX never wanted to be the most aggressive listing exchange in the industry. Although OKX is not the most prominent industry leader, it still has a long-term philosophy, such as building infrastructure, not being evil, being as transparent as possible, and always relying on technology.
Last week, trading volume on the OKX NFT marketplace exceeded $60 million, surpassing the Blur and OpenSea platforms. Analysts attribute this growth to increased BRC-20 and Bitcoin (BTC) Ordinals tokens trading volumes. The success of the crypto exchange was because, in May 2023, OKX added the ability to trade Bitcoin Ordinals and BRC-20.