OKX exchange is set to integrate its wallet with Lightning Network by June. The new feature would support a marketplace where users can mint and trade Bitcoin Ordinals across 60 endorsed chain networks.
According to the report, OKX exchange is adding new features to its wallet. Currently, OKX wallet users can only display and send their BTC Ordinals. However, upcoming integration by the firm would allow users to trade BRC-20 tokens.
In addition, the firm revealed that users could mint Ordinals and BRC-20 using their OKC wallets. By June, the trading function would be added, enabling users to trade their minted Ordinals on the OKX platform.
The news of the potential integration surfaced shortly after Binance announced that it would enable BTC mon-fungible tokens on its marketplace. The Chief of Innovation at OKX, Jason Lau, commented on the latest development.
According to Lau, OKX is very bullish on Ordinals and BTC. He said the firm is excited to witness the fresh energy surrounding BTC adoption globally. He added that developers are getting more creative, exploring and building more innovations on the use cases of BTC.
OKX Partnered With Unisat To Ease Ordinals Sales
In his speech, Lau pointed out that BRC-20 and Ordinals are new ways traders can transact. And as such, it might take time to be globally adopted. In addition, the executive said OKX is working on making the feature more accessible and user-friendly to boost its global adoption.
To achieve its aims, OKX recently partnered with Unisat, an open-source BTC wallet. The collaboration would help to sync up the two firms’ indexers, making it more straightforward for users to trade Ordinals on the OKX platform.
Jason Lau revealed that the OKX exchange is working with the Unisat community to make it easier for users to identify and differentiate Ordinals trading from BRC-20 transactions on the blockchain platform.
However, according to the report, OKX is still concerned about how to deal with the alternating nature of the NFT and crypto industry. This is because nature makes it challenging to know when investors would be interested in trading either NFT or crypto. Hence, making a boom and a bust a possibility that can happen anytime.
OKX Took Long Term Approach Towards Ordinals Trading
A recent market chart revealed that the daily trading volume of NFTs has drastically declined since its peak value in February. In addition, the Ordinals’ daily trading volume rapidly rose in May, reaching a peak of about $15 million.
Furthermore, BTC recorded massive trading volume, breaking its record in the 2017 bullish run. Speculators stated that the rapidly increasing trade volume was heavily impacted by Ordinals. However, the numbers have toppled down as the downward trend of the crypto market continues.
Jason Lau commented that the Lows are low and highs are high in today’s market. He added that it is perfectly okay if investors are not interested in trading NFTs in the market these days. He claimed there are many aspects of the crypto industry that investors can be busy with.
He added that some investors might even be keen on managing their portfolios, gradually piling up their assets. Consequently, he said the firm is taking a long-term approach towards the recent integrations.
Lau explained that the firm believed that sooner or later, investors would ultimately boost their interest in the NFTs space and trade it across multiple chains. In addition, he revealed that the firm is keen on completing all its proposed integration soon.
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