Malta-based crypto exchange OKEx has announced plans for its own decentralized exchange or DEX on its own blockchain. The company made the announcement on Friday detailing the OKEx blockchain.

OKEx Blockchain: OKChain

According to a release on Medium, the company detailed how its operations team has been developing a blockchain called OKChain. The blockchain will be the underlying tech for the exchange’s first decentralized exchange, suitably called OKDEx.

OKChain is at the final stage of development with a test network launch expected in June.

The exchange’s native coin OKB will migrate to an Ethereum (available on Coinbase) ERC-20 standard blockchain in April. Then after the test and once the OKChain is deemed stable, it and all other tokens will be moved to the new OKEx blockchain. OKB will become the native token of the OKChain blockchain.

According to the announcement:

“OKB will be the native token of the OKChain network, which can be used to settle transaction fees or used in the Dapps developed on OKChain.”

OKEx Blockchain and Others

A decentralized exchange is becoming a popular add-on for many cryptocurrency exchanges of the world. OKEx is not the first major exchange to develop its own DEX.

The world’s largest cryptocurrency exchange by market volume, Binance, is launching its own blockchain network soon.