The largest exchange in the world by trading volume is offering a partnership program allowing certain high-profile teams to use its white-label exchange backed up by its research and development.
After a long silence since its CEO departed once the exchange opened up in Malta, OKEx broke the ice again with the announcement of a white-label exchange program that it calls “OK Partners.”
“Aspiring teams who aim to establish their own digital asset exchanges only need to provide their domain names, logos, operation force, and to focus on the management and operations of the exchange,” the exchange said.
Naturally, this kind of deal doesn’t come without a price. According to OKEx, people interested in joining this partnership program “are required to deposit 500,000 OKB in their accounts.” At this moment, OKB is trading for $5.06, which means that the initial investment sits at about $2,500,000. It’s probably for the best, though, as exchange operators need to make sure that they have some sort of liquidity to move around inside of OKEx’s system.
The team asserts that people who join the program would experience a high level of “autonomy, efficiency, and transparency.” Aside from the lump sum requirement, candidates must have “solid industry experience, quest for excellent service, and strong industry influence.”
OKEx’s partnership program is set to pick 100 potential partners from the pool of candidates for its first phase, which is slated to be operational by the end of July. It appears that the company came up with this idea as an alternative to launching a decentralized exchange, which it considers “an unfeasible idea with the current technology.”
“That said, we will never stop innovating. And this Digital Asset Exchange open Partnership Program, which is based on the concept of decentralization, is our best proof. We believe the program will make a difference to the blockchain industry and inspire more exciting ideas to come,” OKEx added.
The exchange’s opinion on decentralized exchanges flies in the face of Binance’s own ambitions to open such an exchange in the near future, perhaps trading only cryptocurrency pairs without involving fiat.