The OKB token, the service token of the cryptocurrency exchange OKX, has been rising since the early hours of the day. The lowest and highest price levels of the altcoin, which have risen by more than 20 percent in the last 24 hours, are $ 45.29 and $ 54.49, respectively. Altcoin’s trading volume has also increased by 330 percent in the last 24 hours. The price of OKB token is trading at $53.51 at the time of this writing.
The upward price action in OKB comes after OKX announced that it supports the SUI token sale. OKX will sell its SUI token in the form of a token allocation lottery on April 23 through the token sale platform OKX Jumpstart. Users who want to buy SUI tokens will need to hold the OKB token between April 20-22. While the amount of SUI tokens to be sold is limited to 225 million, the price determined per token is $0.1. OKX Wallet’s strategic partnership with Sui Network will enable users to access Sui ecosystem projects, participate in AirDrop and other initiatives.
Cryptocurrency exchanges such as OKX, Bybit, and KuCoin announced that they will list the SUI token and launch a subscription mechanism instead of AirDrop. Allowlisted users contributing to the ecosystem can purchase SUI from a pool at a very low price. In September 2022, the SUI development team received a $300 million investment with a $2 billion valuation from Mysten Labs, FTX Ventures, Binance Labs, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners.
On the other hand, OKX is on track to become one of the largest cryptocurrency exchanges that will benefit from Hong Kong’s aggressive moves to become a crypto hub. It is envisaged that Hong Kong institutional investors will trade on OKX to buy cryptocurrencies for the first time. OKX established a company in Hong Kong to offer virtual asset services on March 28. The newly formed OKX entity has applied for a virtual asset service provider (VASP) license under the Anti-Money Laundering and Anti-Terrorism Financing Regulation 2022 and Type 1 and 7 licenses under the Securities and Futures Regulations.