OKX jumps into a competition against Coinbase with a new Ethereum Layer-2 Network 

OKX crypto exchange launched a new Ethereum Layer-2 blockchain network with the help of Polygon CDK. 

OKX is a cryptocurrency exchange based in Seychelles, offering trading in both spot and derivatives markets. It was founded by Star Xu in 2017 and is not accessible in the United States. Recently this crypto exchange left the Indian crypto market. 

On 16 April 2024, OKX Exchange announced the public mainnet launch of its Ethereum layer-2 scaling network called “X layer”.

The team behind this Blockchain network project used Polygon CDK and with this OKX’s X Layer became one of the first to take advantage of Polygon’s so-called AggLayer. 

With this new blockchain network, OKX exchange aimed to provide faster, cheaper, & scalable transactions for the crypto assets across the crypto exchanges. 

Haider Rafique, Chief Marketing Officer at OKX, said that the main objective of X Layer is to construct an ecosystem characterised by seamless integration and interoperability, with X Layer demonstrating vast potential owing to the robust community support fostered by OKX.

Coinbase’s Base network 

Earlier this Coinbase crypto exchange launched its Ethereum layer-2 scaling network called “Base” in Aug 2023. 

As per reports, the initiative of Base & X layer is the same and here we can expect that a very big competition between these two networks will be visible in the future of the crypto sector. 

OKX Exits India

Following the regulatory action by the Indian enforcement agencies against non FIU registered crypto companies, OKX crypto exchange decided to shut down its crypto business from the country. 

On the other hand, the KuCoin crypto exchange showed collaborative efforts with the Indian government agencies & successfully registered with the Indian FIU unit. 

Read also: Elon Musk’s new meme on Dogecoin pumps trade price by 8% 

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