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New XRP Investment Products Presented by Major Crypto Exchange OKX

Thu, 03/02/2023 - 12:07
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Gamza Khanzadaev
XRP receives additional support from Binance's main competitor
New XRP Investment Products Presented by Major Crypto Exchange OKX
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OKX, one of the leading global crypto exchanges, announced the launch of a new XRP-linked investment product. The new product, called dual investment, involves the user guessing the price of XRP after a certain period of time. The product is similar to options trading and has gained notable popularity among users of cryptocurrency exchanges. XRP became the fourth cryptocurrency after Bitcoin (BTC), Ethereum (ETH) and USDT to be added by OKX for dual investment.

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XRP holds a meaningful share of trading volume on OKX with $35.3 million, equivalent to 3.1% of total share and the seventh largest among other tokens on the exchange. For XRP trading, on the other hand, OKX is one of the largest centralized marketplaces. First place goes to Binance, with $120 million of trading volume in USDT alone.

OKX aims to take Binance's place?

It is likely that with the expansion of XRP-linked investment product offerings, the exchange plans to take some of that volume for itself. Recall that OKX was one of the main beneficiaries of the FTX collapse and further FUD around Binance. In comparison, from mid-November to today, the exchange's total number of assets rose from $3.43 billion to $8.07 billion, a 235.27% increase.

OKBChain Introduced by OKX: What Do We Know So Far?

Despite this being OKX's heyday, you should not forget about security and make informed decisions about storing funds at centralized exchanges — especially in situations such as with the new XRP product, which requires tokens to be locked.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.