OKX Token Jumps 25% as Crypto Exchange Opens Shop in Bahamas

OKB, the native token of the crypto exchange OKX, has surged nearly 25% over the past 24 hours and reached a new monthly high of $22.15, according to data from Coingecko.

After retreating some from a longer bull run, OKB now trades at around $20.37 as of this writing and is the 19th-largest cryptocurrency with a $5.1 billion market capitalization.

Trading volumes have also spiked by 208% to $90.019 million in the last 24 hours. OKB is now just a half-billion dollars away from surpassing the popular decentralized exchange (DEX) token behind Uniswap.

On a weekly note, OKB has gained more than 28.9%, the third-largest weekly gainer among the top 100 cryptocurrencies by market capitalization. 

Despite today’s tremendous gains, the coin is still down over 53% from its all-time high of $44.01 recorded in May 2021.

What’s driving OKX’s token?

As per the company’s press release, OKX, the exchange behind the OKB token, has registered itself as a Digital Asset Business in the Bahamas, fueling the token’s appraisal.

The company has also opened an office in Nassau, the capital of the island country with plans to hire at least 100 people.

This is not the first time a crypto exchange has opened shop in the Bahamas. Sam Bankman-Fried’s FTX also moved its headquarters to the Bahamas last year.

Bahama’s clear regulatory stance on cryptocurrencies has been one of the key reasons for firms to set up operations in the Caribbean.

Thanks to the country’s Digital Assets and Registered Exchanges (DARE) bill launched in the late 2020s, companies can easily issue and sell digital tokens, which are scrutinized far more heavily by other regulatory authorities across the globe.

OKX has also been registered under the DARE act, according to the company’s press release.