Crypto exchange OKX has developed a social trading application called ‘Orbit’ that provides a platform to share verified performance and execute trades from within social posts. On the other hand, this same week, Intercontinental Exchange (ICE) invested in OKX at a USD 25 billion valuation, including a board seat and the option to license OKX’s cryptocurrency pricing. The announcement of this investment resulted in over 50% price increase for the OKB token, as the New York Stock Exchange (NYSE)’s parent company has publicly indicated its confidence in crypto and the mainstream institutional market.
How Orbit Brings Transparency to Social Trading
Developed as part of a social network within its trading app, Orbit allows users to share real-time performance metrics, including Profit and Loss (PnL), win rates, and historical data associated with a specific trade or asset. Additionally, users are able to execute trades for any asset referenced in a social post or market discussion (e.g., Bitcoin, $BTC) without exiting the app.
The goal of Orbit is to bring accountability into social trading; currently, it can be difficult to find credible sources when using social media applications. By providing measurable results and using them as a basis for building credibility on the platform (as opposed to using unverifiable screenshots, for example), Orbit is attempting to build a new level of trust in social trading.
Other features available through Orbit include live broadcasts, group chat functionality, and gated communities to provide emerging creators with opportunities to build audiences by sharing a disciplined approach to trading. OKX views the introduction of Orbit as a means of raising industry standards in trading and not just for providing an entertainment-based approach to trading.
ICE’s $25 Billion Investment in OKX
The social launch coincided with seismic news: Intercontinental Exchange (ICE), parent of the New York Stock Exchange, made a significant investment in OKX for an estimated USD 25 billion. As part of the transaction, ICE will license OKX’s spot crypto prices for futures products, while in return, OKX gains rights to offer ICE futures and tokenized equities to U.S. customers. ICE Chairman Jeffrey Sprecher views this relationship as being able to provide “retail consumers around the world with greater access to ICE’s world-class regulated financial markets.”
OKB Token Price
Following the announcement, the price of OKX-native token, OKB, increased by more than 50% in 24 hours, showing a strong reaction, with a post-peak correction, cooling the price around USD 97 at the time of writing.
