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OKX is One of the First Exchanges to List Ordi BRC-20 Token

OKX Learn
OKX Learn
Published on May 20, 2023
Updated on Apr 25, 2024
3 min read
  • OKX is one of the first exchanges to list ORDI, offering low fees, withdrawals and fast transactions to the Bitcoin community
  • With the new listing on OKX, ORDI traders will no longer have to face high network fees and long transaction times

Hong Kong, May 20, 2023 - OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced that it is one of the first exchanges to list Ordi (ORDI), a BRC-20 token that utilizes ordinals and inscriptions to create and manage one-of-a-kind digital assets on the Bitcoin blockchain.

OKX enabled ORDI deposits and withdrawals on May 20 at 10:00 (UTC), while the ORDI/USDT spot pair began trading on May 20 at 12:00 (UTC).

OKX's move to enable ORDI deposits and spot trading marks a significant milestone for the Bitcoin community, as it solves a key drawback for users who trade ORDI on decentralized exchanges (DEXs). Traders who use DEXs to trade ORDI often face high network fees, and transactions can take anywhere from three minutes to as long as two hours. This makes it difficult to buy ORDI at market value.

Trading on OKX offers a significant advantage over DEXs due to the presence of an order book. This means users can sell ORDI at any time by being a taker. In contrast, when users want to sell ORDI on-chain, they can only list sell orders and wait for other users to complete the order. In addition, OKX users can trade ORDI with significantly lower fees and faster transactions, providing a more convenient way to manage their assets.

OKX Chief Innovation Officer Jason Lau said: "OKX is at the forefront of introducing innovative and powerful capabilities that offer choice for Bitcoin and crypto enthusiasts. BRC-20 tokens on Bitcoin present a unique challenge, and we're excited to be one of the first to offer users a seamless trading, deposit and withdrawal experience. This addition also shows our long-standing commitment towards the growth of the wider Bitcoin ecosystem."

This announcement comes after OKX Wallet became the first multi-chain platform to enable the viewing and transfer of Bitcoin ordinals. OKX Wallet also recently announced that it is the first multi-chain wallet to support BRC-20 trading with the launch of its Ordinals Marketplace.

Disclaimer This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

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