Cryptocurrency exchange OKEx has introduced a new crypto-project listing process through what it calls “community token vote.” it is expected to be a transparent way to select tokens for listing according to the demand from its community.
“We firmly believe that a long term approach to working with quality token teams is the key to successfully fostering a healthy ecosystem and providing our community with a variety of sustainable, interesting, and useful tokens to trade,” OKEx said in a blog post.
OKEx is looking to discover more projects with high potential and lower investment risks for its customers, in order to maintain high standards of investor protection.
Selecting which tokens to list is a complicated process as some tokens with high promise and demand could end up being fraudulent and risky for the investor community. Dealing with such projects also could lead to regulatory and legal risks.
In its bid to minimizing exposure to “bad” tokens, the exchange has formulated a new listing process.
Firstly, the exchange will select and shortlist projects to list from the applications received by them, via a thorough and rigorous review process conducted by its listing committee.
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The next step is to involve the exchange’s Prime Investors in the process, who help to review and endorse the projects they favor.
Finally, it comes to the public to decide which project should be listed on OKEx, by casting their votes using OKEx’s global utility token called OKB.
The application for the first round of OKEx Token Listing Vote is now open and will end on June 10, 2018. OKEx has listed out 18 projects after its rigorous selection process for the community to vote and select three of them for listing.
To further engage the community, OKEx will partner with project teams which are able to bring more active users, and will provide a priority listing review for them.
Hong Kong-based OKEx is among the world’s top three largest cryptocurrency exchanges by trading volume.