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Against Fake Volume Allegation: OKEx Distributes $5M Trading Commissions to Users Weekly

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Against Fake Volume Allegation: OKEx Distributes $5M Trading Commissions to Users Weekly
Source: OKEx

Recently, there appeared an allegation regarding the trading volume of OKEx, a world-leading digital asset exchange. However, the allegation itself is invalid due to the difficulty in collecting accurate trading volume data, as a person or even as media outlets let alone exchanges like OKEx with futures trading and API transaction.

What’s more is an important fact that needs to be mentioned. It has been reported that OKEx has launched a program named Happy Friday, a bonus distribution campaign that will give away 50% of its trading fee to OKB [the OKEx platform token] holders weekly. The program has distributed approximately $5 million last week.

If OKEx has wash traded grossly to reach the volume that is currently displayed on CoinMarketCap, while the weekly bonus has remained at $5 million, the exchange will need to pay most of the bonus to users with its own money. Why then would OKEx create fake volume? That does not make sense to us at all.

The Happy Friday campaign mentioned above is a program launched by OKEx to distribute 50% of the weekly transaction fee as BTC bonus every Friday to users holding OKB. The amount is based on the percentage of OKB the user holds. Since its launch, the Happy Friday campaign became popular among OKEx users worldwide and the mega bonus pool had at one time reached up to 2,000 BTC.

OKEx, as one of the top crypto exchanges by volume, in its 24H trading volume reached $872 million on CoinMarketCap [14th, September] and $5.07 billion on AICoin [14th September], two of the most popular websites about crypto information in China. The former lists only token-trading while AICoin records the total volume including futures trading.

Source: CoinMarketCap

Source: CoinMarketCap

Taking the data on CoinMarketCap as the basic volume, and 0.02% [the lowest rate] as standard [which is hardly possible], the daily trading fee is $174,550, while the weekly bonus pool amount would be $610,925 [of only token-trading], which will all be distributed to OKB holders.

Source: AICoin

Source: AICoin

The data shown is based on the lowest rate of trading fee enjoyed by the highest-level member, and the trading volume excludes futures trading, which is the majority revenue source of OKEx. According to AICoin, the total trading volume in the past 24H is $5.07 billion, so the 24H futures trading volume would be $4,197,248,301.

Assuming the trading fee rate is still 0.02%, then the daily trading fee is $839,450, and the amount of weekly bonus pool would be $2,938,075, which would all distributed to OKB holders as well.

According to the data calculated above, users can get over 1,200 BTC each week from the OKEx Happy Friday campaign. At the same time, eligibility is easy to maintain as you just need to hold no less than 100 OKB to enjoy a mega bonus.

As to OKB, it is a global utility token issued by OK Blockchain Foundation to connect prospective digital asset projects to OKEx users as well as professional investors, creating an OKEx ecosystem that helps to advance the development of blockchain technology and the digital asset industry.

Different from tokens of other platforms, OKB has a great roadmap including but not limited to the application of programs such as Happy Friday, Global Partner, Prime Investor, OK Partner Exchange etc., as well as the world’s first index product OK06ETT.

The total available supply of OKB is 1 billion, some of which will be locked up with those programs, meanwhile, the value of OKB will be added as well. 60% of the circulation amount will be given to OKEx users for community building through marketing campaigns, which enables OKB holders to enjoy various privileges and increasing the profit for the long term.

*The current price of OKB is $1.23, which is near its historic low point and therefore worth the investment.

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Crypto Wallet & Visa Card Spend.com launches Apple Pay & Google Pay on iPhone and Samsung Devices

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Crypto Wallet & Visa Card Spend.com launches Apple Pay & Google Pay on iPhone and Samsung Devices
Source: Spend.com

Spend.com announced that the Spend App is now integrated and compatible with both Apple Pay and Google Pay, available on iPhone, Samsung, and other Android devices.

Spend is now the first company in the world to offer this service tied to 16+ supported digital currencies. The Spend team has created innovative ways to transfer, spend and send digital assets and currencies. Spend users will be able to link their Spend Visa® Card and Spend Virtual Visa® Card directly to their Apple Wallet and Google Pay Wallet.

What does this mean? Traditionally, Apple Pay and Google Pay allow users to make secure purchases in stores, in apps and on the web, as well as send and receive money from friends and family [in Messenger]. Now, when linked to the Spend Visa® Card, users will be able to take advantage of all the supported digital and fiat currencies available within the Spend App anywhere Apple Pay and Google Pay is accepted. These features will be available on the release of Spend App v2.5.

The Spend App

With a quick and easy download from either the Apple App Store or the Google Play Store, the Spend App and Wallet will be the only digital wallet ever needed again. The Spend App allows users to store, withdraw, send, and spend more than 16 cryptocurrencies and 27 fiat currencies at over 40 million locations.

Spend users also have the ability to send funds around the globe and/or exchange various currencies all from their Spend App. Whether someone needs to send money to family in Europe or buy/sell different currencies, it can all be done from the Spend App, which currently supports:

  • 16+ Cryptocurrencies
  • US Dollar
  • Canadian Dollar
  • Euro
  • 24 Additional Fiat Currencies

In addition to being able to send, spend, buy and sell currencies around the globe, users will have the power of detailed analytics at their fingertips to track coins and currencies. Spend’s in-app analytics gives users instant access to the most up to date charts and figures on any currency or coin users choose to track!

App Benefits

  • Currency Swap: Looking to exchange CAD to USD or XRP to LTC. Exchange any currency instantly with Spend, where applicable.
  • Multiple Currency Support: Hold USD, CAD, EUR, and 24 additional fiat currencies and over 16 cryptocurrencies all within the Spend Wallet.
  • Performance: 99.9% uptime with enhanced performance infrastructure in place.
  • Compliance Built-In: Verify account identity instantly within the Spend App.
  • Buy Crypto & Send Fiat: Users can purchase 16+ cryptocurrencies from their linked bank accounts, right from the Spend App, as well as transfer funds in over 180 countries.
  • Secure Storage: Highest level of AES encryption with PCI DSS Level 1 Certification.

Connecting the Spend Wallet To The Spend Visa® Card

Once a user downloads the Spend App, they will be able to access and manage their funds anytime with the Spend Wallet & Spend Visa® Card. Once verified utilizing Spend’s in-app KYC system, users have the choice to immediately get issued a virtual card that can be used immediately at any merchant that accepts Visa® online. Users also have the option to order a physical card. In addition, Spend clients can earn up to 6% rewards back on all purchases. Cards are now available in the United States and Spend has secured issuers for its Visa® Card product in Canada, Europe, and Asia-Pacific regions.

Spend offers its users three different levels of cards, each with its own unique benefits:

  • Spend Simple™ – Spend’s introductory Visa® card. Spend Simple™ gives users access to the platform and all the great features offered. Upgrades are always available to Spend Preferred and Black.
  • Spend Preferred™ – Spend’s most popular everyday Visa® card. Spend Preferred™ grants users a flexible spending limit for use as an everyday card with access to the Spend VIP Program and enhanced rewards.
  • Spend Black™ – Our exclusive Visa® card for elite users. With an optional sleek metal design*, Spend Black™ cardholders receive access to the highest spending limits, highest rewards, and Spend VIP Elite Program.

With all Spend Visa® Cards, users will enjoy advanced security features, an option of both a virtual or physical card, 24/7 support, as well as both card and wallet rewards, powered by Spendcoin [$SPND].

No matter what level of card users are looking for, Spend has the perfect card to fit their needs, when tied to the Spend App.

At no point can cardholders load cryptocurrency such as Bitcoin onto their Spend Visa® Card. All cryptocurrency will be converted to the appropriate local fiat currency first on the Spend Wallet and then that local fiat currency will be loaded on the Spend Visa® Card for use in purchase and ATM withdrawals.

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