OKEx Cryptocurrency Exchange Adds Polkadot’s DOT Token

OKEx Cryptocurrency Exchange Adds Polkadot’s DOT Token

OKEx is planning to have more tokens added to its platform soon.

OKEx has added Polkadot’s DOT token to its platform for users to trade.

OKEx announced yesterday that DOT was available to be traded with Tether’s USDT from 8:00 AM UTC. Pokadot’s technology can be used to generate a new blockchain in 60 minutes.

At the time of the announcement, it was still impossible to withdraw DOT or deposit it. The only way to get DOTs is by doing so on the fully developed Ethereum Blockchain. OKEx has also illustrated how to transfer the DOT tokens to the mainnet of Polkadot so that they can be present on the exchange.

At the moment, OKEx is yet to fix a date when DOT can be withdrawn or deposited. It plans to support withdrawals and deposits for the token at the same time when other DOT pairs will be made available on the exchange.

Making interoperability work in blockchain

Polkadot was established by Web3 Foundation which started from Switzerland. According to the foundation, Polkadot’s main aim is “to connect private and consortium blockchains, public and permissionless networks, oracles, and even future technologies that are yet to be created.”

The CEO of OKEx, Jay Hao, highlighted the importance of Polkadot to blockchain:

“One of blockchain’s biggest issues still remains interoperability and Polkadot will play a key role in allowing all kinds of blockchains to talk to each other, transact, and exchange data. Since Polkadot allows for cross-blockchain transfer of all types of data and not just tokens, it will hold an important role in the crypto ecosystem preparing for the next web.”

Hao expressed hope that OKEx will become a decentralized platform but that it would be a gradual step. He said there are plans to add more decentralized applications and he concluded by stating the role of cryptocurrency for the future:

“As societies move away from cash and real-world assets are eventually brought onto the blockchain like stocks, gold, real estate, etc. crypto will be used more and more as a simple way of transferring value to any device and more projects like Polkadot will allow us to transfer all types of data securely and trustlessly greatly speeding up the current bureaucracy we live with today.”

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