OKB Rises 25% As Crypto Exchange OKX Opens Its Office In The Bahamas

In addition to the price, the trading volume has also increased enormously. The 24-hour trading volume rose 208 percent to $90.1 million dollars. If we look at the weekly chart, we see that the OKB price makes a gain of 29.8 percent. This makes it the third best-performing cryptocurrency of the past seven days.

Despite today’s huge gains, the coin’s price is still more than 53% lower than its all-time high of $44.01 in May 2021.

Why is the OKB token rising?

The main reason for the price increase is the fact that OKX, the crypto exchange behind the token, has established itself in the Bahamas. This is positive news for the stock market as the country has a very crypto-friendly policy.

The company has opened an office in Nassau, the island’s capital. OKX plans to hire at least 100 people to work there.

This is not the first time a crypto exchange has opened an office in the Bahamas. FTX also moved its headquarters to the Bahamas last year.

Bahamas clear regulatory stance on cryptocurrencies has been one of the main reasons for companies to set up operations in the Caribbean.

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