Crypto exchange OKEx has announced it will soon launch its first OK Jumpstart token sale for Blockcloud. The platform is similar to Binance Launchpad, which has had huge success in its own token sale endeavours recently.
OKEx is based in Malta and is one of the most popular cryptocurrency exchanges in the world. It recently launched its new token sale platform known as ‘OK Jumpstart’ in March.
According to a press release shared with Coin Rivet, OK Jumpstart will now host its first token sale for blockchain start-up Blockcloud (BLOC).
The rules for the token sale have also been released, stating that OKB – OKEx’s native cryptocurrency – will be the only token accepted for the sale.
Blockcloud is a new service-centric blockchain architecture which systemically aims to address mobility, scalability, trust, fairness, and incentive problems of the Internet of Things (IoT).
It rebuilds the technology layers within current blockchain networks and enhances the efficiency of how the internet operates.
OK Jumpstart will be adopting a “subscription and allotment” system for its token sales. Only users who hold a daily minimum of 500 OKB from seven days prior to subscription will be eligible for the token sale.
Holding 2,500 OKB daily throughout the period will provide users with the highest chance of allotment. Users can subscribe on the OKEx website or app.
After the announcement of the allotment result, the OKB locked up for the unalloted subscriptions will be released immediately.
Andy Cheung, head of operations at OKEx, commented: “It is very exciting to see the first project being launched on OK Jumpstart and we are expecting more projects to be announced soon.
“At OKEx, we always put users’ interests as our top priority, so we only collaborate with partners that we trust with proven records. This time, we are proud to kick-start the first token sale with Blockcloud, which aims to provide constant connectivity for dynamic networks in daily life.”
Interested in reading more OKEx-related news? Discover how the exchange plans to release OKChain in the summer of 2019.