u.today
In a significant move, OKX, one of the world's leading cryptocurrency exchanges, has announced the delisting of several spot trading pairs. Among the pairs removed, the XRP pairing against OKB, the native coin of the OKX ecosystem, was notably axed.
The decision, aimed at enhancing the exchange's spot trading environment and maintaining stringent listing qualifications, has raised questions about the future of XRP on the platform.
Prominent crypto journalist Colin Wu shed light on the decision, suggesting that the delistings were part of a strategic effort to optimize liquidity within OKX. XRP's pairing with OKB had a weekly turnover of 46,589 XRP, a small fraction compared to the staggering one billion tokens traded in the largest XRP pair across all exchanges, involving USDT on Binance.
OKX announced that it will delist FODL-USDT, CHE-USDT, INT-BTC, INT-USDT, PNK-USDT, MXT-USDT, SSV-USDC, DOT-ETH, COMP-BTC, UNI-ETH, KNC-BTC, ANT -BTC, MKR-ETH, XRP-OKB, CRV-ETH, LTC-OKB, SUSHI-ETH spot pairs to optimize the liquidity. https://t.co/rchdyl3oCL
— Wu Blockchain (@WuBlockchain) October 24, 2023
OKB, besides being an integral part of the OKX ecosystem, functions as a discount tool for its holders, offering reduced commissions on the platform. Although XRP has been delisted against OKB, it still maintains a presence on OKX through four remaining pairs, including USDT and USDC stablecoins, as well as pairs with major cryptocurrencies, such as Bitcoin and Ethereum.
The move comes against the backdrop of OKX's impressive standing in the crypto world; it is currently the second-largest crypto exchange globally, with assets totaling an astonishing $11.32 billion, trailing only behind Binance.