OKEx Launches New Platform to Accelerate DeFi and NFT Adoption

Popular cryptocurrency exchange OKEx has announced the launch of a new service called Decentralized Finance (DeFi) Hub.

OKEx Launches DeFi Hub

The newly launched service will focus on two of the hottest niches in the cryptocurrency space – DeFi and non-fungible tokens (NFTs), OKEx said in a press release shared with CryptoPotato today.

Commenting on the development, Lennix Lai, OKEx director, noted that the global NFT marketplace has grown in recent times. As such, there is a need to develop a comprehensive platform that will manage the asset class.

“With DeFi Hub, we’ve created an NFT Marketplace that will accelerate NFT adoption by making it easier than ever for anyone to create, exchange, and sell NFTs. We’re also thrilled to launch the DeFi Dashboard to bring much-needed improvements to users’ visualizations of their cryptocurrency portfolios,” Lai added.

OKEx DeFi Hub to Support Ethereum and OEC

The DeFi Hub’s NFT marketplace will enable anyone to buy and sell various digital artwork at zero cost paid to OKEx. In addition, content creators can take advantage of the unique tools on the platform to mint their unique NFTs on both Ethereum and OEC blockchains.

Per the announcement, the newly minted NFTs will be made available on different marketplaces, with content creators having the opportunity to set royalty fees for each token as they deem fit. Non-fungible tokens generated on supported platforms can also be imported to OKEx.

The move aligns with OKEx’s commitment to protect creators’ interests, especially in helping them record significant gains for their content.

The company has simplified the onboarding process on the DeFi Hub. Users can connect to the platform via a decentralized wallet like any other decentralized application.

Increased Interest in NFTs and DeFi

In recent times there has been lots of fuss around DeFi and NFTs. While interest in DeFi peaked mid-last year, several investors flooded the NFT space earlier this year.

The DeFi market has continued to record significant growth as data on DeFi Pulse shows that the total value locked (TVL) across various decentralized finance platforms has reached a whopping $94.27 billion. Just for reference, the number was around $1 billion in mid-2020.

On the other hand, the NFT space, which blossomed this year, saw more than $2 billion spent in the first three months of 2021.