OKX Enters Competition with Coinbase by Launching a New Ethereum Layer-2 Network

OKX, a cryptocurrency exchange operating from Seychelles, has launched a new Ethereum Layer-2 blockchain network in collaboration with Polygon CDK. Founded by Star Xu in 2017, OKX offers trading services in spot and derivatives markets but is not accessible in the United States. The exchange recently exited the Indian market due to regulatory issues.

On April 16, 2024, OKX Exchange announced the public mainnet launch of its Ethereum Layer-2 scaling network known as “X Layer.” The team leveraged Polygon CDK to make OKX’s X Layer one of the first platforms to utilize Polygon’s AggLayer technology. The objective of the X Layer network is to provide faster, more affordable, and scalable transactions for crypto assets across various exchanges. Haider Rafique, the Chief Marketing Officer at OKX, emphasized the importance of creating an ecosystem with seamless integration and interoperability, highlighting the community support for X Layer.

Coinbase also introduced its Ethereum Layer-2 scaling network called “Base” in August 2023, posing potential competition with OKX’s X Layer. In response to regulatory actions taken against non-FIU registered crypto companies in India, OKX decided to exit the market. Conversely, KuCoin engaged in collaborative efforts with Indian government agencies to register with the Indian FIU unit. The developments in the crypto sector indicate a competitive landscape between different blockchain networks.

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