OKEx Added CELO And DMG Tokens, Tries To Expand DeFi Portfolio

OKEx added CELO and DMG tokens as a part of the crypto exchange which marks another step closer to the expansion of the DeFi portfolio as we are reading more in the latest altcoin news today.

OKEx is another step closer following the listing of the new tokens belonging to emerging DeFi projects and the two new cryptocurrencies DMG and CELO were listed on July 16^th with spot trading against USDT and BTC going live on July 17^th. CELO is the utility asset of Celo which is a mobile blockchain solution that makes financial tools accessible for everyone. Celo offers the needed financial infrastructure while DMM offers blockchain-powered asset-backed lending solutions. Now as OKEx added CELO and DMG, they officially joined Compound which was listed a few weeks ago.

OKEx consolidated the position as the leading player in promoting the development of the DeFi industry. The CEO of the platform Jay Hao said:

 “OKEx has long-regarded DeFi as one of the most important development directions of blockchain and cryptocurrency. From passive income to digital currency lending, as an innovator in the industry, OKEx has been expanding our footprint in this growing arena. We are very pleased to see projects such as DMG and CELO with innovative breakthroughs in the lending and stablecoin fields as we believe that they represent the future innovative direction of DeFi and blockchain.”

Top executives at OKEx have always believed that the blockchain technology and DeFi is the only way to provide financial access to millions of unbanked people across the world. they have stated previously that stablecoins play a huge role in that mission while the term DeFi is a new concept first mentioned in 2018 by Brendan Forster, the founder of Dharma. Most of the blockchain financial applications show that the applications are focused on the development of the infrastructure and the data analysis. Stablecoins and decentralized exchanges are popular applications as well which can meet real-world financial needs.

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— OKEx (@OKEx) July 13, 2020

OKEx believes that the definition of DeFi should extend beyond blockchain to various technologies to ensure accessibility of financial services without depending on other infrastructure and financial institutions. Jay Hao commented:

 “… the development direction of DeFi is to get rid of the dependence on the dividend brought by the concept of ‘blockchain’ and focus on the application scenarios to solve the problem of unbanked under the existing world financial system. Given that, innovation is the only way out.”