Crypto exchange OKX is rolling out a social networking feature called Orbit inside its trading app, highlighting how closely social media and crypto trading are beginning to merge.
The company, which was recently valued at $25 billion after receiving a strategic investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, says the new tool is designed to help traders connect and share insights directly on the platform.
The feature lets users post market commentary, host livestream discussions, and create trading groups. It also shows verified trading metrics such as portfolio returns, profit and loss, and win rates.
According to OKX, the idea is to help traders identify reliable insights while filtering out hype or misleading information often seen on social media.
Who gets the access?
OKX has rolled out Orbit in stages, beginning Feb. 26 with a small group of users as part of its beta testing. Once the trial phase is complete, the feature will gradually be made available to a wider audience.
The move comes at a time when social media is becoming an essential part of the crypto market. Traders are using social media to get ideas, where social media posts, screenshots, and comments from influential people have the ability to influence the market for popular cryptocurrencies such as Bitcoin and Ether.
OKX eyes necessary expansion
The new social feature has the potential to attract new users to the platform, helping the crypto exchange grow its userbase.
According to managing partner Haider Rafique, the goal of the new advancement is to give users a native social channel within the platform itself.
The idea is similar to that of other platforms such as StockTwits, where traders of equities share their views about the market using symbols such as $AAPL or $TSLA. In the crypto world, decentralized social networks such as Farcaster, built on Ethereum, have also been created as alternatives to other social media platforms.
With the help of the Orbit platform, OKX is looking to achieve the same in-platform effect while allowing more transparency. Users will be able to share their performance metrics to add more authenticity to their views. Users will also be able to share their views about the market using symbols such as $BTC or $ETH. In addition, they will be able to form communities.
The announcement comes at a time when the company is looking to expand its business following the strategic investment received from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, valuing the company at $25 billion.