Coinspeaker
OKX Lists Ondo Finance Token, ONDO Surges by 7%
Popular Seychelles-based crypto exchange OKX has recently revealed that it is listing blockchain platform Ondo Finance’s native token ONDO to its spot market. According to an announcement on July 29, trading for the ONDO/USDT pair began at 8 AM UTC on the same day. The exchange opened the deposits for the token an hour earlier, with withdrawals set to start on July 30.
The OKX listing solidifies the legitimacy of the ONDO token. It adds to the array of exchanges where ONDO is already available, including Binance Futures, KuCoin, Bybit, and Coinbase. Most recently, the token secured listing on the digital banking platform Revolut.
About Ondo FinanceOndo Finance was founded in 2021 to focus on tokenizing real-world assets (RWAs). The primary goal of the platform is to connect traditional finance (TradFi) and decentralized finance (DeFi), seeking to improve liquidity, accessibility, and efficiency within financial markets.
In 2022, the blockchain platform successfully raised $20 million through a token sale. It also gained support from several big players, including Coinbase Ventures and Tiger Global, through a Series A funding round, where it secured an additional $20 million.
In January this year, the platform opened its first office in the Asia Pacific (APAC) region. Amid massive global expansion, it partnered with the Layer-1 blockchain platform Mantra in June to offer a tokenized US Dollar Yield. This was incentivized by the duo with ONDO and mainnet OM tokens.
Notably, ONDO boasts a total supply of 10 billion tokens. Out of which, 5.21 billion are allocated for ecosystem growth. It also assigns 3.3 billion ONDO for protocol development and 1.29 billion for private sales. The remaining 198 million tokens are set for community access sales, according to Ondo Finance’s official website.
Price SurgeThe announcement of this new listing has triggered a surge in the ONDO token’s price. Shortly after the news broke, ONDO saw a price spike of over 7%, though it has since corrected slightly. Currently, the token is trading around $1.02, reflecting a 5% increase in the past day.
The ONDO token boasts a market capitalization of $1.42 billion, placing it at the 61st position among the largest cryptocurrencies by market cap. The listing has also led to a massive surge in trading volume, with ONDO recording a volume of $96 million.
It is important to note that the ONDO token reached its all-time high (ATH) of $1.48 in January this year and is currently about 31% below that peak. Over the past year, ONDO has surged by more than 500%, according to data from CoinMarketCap.
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