The FAB Foundation’s FABcoin has just been announced as a winner of OKEx listing competition.
The listing competition allows fans of cryptocurrency and OKEx exchange users to use tickets to vote for the next currencies that the major digital asset exchange will list on their platform for buying, trading and storing. Over 22 cryptocurrencies competed with the top 3 winning listing.
FABcoin ended the three day vote on June 22, 2018 with over 482,751,168 tickets, an incredibly large haul. Voters purchased OKB tickets and used them to vote; voters could use several tickets.
Implications
The winning of the listing has many positive implications for both FABcoin and the Fast Access Blockchain.
Popularity
With over $1 billion USD worth of daily trading volume, OKEx has one of the largest trading bases of any exchange. FABcoins listing on OKEx will bring a large increase in the amount of new enthusiasts finding and becoming interested in the project.
Community expansion is integral to the health of any blockchain project. A larger community creates a larger mining base, preventing centralization of mining. A larger community keeps the coin price steady and provides transactions for miners to confirm, resulting in worthwhile block rewards. Community expansion also brings more developers into the fold to build development applications (Dapps) that the community would want to use on the FAB platform.
Additionally, newcomers to the FAB community will want to hold the coin. This could have the potential to affect the price of FABcoin in a positive way, something that has been seen with listing of other currencies after listing competitions.
Accessibility
Being one of the largest exchanges, it is more likely that many supporters of FAB’s project already have OKEx accounts. This makes it more accessible for interested parties to buy FABcoin from a more established exchange. OKEx also has a network of near 100 smaller exchanges that will pick up FABcoin after it is listed on the platform, opening up the coin to new markets and user bases.
Furthermore, when one large exchange picks up a popular cryptocurrency, others tend to follow suit.
Visibility
Being listed on a page of a major exchange brings visibility. Visibility of FAB is important in driving PR and mainstream noise about our project. Ultimately, a goal of our project is to spread blockchain knowledge; this feat puts us closer to mainstream viewership to expand the blockchain community as a whole.
Major Backing
During the listing competition, FAB was backed to be chosen by 4 large trading conglomerates in the OKEx ecosystem called Prime Investors. Prime Investors have special privileges within the OKEx ecosystem and their backing lends legitimacy to the value of coins and projects. This backing helps establish FABcoin as a viable cryptocurrency for many traders.
This listing is just the first step. Other milestones upcoming in the next months include:
- Release of our light wallet
- Listing on other large exchanges
- Finishing of the FAB site and forum
- Completing the development process leading to our major implementation of scalability and other features“The Force”
For more information on these milestones visit
