Cryptocurrency exchange OKX introduced Orbit, its new social trading feature integrated into its mobile application, to users. Orbit offers an interactive platform where crypto market conversations, transaction insights, and trades can be brought together directly via post. The platform brings together social media and trading, allowing users to see verifiable performance data and aims to address trust issues in online trading communities.
Real-Time Performance and Market Interaction
Through Orbit, users can open live broadcasts, create groups, and transparently display their transaction performance by adding asset tags to posts (such as ($BTC, $ETH). Followers can see a trader’s holdings, total profit-loss situation, open and closed positions, and leverage ratios in different time periods. Since all data is transferred directly from the OKX infrastructure, there is no risk of manipulation or misdirection in performance results. Access to the platform requires identity verification, customer identification and compliance with anti-money laundering standards.
Reward System and Regional Usage for Content Creators
Along with Orbit, OKX also introduces a reward system based on elements such as follower interaction and community building. Traders; They can win awards for the content they share, the publications they organize and their community activities. This initiative is part of a broader trend on crypto platforms to encourage community-based interaction and reward content creators.
Due to regulations, Orbit will not be available in the United States, Europe, Singapore, Australia and the United Arab Emirates at the first stage. OKX points out that the new feature aims to increase transparency and trust while also increasing interactive participation. According to the definition of the platform, Orbit is positioned as a combination of social media and crypto transaction infrastructure.
Orbit’s main claim is to offer a new experience to both individual and professional investors by combining verifiable transaction data, social interaction and instant trading in the same application. Thus, trading and community interaction are evolving together in the world of crypto assets.
Recently, it has been observed that crypto platforms have taken more steps towards combining social media and market transactions. eToro, one of the pioneers of social trading, introduced a similar model with OpenBook and CopyTrader functions in 2010. On the crypto side, Bybit in 2022 and Binance in 2023 implemented their own social trading tools on the futures platform.
Star Xu, founder and CEO of OKX, recently announced that the company is developing the decentralized perpetual trading platform through its Web3 unit in 2023. Star Xu pointed out that the launch of this platform was postponed due to regulatory risks.
OKX noted that the Orbit move is aimed at increasing trust, transparency and participation in crypto communities.
