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OKCoin Japan Co., Ltd. was established in 2017 as the Japanese subsidiary of the OK Group, which is expanding its blockchain business globally. On August 20th of this year, four years after it was registered with the Financial Services Agency as a cryptocurrency trading business in 2020, it was announced that the company's service name would be changed to "OKJ". In fact, this name change can be seen as part of a rebranding plan announced by Hong Fan, COO of OK Group, on X (formerly Twitter) in October 2023.
In this post, Fan declared that "OKCoin will be rebranded to "OKX" in the next few months." Incidentally, the name "OKX" is the same as another cryptocurrency business owned by the OK Group, so it is believed that all of the OK Group's services will be unified into one. "OKCoinJapan" not only provides cryptocurrency sales and exchange services, but also staking, FlashDeals, and savings services. These services will continue to be available even after the rebranding to "OKJ".
As mentioned above, the company's business area is very wide beyond the scope of exchange operations. OKX has made its stance clear that by unifying these expanded services under a unified brand name, it will provide a brand name that is easy for users to recognize and aim for further growth in the global market. By changing from "OKCoin Japan" to the short and simple "OKJ", it will become a brand that everyone can remember. A simple brand name will make it easier to understand that it is an OKX group service even in markets with different languages, and business expansion in the global market should proceed smoothly. Furthermore, if services with a common UI can be provided under these unified brands, it is expected that UX will be significantly improved.
From around 2022, OKX will sign a series of sponsorship contracts, including with Manchester City of the soccer Premier League, McLaren of the F1 team, and the main sponsor of the TriBeCa Film Festival. It has shown a positive attitude towards increasing its name recognition.
● The Japanese subsidiary of the globally operating OK Group
● Users can transfer crypto assets to each other
● They also offer their own token, OKB
The cryptocurrency industry tends to rebrand in relatively short spans. In 2019, Meta announced the issuance of the cryptocurrency "Libra," which ended up not being issued, but changed its name to "Diem" in 2020. In 2021, "MATIC," which is attracting attention as a second layer of Ethereum and is used in the development of various apps, changed its name to "Polygon" to avoid confusion between the name of the MATIC token, which is the core token of the service, and the blockchain service.
So why is the cryptocurrency industry trying to rebrand? This is because if the image of cryptocurrency can be renewed through rebranding, its value is expected to increase.
Few people would disagree that the most important factor in the price of cryptocurrency is the number of users. It goes without saying that there is more value in cryptocurrency that no one knows, or cryptocurrency that everyone knows. This is also the fundamental reason why other altcoins are less popular than Bitcoin and Ethereum. Crypto assets with few users are too volatile to be used as a means of payment.
But what if the rebranding is successful and the service becomes more well-known? More users may become interested in the crypto asset and use it. This will lead to the price stability of the crypto asset, which will be welcomed by investors as a positive factor. In other words, it will lead to an increase in value.
The OKX Group has gained trust through its high technical capabilities, and has expanded into more than 10 countries around the world. It is said that the number of users is currently more than 50 million worldwide. Its trust and technical capabilities are guaranteed. If the rebranding is successful, it may become a leading company representing the Web 3.0 industry not only domestically but also internationally.
・The service name will be unified to "OKJ" to improve usability
・Rebranding will further increase the name recognition of the OK Group
・There is also a possibility that the corporate value of the OK Group will further increase
OKX: A cryptocurrency exchange founded in China in 2014. One of the industry leaders that has been actively expanding outside of Asia
Libra/Diem: A cryptocurrency announced by Meta in June 2019. Issuance was halted in February 2022, and the plan was abandoned
Second layer: A technology that executes transactions in an external system when processing on the main blockchain becomes burdensome
Polygon: A second layer blockchain for Ethereum. Compatible with Ethereum, and allows app development like Ethereum
Altcoin: A general term for cryptocurrencies other than Bitcoin. An abbreviation for alternative coin, the most popular alternative to Bitcoin
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