Unikrn CEO Claims OKEx Forces Projects to Increase Trading Volume
Rahul Sood, the CEO of Unikrn, a cryptocurrency-driven esports betting platform that is notably backed by Mark Cuban and Ashton Kutcher, took to Twitter on Thursday to blast Hong Kong-based OKEx for what he claims are improper practices.
In his tweet thread, Sood revealed that OKEx has given Unikrn an ultimatum: in order to stay listed, the blockchain project must do everything in their power to increase daily trading volume.
OKEX straight up asked us to increase volume by any means necessary or get delisted. Wonder why the SEC won't approve ETFs? 🤔
— Rahul Sood (@rahulsood) November 29, 2018
UnikoinGold (UKG), the token that fuels the Unikrn platform, is currently down more than 83% on the year and currently holds a 24-hour trading volume of $22,000, which is on the low-end for a major project.
However, despite the thin trading, Sood believes that projects should not be in charge of driving trading volume, but instead sees it as part of the exchange business model.
“The fact that OKEx charges token teams massive listing fees then forces them to fake liquidity is [laughable]. Exchanges need to stop robbing token teams & start building platforms to enable innovation & access. They need real tokens like $UKG more then we need them,” Sood said.
Sood went on to emphasize the quality of partner exchange Bittrex, stating that it is “the most legit exchange, period. No bullshit fees to get listed, no fake volume or manipulation, the future of Blockchain tokens will be tokenized securities on approved exchanges with ring fenced custody. These other exchanges are in trouble long term.”
Despite the drop in price and trading volume, Unikrn has continued to advance its product development. Last month, we reported that Unikrn received an Isle of Man license with regulatory approval for both crypto and real money betting in 20 countries across 3 continents.
Unikrn now supports live esports betting, where users can leverage UKG and real money to bet on tournaments. This license covers most users in Europe, South America and Southeast Asia.
OKEx did not respond to our request for comment about the allegations made by Sood.
More: Rahul Sood Twitter Post
Photo: Hektor Ehring Jeppesen / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.