OKX announced plans to launch perpetual futures contracts based on Intercontinental Exchange's Brent Crude and WTI Crude oil benchmarks, according to a press release from the companies.

The trading products will be available on OKX's platform in jurisdictions where the company holds licenses to offer perpetual futures products. OKX operates as a blockchain technology and trading company serving more than 120 million customers globally.

ICE (NYSE: ICE) operates exchanges, clearing houses and market data services across energy, commodities, fixed income and equities markets, including the New York Stock Exchange. The company's futures prices for Brent and WTI will serve as the underlying benchmarks for the new perpetual contracts on OKX's platform.

The product collaboration follows a strategic relationship established between the companies in March. Brent Crude and WTI represent widely referenced oil benchmarks in global energy markets.

"Oil markets are critical to the world economy. ICE's Brent and WTI futures markets provide the benchmark prices that energy traders everywhere rely on," said Haider Rafique, Global Managing Partner at OKX.

Trabue Bland, Senior Vice President, Futures Exchanges at ICE, stated that the new contracts will "allow OKX's customer base of 120 million retail traders to access energy benchmark products."

OKX holds licenses in the United States, UAE, EEA, Singapore and Australia. The company is headquartered in San Jose, California for the Americas and in Dubai for the Middle East, with regional offices in multiple countries.

The companies did not specify a launch date for the new perpetual futures products.