OKEx, the Chinese cryptocurrency exchange based in Malta, announced the expansion of their OTC trading desk to accommodate high net-worth individuals from Thailand and the United Kingdom by offering support of 2 new currencies: the Thai baht (THB) and the British pound (GBP).
Users in Thailand and the United Kingdom can now complete know-your-customer (KYC) verification and apply to trade on OKEx’s OTC trading platform, the exchange’s fiat-to-cryptocurrency over the counter trading platform.
With the introduction of the Thai baht (THB) and British pound (GBP) currencies, traders can now buy and sell 4 cryptocurrencies — Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Tether (USDT) — with 4 fiat currencies, the other two being the Vietnamese Dong (VND) and the Chinese Renminbi (CNY).
In a press release on the matter, Andy Cheung, OKEx’s Head of Operations said:
“Our mission is simple at OKEx. We aim to offer flexibility and convenience to our traders. Thailand and the UK own the fastest growing crypto communities in the world. We see great potential in these two markets and want to support the needs there.”
Further adding to the comment above, Cheung said that OKEx will penetrate any market that shows potential. In 2019, Cheung plans to expand OKEx’s market reach by supporting multiple new currencies.
OKEx is extremely excited about their OTC Trading expansion to the United Kingdom and Thailand, and is encouraging new users from these nations to sign up and begin trading with them.
From January 23 to 27, newly registered customers from Thailand and the UK will receive 50 USDT when making a minimum deposit of 100 USDT or equivalent. Additionally, the top 70 customers with the most transaction volume will be rewarded 30 USDT per day.
In addition to the USDT bonuses mentioned above, OKEx will also be hosting launch events in Bangkok on February 13, 2019, and in London on March 13, 2019.
Prior to the expansion of their OTC trading desk, OKEx added 7 new trading products to its cryptocurrency derivative product known as a perpetual swap.
Now, instead of just trading perpetual swap contracts for Bitcoin (BTC), traders can now trade Bitcoin Cash (BCH), Bitcoin SV (BSV), EOS (EOS), Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Each of the derivatives contracts has a nominal value of $100 and can be traded with 40x leverage.
As the news above makes clear, OKEx is expanding their services and growing as a cryptocurrency business — but they are not the only one. 2019 is kicking off to be a huge year for cryptocurrency exchange development.
Coinbase has already launched several new initiatives, including an education program, crypto custody, new cryptocurrencies, and more.
Binance is another exchange that’s been busy building and developing with the launch of subsidiary accounts for institutional investors, and their upcoming Binance Chain and a decentralized crypto exchange (DEX).
Huobi is yet another example of a crypto exchange making waves with new developments. The exchange recently launched a new trading platform that is licensed and regulated by the Japanese Financial Sevices Authority (FSA) in Japan and has plans to expand into more jurisdictions throughout 2019.
All in all, there is a ton of development happening in the cryptocurrency industry, and exchanges are busy building the foundation to support this innovative industry and be prepared for the next big run-up.
Which cryptocurrency exchange do you think is building and expanding the most? Let us know in the comment section below.
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