The cryptocurrency industry, as it stands today, is quite different from what it was a couple of years ago. At that time, the industry had its own sets of challenges which included, scams, hacking attacks, lack of recognition, transparency and regulatory frameworks. However, thanks to a few players who took those much-needed steps to address these shortcomings, there have been considerable improvements in the segment, making it almost on-par with traditional technology and financial systems.
One of the leading global digital exchange platforms, OKEx has decided to take the community down the memory lane by publishing a series of articles explaining not just the origins, development and vision of OKEx but even the evolution of the entire industry. The platform has already posted the first of the articles in this series on October 14, 2019.
According to the article, OKEx is the creation of a group of like-minded visionaries who were initially part of the OKCoin project. Their initiative back in 2017, to build a global regulatory compliant exchange and crypto-to-crypto spot trading platform was supported by some of the OKCoin shareholders as well. At that time, it was among a handful of projects that strived to ensure compliance across borders as an initiative to bring cryptocurrency to the mainstream.
Since the development of OKEx, the platform has maintained a strategic partnership with OKCoin, while working as a separate entity so that together, they can cater to diverse requirements of the blockchain ecosystem. And, the initiative turned out to be a massive success with daily trading volumes surpassing $1 billion, which put OKEx among the top 3 exchanges on CoinMarketCap listing within few months.
What made OKEx Stand Out?
One of the differentiating factors between OKEx and other crypto trading and exchange platforms is transparency. And the timing of the platform’s launch was perfect as there was no other alternative that could offer a high degree of transparency by sticking to the roots of blockchain technology – DECENTRALIZATION.
By developing the necessary infrastructure, OKEx aims to revamp the global credit system by placing digital assets at the center. However, creating a state-of-the-art platform is not enough as financial services providers must ensure that the hard-earned money of its users are safeguarded, even if there is no value addition. In this aspect, OKEx believes that it should take up the responsibility, and an obligation to safeguard the interests of investors and even help them grow their investments by offering the right set of tools. As a result, the platform has implemented risk hedging instruments, including derivatives like contracts and options alongside spot trading tools. The security and stability features implemented on OKEx has enabled the company to maintain TP99999 stability standards while thwarting off any potential attacks on the platform. Thanks to the well-planned structure, OKEx is now able to proudly claim that it is one such platform that has never been involved in any security breaches.
Performance through Persistence
For a digital asset platform to gain a foothold in a mostly traditional financial ecosystem, it has to emulate the structure and features of the financial industry. Having realized the secret, the Malta headquartered OKEx has ensured its presence in such financial centers/hubs around the world. By staying close to who’s who in the financial world, OKEx has been able to create its parallel for the blockchain ecosystem with a range of products portfolio including fiat, spot and derivative markets, futures trading, OKEx Pool and Wallet on distributed ledger technology. Other results of constant innovation include improved order matching engine, instantaneous trading capabilities, which have led to excellent yields for its users.
The performance of OKEx is also linked to its support for the crypto community as a whole. In order to provide opportunities for blockchain projects solving real-world problems to become a reality, the platform launched the OKEx Jumpstart program where they can be listed, and the cryptocurrency community members can buy into the tokens of these startups. Since its launch, the performance of projects on OKEx Jumpstart has consistently improved, with an average maximum yield of 632.73%. The platform also states that the yearly yield for USDT on OK Piggybank – a service that allows users to deposit their cryptocurrency holdings and earn interest on it has reached 18% which is a lot compared to any traditional fiat-based deposit schemes.
The OKEx team is continuously working on creating new products. According to the company, the latest product to be launched soon will be a USDT margined futures and options trading platform which is developed following the inputs received from its userbase. With such dedication, the team at OKEx has been able to keep up with the community’s changing requirements with time and stay ahead of its peers in the race.
The Road Ahead
OKEx plans to stay on track with respect to its commitment to the blockchain community and create quality offerings that can not only push the implementation of blockchain technology to its limits in the global financial landscape, but also provide adequate means for investors to get better yields across portfolios. The company’s statement reads:
“[OKEx shall retain] the values of impartiality and its customer-first policy, and it will continue to provide users with better technology and services. Our pursuit of delivering the best user experience and security relies on our strong technology, product development, operations, business and other functional departments, which also constitute the cultural heritage of our values.”
With transparency, stability and security as the foundation for technological advances in the blockchain-based financial ecosystem, OKEx welcomes any scrutiny of its systems and it also intends to promote clean crypto solutions across the globe by bringing together all the other players onto a single consortium to create a universal regulatory framework.