What Is Okcoin?
As crypto adoption increases, more crypto-related products and services are becoming a significant part of cryptocurrencies. The two prominent examples are apps that utilize blockchain technology and mining-related products. Digital asset trading platforms are the third most important category. Okcoin is one such digital asset trading platform.
Okcoin is not just another exchange, it is one of the largest cryptocurrency exchanges in the world. Okcoin aims to make investing and trading in cryptocurrency readily available without depending on their location.
History of Okcoin
Okcoin was founded in 2013 by Star Xu in China. Okcoin serves over 100,000 investors in 192 countries. Xu has worked at Yahoo and Alibaba and also is trained in developing search algorithms. He has even served as the CTO (or chief technical officer) at a file-sharing service named DocIn.com.
Headquartered in San Francisco, Okcoin has offices in Hong Kong, Malta and Houston. Although, it has a presence in 192 countries. Their official website states the company has over 100,000 investors and traders who are active on the platform.
The platform has also taken a step forward, enabling the users to trade over-the-counter “without slippage”. As a step towards its goal, the company has also launched its own mobile application for consumer payment and lending app services. The application can be downloaded from Apple App Store and Google Play Store. Users can view real-time price changes and earn with staking and DeFi on the app.
In two rounds of funding, Okcoin has raised funds worth $10 million. On Dec 15, 2017, the last round ended. The company has five investors in total, including venture capital firms from China.
Where Okcoin Trades?
Okcoin USA is a money transmitter and money services business with the U.S. treasury department and makes the platform accessible for U.S. residents. However, as mentioned earlier, the trading is available to investors in 192 different countries.
Some countries are restricted from using the trading service. These include Hawaii, Indiana, Louisiana, Nevada, New York, West Virginia and All U.S. territories.
The platform is prohibited in countries that are sanctioned by the U.S., such as North Korea, Crimea, Cuba, Iran, Sudan, and Syria. Bangladesh, Bolivia, Kyrgyzstan, Ecuador and Malaysia have also been prohibited.
Stablecoins OKCoin supports:
CUSD, DAI, USDK, USD Coin, USDC and USDT are the stablecoins supported by OKCoin.
OKCoin collaborated on Cello Alliance in order to stick to its commitment to developing a responsible financial ecosystem for digital assets. In 2020, OKCoin listed Celo (CELO), supporting the Celo network with global liquidity for the token and an on- and off-ramp.
Okcoin And Its Relationship With China
Following China’s announcement to put a ban on all initial coin offerings, Okcoin suggested that it would just stop the yuan-based trading in cryptocurrencies. As a result, the price of Bitcoin dropped by 20% within two weeks.
The platform, however, stayed functional for its non-exchange customers. However, many predicted that Chinese investors might be attracted toward overseas exchanges for their business. It was targeted since Okcoin didn’t conduct Know Your Client (KYC) and anti-money laundering (AML) systems properly.
Star Xu Controversy
In 2018, Star Xu, the founder of Okcoin, was arrested by Chinese authorities on fraud charges. After a crash in the OKEx system, another platform developed by Xu, it was claimed that many investors faced huge losses by it. Although, he was released just a day after.
Xu was also arrested in 2019. The police were just looking at the possibility of his involvement in the backdoor listing of OK Group in Hong kong. He actually bought a 60% stake in LEAP Holdings group in LEAP Holdings Group, an engineering and construction firm based in Hong Kong. Okcoin gave assurance to its users that all the services provided by them will continue to be the same on the exchange.
OKEx has developed a series of open-source blockchain projects dubbed as OKChain. OKChain targets to land large-scale commercial applications based on blockchain technology. Every participating node gets the same rights, facilitating the launch of a variety of decentralized applications for users, allowing them to create their own digital asset trading pairs, issue their digital assets, and give them the liberty to trade freely.
OKChain-OpenDEX is a middleware that can, without any limitation, issue DEX. It is the first project of the OKChain ecosystem. It renders many basic functionalities in order to operate a DEX. As they claim, their design concept is that “everyone can create DEX.”
What Is OKB (OKB)?
OK blockchain Foundation and Maltese crypto exchange OKEx launched cryptocurrency dubbed OKB. OKEx currently ranks third in terms of liquidity, fourth in trading volume, and renders various trading pairs. Often, comparisons between Binance the cryptocurrency exchange giant Binance are made. However, there are some critical differences between the two. The OKEx platform hosts its own cloud mining service, and the company’s goal is to provide options trading for users. Binance, on the other hand, as a platform offers a wide variety of crypto services worldwide.
Through OKB, the utility token, users get access to some unique features of the crypto exchange. The use cases of the coin include calculating and paying trading fees, allowing users to vote in governance protocol and rewarding them for holding OKB.
Since its inception in 2017, OKEx has emerged as a world-leading trading platform. The platform has sprouted from the OKCoin platform. As of right now, OKCoin’s priority is to facilitate the exchange of fiat for crypto. Meanwhile, OKEx focuses on crypto trading with the help of a built-in API for algorithm trading. The exchange also makes multi-currency wallets accessible to the users and functions for margin trading.
OKB Price Prediction
At the time of writing, the price of OKB stands at 21.17 USD after dropping by 1.7% in the past 24 hours. According to the coinmarketcap, OKB ranks 75th in the leading cryptocurrency with a live market cap of 1,272,106,301 USD.
Wallet Investor predicts the long-term increase in the price of the token, based on their forecast and a price prognosis of 101.807 US Dollars by 2027.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.