OKEx Creates P2P Trading Platform For Digital, Fiat

Announcements, News, Regulation | November 3, 2017 By:

Cryptocurrency exchange OKEx has launched a peer-to-peer (P2P) trading platform. The new platform supports multiple digital assets and fiat currencies.

OKEx is the international counterpart to defunct Okcoin. Okcoin ceased its operations on October 31 due to a Chinese government ban on crypto-to-fiat trading. The company relocated its operations outside of China by launching a P2P trading platform via international affiliate companies.

The new P2P trading platform is introducing a feature called Market Maker model. Okex explained that when the buyer or seller places an order, the market maker is intended to step in and become the counter-party of buyer or seller – with the consideration to their own net exposure, thereby diversifying the counter-party risk. All accredited market makers will go through a robust selection process by the OKEx team.

OKEx is also looking to increase its range of futures contracts to Bitcoin Cash, ethereum (ETH) and Ethereum Classic (ETC).These new futures contracts will be available next month.

“Centralized order-book exchange model is still the mainstream among crypto industry,” said OKEx financial market director Lennix Lai. “However, the changing regulatory environment brings uncertainties to crypto market. Some of the countries have already ceased the exchange model. To better serve our clients across the globe, OKEx is evolving and will therefore launch a P2P digital trading platform. Cryptocurrency has become a popular commodity in recent years and attracts many investors’ interest. OKEx is the first in the world to support Bitcoin Cash, ETH and ETC futures which means we can satisfy investor’s need on arbitrage and hedging.”