Most people nowadays take very much interest in cryptocurrency including Michael Telvi. Even they never miss any news or update regarding cryptocurrency. Indeed. A few months ago, after a successful launch in California the exchange OKCoin, the U.S. branch of cryptocurrency has announced to add five new coins to its listings. And the coins include Cardano (ADA), Stellar Lumens (XLM), Ripple (XRP), Zcash (ZEC) and 0x (ZRX). Needless to say, this news is an exciting one for those who take interest in bitcoins.
According to Michael Telvi, What is all about these new coins?
On September 19, 2018, OKCoin made the announcement regarding new coins. The new coins will be going to pair with the U.S. dollar, ether, and bitcoin, the original cryptocurrency of the Ethereum platform. Trading against fiat pairs will be accessible to California citizens only, while crypto-to-crypto pairs will be accessible in California along with 20 other states across the U.S.
The USA CEO – Tim Byun, OKCoin, confessed that he and his team is very pleased to welcome these five new cryptocurrencies and all of the communities that trade them. Further, he said, OKCoin is committed to only bring in tokens “that offer value, utility, and demonstrable use cases.”
Most times the moves come when the exchange is aggressively raising its business in the U.S. In November 2017, OKCoin originally set up shop in Mountain View. In June 2018, the company moved to San Francisco, and the following month, it formally announced its presence in the U.S. when it initiated offering to trade between the U.S. dollar and several major cryptocurrencies. Only a week ago, OKCoin opened up crypto-to-crypto trading in many other states, after its compliance teams worked thoroughly to ensure their practices were following all of the various states’ rules.
Do you know about the history of exchange?
OKCoin is one of the oldest crypto exchanges. It was initially launched in China in 2013. At the time, China was considered the world’s center for bitcoin trading. And this is how OKCoin became one of the three biggest exchanges in the country, alongside BTCC and Huobi.
OKCoin mainly focused on bitcoin-to-yuan trades. In order to fetch a crowd of more professional traders, the following year, the company introduced OKEx, which offered hundreds of token-to-token trading pairs. The setup is similar to how Coinbase, the famous cryptocurrency exchange in the U.S., works Coinbase Pro (formerly GDAX).
Cryptocurrency trading business in China took a hit when the Chinese central bank began regulating bitcoin starting in December 2013. In September 2017, the People’s Bank of China reduced the final curtain when it issued an all-out crypto trading ban in the country. In the past few months, OKCoin was also extremely affected when regulations kept it from providing service in 9 other countries.
These days, OKEx is listed on CoinMarketCap as the 2nd largest exchange by trading volume, however, looks can be deceiving. Critics debate that the exchange is a virtual “ghost town” and 93 percent of the trading volume is not real. In an attempt to recover some of its former glory, OKCoin re-launched internationally in April 2018, with an eye on the U.S.
Due to uncertain regulatory in the U.S., it may run into some long-standing, familiar roadblocks. If the U.S. Securities and Exchange Commission (SEC) rules that Ada, Ripple, and other popular coins are securities and subject to the same regulating oversight as stocks, OKCoin will have to either strictly limit its offerings or register with the SEC as a broker-dealer or move to become a licensed alternative trading system (ATS).
Shout out to all those people including Mike Telvi who are curious to know about these new coins that are adding to the listings.