OkCoin is a Chinese cryptocurrency exchange, founded in 2013, that has been expanding very aggressively all over the world. From China, it unfolded into the United States, and it’s currently going for the Latin American markets, a move that surprised many within the cryptosphere as they chose to start with Argentina, offering digital assets for the local Argentinian Peso which is one of the continent’s weakest fiat currencies in the continent. It currently serves 110 countries in the world and is looking to find new markets elsewhere as well.
The move towards Latin America is remarkable because the cryosphere’s more prominent players have mostly neglected this region and the company’s position will be almost unique.
“OKCoin is committed to opening up new markets for digital currency consumers throughout the world, and we are very excited to bring our safe, secure and licensed trading platform to consumers in Argentina,” explained Tim Byun, CEO from OKCoin USA. He added,
“This is just the beginning of our Latin American expansion, as we’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence.”
One of OKCoin’s particularities is that, as it did in Argentina, it offers fiat/crypto trading pairs which are still not that common in crypto exchanges. If you have some experience investing in digital assets you would know that the most common way to enter the market is by buying Bitcoin and then trade it for any other token you fancy if that should be the case. Not with OKCoin.
Nope you're wrong. It is not arguably a security. OKcoin, who operates in the US has done an extensive evaluation and does not have a license to trade securities. They found Tron NOT to be a security and decided to list it. If it was "arguably a security" they would not list it!
— Brandon (@DigitylRise) January 29, 2019
The company is not only committed to reaching as much of the planet as it can, but also to offer many trading options. Most of the better-known cryptocurrencies are supported by the platform (0x, Zcash, Stellar Lument’s XLM, Cardano’s ADA, Ripple’s XRP, Litecoin, Ethereum Classic, Ethereum, Bitcoin Cash, and Bitcoin) and, starting today, a new token will be included: Tron’s TRX, and it will be paired against fiat currencies as well.
Established OK clients are now able to use USD or Argentine Pesos to buy TRX directly, or paired against 0x, Zcash, XLM, ADA, XRP, Bitcoin, or Ethereum.
Tron trades at $0.027 as we write this and it’s keeping its 8th place in the rankings by market capitalization, a spot that has achieved over the last couple of months only, as it used to be 11th not too long ago. This is impressive growth in the midst of a bearish market, a feat that only very few blockchain projects have managed over the last 13 months.
And it’s even more remarkable when you remember that this is a third generation blockchain project that’s been around for fewer than 18 months. This is very good news for Tron and for TRX holders as new listings bring about additional trading volume for the asset which, in turn, can create new demand and drive the price up.
Additionally, the pairings offered by OKCoin against Argentine Pesos will offer unique insight into the status of crypto in Latin America, which remains something of a mystery still since many of the world’s larger exchanges are not licensed to do business South of the American border as OKCoin is.
Image courtesy of PixaBay.