OKCoin to Bring New Line of Products, Wants to Expand Consumer Base

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OKCoin to Bring New Line of Products, Wants to Expand Consumer Base

With the maxim that it is devoted to providing users an exchange with the best security, speed, and stability, OKCoin, the Chinese Bitcoin exchange is willing to expand the consumer base. Whereas OKCoin.com is a worldwide digital currency trading platform, OKCoin.cn is a China-focused digital currency trading platform.

Talking about the ambitious projects in pipeline Jack Liu, Head of International at OKCoin says that given the company’s position as the largest Bitcoin company in China, there is not only a responsibility to grow the wider ecosystem of Bitcoin use cases, wallets and payments, but also a great opportunity on this front.’

Moreover, as China has lion’s share in Bitcoin transactions, OKCoin thinks it can cash in on the opportunities available. In a recent report Goldman Sachs says that 80 percent of Bitcoin is exchanged into and out of the Chinese Yuan. However, Jack Liu is of the view that this data may be exaggerated.

Though OKCoin.cn and OKCoin.com are two separate companies, they are owned by the same investors. For all practical reasons, the two companies have two kinds of accounts for their customers. Whereas OKCoin.com is a Singapore registered company, the operations and data center are located outside of China.

Jack Liu says that due to the three largest exchanges of OKCoin, BTC China, and Huobi all trade BTC against CNY on a 0 spot fee basis; the total volume will naturally be higher. However, according to him a majority of the volume does indeed trade in China. Moreover, as China is active in the trading and speculative aspect of Bitcoin, trading is going up further.

OKLink to be launched Soon

Talking about the new responsibility which is linked to expanding consumer and merchant adoption Liu says that there are great synergies to adding a consumer & merchant product to OKCoin, which he calls OKLink. This according to him has been in the works for several months which he is going to unveil in the coming months.

Liu also says that while he wouldn’t say much more, he did say that what the company will be releasing will be different than what users see currently on OKLink. Founded in 2013, OKCoin received a US$1m Angel Investment from Ventures Lab and Silicon Valley Venture Capitalist Tim Draper which it is going to utilize for capacity building and expansion of consumer base.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com