OKX has launched its cryptocurrency exchange and Web3 wallet in Brazil. This move aims to offer access to decentralized finance services and cryptocurrency trading to users in the country. OKX will provide access to hundreds of cryptocurrencies for trading in Brazil.
OKX's President, Hong Fang, mentioned: "Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps, and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil."
OKX's Strategic Global Expansion
According to a recent study by OKX Brazil, security is a top priority for Brazilian crypto users. OKX aims to propel the country's potential as a crypto leader by delivering a platform tailored to local preferences. The firm's recent Proof-of-Reserves report disclosed USD $12.5 billion in primary assets, which represent a reserve ratio of 103% to customers' funds.
???? As we continue our global mission to drive crypto forward, we're excited to announce the official launch of our crypto exchange & Web3 wallet in Brazil! ????????
— OKX (@okx) November 27, 2023
As @GSacamone highlights, we're set to empower Brazil's economy & push global crypto innovation: https://t.co/msApzAtXmZ pic.twitter.com/x8g72yplUC
OKX obtained a Minimal Viable Product Preparatory license from the Dubai Virtual Assets Regulatory Authority in June. This milestone allowed OKX to expand its footprint in the region and strengthened its presence as a Virtual Asset Service Provider (VASP) in the country.
As part of its expansion, OKX established a new office at the Dubai World Trade Center. In its official statement, the company said it plans to diversify its services, encompassing spot trading, derivatives, and fiat transactions, including deposits and withdrawals in the US dollar and the UAE dirham.
Before venturing into Dubai, OKX applied for a French Digital Asset Service Provider license to establish France as its regional hub in Europe. Additionally, OKX announced that it was edging closer to obtaining its VASP license in Hong Kong in September. The crypto exchangeexpects to obtain this authorization in March 2024.
OKX Targets Crypto-Friendly Regions
Hong Kong's journey towards becoming a crypto-friendly jurisdiction commenced in 2023 with the unveiling of a licensing framework for crypto exchanges. However, obtaining a VASP license in Hong Kong poses challenges, including a 30% cap on investors' crypto investments. Further, the process involves stringent requirements for asset storage, mandating that 98% of crypto assets be kept in cold wallets.
Meanwhile, OKX reported an upsurge in its futures spreads trading volumes, reaching $1.54 billion in September. This amount signified 62% of the institutional market share for futures spreads during the same month.
The primary reason behind this achievement is the exchange's introduction of "Nitro Spreads" in July 2023. Furthermore, this platform is tailored to meet the demands of institutional traders seeking efficient execution of basis, futures spreads, and funding rate arbitrage strategies.
This article was written by Jared Kirui at www.financemagnates.com.
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