www.OKCoin.com: The Leading Global Bitcoin Exchange
Hello Jim, thank you so much for joining us today! Could you please give us a short introduction to yourself and OKCoin?
Sure, my name is Jim Nguyen and I’m a VP at OKCoin, one of the world’s first and largest regulated digital asset exchanges. We were founded in 2013 with the mission of transforming the global financial system by eliminating trade barriers and fostering innovation throughout the cryptocurrency industry. Today, we offer institutional and retail traders a large assortment of fiat-to-token and token-to-token trading pairs in a safe, secure and regulated trading environment. We have over 25 million registered users from over 100 countries and we facilitate billions of dollars worth of transactions every single day.
First of all, how are OKCoin Exchange and OKEx connected, and how are they different from one another?
OKCoin, part of OK Group, is a regulated virtual digital currency exchange focused on providing select fiat-to-crypto and crypto-to-crypto trading pairs. OKEx provides the widest range of crypto-to-crypto trading pairs globally. OKCoin and OKEx are affiliate partners operating under separate entities.
What is the current team composition, and in what areas are you expanding?
The OKCoin team includes more than 700 people in offices throughout the world. One of our largest departments is our Engineering team, which focuses on developing a secure and highly scalable system to serve our global audience. We also have a heavy emphasis on compliance to ensure we adhere to local laws and regulations in every country that we operate in. We also employ a large team of account managers and customer service representatives in order to support our customers. We are continuing to expand both of these teams rapidly, as well as in other areas of business development, marketing, operations and more.
How will OKCoin become the leader of fiat to crypto exchanges over a simplified process solution like Coinbase?
The crypto asset market is still in the early days and there are a lot of opportunities for OKCoin and everyone in the ecosystem. We’ve built our company around a culture of innovation and we have operated one of the first and largest exchanges since 2013. As the market evolves, we continue to find and resolve customer pain points to do our part in making crypto assets accessible to everyone.
As a centralized exchange, how do you retain the security of user funds and in case of being compromised, how are users insured?
We have invested very heavily in building the safest and most secure exchange platform in the world, and it’s important to note that in the five years since it first launched, the platform has never been breached or compromised.
What challenges do you currently face and what opportunities lie ahead for you?
The main challenge from an operational perspective is working with regulators in so many disparate states and countries in order to secure all the relevant licenses that we need. It’s less of a technical challenge and more of just a matter of going through these very complex and sometimes drawn out processes that can take quite a bit of time. But we feel it’s very important for establishing credibility and trust in order to legitimize the entire space and attract the institutional investors that will pour serious money into it. The opportunity, of course, is enormous. Crypto assets is already an approximately $1 trillion market, and as it gains legitimacy and credibility, it will only get bigger.
How does OKCoin compare to other fiat-to-crypto exchanges in terms of speed, ease of use, and price, and what in particular makes you the better choice?
We offer lightning fast transactions that are free for the maker and as low as 0.05% for the taker, all in an extremely intuitive and easy-to-use interface. What makes us better from other fiat-to-crypto exchanges is that we offer a larger selection of tokens, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, XRP, Cardano, Stellar, Zcash and 0x, in a very controlled and regulated environment. We also offer white-glove service with 24/7 customer support, backed by an expert team from several of the world’s top financial institutions and technology companies.
How does OKCoin compare to the market in terms of exchange volume, and what numbers are you aiming to reach by the end of 2018 and beyond?
We are aggressively working on delivering new financial products and token listings. We will work with our customers to get their feedback and improve our offering in an effort to drive more volume.
The market is currently shifting into higher focus on decentralized exchanges because of their added security. How will you compete with decentralized exchanges, and do you see them as a threat to your own exchange?
No one product can serve the entire market and this example is no different. When we look at blockchain systems, there are three key properties to consider for decentralized applications application: 1) Decentralization; 2) Scalability; and 3) Security. Due to the system constraints, a decentralized application can only deliver two of the three properties.
When finding the coins to add on your exchange, do you focus more on volume or on factors like team, development, product, innovation, etc?
We consider all the factors you noted as well as additional important items when listing new projects on our exchange. It is important that we adhere to local regulations and clearly classify them.
Where do you think crypto will be in 2–3 years in terms of world adoption and general development?
There is a lot of development and innovation happening right now and we hope to see these products deployed and used in the real world. We see a lot of projects and are excited about their potential.
Lastly, do you have any final things we should know about OKCoin?
Just that we’re very excited about the future and our role in helping to transform global financial markets!
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