OKEx Crypto Exchange Adds Support for Vietnamese Dong (VND) in Fiat-to-Crypto Expansion
The OKEx, which is a Malta-based crypto exchange has gone ahead to add the Vietnamese Dong, VND. They have added this new coin to the customer to customer trading system. This was to ensure the company has enabled the Vietnamese customers to securely exchange the fiat currency for the different tokens that are on the platform.
In 2017 is when the OKEx company created the customer to customer platform, it was designed to be a peer to peer platform where the different users will be able to quickly sell and buy the available crypto coins using the fiat currency.
Andy Cheung, who is the company’s Head of Operations noted that having the addition of the VND on the fiat token platform of the company will be able to drive adoption of the crypto market within Vietnam.
Vietnam Has Proved To Be Among The Most Critical Blockchain Hubs
He went on to say that Vietnam has become among the most essential blockchain hubs that are within the market, especially in Southeast Asia. There has been a significant growth in the adoption of the crypto-coin within this market, a concept the company would not want to go untapped.
When a trade is made on the customer to customer platform, there are no transaction fees that are incurred; this is according to a release recently made. This is not all, as the exchange is also planning on introducing the market makers to this vibrant industry in the near future.
The merchants that are on the platform have been verified to ensure they have sufficient reserves that will be able to facilitate the transactions that are taking place in the platform. But the merchants are required to make a security deposited before they are accepted to trade on the platform.
When you look at the company website, the company goes on to say that the Market makers have been able to serve a large number of cryptocurrency enthusiasts; therefore, they are able to support a much higher trading volume.
The company ensures that they examine each of the merchants that are on the customer to customer platform; thus each merchant is expected to declare their current digital assets. These assets must exceed the OKEx internal requirements for them to get approved to operate on the platform.
Recently OKEx recently dislodged the Binance platform as being the largest crypto exchange in the market; this is by the trade volume done on a daily. They went ahead to add about four stablecoins to their list of the assets that have been made available for trade on the platform; all this was done this year in October.
This is not all as the exchange went ahead to announce their plans to expand to the US, this will be made possible as they secured some of the money transmittal licenses, MTLs. It is from about 20 states that are across the US, but this is excluding Washington D.C and New York.