OKEx Exchange Introduces Thai Baht Trading Pairs for Fiat-to-Crypto with BTC, ETH, LTC and USDT
OKEx has been considered to be the third largest crypto exchange that you can find in the globe; this is when you look at the trading volumes taking place. The exchange has gone ahead to introduce a crypto trading facility that is against the Thai baht; this has been made possible on their peer to peer platform.
According to a press release that was made on the 14th of February, the exchange will only be allowing fiat to crypto trading to take place for Tether (USDT), Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), this is for the initial phase.
More from the moves
The move was announced on 23rd of January for the very first time, and from here the exchange went ahead to onboard different merchants who are within the new market. This is not all as OKEx has also outlined that with the addition crypto to fiat trading pairs was actually pushed by the growing demands that are taking place in the global market.
The exchange is Malta-based and recently went to host a conference in the city of Bangkok, which is called the MindXchange. This was to ensure it brings about different leaders together in a platform they will be able to exchange the different ideas they have for the blockchain technology.
The press release went ahead to note that the different participants who were within the conference were very keen on the current regulatory developments that are taking place locally within the blockchain technology and the crypto market.
More on the OKEx platform
It has been considered to be among the top exchanges that you can find in the globe today. The exchange currently stands third when we look at the daily trading volume done in the crypto market, as it has been able to handle about half a million worth of trades on a daily basis, all this happening only behind the Binance platform and the ZB.com, this is all according to Coinmarketcap.com.
When we look at last year December, OKEx was able to go ahead and launch a new peer to peer virtual derivative product that they have called the Perpetual Contract. Just a month after they did the launch the platform went ahead to add the Thailand baht together with the British Pound, the Chinese Renminbi, Vietnamese Dong that can be used efficiently for the fiat to crypto trading market.
Just to ensure that the platform was marketed to the global market OKEx went ahead to break a sponsorship deal with the English Premier League, one that has been considered to be the top football leagues club you could be a part of.
The crypto market in Thailand
In the past few years, the market regulators in Thailand had sent a mixed response in regards to the crypto market. But at the moment the country has gone ahead to take the necessary steps to streamline its current regulatory framework for the digital asset market.
As it was reported by the Finance Magnates back in January, the Thai Finance Ministry had gone ahead to grant operating licenses to about four of the crypto exchanges that are within the country. Plus, there are a few south-east Asian players who are also in line in serving the Thai market, this is also including the current Thai Stock Exchange.