OKEx Exchange Ousts BitMex in 24 Hour Bitcoin Derivatives Trading By Transacting Over $2.4 Billion
Malta-based crypto exchange OKEx recently announced that they recorded a breaking number of the 24-hour trading volume in contract market at approximately $2.4 billion. In their press release, they even noted that 56% of their traders went long on Bitcoin showing that there is a sense of optimism in the market.
Their trading volume on contract markets had topped the industry globally. Reportedly, 85 days after launching its perpetual swap trading feature, OKEx has recorded $53 billion in total trading volume.
Perpetual contracts are futures contracts with no expiry or settlement. Futures contracts are essentially bets on the future state of something. These things are typically commodities, like pork bellies. However, on cryptocurrency exchanges like BitMex and OKEX, futures contracts are bets on the future value of a cryptocurrency. Futures contracts are, therefore, derivative financial instruments, or derivatives. Their existence is derived from some other financial instrument.
Talking about the record-level trading activity on OKEx, Andy Cheung, the head of operations at OKEx said:
“I am thrilled to see the number grow so significantly, bringing OKEx to the top among our peers and marking a new milestone for the business. It is encouraging that traders are positive and open-minded to the future of cryptocurrency. This really strengthens our faith in going further. To maintain our leading position, we will ensure a trader-friendly environment for users to enjoy trading digital asset on OKEx.”
Recently, OKEx trading platform confirmed the introduction of it's Initial Exchange Offering (IEO), known as Ok Jumpstart. The platform is intended for supporting blockchain-based startups in launching their tokens on the OKEx cryptocurrency exchange. The main difference is that unlike ICOs, IEOs are not open to everybody. To participate in the token sale, investors must be active users of the exchange platform offering the IEO. This is because IEOs require users to buy token using the exchange’s account, whereas, in ICOs, users can buy tokens by sending funds to a designated wallet address.