US Crypto Exchange OKCoin CEO: TRON is Not a Security; Adds TRX to USD, BTC, ETH Trading Pairs
The Tron (TRX) token has been an innovative and successful token since it began, quickly reaching the top 10 of all cryptocurrencies by market cap.
In a new annoucement, OKCoin has found the value that Tron provides, adding the digital asset to their exchange. They join multiple other cryptocurrencies that can be exchanged with US dollars and Argentine pesos in pair, including Bitcoin, Ethereum, XRP, Cardano, Lumens, Zcash 0x, and several others.
— OKCoin (@OKCoin) January 15, 2019
Tim Byun, the CEO for OKCoin, spoke on the decision to list Tron’s token in the first place, saying,
“First thing we do, we have to abide by regulations in the US. We are a money service business. We’re operating out of the US. We’re serving US customers. So, from a regulatory perspective, that’s the clearest step one to take, so we spend a lot of effort on our compliance team and our legal team to ensure that whatever we list is not a security. We do not have an ATS or a broker-dealer license, so we cannot facilitate the trading of securities. We made sure that TRX is used today as a utility. That there is a use case, that it passes the Howey Test, kind of laid out by the prior rulings of an SEC case, that’s the best we have.”
OKCoin has maintained a rather cautious approach in bringing cryptocurrencies to be listed on their exchange.
Status simply isn’t enough, considering that there are thousands of blockchains that could hold TRX. However, the hype and the demand for TRX seems more important in this addition. Byun noted,
“Having passed that first hurdle, then we talk about what are some exciting things out there that we can list. And Tron was right at the top of our list, and so we met with the team. We felt very comfortable with the team and their experience. So, Tron is having a big conference this week, and we thought that would be a great time to do this.”
Still, there is nothing to confirm that OKCoin will continue to add digital assets on this basis in the future. Byun noted,
“We are excited about the applications that are building on top of Tron’s protocol, and obviously, even as of today have already used TRX as the medium payment method. It’s already a top 10 coin today.”
The Tron Foundation is responsible for the largest blockchain based operating systems that the world has to offer, focusing on decentralization and distributed storage technology. Their work has made it possible to eliminate the middlemen between global content and its creators.
Overall, it allows the creators of that content to get the revenue they deserve directly from customers, rather than the digital stores that companies like Google Play and Apple App Store offer. The founder, Justin Sun, wants TRX to ultimately become a privacy coin to allow its users greater control over their own personal data.
With this substantial role of the Tron Foundation in dApps, Byun is “very optimistic,” specifically for the dApps that relate to gaming. He added,
“And this gaming, I mean more like the first-person shooter games, and I hope that with the popularity of Fortnite, a new prospective game could be on a dApp in the future. I think that would actually bridge and marry two huge ecosystems, the gaming industry as well as the blockchain industry. And I think we need a crossover like that which would actually present more of a synergistic opportunity.”
The operating systems that run on TRX already have the ability to process 2,000 transactions with each second, and the coin is highly scalable.
Presently, 66 billion TRX tokens are in circulation. The company has already built up substantial momentum for their entry into 2019, especially considering the recent deal that they confirmed with NeoWorld.