Cryptocurrency markets are growing at a tremendous pace, across the globe. Several companies and start-ups have entered the space, making it ever so competitive. Crypto businesses are striving for innovation, and creating newer products and services, to stay relevant in the market.
Taking the competition a notch higher, crypto exchange OKCoin has launched a special service, OKCoin Premier. The service is targeted at big players in the market, to give them improved access to the exchange’s global liquidity pools. A crypto trader can avail the OKCoin Premier service if he/she has traded crypto worth over $100,000 in 30 days. The exchange, however, mentions that the new offering is only a special offer for its biggest traders and not an Over The Counter (OTC) trading service.
The exchange currently holds 86th position in terms of trading volume. OKCoin offers both, fiat-to-crypto and crypto-to-fiat trading services, providing about 52 pairing options. Top five of these 52 pairings are fiat-to-crypto options, where popular digital tokens like Bitcoin, Ethereum, Tron, etc. are traded against the US Dollar. With OKCoin Premier, large scale traders will get additional services in comparison with smaller traders. These additional services include a dedicated account manager, prioritised API, quicker deposits and withdrawals, and invitations to exclusive events.
Commenting on the launch, OKCoin Chief Operating Officer, Jason Lau said,
“We’ve been serving high-volume traders for the last five years and we deeply understand their requirements.”
He further added that the new premier service is tailor-made for large scale traders, which normally are crypto businesses or financial institutions. Though many users are already qualified for availing the premier service, the exchange hasn’t revealed the estimated number of such traders. OKCoin Product and Marketing VP, Jim Nguyen said,
“A meaningful number of OKCoin traders are presently and will continue to benefit from the Premier program, though given the trading requirements, this number will likely fluctuate with the general market.”
OKCoin Premier has several benefits which have the potential to attract big players on the exchange, and also encourages them to increase their trade on the platform. Unlike OKCoin, other major exchanges usually open an OTC desk to incentivise large clients, instead of the making them trade on the exchange for the same. For instance, popular crypto exchange Coinbase opened its own OTC desk to serve users of its premium service Coinbase Prime, which includes mainly finance companies vouching for trading business funds.
Moves like these are extremely necessary for the growth of crypto exchanges. Especially, after the emergence of giant companies on the crypto space, providing additional service, though for a premium, will help exchanges attract big players. On the flip side, such services are quite helpful for big companies, as they have the capital for spending big and demand the best services.
In the last couple of years, several financial institutions have shown a keen interest in the crypto space. Many believe that 25% of global trade will take place with cryptocurrencies, till as early as 2025-2027. This makes investments in crypto assets extremely vital for companies to avoid future inflation. Apart from this, one of the main reasons for crypto growth is the adoption of digital currencies by private corporations globally, and also governments of many countries.
For instance, the Russian Government is all set to launch its own cryptocurrency in the second half of 2019, which would enable them to minimise their dependence on the US Dollar. Also, countries like Venezuela Argentina, Zimbabwe, etc. are all exploring the possibilities of backing their fiat currencies with bitcoins rather than with the US Dollar.
Such developments promise an exponential rise in demand for cryptocurrencies, which will enable exchanges like OKCoin to capitalise on the opportunities by offering apt services.