The world-leading digital asset exchange OKEx has donated US$4,567,888-equivalant Bitcoin to Foster Perpetual Swap Market. The digital asset exchange is headquartered in Malta. With the help of blockchain technology, it offers several services that include- fiat-to-token trading, spot trading, futures trading, perpetual swap trading, an exhaustive variety of more than 400 tokens and futures, etc. to traders all around the world.
The donation was made with the objective of encouraging customers’ confidence in the crypto trading industry. To understand the reason behind the donation, we first need to walk through a little bit of background-
OKEx launched the perpetual swap market last year on December 3rd during OKEx NEXTGEN Conference. The launch geared up the OKEx futures trading for a great success. It received a strong acceptance from institutional traders, professional traders, and crypto miners. This positioned the company to become the leader in the crypto derivatives market.
Along with the perpetual swap market launch, the company also released a new system of risk management. The vision was to support the users with surround the traders with more and more options for trading and also to offer them with an added layer of immunity against market ups and downs. As a result, the new risk management system has zeroed down the issues surrounding the futures and perpetual swap markets. This system even proved to be highly effective even under extreme market turbulence. The good performance has resulted in the greater trust from the traders, retail customers, and institutional customers onto the company’s crypto derivative products. The company has not rested and wants to push the boundaries even further.
Now, we can come back to the US$4,567,888-equivalant Bitcoin to Foster Perpetual Swap Market. The aim behind this donation is-
- The donation amount will be used to compensate a ‘margin call before clawback is triggered’ as per the company.
- The amount of the funds is inversely proportionate with the ‘clawback.’ Therefore, higher insurance funds promise greater protection.
- A greater sense of security will convince and attract newer customer to the company.
The Head of Operations of OKEx- Andy Cheung said-
No clawback has occurred on OKEx perpetual swap since its launch. We introduced a new risk management system to strike a better balance between avoiding early liquidation and maximizing traders’ benefits. […] We believe the $4.5 million donations can give extra confidence for customers trading on our platform. Developing a robust crypto marketplace where everyone can trade freely in a fair manner is something that has always been our mission.
He further added that at the core of the company’s service objective is customer satisfaction. He feels that offering security in this digital crypto scenarios is the main route to offer the best services to the users. He added-
Our founding members and executives are all tech and internet experts, allowing us to lead in product and technology development. As believers in Bitcoin and blockchain, we are dedicated to bringing more positive changes to the existing financial system, bridging the traditional and crypto markets with our technologies.