OKEx becomes first cryptocurrency exchange to create a bitcoin cash market providing the users to trade tokens directly against BCH without using an intermediary such as BTC or ETH.
OKEx is a digital asset trading platform launched by OKCoin.com. The exchange is a branch of OKCoin, which ceased futures trading operations on May 30, 2017. OKEx is a futures trading exchange recently launched by Chinese bitcoin giant OKCoin. In addition to operating bitcoin exchanges, OKCoin offers a mobile consumer payment and lending app. They also maintain strong liquidity in the CNY/BTC pair. OKCoin maintains two main entities, including one focused on China’s domestic market and another focused on the international market (based in Hong Kong). Together, the exchanges form one of the largest cryptocurrency exchanges in the world by overall trading volume.
Factors of First Cryptocurrency Exchange
The exchange which is based in Hong Kong had made the announcement on Monday that the traders have access to more than a dozen of BCH trading pairs.
The news is noteworthy because, according to the data from the CoinMarketCap, OKEx have the sixth position among the cryptocurrency exchanges in total trading volume. For the past 24 hours, OKEx has processed more than $1.3 billion in trades, and this hints that the new trading pairs will increase the value of bitcoin cash’s daily trading volume, which may exceed $1 billion.
Moreover, to this increased liquidity, the BCH market creation also will help the bitcoin cash’s status to be more sticky as a top-tier cryptocurrency which will separate it from the other altcoins that were created through bitcoin forks.
The bitcoin cash price traded up on the news and there are several other factors are there so, it is not easy to say the exact impact of the BCH markets. The first thing was that the bitcoin cash proponent Roger Ver made a high-profile appearance on CNBC yesterday. He prompted the bitcoin cash to many viewers which are likely that they are who had never heard of it. And the second thing was, the cryptocurrency markets made a general rise on Tuesday and with that trend, the bitcoin cash increased roughly in line.
However, the announcement is likely to be optimistic for bitcoin cash moving forward, especially if other exchanges create BCH markets as well.
The creation of the OKEx, which is the first bitcoin cash market was just one of the burst out of the developments which are announced by them in this week. The company had launched a fiat-to-token trading platform also. The exchange finally announced one thing also that it will support “all major Bitcoin technical development roadmaps,” including the up to seven hard forks which have been scheduled for the month of December alone.
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