Malta-based cryptocurrency exchange OKEx has announced the addition of three fiat markets – euro, Turkish lira, and Russian rubble – on its peer-to-peer fiat-to-token trading platform.
In its April 12 announcement, OKEx outlined that the decision to expand its services was driven by the increasing market demand for digital asset trading around the globe.
Commenting on the new services, Andy Cheung, OKEx’s head of operations, said: “We strive for building a robust crypto ecosystem, that’s why we will never stop expanding and pushing crypto adoption forward. We are so thrilled about the expansion as our C2C platform is fostering the buying and selling of digital assets across Europe with the newly supported currencies.”
OKEx is currently the largest exchange in the world in terms of adjusted crypto trading volume, according to data from Coinmarketcap.com. Launched in 2014, the exchange is executing crypto trades worth more than $1.5 billion on a daily basis.
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The C2C platform of OKEx offers multiple crypto-based trading including spot, margin, and derivatives trading.
“This is a big step forward. Given the recent Bitcoin price rally, the whole crypto market is giving a strong signal. We have good faith in the growth and development of blockchain technology under this bullish trend,” Cheung added.
Everyone wants a piece of the fiat market
Earlier this year, OKEx’s market competitor Binance launched a fiat-to-crypto exchange in the island of Jersey to offer its European clients trading pairs against euro and pound sterling. The exchange also has ambitious plans to open exchanges in every country with the next one coming up in Singapore.
OKEx is also following Binance’s path for making a mark on the global map. The exchange, earlier this month, expanded its services to four states in the United States.
Last month, Finance Magnates reported that the parent company of OKEx is backing the development of a euro-pegged stablecoin. The digital asset exchange is also working on the development of its own blockchain to launch a decentralized crypto trading platform.