Cryptocurrency exchange OKEx has introduced crypto trading facility against the Thai baht on its peer-to-peer platform.
According to the February 14 press release, the exchange will only allow the fiat-to-crypto trading for Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and Litecoin (LTC) in the initial phase.
After announcing the move on January 23 for the first time, the exchange divulged the move to onboard merchants in the new market. OKEx also outlines that the addition of the new crypto-fiat trading pairs was pushed by the growing demand in the global market.
The Malta-based exchange recently hosted a conference in Bangkok, called MindXchange, “to bring industry leaders together to exchange ideas on blockchain technology.” The press release noted that the participants at the conference were keen to discuss the local regulatory developments in crypto and blockchain.
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OKEx is one of the top crypto exchanges on the globe today. According to Coinmarketcap.com, it stands third in terms of daily crypto trading volume handling around half-a-million worth trades daily – only behind ZB.com and Binance.
Last December, OKEx launched a peer-to-peer virtual derivative product called Perpetual Contract. Within a month of its launch, the platform added Thailand baht on the platform along with British pound, Vietnamese Dong, and Chinese Renminbi for fiat-to-crypto markets.
To promote the exchange on a global platform, OKEx also broke a sponsorship deal with English Premier League, one of the top club football leagues.
Thailand’s Crypto Market
Over the past few years, Thailand’s market regulators sent a mixed response to the cryptocurrency market. However, the country is now streamlining its regulatory framework for the decade-old digital asset market.
As reported by Finance Magnates in January, the Thai Finance Ministry granted operating licenses to four cryptocurrency exchange in the country. A few other south-east Asian players are also in line to serve the Thai market including the Thai Stock Exchange.