New exchange listings are always good news. By opening out to new exchanges, cryptocurrencies are opened up to new customers, therefore, it is often met with excitement when new tokens are listed on established exchanges. Moreover and possibly even more importantly, exchanges also benefit from these new listings, bringing new customers onto their platform and of course, an increase in trading volume, which means money for them and of course, money for everyone else in the cryptoworld.
OKCoin have recently announced the listing of 5 major cryptocurrencies, Ripple’s XRP, Cardano’s ADA, Stellar’s XLM, ZCash Zec and 0x. The US based exchange will allow crypto to crypto exchanges made between these tokens and their other listings across the country, but are also allowing special access to FIAT pairings for XRP, ADA, XLM, ZEC and ZRX for residents in the state of California.
According to AMBCrypto, Tim Bynn, the CEO of OKCoin has commented on the exchanges latest announcement:
“We are very pleased to welcome these five new cryptocurrencies and all of the communities that trade them. As we build out the broadest set of financial products on a globally regulated exchange, we are committed to expanding the trading pairs for our customers, while bringing tokens to the exchange that offer utility, value and demonstrable use cases. Today’s announcement signifies a giant step forward for the entire ecosystem.”
This comes as OKCoin continue to grow their operations across the United States, though as we know, the US is starting to take a hard approach on cryptocurrency exchanges. OKCoin probably could have timed their expansion better, but at least, this way they are going to be able to keep on top of regulations, whilst operating on a relatively small level in comparison to rival exchanges such as Coinbase and Gemini. Furthermore, according to AMBCrypto:
“The company has been working closely with the regulators and following researched regulations in every state it has expanded to, to ensure that they comply with Federal and State Convertible VC rules. In addition, the company is currently in the process of applying for a new license named Money Transmittal Licenses [MTL] in the remaining states of U.S. The licensing will allow crypto-to-crypto and fiat-crypto trading.”
As a result, the new listings will be soon available against FIAT pairings too, opening up a whole new customer based to a range of exciting new cryptocurrencies and investment opportunities. By keeping in with the regulators now and by outlining a very promising expansion, OKCoin is fast becoming one of the most exciting exchanges in the United States. Once the US is conquered we expect that the rest of the world will come next.