Okex AMA Recap
CryptoDiffer team
Hello everyone!
We are glad to meet here Andy Cheung (@Andy_OKGroup), COO at OKEx !
Andy Cheung
COO
Sure a quick intro to myself
I’m the COO of OKEx
Previously, i was the CEO of Groupon HK and also worked at i-click, Alibaba
Cryptodiffer Community
Do you have country-specific plans for investors to choose you? For example, how do you plan to organize events in various countries? What you do to reach people, for example, how much of your budget you spend on ads? by twitter.com/siddisim
Andy Cheung
COO
haha sure ready to have some fun
We have huge aspirations for international expansion. One of the most important ways of doing this is by building a community as many in crpyto businesses will tell you.
Whether through online or offline events, this is a TOP priority as it allows us to hear what our community wants as we grow together
Cryptodiffer Community
1. Do you have any plans to launch lending in okex? Which types of a new feature you have planned to add in okex? What is the utility of okb token on okex exchange?
2. Can we expect the official launch of okchain before q2 2020? How many tps is expected after the full launch of okchain? Do you have any plans to launch decentralized exchange after okchain release? by twitter.com/AshokCrypto
Andy Cheung
COO
In fact we are launching our own lending product very soon. please stay tuned. But currently we do have similar products like our staking and OK piggybank which also allows you to earn interests on your crypto.
Some of the main utilities for OKB right now are trading at discounted fees on OKEx, as well as gaining access to our token sale platform – OK Jumpstart.
To point on new features – we have plans to launch USDT-margined futures soon, which is very exiciting! The biggest difference to our existing futures contracts is that users may now enter the market with USDT instead of buying the particular token in advance.
This will save everyone a great deal of time and resources. Regarding OK Chain, we’re now at the final testing stage.
Cryptodiffer Community
As we know a few days ago, OKEX Korea Delisted major privacy coins like monero, dash and many others. Are you going to delist from okex exchange to? If okex delisted what you think what’s the future of privacy coins? by twitter.com/akash9160
Andy Cheung
COO
No, we currently have no plans of delisting them
Cryptodiffer Community
1. Okex has been known for very low transaction fees, but recently the top exchanges like binance or huobi have also moved to reduce transaction fees, so your users are losing. Do you have any plans to attract users?
2. Will you extend the C2C feature to other currencies, like USD?
by twitter.com/hiamPluto
Andy Cheung
COO
haha we dont think we’re losing users because of this.
OKEx’s market offering is pretty unique – we offer spot, derivatives and many other trading products, all in one place.
we’re very proud of the fact that we’re a one-stop-shop for our users.
But speaking of fees…we also offer discounts for OKB holders as well as high volume traders. So overall, i would say we’re still really competitive in the market.
For C2C – we will definitely continue to add more countries, as this is how we truely be an all in one exchange, but for now the US market is one that we do not serve
Cryptodiffer Community
1. The biggest problem with wallets is security . How does Okex provide users with a safe universal exchange for all types of coins and tokens? How about your OkChain , thank you !
2. Okex also issued the token $okb, which together with #Okb Payments facilitated its support for legal tender and encrypted digital currency payments. In the future, what is the use of $okb in the blockchain ecosystem?
by twitter.com/maikimphuong1
Andy Cheung
COO
We take a lot of pride in our security measurea and the fact that we are one of the few exchanges not to have faced a security breach.
I touched on OKChain and OKB a bit in one of the previous Q, but we will have a few more very interesting new utilities for OKB soon!
Cryptodiffer Community
1. What plan does Okex intend to do with staking okb, lending or something similar? In future contract, what do you think about new feature of borrowing usdt instead of coin or token?
2. Everyone is running behind new blockchain, so don’t you think that having too many blockchains going to hamper the crypto industry? interoperability and synergies between blockchain are the demand of time?
by twitter.com/ImRiskyWhisky
Andy Cheung
COO
We have received tremendous feedback on OK Piggybank since it launched. People love having the option of leaving spare tokens in their piggybank and earning interest. We also recently started staking with OKEx Pool, and the plan is to add many more options over time.
Re: 2nd part of your first question, I think you’re referring to the USDT margined futures. As mentioned, it will be available soon.
For question 2, not at all. Innovation is always good for the ecosystem. We’re still so early in this space and this type of competition can only be healthy as we learn and improve upon one another. Besides, the best will always come out on top eventually
Cryptodiffer Community
1. I’m a trader ,so what is your vision about The future of trading ? How do you think to migitate the risk of someone manipulating the symetracial liquidity pool. And are you taking steps to prevent liquidity wash trading?
2. The biggest challenge of any project is user . So,what are the types of users on your exchange ? How does Okex do to keep all users stay with your exchange for longterm?
Andy Cheung
COO
Our mission is to connect the global markets. We list quality projects for our customers to trade. Simple as that. DEXs could play a huge role in the future and we want to contribute to that, but right now I still see many obstacles that must be overcome. Some people may think that centralized exchanges contradict the idea of decentralization, but our view is that we are here to promote blockchain adoption however that may look in the current ecosystem. If our way of doing this looks completely different a few years down the line remains to be seen, but until then I believe we are playing a vital role in this ecosystem.
Wash trading –
We see this happen everywhere, even in traditional markets, but just in a different form.
When some projects want to attract attention, they try to fabricate their volume and of course we do not condone this.
We have a surveillance team in place to monitor our markets 24/7. If we identify any suspicious accounts, we immediately suspend or even terminate their accounts. We have also refined our KYC verification process to make sure that no illegal/unethical activities can take place on our platform.
Types of users. All of the major exchanges have a huge base of retail traders, but we actually have quite a big portion of professional/institutional traders on OKEx.
I think in order to stay on top, we must keep innovating and listening to our users. The reason for our incredible growth since our launch in 2017 is simply having a good product that we are constantly looking to improve.
Cryptodiffer Community
1. I know Okex is a platform focused on exchanging blockchain assets, so what are its benefits?
2. Tell me what is your goal? And if in the future you accomplish that goal, what is the next step you are developing?
by twitter.com/NguynTh93492897
Andy Cheung
COO
Like I said, we’re an all in one platform trying to be your one stop shop for all things crypto
Our goal is to build the blockchain ecosystem together and benefit the entire industry in the long term
Cryptodiffer Community
1. I can see that there are currently a lot of cryptocurrency exchanges, what makes OKEX attract traders to participate in trading on OKEX? What are the advantages of OKEX on other cryptocurrency exchanges?
2. There have been so many hacks on major exchanges, is OKEX afraid of this? What has OKEX done to keep users safe and secure?
by twitter.com/Luan44884576
Andy Cheung
COO
I’m not sure if afraid would be the correct term, but we are certainly very careful and alert as of this issue and are constantly updating security measures. So far, credit to our our team’s hard work, we have not experienced any issues like some other exchanges (knock on wood)
Cryptodiffer Community
Most of major exchanges making emphasize on Asia regions now. Is OKEx going to conquer Europe, Russian speaking regions, engage community there somehow, or these markets are not so interesting for you?
by twitter.com/lars13324686
Andy Cheung
COO
Since we started we have quickly positioned ourselves as the leader in the Asian market. If you have been following us on twitter or the news lately, you’ll see that we are heavily focusing our efforts on the international markets.
We are looking to expand our international presence very aggresively, and anyone who would like to partner with us in doing so is welcome to reach out. Some events coming up include one of the biggest conferences in Europe this year (Delta Summit) in Malta next week, as well as a some big things coming during Russia blockchain week.
Cryptodiffer Community
The #IEO projects that you choose are high-quality projects, how do you do to find these rare gems for #OKExJumpstart?
by twitter.com/kitty_racha
Andy Cheung
COO
The due dilligence process iss really important for us, that’s why we can only afford to do one per month. In reality, we get hundreds of applications per day, but we make sure we pick the best as our reputation and our users depend on it
Cryptodiffer Community
1. What are the possible risks you might encounter? And how you face it?
2. Which market does @OKEx active mostly right now? Which market will your team plan to expand to?
by twitter.com/cueengs
Andy Cheung
COO
Crypto is full of changes everyday, and the market never sleeps. You’d better be ready for surprises 24/7. How do we face it? Never keep our eyes closed. Our intel team keep monitoring the market restlessly to make sure that we’re ready for any challenges. And of course, we also learn from our mistakes. We keep improving from our experience and listen to the feedback from our customers.
We have huge plans to expand all over, but right now Europe and Africa is a big focus for expansion.
Cryptodiffer Community
1. What facilities does Okex provide as prime broker? what strategies do you have to attract users?What is Team’s plan to attract investors and traders successfully? Think big to successful, do you have a goal in the top of the exchanges?
2. Comparatively, please tell me as regards to speed, transaction costs, how do you differ from the many payment, exchanges solutions existing today, what’s that disruptive thing that makes you stand out?
by twitter.com/toanphamhd
Andy Cheung
COO
We touched on this earlier but to put it briefly, what makes us stand out is the variety of products we provide. And we’re one of the most liquid spot + futures marketplace
Cryptodiffer Community
Q14:
What are the criteria for selecting projects for IEO? Maybe the IEO cycle is over? What prospects do you see for projects in the market?
by twitter.com/zarabotikfree
Andy Cheung
COO
We screen the projects with our COMPASS model which assess the potential growth of candidate projects in seven major aspects: creativity, operational competence, marketing competence, progress, activeness of community, sustainability, as well as scalability, with 105 factors evaluated.
An outstanding project needs to demonstrate not only solid capabilities in technology development, but also acumen in marketing and community management, which makes sure the project will be able to acquire a sufficient user base and reward successful token sale subscribers in the future.
I don’t think the IEO cycle is over. It is only a model improved from the ICO trend. We may see something new arises soon in the market. I mean, who knows. But with more and more involvement of the regulators around the world, I think we can expect something like the STO model to prevail. Still, only the market can tell.
Cryptodiffer Community
In this market, new exchanges appear like mushrooms after rain everyday. So, to keep your exchange position as well as its role in the whole crypto market, which is the most important thing that Okex think?
by twitter.com/paraphan1992
Andy Cheung
COO
Innovation is one of the most important ways to stay on top, no matter what kind of tech business we talk about. As we have an advantage in terms of liquidity and active community of users, we keep creating value for them and hope that in return they use our service.
Cryptodiffer Community
1. Do you have any plan for listing Binance Chain tokens. When will it happen? Many of the good projects have migrated to BEP2 blockchain. So, when OKEx will support BEP2?
2. Why there is no Referral Program announcement still. What is hindering about it.
by twitter.com/onchain_guy
Andy Cheung
COO
1.No plans at the moment but sure if the project is good. Our listing team will review all listing applications equally.
2.Very good question. Stay tuned on this, there may be good news for you coming as soon as today..
Cryptodiffer Community
The new rule for next IEO of Okex seem very interesting, it will give more chance for loyal customers of Okex, can you introduce it quickly as well as its strongness and weakness?
by twitter.com/paraphan1992
Andy Cheung
COO
Our rules are designed to benifit our community. In short, the more OKB you hold and for a longer time, you more tokens you will be allocated in the token sale. It may discourage traders on other exchanges from participating in our token sale. But we value our loyal customers most, we would never become one of the largest excahnges without their support.
Cryptodiffer Community
Do you plan to integrate deposits via fiat? As many exchanges allows to deposits funds via the third parties like simplex and Koinal do you planned to integrate such system?
by twitter.com/khyopa1212
Andy Cheung
COO
For now we have C2C trading, a decentralized platform allowing users to perform fiat-to-token trading. We have no plans of adding deposits of fiat at the moment.
Cryptodiffer Community
1. What is the listing process of OKEX? How many criteria for a project to be listed on OKEX, and how does OKEX choose projects to be listed to compete with other exchanges?
2. US policies has affected #Binance so bad. Does they affect #OKEX at the same way? Do you have any plan to prepare for the solution?
by twitter.com/shivam39389462
Andy Cheung
COO
Just like our token sale platform, there are quite a lot of aspects that we consider for a listing. Some basic examples include their business model, scalability, utiility, market size, team members, community, transparency etc etc. Generally for listings, our philosophy is simple: connect the markets, and listwhat our users want as long as they are quality projects.
Currently we do not serve US customers
Cryptodiffer Community
Does Okex plan on getting/creating a system similar to binance’s SAFU incase a hack happens on the exchange?
by twitter.com/uhtwats
Andy Cheung
COO
As far as I know SAFU is an emergency insurance fund set up after the hack at Binance. At the moment, we have an insurance fund for our derivatives markets. As you might have heard, 2 months ago, we’ve donated 4.5 million into it to foster customers confidence.
Cryptodiffer Community
What were the major difficulties that you faced while starting this OKEx exchange ? And what was your motivation to continue ?
How OKEx is different from other exchange ? And how one is secure on your platform ?
Andy Cheung
COO
Gaining traction is the hardest part in the beginning as any exchange founder will tell you. We always prioritized our product first and to be quite honest, we got some luck with the timing and the bull market at the time.
Cryptodiffer Community
Q1: OKEx is one of the Most Trusted Digital Asset Exchanges, what’re the strategies that you adopted to preserve this trust, keep it secure and avoid any issues related to hacks?
Q2: What’re your thoughts on the launch of Bakkt Bitcoin Futures? Is it good news for Bitcoin and Crypto in general?
Andy Cheung
COO
Q2, I love seeing traditional players like bakkt entering and home more do. Like I said, we are still so early and this is healthy competition that will help boost our ecosystem
Cryptodiffer Community
(Note: I use okex very often. But I have one suggestion, instead of hiding the small balance, let’s turn it to hide the zero balance. And the odd numbers after trade can be converted into OKB. That will be more convenient for users.)
Are the new changes in FATF’s crypto trading regulations requiring businesses to identify the identities of both parties that affect OKEX?
Are you okay yesterday morning? I opened the app and saw a blazing red color. Haha. Just kidding. I want to ask you is COO of Okex do you join trade at Okex? What are Okex’s plans to attract traders?
Andy Cheung
COO
Personally I don’t trade as I just don’t have the time, and consider myself as more of a HODLER
Cryptodiffer Community
What differentiates you guys from bitmex?
Andy Cheung
COO
Bitmex is definitely a strong competitor of ours and we have huge respect for them. In terms of differences, we are a spot+futures exchange where customers can do everything in one place. This also allows for more arbitrage strategies for serious traders, for example spot-futures arb strategies. Our futures also has a wider range of pairs available with 9 futures markets currently available
Cryptodiffer Community
why do okex change okjumpstart rule?
Andy Cheung
COO
Previously we had a first come first serve rule. We want to give a fairer chance for a wider range of our community to participate and at the same time reward our OKB holders. We will continue to adjust this as we learn and hopefully you guys can keep providing us with valuable feedback!
Cryptodiffer TEAM
It was really interesting
Thank you for taking your time!
