The cryptocurrency exchange OKX has informed that its on-demand liquidity network aimed at institutional clients, called Liquid Markets, reached more than $1 billion in trading volumes during the first three months of 2023.
Liquid Marketplace by OKX Exceeds $1 Billion in Volumes
The OKX Liquid Marketplace, available on-demand, offers an extensive pool of institutional liquidity and supports various crypto trading approaches, such as futures spreads, sizable options block transactions, or spot OTC, enabling scalability. With a single click, traders can execute both legs atomically, streamlining the process of low-risk spread trading, harvesting funding rates, producing yield through cash-and-carry transactions, and rolling over maturing futures hedges.
"Let's say, you want to sell 1,000 ETH at the market price of $1,900. Now, that's a million-dollar trade. Once it gets put on the order book, it may cause price slippage and drive down ETH's market price. Instead of impacting the market, you can secure a favorable price by placing your order on our Liquid Marketplace. First, send an RFQ only to the market makers you selected and receive two-way quotes. Then, choose a price you like and carry out the trade discreetly," OKX explained on Liquid Marketplace's official website.
According to the company's press release, the liquidity network changes the conventional request-for-quote (RFQ) procedure by incorporating an integrated position builder, streamlining workflows, and facilitating anonymous two-way quoted RFQs. OKX's clients can create multi-leg tactics and request quotes for futures spreads and basis transactions. Furthermore, the platform ensures additional security through seamless connectivity with OKX's settlement and risk management system.
"Institutional clients demand liquidity , superior fee structures, and streamlined execution of advanced trading strategies. We've designed our Liquid Marketplace to hit this sweet spot, and the market is responding," Lennix Lai, the Managing Director of Global Institutional at OKX, said.
Lai highlighted that by paying close attention to the needs of institutional traders and harnessing their technical expertise, product design and creativity, OKS aims to establish itself as the preferred platform for institutional clients.
The crypto exchange offers all trading pairs listed on its platform in the Liquid Marketplace, including spot, perpetual swaps, futures and options instruments.
OKX is the world's second-largest cryptocurrency exchange by trading volume and is a significant part of a Web3 ecosystem. With more than 50 million users globally, OKX has a potentially broad client base for its Liquid Marketplace services.
OKX Moves to Hong Kong, Offers New Products
The list of prominent cryptocurrency brands seeking to enter the Hong Kong market keeps expanding. This surge is primarily due to new digital asset regulations scheduled for implementation in June, positioning China's special administrative region as a crypto hub. OKX, the world's second-largest exchange by trading volume, has recently revealed its intention to open its own HK subsidiary.
As reported by Finance Magnates, OKX has established a Hong Kong entity to launch virtual asset services and plans to apply for a virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, which is set to be effective from June 2023.
Meanwhile, OKX has introduced a copy trading function to its digital asset social trading platform. This feature enables users to mimic the trading strategies employed by the platform's top performers, promoting responsible trading and mitigating the risks associated with cryptocurrencies. The exchange stated that these strategies span over 600 trading pairs.
Furthermore, OKX has announced a new partnership with DappRadar, an app store for DApps, allowing its users to use a broader DeFi and GameFi applications base. In the most recent announcement, the crypto exchange revealed the expansion of its major sponsorship deal with the Formula One McLaren Racing Team. From now, the OKX logo will be visible on the MCL60 team car sidepods.
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