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Crypto Exchange OKCoin Becomes First US-Licensed Exchange to Create Non-Decimal Bitcoin Experience


blocktribune.com 25 November 2021 18:39, UTC
Reading time: ~2 m

Cryptocurrency platform Okcoin has announced the launch of Sats Mode, becoming the first US-licensed exchange to show bitcoin in satoshis (sats), the smallest unit of BTC, equivalent to 100 millionth of a bitcoin.

Established in 2013, Okcoin is one of the world’s fastest-growing cryptocurrency platforms. Seeking to build a more inclusive finance future that builds wealth for everyone, Okcoin is building the next generation of tools to help anyone invest in and trade crypto easily and with industry-low fees. Okcoin supports millions of customers across more than 190 countries, assisting them in taking advantage of staking and DeFi offers and trading Bitcoin, Ethereum, and more than 25 other crypto assets.

The new Sats Mode feature meets retail investors where they are, making it easier for novice investors to enter and acclimate to the market at a pace comfortable to them as the price of crypto continues to increase at a rate quickly pricing out the average investor from buying entire bitcoins at once.

Sats Mode enables Okcoin customers to view their bitcoin balance and buy bitcoin in whole numbers—such as 1,645 sats—instead of the unit equivalent of 0.00001647 BTC, in addition to celebrating milestones like their first million sats. The complexity of decimal notation has previously deterred retail investors wanting to purchase small units of bitcoin, in addition to posing a user experience (UX) obstacle for bitcoin micropayments. Conversely, over 40% of Americans still don’t know that it’s possible to buy a fraction of a bitcoin, according to new research from Bakkt Holdings, Inc. The precedent set by Okcoin with Sats Mode will help establish sats as the default bitcoin measurement among retail investors in the future — a critical step in adoption of the digital currency.

“Okcoin is committed to making cryptocurrency accessible to all, which involves making it as easy as possible to understand and use,” said Okcoin CEO Hong Fang. “Especially as the price continues to increase, average investors aren’t going to be buying entire bitcoins at once. They’re buying small pieces of bitcoin at a time and holding it in their portfolio to accumulate wealth. By launching Sats Mode, we’re meeting retail investors where they are.”


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