thecoinrepublic.com
- 1 OKX launched its crypto-related services for the customers of Brazil.
- 2 By offering Multi-Party Computation (MPC) and Account Abstraction (AA) capabilities, OKX became the first to launch.
- 3 The regional subsidiary of OKX applied for a license in Hong Kong on November 16.
OKX, the leading cryptocurrency exchange, and Web3 tech company, has officially started to offer its services in Brazil. The newly launched services of OKX will offer the services of staking incentive, and seamless connections to the DeFi ecosystem.
As per the introduction, Brazilian users will be able to leverage the robust platform to trade many cryptocurrencies, which will enhance their crypto experience.
The exchange became one of the first service providers to offer Multi-Party Computation (MPC) and Account Abstraction (AA) capabilities, the motive behind this is to improve crypto accessibility without any technical expertise.
The motive behind entering the Brazilian crypto market is that it is one of the largest cryptocurrency markets in Latin America. The president of OKX Hong Fang expressed his enthusiasm over the launch of OKX service for the traders of Brazil.
The launch of the OKX wallet aims to offer a gateway to DeFi, NFTs, and decentralized applications aligning the grooming needs of the Brazilian crypto market. A research report of OKX, based on the crypto market of Brazil, states that users in the region are concerned about the security of their crypto assets.
The study found that over 92% of users expressed a strong desire for information about the protection of their investments. However, 86% of the respondent believes that Proof-of-Reserve will play a crucial role in maintaining the legitimacy of the crypto market.
OKX’s Hong Kong Expansion
The cryptocurrency exchange filed for a license under Hong Kong’s virtual asset scheme. The exchange regional subsidiary OKX Hong Kong applied on November 16.
The trading platform filed for the license 8 months after its establishment in Hong Kong and is the seventh company to apply formally. A day before OKX’s application to PantherTrade, an exchange submitted its application to the regulators.
OKX has been working to expand its presence globally. Apart from OKX, other crypto exchanges such as Crypto(dot)com and HTX also expressed interest in the license.
As per the latest crypto rules in Hong Kong, the exchange seeking a license must apply by March 1st. Notably, the process of securing a license is lengthy and costly.
The intraday spot trading volume of OKX is $2,176,014,433.60 which makes it the fourth largest cryptocurrency exchange in the centralized crypto exchanges category. The financial reserve of the exchange constitutes 41.88% of USDT, followed by Bitcoin, Ethereum, USDC, TRX, and several others.
Crypto Market Overview
In the past 24 hours, the entire crypto market capitalization declined by 2.04%, and when writing it was $1.4 Trillion. At press time, the leader of all cryptocurrencies, Bitcoin was trading at $$37,036.28 with an intraday trading volume of $18,180,824,228, it grew 94%.
It is important to note that TerraClassicUSD (USDT), Terra Classic (LUNC), and Terra (LUNA) showed significant growth in the past 24 hours.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.