OKX Plans To Launch An Office In Türkiye, OKB Trading Volume Soars 95%

Key Points:

• OKX has announced intentions to create a Turkish office in the coming months.
• Turkish citizens have recently shown a strong interest in the world of digital assets.
• OKB’s 24-hour trading volume increased by 95%.

OKX, one of the biggest cryptocurrency exchanges, plans to build an office in Turkey in the coming months.

The firm has previously dealt with the Turkish market, offering direct payments and withdrawals in the official currency of the nation, TRY. It was also one among the several cryptocurrency sites that delivered assistance packages to the country after a terrible earthquake rocked it in February.

The Seychelles-based crypto platform was created in 2017 and has since evolved to become one of the world’s greatest crypto exchanges. The company has millions of clients and provides access to hundreds of crypto tokens’ spot, margin, and derivatives markets. In addition, the firm provides DeFi, gaming dApps, and an NFT marketplace.

OKX President Hong Fang said that the exchange chose Turkey as its next target because it is an important market:

“Opening an office in Türkiye will be a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Türkiye is an important market for us, and we’re excited to build strong relationships with our users and contribute to the development of its crypto ecosystem.”

The OKX team disclosed their intentions for the Blockchain Economy Istanbul Conference 2023, for which the exchange will serve as a Title Sponsor and Premium Partner. The company’s President, Hong Fang, Chief Innovation Officer, Jason Lau, and Chief Marketing Officer, Haider Rafique, will be keynote speakers and panelists at the summit, which is scheduled to take place from May 8-11, 2023.

Turkish citizens have recently shown a strong interest in the world of digital assets. One likely explanation is the looming financial crisis and the nation’s sinking official currency. The Turkish lira just hit a record low against the US dollar, which has historically fueled demand for Bitcoin and stablecoins.

CIO Jason Lau described the nation as a growing hub of innovation and blockchain knowledge with a user base that is hungry for crypto.

The exchange also revealed its plan to seek a VASP license in Hong Kong, bolstering its presence there. Since local officials declared intentions to build a favorable regulatory environment for the business, China’s special administrative zone has recently emerged as a crypto hotspot.

After the news, the 24-hour trading volume of OKB, the native token of OKX, the second-largest crypto exchange by trading volume, increased by 95%.

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Harold

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