OKX Launches in the UAE, Aiming at Traditional Finance and Retail Market
OKX commences operations in the UAE with a dirham-denominated trading system, targeting institutional investors and retail clients simultaneously.
Overview
Crypto exchange OKX has officially launched operations in the UAE, offering a trading system based on the local currency (AED). This innovative system is designed to attract retail clientele and also reach out to traditional finance institutions that have been hesitant to enter the cryptocurrency sector.
Key Features
- Local Banking Integration: OKX has partnered with Zand Bank, which claims to be the UAE's first fully licensed digital bank, allowing seamless transactions in dirhams.
- AED-Denominated Order Book: This feature aims to simplify the trading process for local investors and traders.
Statement from Rifad Mahasneh
"We have two goals – to become the retail application's top choice and to start bringing traditional financial institutions into the space," Mahasneh stated in an interview. "The return on investment will stem from our capacity to convert traditional clients."
This launch marks a significant development for OKX, showcasing its commitment to bridging the gap between conventional finance and the fast-evolving crypto market.
