OKX establishes Dubai headquarters! Will deepen involvement in Dubai's crypto development, support AED trading pairs, institutional derivative markets

On 10/10, the cryptocurrency exchange OKX held a significant launch event in Dubai, a major city in the United Arab Emirates. Following approval for a full operational license from Dubai regulator VARA, OKX announced the establishment of a regional headquarters in Dubai. Founder Star announced plans to offer local fiat currency AED for buying coins, AED trading pairs, and an institutional derivatives market in Dubai.

Star introduced OKX to various sectors in Dubai's Future Museum, showcasing Dubai's innovative determination. Since its establishment in 2012, OKX has grown into a significant player in the cryptocurrency industry with 4,500 employees worldwide. The company holds licenses in several key regions, including Dubai, Europe, the United States, Japan, and Singapore, with core business segments covering OKX Simple, OKX Exchange, and OKX Retail.

OKX Exchange: Comprehensive Trading Platform

Star said that OKX Exchange is a well-regarded platform that offers a variety of services such as spot trading, futures trading, and options trading, all of which can be accessed through a single account. The platform is tailored to meet regulatory requirements in various markets to ensure a compliant and user-friendly trading experience for global users.

OKX Web3: Gateway to Decentralized Applications

OKX Web3 serves as the gateway for users to access decentralized applications (DApps) and supports over 100 blockchain networks. OKX has invested resources in building robust infrastructure to offer cross-chain solutions such as multi-chain wallets, decentralized exchanges, DeFi aggregators, NFT markets, and real-time data monitoring.

OKX Simple: Simplifying Cryptocurrency Experience for New Users

OKX Simple is one of the company's latest strategies focused on providing easy buying and selling options for cryptocurrency trading. This strategy includes innovative services like Web3 Pay and Web3 Card, making it easier for new users to enter the world of cryptocurrencies.

OKX's Dubai Strategy

OKX is establishing a technology center in Dubai to continue investing in local talent, ensure compliance, and contribute to the growth of the crypto community in Dubai.

Bringing New Products for Dubai Institutional Investors

OKX will collaborate with several global banks and asset management companies to create a tri-party model for institutional clients to deposit AED and USD and access trading opportunities through the OKX platform.

Intelligent Self-Custody Wallet for Smart Compliance: zkKYC Smart Account

For retail users, OKX plans to launch a self-custody wallet with KYC verification to ensure security and compliance in user experience. The wallet will utilize a multi-signature system to balance usability and privacy protection. This self-custody solution will serve as the foundation for future decentralized applications such as registered payments and smart accounts.

Star mentioned that DApps can evenactively choose users through this feature to ensure compliance and further promote the adoption of DApps.

Enhancing Reserve Transparency

OKX has been a leader in providing Proof of Reserve (POR) globally and is expanding this practice to the Dubai market. Soon, customers in Dubai will be able to view specific asset information within the OKX system, further enhancing transparency and customer trust.

Industry Challenges in Star's View: Adoption, Wallet Experience, and Compliance

Star mentioned that despite significant progress since the inception of Bitcoin, cryptocurrency adoption remains slow. OKX believes that the main challenges lie in the absence of widely accepted blockchain currencies, wallet usability and security challenges, and the lack of a suitable compliance framework for large-scale financial applications. OKX is actively addressing these issues to create a safer and more user-friendly crypto environment.

OKX believes that advancements in wallet technology will play a crucial role in future finance. OKX is collaborating with industry leaders like Coinbase to enhance the self-custody solution and strengthen compliance plans to improve user experience in Web3.

Star emphasized the limitless potential of the cryptocurrency industry, symbolically represented by the "X" in the company name. Looking ahead, self-custody solutions will lead the way, providing users with unparalleled control over digital assets. Through ongoing innovation and a focus on compliance, OKX aims to shape the future of finance and serve as a bridge between traditional banking and the new Web3 world.