Episode 59 of Season 3 of The Scoop was recorded on the 2021 Mainnet Conference with The Block’s Frank Chaparro and Hong Fang, CEO of Okcoin.
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Okcoin, which was based in 2013, is doing one thing completely different in a crowded subject of crypto exchanges: it will permit shoppers to denominate trades in bitcoin in items of satoshi, somewhat than BTC.
On this episode of The Scoop, Okcoin CEO Hong Fang joined host Frank Chaparro for a dialogue on Okcoin’s fast retail product launches and the hiring development they’ve undergone in an effort to compete within the area. She additionally defined the reasoning for the launch of Satoshi dominated trades.
“Our focus and space of variety of innovation pushed product efforts on the retail facet proceed to drive our product choices. Some of these may even evolve into institutional choices.” Said Fang.
Okcoin introduced on The Scoop that they are going to be launching a “SATs Mode” in an effort to cater to retail consumer demand for Bitcoin. That SATs mode will imply a capability to package deal and promote Satoshis, or 1,000th of a bitcoin. Since bitcoin holders typically maintain solely a portion of a bitcoin in decimals, Okcoin desires to make shoppers really feel snug with Sats with a view to make transactions simpler to know. This announcement comes on the heels of Okcoin’s integration of Lightning, the layer 2 micropayment protocol used for sending small quantities of Bitcoin. Okcoin is anticipating to make use of this retail lead providing as a chance to check the waters for such a product for institutional grade shoppers.
“I’m not nervous about taking a look at who else is consuming the cake. I’m taking a look at how we will serve the cake and the way large the cake must be.”
In an try to seize extra DeFi publicity for institutional shoppers, Okcoin not too long ago additionally launched an Earn APY providing for establishments following their retail providing. In their view, Okcoin is focusing its enterprise on collaborating in a decentralized future, although they acknowledge that as DeFi adoption grows the enterprise might nonetheless evolve into one thing very completely different than an trade, such as a DAO. “Ultimately everybody will personal their very own information,” Said Fang.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is supplied for informational functions solely. It is not supplied or meant for use as authorized, tax, funding, monetary, or different recommendation.