One of the leading cryptocurrency exchanges of the world, OKEx has contributed bitcoin of worth $4.5 million to the perpetual swap market insurance fund, aims at enhancing the confidence of customers in digital trading currencies.
In 2018, Malta-based OKEx launched the perpetual swap business and new risk management system, together. These solutions greatly benefited its customers. Ever since the introduction of the new risk management system, OKEx exchange has registered no clawback for the perpetual swap trading and futures and zero clawbacks within severe variability.
The contribution of OKEx exchange to insurance fund will offer an additional layer of safety to the users and ensures that the interests of users are protected.
After getting verified by the trade market, OKEx exchange is delighted to notice that it’s crypto developed products have turned out to be the most reliable products of retailers and customers throughout the world.
OKEx exchange expects to move forward so as to make every customer feel convenient trading on OKEx platform.
In order to execute this plan, OKEx considered contributing US$4,567,888 of Bitcoin worth to OKEx’s perpetual swap insurance fund.
Operations head of OKEx, Andy Cheung, mentioned, “We strive for developing a healthy trading environment. No clawback has occurred on OKEx perpetual swap since its launch. We introduced a new risk management system to strike a better balance between avoiding early liquidation and maximizing traders’ benefits.”
Further, Cheung added we hope the donation of $4.5 million will provide more confidence to users market over OKEx platform. Our goal has always remained the same, creating a powerful cryptocurrency trading place, wherein every customer can buy and sell independently and in the right way.
The perpetual swap market insurance fund is created to pay margin call ahead of the activation of clawback. Hence, the bigger the insurance amount, minimum chances of having a clawback.
OKEx exchange offers services to millions of users across the world; it provides arbitrage and hedging tools, for example, futures and perpetual swaps, in order to support buyer and sellers to minimize their marketing techniques. OKEx developed a complex security network, and because of this no important security problems occurred, no scams have taken place and nor asset damage ever occurred on OKEx platform.
Andy Cheung stated,
“Customer satisfaction is the core of our service. The key to delivering the best user experience to our customers is security. Our founding members and executives are all tech and internet experts, allowing us to lead in product and technology development. As believers in Bitcoin and blockchain, we are dedicated to bringing more positive changes to the existing financial system, bridging the traditional and crypto markets with our technologies.”
Cheung also responded to the donation, saying,
“We wanted to support blockchain development in our own way and, more importantly, put our customers first. That’s why we decided to place our resources where our customers can directly benefit.”
The contribution is believed to go till July 24th; this contribution will increase the perpetual swap market insurance fund value by 2-fold.