In an announcement launched on March 29, OKX introduced its intention to broaden its crypto providers to Australia, citing the nation’s robust adoption of cryptocurrency. The trade, which gives providers to over 100 international locations, has already expanded its operations into Malta in August 2018 and secured a provisional license in Dubai in July 2020.
OKX sees Australia as an indispensable a part of its progress technique and a key progress market, stating that it goals to construct a robust native workplace. The trade’s transfer into the Australian market is fueled by the excessive demand for cryptocurrency amongst Australian retail traders.
Based on Jay Hao, CEO of OKX, Australian retail traders have proven a large urge for food for exploring crypto as an funding car and for buying and selling. He famous that since he got here to OKX, the net site visitors from Australia and the variety of folks attempting to discover OKX providers from Australia has been important.
The trade’s Head of International Operations, Grant Rafique, believes that Australians are forward of the curve by way of crypto training, which he hopes will make OKX’s transfer into the market even smoother.
Australia’s cryptocurrency trade has been rising steadily, with an growing variety of Australians investing in digital belongings. A report by the Cambridge Centre for Various Finance revealed that Australia’s cryptocurrency sector grew by 20% in 2020, with the variety of lively crypto customers doubling within the final 12 months.
The enlargement into the Australian market is a part of OKX’s broader technique to change into a world chief within the crypto trade. By increasing its providers to extra international locations, the trade hopes to supply extra folks with entry to digital belongings and facilitate the adoption of cryptocurrency worldwide.
Total, OKX’s transfer to broaden its providers to Australia is a major improvement within the nation’s crypto trade, as it’s more likely to convey extra competitors and additional improve the adoption of digital belongings amongst Australians.