Cryptocurrency trading platform OKCoin today announced that it will diversify its asset exchange with five new cryptocurrency tokens.
OKCoin is now listing the following convertible virtual currencies on its exchange: XRP, Cardano (ADA), Stellar (XLM), Zcash (ZEC), and Ox (ZRX). U.S. traders and institutional investors in applicable states can now buy and sell these convertible virtual currencies safely and securely through OKCoin’s licensed trading platform. All five convertible virtual currencies will be paired against fiat (U.S. dollar), Bitcoin, and Ethereum.
Founded by the same team as OKEx, one of the world’s largest digital asset exchanges, OKCoin said its mission is to bring safe, secure, and regulated fiat-to-crypto (currencies such as the U.S. dollar to crypto) and token-to-token trading to institutional investors and retail traders throughout the U.S.
Just last week, the company announced it had expanded to 21 U.S states and will now allow traders in those states to buy or sell Ripple, Lumens, Zcash, and other tokens it supports.
The addition of five new currencies adds to OKCoin’s rapidly growing stable of convertible virtual currencies paired against fiat, which also includes Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.
“We are very pleased to welcome these five new cryptocurrencies and all of the communities that trade them,” said OkCoin CEO Tim Byun, in a statement. “As we build out the broadest set of financial products on a globally regulated exchange, we are committed to expanding the trading pairs for our customers while bringing tokens to the exchange that offer utility, value and demonstrable use cases. Today’s announcement signifies a giant step forward for the entire ecosystem.”
An independent, decentralized digital asset, XRP settles payments in 3 to 4 seconds and can scale to handle 50,000 transactions per second, which makes it an ideal digital asset for cross border payments. Ripple, an enterprise blockchain company, uses XRP in one of its products — xRapid — to help banks and payment providers source liquidity on demand.
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source. It is developing a smart contract platform that seeks to deliver more advanced features than any previously developed protocol. It also claims to be the first blockchain platform to have evolved out of a scientific philosophy with a research-first approach. The development team consists of a large global collective of expert engineers and researchers.
Lumens are the native token of Stellar, an open network that allows any currency or asset to be digitally issued, transferred, and exchanged over the internet. The Stellar public ledger has a built-in order book, pathfinding algorithm, and network token that together allow assets to move seamlessly between participants. With investment from payment company Stripe and a partnership with IBM, Stellar is an open source, decentralized protocol for the transfer of value globally.
Zcash is a privacy-protecting, digital currency built on science that allows users to transact efficiently and safely with low fees while ensuring digital transactions remain private. Users can selectively disclose address and transaction information for information-sharing, auditing or regulatory compliance.
Enabling the creation of a decentralized exchange, 0x is an open source protocol designed for exchanging any ERC20 token on the Ethereum blockchain in a fast and cost-effective way. The 0x protocol facilitates the exchange of a growing number of Ethereum-based tokens, including currencies, game items, and many more digital assets.
Founded in 2013, San Francisco-based OKCoin is one of the world’s first and largest regulated digital asset exchanges.