Cryptocurrency platform OKX (formerly known as OKEx) has received a provisional virtual-asset license from the Dubai authority. The exchange plans to set up a regional hub in the city, according to Bloomberg on Thursday.
“OKX is committed to building out both its team and necessary infrastructure in the UAE,” General Manager Lennix Lai said in a statement, adding that the market had a growing local crypto ecosystem and “a balanced regulatory framework.”
Per the report, the license enables the company to provide access to products and services to investors in the United Arab Emirates.
OKX provides stablecoins trading
Meanwhile, OKX also launched a new crypto pair trading service on Wednesday. The company said that new stablecoins trading pegged to fiat currencies include Tether (USDT), a stablecoin pegged to the U.S. dollar, EURT, a stablecoin pegged to the euro, and Tether Gold (XAUT), a digital token backed by physical gold go live on OKX Chain (OKC).
OKX Chain, a secure and programmable smart contract platform for decentralized applications, became the 12th public chain to list Tether. Users can trade USDT more safely on OKX Chain with a transaction cost of $0.0001.
Lennix Lai, Director of Financial Markets, OKX stated that OKX Chain is able to provide both Ethereum and Cosmos ecosystems because it is suitable for many DeFi protocols, NFTs and other Metaverse applications at the intersection of the two blockchains. Lai said:
“Tether only lists USDT on some of the most prominent and successful public blockchains in the world, so we are delighted to welcome USDT to OKX Chain. OKX Chain is one of the few public chains that exist at the intersection of Ethereum and Cosmos, which means that users can enjoy the benefits offered by both ecosystems.”
According to data from CoinMarketCap, Tether is the world’s largest stablecoin with a market capitalization of $65.89 billion, ranking it as the third-largest digital asset.
Stablecoin issuer Tether Operations Limited (“Tether”) has announced plans to launch Tether tokens (“GBP₮”) pegged to the British Pound Sterling in early July.
OKX is actively expanding its business. On July 11, OKX announced that it will invest more than $20 million to sponsor Manchester City’s training kit this season.
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