Crypto Platform OKEx Processed 25 Billion Trades Worth $21 Trillion In 2021
OKEx, the global platform for crypto investments, executed over 25 billion transactions in 2021, which amounted to a total trading volume of more than $21 trillion, the company said on Monday.
In terms of trading volumes in both the spot and derivatives segments, OKEx ranks amongst the five largest crypto exchanges in the world. In 2021, the platform witnessed 220 new crypto pairs getting listed. The platform claims to have more than 20 million users who trade in crypto across more than 100 regions throughout the world.
More than 1 billion in assets were staked and locked by its users in the fixed deposit type product called OKEx Earn, the crypto exchange also said, while more than $314 million was paid out in passive income. The global crypto market will start to experience more sustained growth in 2022, believes OKEx.com, while predicting the global market for crypto in 2022.
The company said it would be exciting to watch how the global market for non-fungible tokens (NFTs) would pan out in 2022.
“We can expect more brands to join the NFT party to enhance customer engagement and create new revenue streams for their brand. Artisans will realize the importance of a digital marketplace for their artworks which completely removes the revenue-eating middlemen,” the company said in a statement.
In 2022, crypto investors are also likely to accord more interest in stablecoins and make these crypto-assets more prominent in their portfolio, OKEx also said.
A stablecoin is a form of cryptocurrency pegged with an underlying asset such as a national currency like the US dollar or a precious metal such as gold.
“They will not only act as a store value but will serve as an important asset to beat inflation. We will see the rise of stablecoins with more crypto companies launching their stablecoins to provide much-needed diversification to investors,” said Jay Hao, Chief executive officer, OKEx.
During the second half of the current year, there is likely to be a bull run in the cryptocurrencies market, the platform said, which would be driven by greater clarity on the regulatory network of the digital currencies as well as because of other key economic factors linked to the global financial markets.
Furthermore, OKEx believes that as the crypto industry matures and investors develop a better understanding of crypto assets, it is likely that the industry will see more investments in particular currencies that are part of the blockchain, which plays a critical role in decentralized financing (DeFi).
The company said that it had also launched a slew of new features on the platform, as well as integrations and upgrades in 2021, which ranged from enhancements and improvements like the company’s systems and a mode to many third-party integrations, which included with Lightning Network, Polygon, and Algorand.
While considering the fact that 2021 saw sustained strong demand for DeFi, the company also launched a dedicated on the OKEx web and app. OKEx DeFi included one for minting, listing, and trading NFTs. It also included a blockchain gaming centre and a dashboard for managing all the DeFi assets across networks of its users.