UAE OKDAX launches its digital, crypto asset exchange in District 2020

News Desk 16 February 2020

3 minutes read

Blockchain and Crypto News MENA DUBAI UAE

Backed by entrepeneurs in the UAE, China and korea OKDAX to operate from District 2020

OKDAX (www.okdax.com), a crypto, digital asset trading platform headquartered in Dubai UAE and created by entrepeneurs from Dubai China and Korea. It has announced the launch of its operations in the UAE . Working closely with Atlas Capital, a Dubai-based investment agency, OKDAX is the first crypto assets trading platform with which Blockchain Campus has formed a deep relationship. The exchange, backed by a wide industry network in Dubai while also partnering with such names as District 2020, SINOLINK INNO HUB and Dubai Blockchain Center, with a network covering MENA (Middle East and North Africa) and Asia-Pacific and extending all the way to Europe and North America, will become a new driver for blockchain growth in the Middle East. It will provide quality trading services to global users and grow in line with leading crypto projects around the world.

In recent years, the Dubai government has been actively promoting the development of both blockchain technology and a larger ecosystem. As one of the first steps, Dubai Department of Economic Development launched the Unified Business Registry Platform (UBRP). Abdullah Hassan, CEO of the Corporate Support Services sector in the Department said: “we are proud to be in the forefront of Dubai’s march to being the world’s first blockchain powered government.” After that, UAE announced “Emirates Blockchain 2021” and “Smart Dubai 2021” initiatives, which involve developing decentralized Apps in fields including E-government, payment system, land registry and passport-free travel for tourists, to make Dubai a leader in blockchain.

Quality crypto trading platforms can play an important role in Dubai Blockchain Strategy. OKDAX plans to open its office in the Middle East’s first “Blockchain Campus” in District 2020, which will be an innovation hub for Dubai Expo 2020. District 2020 connects people and spaces in a smart and sustainable urban environment designed to encourage creativity, collaboration, and innovation. The Dubai Blockchain Center is Dubai government’s blockchain center, inaugurated by His Highness Sheikh Mohammed bin Rashid Al Maktoum. It will bring together blockchain thought leaders, developers, investors and educators who will contribute to Dubai’s blockchain strategy aimed at integrating digital services and experiences seamlessly into people’s daily life.

According to a senior manager at OKDAX, compliance and standardization is always a top priority for exchanges. OKDAX is applying for approval with Dubai Financial Services Authority in the DIFC and the Financial Services Regulatory Authority in the ADGM. It will become the most trustworthy compliant crypto trading platform in Dubai.

Thanks to the support of the Dubai government, OKDAX is able to extend its reach from MENA to the world, while attracting global resources, including famous agencies, investment banks, funds and traders. Its team members are based around the world in the UAE, US, Korea and HK, etc. Its business and operations team have extensive experience in strategy, investment, marketing and community development. All of the development team are from top blockchain projects and exchanges with an average of 4 plus years of blockchain development experience.

Currently, OKDAX has more than 300,000 registered users from MENA, Europe, US, Japan, DPRK and ASEAN with effective DTU (daily trading user) of more than 5000. It is also a strategic investor in two blockchain media outlets tuoniaox.com and blockmena.io, based in China mainland and MENA respectively, who will funnel traffic to projects traded on OKDAX through their media resources and user communities so that projects can accelerate their time to the global market.

OKDAX has also made innovations, not only in crypto assets trading, but also in the form of a win-win mechanism. To support the growth of projects, OKDAX has launched a Growing Fund to buy tokens from the market with 50% of its profits. It will also urge projects to withdraw outstanding tokens and help them with repurchase and destruction to create a deflationary effect of tokens. The Fund will also invest in other funds, prominent projects and asset management products.