The 2nd-biggest crypto trading company OKX has recently announced an exclusive development. The company has offered the trading of derivatives without any counterparty hazard related to the assets that the crypto exchange holds on it. This move plays a significant role in strengthening the collaboration with CoinShares (a well-known asset manager). In addition to this, the development also fortifies OKX’s partnership with Komainu (a custody venture).
OKX Introduces Latest Service for the Off-Chain Exchange of Derivatives
Since the implosion of the notorious crypto exchange FTX last year, several players within the market of cryptocurrency have devised several exclusive methods. They dealt with the off-exchange settlement and trade from the secure confines of a reliable custody setup. Spot markets witness a comparative comfort in off-exchange settlement, as per Lewis Fellas of CoinShares.
With This Development, OKX Offers the Complete Suite of Products on the Derivatives Forum
He is responsible for leading the company’s hedge fund-related solutions. According to him, a large differentiator is offering an analogous arrangement in the case of derivatives trading. He added that the platform endeavours to allow the trading of a complete package of products. Fellas stated in a recent interview that the firm will potentially offer all those products in its derivatives forum.
While providing additional information, he brought to the front that this procedure is complicated. The executive asserted that the possible cause of this complication is related to margin financing. In this, there is a requirement for risk mitigation in the case of downside.
OKX started collaborating with Komainu (a mutual venture between Ledger, Nomura, and CoinShares) back in June. Komainu is a custody specialist and Ledger is a crypto storage forum. While tackling the swaps and derivatives trading-related complexity, the entities have additionally established a standardized legal contract. Many counterparties can reportedly adopt the respective legal agreement.
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