Exclusive: How Does the Turkish Lira Crisis Facilitate OKEx's Expansion?

Exclusive interview with Andy Cheung: Part 2

In Part 2 of the interview, Andy Cheung, Head of Operations at OKEx reveals the expansion strategy of OKEx! He first mentioned how OKEx entered the Turkish market with the Turkish Lira crisis, followed by the upcoming target markets in the future! Andy also shares his views on how OKEx can contribute to the DATA initiative by CoinMarketCap!

We know that OKEx recently had over 30,000 Turkish users signed up for the platform. What is the market potential for Turkey in cryptocurrencies adoption?

Upon the economic crisis in 2018, the Turkish lira has devalued against USD, hence led to hyperinflation. Cryptocurrency offers transparency and accountability in a way that the public starts seeing crypto as a store of value. ING stated that 18% of Turkish citizens hold cryptocurrency – more than any other European country, according to a survey conducted last year. Having observed that the Turkish people are very open-minded to accept blockchain technology as well as for cryptocurrencies, we are very positive to the Turkish market and deem it as a huge potential. We are more than ever committed to growing with this market by offering C2C trading to interested users to good exposure and hands-on with cryptocurrencies.

We are everywhere where crypto is needed.

OKEx offers C2C trading services in Turkey
Source: OKEx

What are the next targeting markets for OKEx’s expansion in the near future?

Despite continuing our focus on the EU market, e.g. UK, Turkey, Russia, Germany, and France, we are also looking into collaborations with projects like TRON / LTC. Stay tuned for our next campaign on twitter.

We recently noticed that OKEx had join Data Accountability & Transparency Alliance initiative (DATA) by CoinMarketCap to increase the transparency of the crypto market. What steps OKEx had taken to achieve this goal?

We aim to provide as much live trading and live order book data as possible for the up keeping of the book without bias. In phase 2, we will provide more enhanced data and metrics to CoinMarketCap, in order to curb the increasing misinformation in the market. At OKEx, we are committed to building a robust blockchain ecosystem, and this commitment extends to our stakeholders and other external parties associated.

OKEx joined DATA Alliance by CoinMarketCap to drive greater visibility into data in crypto space
Source: OKEx