Flibbr, a bitcoin-based marketplace, recently hosted a Google hangout session with two members of the OKCoin Bitcoin exchange: Zane Tackett and Chief Technical Officer Changpeng Zhao. During the hangout, Zhao commented on an upcoming hedge fund trader with an enormous amount of money to trade. Zhao said:
“Also very exciting, we have a new client. I cannot disclose the name yet. It’s a €3 billion market cap client. They just do hedge fund trading, and they’re going to be trading on our platform. That’s a pretty big institution.”
The news is huge for the bitcoin exchange that just recently saw more volume than Bitstamp and Bitfinex last month. The new client means that OKCoin users can plan on seeing major price fluctuations from this new “institutional whale” that will be actively trading on their platform.
One industry standard becoming increasingly popular is Proof of Solvency audits. Last August, OKCoin announced on Weibo that their audit was successful, conducted by Stefan Thomas. Proof of Solvency audits may not be required, but they are pressured on exchanges following the ongoing Mt.Gox disaster.
OKCoins CEO, Star Xu, had this to say upon completion of the audit:
“We believe that this is a necessary step towards financial transparency for Bitcoin businesses. We acknowledge the fact that today’s audit is just ‘one point in time’ and it is for this reason that we aim to perform a series of regular audits to give confidence to our users.”
Now that OKCoin plans to see an enormous amount of money flowing onto their exchange, it’s important to keep in mind the industry standards set in place to continually prove the legitimacy of their business.
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Images from OKcoin and Shutterstock.