OKCoin to Add Ethereum to Exchange

OKCoin, one of China’s largest Bitcoin exchanges, announced today that they are adding Ethereum to their exchange.  OKCoin will enable ETH deposits and withdrawals today and start trading services tomorrow.

This makes OKCoin the second, of China’s “big three exchanges”, to add Ethereum trading.  Huobi, another of the big three, launched Ethereum trading today.

In OKCoin’s official statement, they had many positive things to say about Ethereum, while bringing up some issues surrounding the Bitcoin technology.

“Today, we are formally launching ETH on the OKCoin exchange. Ethereum has a current circulation of 90 million, with ETH reaching a market cap in excess of USD 10 billion, and a total hashrate of more than 25K GB. Hundreds of applications are now built on Ethereum and a growing number of applications are using smart contracts run on the Ethereum blockchain.

More than 20 top global financial institutions and technology companies, including JPMorgan Chase, CME Group, BNY Mellon, Thomson Reuters, Microsoft, Intel, and Accenture, have set up the Enterprise Ethereum Alliance (EEA) to define enterprise-grade applications of Ethereum. China’s Tencent, Zhong An Insurance and other well-known companies are also investigating various applications of blockchain. The United Nations has just launched its first large-scale Ethereum test to distribute humanitarian funds.

Given this opportunity, we implore BTC Core developers and relevant Miners to work together and resolve any outstanding technical issues, activate Segwit, and solve BTC’s scaling issues. Our industry and the history of technology offers us many warnings, whether it’s the IE browser or the Nokia mobile phone. No matter how dominant, how much market share you have, if you do not adopt the latest technology and fail to constantly improve on the core user value proposition, time will pass you by. Ultimately, digital asset exchanges around the world can only advocate for the best technology and aim to provide the best trading experience for our clients.” 

This news comes just one day after our article  “Ethereum Still Has Plenty of Room to Grow, by Getting Listed on These Exchanges”.  This article discussed how Ethereum being added to OKCoin and other large exchanges could bring new investors to the cryptocurrency.

OKCoin consistently has the largest BTC volume of Chinese exchanges, yesterday accounting for 3.54% of all Bitcoin trading volume in the world (according to coinmarketcap.com).

The subreddit /r/ethtrader has many users speculating this news will drive up the ETH prices.

The creator of the thread, Reddit user “hodlon”, mentions “Now Two of the ‘Big 3’ in China support Eth trading. BTCC won’t want to miss this and even with all that vote drama on Twitter I am sure we’ll see ETH trading there too in coming weeks”.  It’s tough to argue against this point and we could very soon see ETH trading on all the major Chinese exchanges.

The positive news for Ethereum continues and it’s price has already reach as high as $236 today.

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