OKCoin Plans to Launch a Decentralized Crypto Exchange, Says CEO Star Xu
“Okcoin is prepared to donate the the blockchain research results, rather than its crypto exchange business to the country anytime in the future.” Star Xu, founder of exchange services provider OKCoin, clarified his previous comments in a recent wide-ranging interview with a local media called “Business and Life.”
In March, Xu said in an all-staff messaging group on Wechat that ‘Okcoin will expand its oversees operation, focus on the research on blockchain development, and the firm is prepared to donate it to the country anytime in the future’ as a respond to the then governor of PBoC’s speech. But a lot of people distorted his words.
“I mean donating the underlying technology of blockchain to the country, not the crypto exchange.” Xu said.
In this interview, Xu also discussed a variety of topics related to his business and the blockchain industry.
For the ‘wealth effect’ of the cryptocurrency market, Xu indicated that bitcoin’s price fluctuation indeed brings about wealth effect. Investors, crypto miners and companies in China are relatively early players in this market and have earned a huge amount of money across the world. Then these funds flow back to the market and give birth to many new ICO projects.
“In the long run,blockchain startups cannot easily ‘pick up money’ in this industry. Actually, a handful of investors may earn money in a short period of time, but most companies achieve explosive business growth after experiencing countless crises in five years. ” Xu said.
Okcoin now has two core businesses. When it comes to its overseas operations, the firm has set up many licensed crypto exchanges around the world, including offshoots in the U.S., South Korea, Japan and EU. And for its domestic business, OKcoin works to run the digital wallet, develop blockchain’s underlying techonologies and corresponding applications.
“We are also building a public chain too, because I think the biggest limitation that hampers blockchain adoption is not regulation, but the underlying technologies.” Xu said.
Besides, he added that OKcoin plans to launch a decentralized trading platform,too, “ Two or three years from now, we need to disrupt ourselves and decentralized exchange will replace the token-to-token tradings. But now the technology supporting the decentralized exchange is not mature enough.”
When asked about his opinion on the development of blockchain industry, Xu replied that ‘ the global cryptocurrency market cap stands above 200 billion USD now. I think when the figure hits 10 trillion,everything can be blockchainized, ranging from copyright, property rights to stock options. All these assets will be tokenized. We need to take a long-term view in regard to the development of the blue ocean market of blockchain assets’.