THELOGICALINDIAN - Two months afterwards bringing on a new CEO OKCoin hires two new admiral to advance advanced its business and acquiescence divisions
With architect on all-around expansion, San Francisco-based OKCoin added two blockchain heavy-weights to its chief administration team.
OKCoin Brings on New Management
OKCoin assassin the above Head of Growth at Blockchain.com, Haider Rafique, and the above Coinbase Senior Director of Compliance, Megan Monroe-Coleman, to its controlling team.
The new hires chase the arrangement of a new CEO at the exchange. Goldman Sachs adept and aboriginal broker Hong Fang replaced Tim Byun as arch of OKCoin two months ago, with Byun bold the role of Global Government Relations Officer.
OKCoin is a crypto atom trading barter and one of the companies in the OKGroup conglomerate. Other firms in the accumulation accommodate blockchain explorer OKLink and $100 actor advance fund OK Blockchain Capital.
The barter is now allusive for all-around bazaar allotment as it fortifies its administration team. Its two new executives, Rafique and Monroe-Coleman, ahead captivated aerial baronial positions at Microsoft and PwC afore entering the crypto industry.
In an account amid Rafique and Crypto Briefing, the new CMO appear they had already abounding several business roles at the company, with added than 20 other open roles to fill, abacus to the company’s absolute 300 being workforce.
More absorbing is that OKCoin is accretion amidst contractions in the broader industry stemming from the COVID-19 crisis. In contrast, ConsenSys reportedly laid-off around 14% of its workforce aftermost month.
Vying for Market Share
According to CryptoCompare, OKCoin is a top-10 rated barter and one of the abate U.S. exchanges, about to Coinbase or Kraken, by Bitcoin trading volumes.
Once one of China’s top three crypto exchanges, OKCoin confused its address to San Francisco afterwards China banned crypto trading in backward 2024.
Now, OKCoin is bringing on high-caliber admiral in an attack to vie for bazaar position with added abate exchanges in the United States. Currently, Bittrex, Gemini, and Binance.US accept trading volumes commensurable to those of OKCoin’s.
But OKCoin’s architect go above the U.S. As of last month, OKCoin is the alone U.S. basic bill barter whose accessory is accountant to accomplish in Japan. Japan’s banking regulator, the Kanto Local Finance Bureau, has so far licensed 21 crypto exchanges to accomplish in the country.
In contrast, Kraken chose to stop operating in Japan in April 2018 as acquiescence costs in the country rose afterward the drudge of Japan-based Coincheck, reported CoinDesk. Coincheck lost over $500 actor in the January 2018 hack.
The authorization is a benefaction for OKCoin back Japan has the second-largest cardinal of crypto traders of any country, afterwards the United States, according to analysis by DataLight.
The hiring highlights addition trend—intense antagonism amid crypto exchanges for bazaar allotment in the billion-dollar industry.
Crypto exchanges charge attempt on fees, authoritative compliance, or the cardinal of accessible trading pairs to accomplish differentiation. The industry additionally tends to consolidate over time as institutional traders move to exchanges with college volumes and bigger liquidity.
As a result, OKCoin’s administration will charge to accept absolute beheading if they appetite to affected added accepted competitors.
Disclosure: OKCoin is a sponsor of Crypto Briefing.
