OKCoin CTO Zhao Changpeng’s reveal that the bitcoin exchange had picked up a US$3 billion dollar hedge fund client caused some excitement and concern in the bitcoin space.
The news came up in a Google Hangout session with Zhao and Zane Tackett, OKCoin’s International Operations Manager.
Like many, we picked it up news regarding the session from @TuurDemeester in a tweet on November 11th [tweet at bottom of article].
In the session, Zhao’s most striking comment was:
Also very exciting is that we have a new client. I cannot disclose the name yet. It’s a three billion market cap client. They just do hedge fund trading and they are going to do trading on our platform. That is a pretty big institution.
From that very comment, the vision of a customer pumping $3 billion dollars into OKCoin exchange spread through the bitcoin trading community, particularly in China. As Zhao clarified to the editor of yibite.com, a Chinese bitcoin blog, although the hedge fund has a $3 billion market cap, the new customer was of course not “pouring” the whole $3 billion into the exchange.
Both Zhao and Tackett also discussed new developments at OKCoin. The exchange most recently launched 20x leverage for its Android trading app. OkCoin also launched 20x margin for cross margin mode. The previous week OKCoin only launched it for fixed margin mode. “Now we have it for fixed margin and cross margin. We also added trading through the Websocket API,” Tacket noted. The exchange recently added institutional support for companies wanting to sign up and trade on OKCoin.
We added stop orders for futures not long ago. Right now that’s only stop loss. So you can only close out a position using a stop order right now. We are going to have the ability to open your position with a trigger. So we are going to have a trigger hopefully very very soon. In the next couple days.
We actually are going try to make an improvement on the stop orders that we have on the dot CN site. We are going make the orders on the CN site consistent with the futures one.
OKCoin Rep: “Hedge Fund Controlling $3 Billion Has Started Trading on Our Platform” http://t.co/zg2ONk5rRe
— Tuur Demeester (@TuurDemeester) November 11, 2014
The news is huge for OKCoin which already has seen some of the highest volumes in bitcoin trading in recent months.