OKEx, the Hong-Kong based derivatives exchange from the team behind Chinese Bitcoin trading giant OKCoin, has announced the addition of support for Tether (USDT) trading to its platform.
The company notified its clients: “As one of the most popular digital asset exchange in the world, OKEx’s vision is to offer a diversity of trading pairs to our clients and deliver outstanding services though our state-of-the-art trading infrastructure. OKEx is therefore pleased to support USDT and to provide our clients with an alternative for cryptocurrency hedging and/or arbitrage.”
USDT is a digital asset based on the Omni Layer Protocol issued on the Bitcoin blockchain. The most distinctive feature of USDT is that it is backed by fiat currency – each USDT represents one US dollar and it is redeemable by holders upon request through the Tether platform.
In addition to its established offering, Tether recently announced that it will launch tokenized US dollars on the Ethereum blockchain as well. This was done in partnership with Ethfinex, a trading hub for Ethereum-based projects and a spin-off of cryptocurrency exchange Bitfinex.