OKX's U.S. sister crypto exchange—once called OKCoin and dubbed OKX by its non-U.S. counterpart—plans to launch a new mobile app this fall as part of a broader relaunch of the exchange. Haider Rafique They spoke Decrypt In an interview on Thursday.
Although it is a trading platform, it is an existing mobile application of US-based OKX, which is called OKCoin. Branding To OKX last year, the new app will be sunset when it launches in the U.S. The new app “will not be rebranded as the OKCoin app,” Rafique said. Decrypt.
“It's a new product,” he said.
Users of the OKCoin app will migrate to the new US “OKX” app, Rafique said. He added that some users who were notified of the upcoming migration by email had already started transferring their cryptos in preparation for the migration.
OKX, one of the largest crypto exchanges in the world, is expected to launch its new app for US users in the next two months. TThe company is already onboarding “a handful” of U.S. banks, Rafiqu said. He said the exchange is in talks with a few banks, including one used by competitor Kraken.
The US-based Oex exchange plans to take on banking partners after the trading platform stopped accepting US dollar deposits in early 2023, citing the failure of Signature Bank. The bank was OKCoin's primary US dollar bank for customer transactions.
The team behind the new app also plans to launch Automated Clearing House (ACH) transfers, which some merchants have experienced with the OKCoin app. ACH transfers, although typically slower than wire transfers, are generally more cost-effective and offer other benefits to consumers.
“We don't want to start with just wire, we want to start with ACH,” Rafique said. “[With] I don't think people really enjoy wire, and it's uncomfortable.
The new OKX app, like its previous app OKCoin, is available to users in 41 states, Rafique said. Decrypt. The reason is that OKCoin licenses can be transferred to the OKX-branded trading platform for US users, he said.
The launch of the new app under the OKX brand will deepen the “strengthening” of the exchange and its non-U.S. counterparts, Rafique said. Decrypt.
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