OKEx donates $4.5m to perpetual swap market insurance fund

(source: Unsplash/André François McKenzie)

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OKEx has donated $4.5m — approximately €4m+ — of bitcoin to its perpetual swap market insurance fund in order to foster the confidence of customers in trading cryptocurrencies, according to a press release the company published.

OKEx introduced perpetual swap trading last year, along with its new risk management system that their customers benefited from. The group offers hedging and arbitrage instruments like futures and perpetual swaps, in order to help traders optimize their trading strategies.

Since the adoption of the new risk management system, OKEx noted that the exchange has recorded no clawbacks for the futures and perpetual swap markets, even under volatility.

Furthermore, the donation to the perpetual swap insurance fund is expected to provide an extra layer of protection to the customers, ensuring their safeguard.

“We strive for developing a healthy trading environment. No clawback has occurred on OKEx perpetual swap since its launch. We introduced a new risk management system to strike a better balance between avoiding early liquidation and maximizing traders’ benefits,” said Andy Cheung, Head of Operations of OKEx.

“We believe the $4.5m donation can give extra confidence for customers trading on our platform. Developing a robust crypto marketplace where everyone can trade freely in a fair manner is something that has always been our mission,” he added.

“Customer satisfaction is the core of our service. The key to delivering the best user experience to our customers is security. Our founding members and executives are all tech and internet experts, allowing us to lead in product and technology development,” continued Mr Cheung. “As believers in bitcoin and the blockchain, we are dedicated to bringing more positive changes to the existing financial system, bridging the traditional and crypto markets with our technologies.”