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Banking the unbanked with Blockchain: OKEx in Davos

Banking the unbanked with Blockchain: OKEx in Davos
By We Play Coins
Added on Jan 22, 2020

Banking the unbanked with blockchain was the main topic of OKEx, a cryptocurrency exchange. The company spoke in the 50th World Economic Forum (WEF) Annual Meeting at Davos. The event concentrated on finding new solutions to world problems including climate change, poverty and finance. The report was made by PRNewswire.

At the same time of the 50th World Economic Forum (WEF) Annual Meeting, OKEx, the world’s largest cryptocurrency spot and derivatives exchange by trading volume, is also in Davos exploring how a new blockchain-driven financial system should take shape. Lennix Lai, OKEx’s Financial Markets Director, has attended two major events in Davos, Russia House 2020 and EmTech Investment Meeting 2020, to share his views in this regard.

Highly developed as many countries are, there are still over 2 billion of global population being excluded from traditional financial services because of the high operational cost in setting branches in the under-developed areas. “Unbankedness”, on one hand, is one of the biggest hurdles in human wellbeing. On the other hand, it is a great opportunity for blockchain and fintech to make a difference.

“Unbankedness has been a global challenge. The underprivileged who are not able to afford or return with enough economic benefits to the bank are left behind from a decent living standard,” said Lennix Lai at Russia House 2020. “Blockchain and cryptocurrencies appear to be a solution to the problem by providing a digital, decentralized financial system that can work mutually-beneficially with traditional markets to substantially lower the operational costs and serve the areas traditional banking cannot cover.”

“As a leading crypto exchange with a vision of financial inclusion, we are committed to bringing a robust and trustable environment to cater to crypto users,” said Lennix Lai at EmTech Investment Meeting 2020. “We see the endorsement from global regulators. Hence, we do the best in engaging with them and performing the best compliance practice in the industry. We also see the volatility of bitcoin getting lower, making it become a favorable alternative asset for mainstream finance. And the recent surge of DeFi reflects that people are starting to brace a free, open, permission-less financial system. With our recently launched options, coupled with our futures and spot markets, crypto users can now manage the price fluctuation of crypto. In 2020, we will continue our effort on developing stablecoin, OKEx wallet and also derivatives products. At OKEx, we believe blockchain can achieve an inclusive sustainable development as well as financial inclusion for all, banked and unbanked.”

Dedicated in promoting decentralized finance and blockchain technology, OKEx offers a comprehensive suite of crypto trading products to offer great flexibility for traders to employ their own strategies. The BTCUSD Options is the latest offering of their derivative product. Banking the unbanked with Blockchain suggested as a solution by OKEx.

About OKEx

OKEx is a world-leading cryptocurrency exchange headquartered in Malta, offering comprehensive cryptocurrency trading services including fiat-to-token trading, spot trading, futures trading, and perpetual swap trading to traders globally with blockchain technology. Currently, the exchange offers over 400 token and futures trading pairs enabling users to optimize their strategies.