OKEx, the Malta-based cryptocurrency exchange, is pushing the institutional side of virtual currency trading by joining forces with Caspian, the digital assets exchange. According to a joint press release published on May 15, the duo’s aim is to “support the institutionalization of cryptocurrency trading.”
Caspian, the cryptocurrency trading and risk management platform will provide the support and infrastructure to usher in the “institutional adoption of cryptocurrency trading.” The platform will integrate both futures and spot products offered by the Maltese exchange into their crypto-order and execution management system (OEMS).
The press release added that the partnership will focus on the Chinese market initially, before moving on to the global market. OKEx’s Vice President James Jiang, stated:
“There is huge potential for institutionalization of crypto in China and more broadly. We are delighted to have teamed up with Caspian to help facilitate our clients’ needs in this space”
Institutional investors are the new target market for the cryptocurrency industry with several top players entering the fray in recent months. Among them, the standout is undoubtedly Fidelity Digital Assets which stated that it would be commencing cryptocurrency trading in the upcoming weeks, with Bitcoin as their primary cryptocurrency on offer.
Caspian is the product of a partnership between Kenetic Capital, a Hong Kong-based cryptocurrency firm, and the American trading services company, Tora. In September 2018, the Caspian project saw a massive $16 million investment from Galaxy Investment, Octagon Strategy, Global Advisors and Bletchley Park and Kenetic.