OKEx Reveals New Feature With 150K USDT Trading Competition
- The Unified Account feature is meant to make settlements of derivatives faster, allowing users to realize their profits “instantly”.
- The trading competition will last until 10:00 AM UTC on 17 December, and will rank winners base on their personal and team trading revenue.
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Crypto derivatives exchange OKEx is celebrating the launch of its Unified Account feature with a 150,000 USDT trading competition, the firm said in a press release on 15 December.
According to the announcement, the exchange’s new feature will offer users a more seamless and efficient trading experience by allowing them to select from three different modes of trading. The exchange further claimed that the new Unified Account feature will enable faster settlements of derivatives, allowing users to realize their profits “instantly”. The CEO of OKEx, Jay Hao, said in a statement:
“The Elite Demo Trading competition is an excellent opportunity to test out the features of the new integration while compensating traders generously and giving them a chance to improve their trading skills in a demo environment.”
The new feature will also make it possible to no longer segregated funds into different accounts, making it easier for users to manage their holdings. With the goal of granting users more flexibility in trading, the exchange examined its user feedback while developing the new feature.
In order for users to participate in the trading competition — that will end at 10:00 am UTC on 17 December — they need to first pass the exchange’s Level 2 account verification, and join a team of minimum 10 members. Winners of the competition will be ranked based on both their individual and team trading revenue
- The exchange is also waiving any fee on the conversion of USDT to USDC in order to stimulate the swap and make it frictionless.
- The move came only three months after rival exchange Binance started to auto-convert USDC to its own BUSD stablecoin.
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- Etherscan data shows that crypto assets have once again started to leave one of FTX’s hot wallets, suggesting that the exchange has reopened withdrawals.
- Earlier today FTX CEO Sam Bankman-Fried took to Twitter to apologize for the recent events, and announce that Alameda will be winding down.
- The stablecoin issuer was order to produce a number of financial documents, as well as records of crypto trades, transfers, and its accounts with crypto exchanges.
- The order was made as part of a case that was started in 2019 by a group of investors, who alleged the company had manipulated the crypto market in 2017.