OKEx to Launch Crypto Index Fund

The new product was named OK06ETT and will give customers the opportunity to invest in a basket of six cryptocurrencies
05 June 2018   1244

One of the largest cryptoexchanges OKEx announced the launch of the cryptocurrency index fund, CCN reports.

The new product was named OK06ETT and will give customers the opportunity to invest in a basket of six cryptocurrencies through a fund whose shares will be traded on the exchange against the USDT.

At launch, OK06ETT will include bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), EOS, and OKB - the own utility token of the OKEx exchange.

Investors will also be able to buy back the fund for USDT or basic assets, which will not allow its rate to deviate too far from the net asset value.

It is noteworthy that the launch of the OKEx index fund took place a few days after a similar product was presented by the competing Huobi exchange. At the same time, the Singaporean company called its HB10 fund "the first crypto-currency ITF in the world".

By analogy with Huobi's HB10, minimal investments in OK06ETT are set at $ 100, which makes them affordable for retail investors.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   559

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.