Latest news with #OKX
Finextra
15 hours ago
- Business
- Finextra
Standard Chartered and OKX launch collateral mirroring programme
Standard Chartered and OKX, a leading cryptocurrency exchange and global onchain technology company, today announced the launch of a ground-breaking, world-leading collateral mirroring programme, enabling institutional clients to utilise cryptocurrencies and tokenised money market funds as off-exchange collateral for trading. 0 This initiative significantly enhances security and capital efficiency for institutional clients by using a Globally Systemically Important Bank (G-SIB) as the custodian for their collateral. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered said: 'We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need. By leveraging our established custody infrastructure, we are ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.' The collateral mirroring capability has been launched as a Pilot within the Dubai Virtual Asset Regulatory Authority's (VARA) regulatory framework, and it allows clients to benefit from enhanced protection against counterparty risk, a significant concern in the current digital asset markets. Standard Chartered acts as the independent, regulated custodian in the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority, ensuring the safe storage of the assets used as collateral, while OKX through its VARA regulated entity, manages collateral and facilitates transactions. Franklin Templeton will be the first in a series of money market funds that will be offered under the OKX-SCB programme. Hong Fang, President of OKX, said: 'As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered's position as a top custodian globally, as well as OKX's market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.' Franklin Templeton, a recognised leader in tokenisation and real world assets (RWA), continues to innovate by leveraging blockchain technology to deliver cutting-edge solutions to customers and clients. Through this collaboration, OKX clients will gain access to on-chain assets developed by Franklin Templeton's Digital Assets Team, seamlessly integrating them into their financial and operational structures. Roger Bayston, Franklin Templeton Head of Digital Assets, says: 'Leveraging blockchain technology, our platform is built to support the dynamic and ever-evolving financial ecosystem. We take an authentic approach, from directly investing in blockchain assets to developing innovative solutions with our in-house team. By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed - eliminating the need for traditional infrastructure.' Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, a leading global alternative investment manager, is among the first few institutions to onboard onto this pioneering programme, highlighting the importance of such capabilities being offered by a leading international cross-border bank and a highly reputable global exchange. Ryan Taylor, Group Head of Compliance at Brevan Howard and CAO of Brevan Howard Digital, commented: 'This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.'
Yahoo
5 days ago
- Business
- Yahoo
Crypto Bulls Lose $500M as Bitcoin Hovers Around $108K After Trump's Tariff Threats
Bullish crypto bets lost over $500 million in the past 24 hours as traders took profits and markets slid following President Donald Trump's fresh threats of tariffs on European imports and Apple products, sparking a wave of liquidations. Bitcoin, which had been trading above $111,000, dropped quickly to around $108,600, wiping out intraday gains and rattling broader market sentiment. BTC's drop was mirrored across the crypto complex, with futures tracking ether (ETH), Solana's SOL, xrp (XRP) and dogecoin (DOGE) showing losses from $30 million to over $100 million. Bitcoin futures saw roughly $181 million in losses, while Ether futures accounted for nearly $142 million. Altcoins added another $100 million in liquidations, including notable wipeouts in SOL, DOGE, and XRP. pic The largest single liquidation was a $9.53 million BTC-USDT swap on OKX, CoinGlass data shows. A liquidation occurs when an exchange forcefully closes a trader's leveraged position due to the trader's inability to meet the margin requirements. Large-scale liquidations can indicate market extremes, like panic selling or buying. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment. The pullback arrived just as bitcoin was gaining momentum on ETF inflows and growing institutional interest, leading some to expect a calm weekend. Instead, volatility returned in full force. With the macro environment now destabilized by renewed trade war fears, traders may remain cautious heading into next week's sessions.
Business Mayor
5 days ago
- Business
- Business Mayor
Why Is the Crypto Market Down Today?
The cryptocurrency market witnessed a surprising pullback of almost 3% even as Bitcoin (BTC) briefly hit an all-time-high price of $112k. Meanwhile, another cryptocurrency such as Ethereum, XRP, Solana & Dogecoin saw a drop of nearly 3% to 5%. So, what's driving this crypto market down? Bitcoin, the biggest and most popular cryptocurrency, saw its price fall by 2.6% in just 24 hours. After reaching $112K, it slipped to around $108,460. While this may not sound like a huge drop, it had a strong impact across the market. What triggered this drop was profit-taking. Many investors who had bought Bitcoin earlier chose to sell once it hit the new high. This led to a wave of selling and brought prices down. It's a common move in the market when people want to secure their profits after a big rally. The market drop also triggered massive liquidations. In the last 24 hours, over 163,000 traders lost their positions, adding up to over $544 million in total liquidations. A single trade worth $9.5 million was liquidated on OKX. Long traders, who were betting on prices going up, lost over $400 million. While Bitcoin dropped, other coins fell even more, Ethereum, the biggest altcoin dropped by 4.3% to $2,541. Meanwhile, XRP, Solana, Cardano, and Tron also faced losses between 1,% and 4%. These coins usually follow Bitcoin's movement, and this time was no different. Read More Today's Agent 301 Daily Puzzle [November 17 2024] - CoinMarketCap Even memecoins like Dogecoin and Shiba Inu took a massive hit. Therefore, Dogecoin dropped by 3.9%, Shiba Inu by 3.5%, and a Trump-themed token fell sharply by 13%. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. What is 'profit-taking' in crypto? Profit-taking is when investors sell their assets after a price surge to secure their gains, often leading to temporary market pullbacks. What caused Bitcoin's price to drop from $112K? Profit-taking by investors who bought Bitcoin at lower prices, selling after it hit a new high, triggered the price decline. How did altcoins react to Bitcoin's price drop? Altcoins, including Ethereum, XRP, Solana, Cardano, and even memecoins like Dogecoin and Shiba Inu, suffered larger drops (3%-13%) than Bitcoin. READ SOURCE
Yahoo
5 days ago
- Business
- Yahoo
'Clear momentum': OKX plots full-scale US comeback
Crypto exchange giant OKX is making a return to U.S. soil with its full brand behind the push, this time under the leadership of Roshan Robert, a seasoned TradFi and crypto executive who joined in September 2024 to spearhead the U.S. expansion. 'I joined OKX in September of 2024 with the mandate to build out the franchise here in the [U.S.],' Robert said in an interview with Scott Melker, host of TheStreet Roundtable and The Wolf of All Streets podcast. 'Amongst the roles straddling both TradFi and crypto, I'd like to highlight two... I was at Barclays at a time when the Dodd-Frank regulations were being implemented... [and] was part of the founding team [at Hidden Road] and took on the dual responsibilities of Groups COO and Groups ECO.' Now, he's bringing that dual-background discipline to OKX's U.S. strategy. 'Robust risk management, strong compliance, focus on client money controls and cybersecurity,' he said. Melker noted the significance of this relaunch. 'OKX's previous presence was with OKCoin... It seems like this is a bit different... Is that an accurate assessment?' 'Absolutely,' Robert confirmed. 'It is one single brand and we are coming to the US with a better product.' That 'better product' includes a centralized spot exchange and a Web3 wallet built specifically for U.S. users. 'Right now what we're doing is we're bringing on a centralized exchange for spot markets,' Robert said. 'We're not looking at perps right now because we don't have a DCM... As of now, we plan to really expand our spot market, launch the centralized exchange, have the full wallet tailored for US users.' Robert remains optimistic. 'There is a clear momentum as far as regulatory infrastructure is concerned... Over time we will definitely look to expand the market and expand across multiple areas and multiple products.' On April 16, OKX officially announced its expansion into the United States, marking a significant milestone for the company as it brings its full-scale platform to U.S. users. The exchange launched trading operations across 46 states and Washington, D.C., and simultaneously named Roshan Robert as the new CEO of OKX U.S. Robert, a veteran of Barclays and PricewaterhouseCoopers, will lead the charge from the company's newly established headquarters in San Jose, California. As part of this relaunch, OKX introduced a new self-custody wallet supporting over 130 blockchains and offering features such as token swaps, cross-chain transfers, NFT access, and Web3 dApp integration. 'Clear momentum': OKX plots full-scale US comeback first appeared on TheStreet on May 23, 2025
Associated Press
7 days ago
- Business
- Associated Press
OKX Launches xBTC on Aptos, Bringing 1:1 Bitcoin-Backed DeFi Onchain
xBTC enables Aptos users to access wrapped Bitcoin backed 1:1 by OKX's BTC reserves, with no minting or redemption fees. PALO ALTO, Calif., May 22, 2025 /PRNewswire/ -- Aptos Foundation, dedicated to supporting the development and ecosystem of the Aptos protocol, today announced OKX will launch xBTC on the Aptos network. xBTC is a wrapped version of Bitcoin that is fully backed 1:1 by BTC held in custody by OKX and available to use on Aptos starting May 22. Aptos users will be able to mint xBTC on OKX and seamlessly deposit or withdraw it on the Aptos network for use across a wide range of Aptos-native DeFi applications, including trading, lending, and other Web3 strategies. A special campaign will be launched on OKX in partnership with Hyperion, Echo Protocol and Aries Markets on May 23 at 3pm (UTC +8). Deeper integrations across the ecosystem are expected to follow in the coming weeks. 'Delivering seamless usability and access to onchain use cases is core to what we've been building at OKX,' said Jason Lau, Chief Innovation Officer at OKX. 'By bringing xBTC to Aptos, we are keen to see Bitcoin holders put their BTC to work in fast, low-cost DeFi applications while enjoying the security and transparency they've come to expect from us.' 'Aptos was built for real-world open finance applications, and Bitcoin is the linchpin between traditional and decentralized finance markets,' said Ash Pampati, Head of Ecosystem at Aptos Foundation. 'Being one of the first blockchains to support xBTC is a testament to the network's high performance, security, and scalability. This opens up new avenues for liquidity and ecosystem growth, while giving developers the confidence and tools to seize them.' Unlocking New Utility for Bitcoin and Aptos DeFi Bitcoin remains the most trusted and dominant crypto asset, but it has been largely excluded from smart contract ecosystems. xBTC changes that by allowing BTC holders to interact with DeFi on Aptos: a low-latency, scalable Layer 1 built for billions of users. With 1:1 collateralization and verifiable custody through OKX's public proof-of-reserves platform, xBTC enhances Bitcoin's utility while maintaining transparency and user trust. Aptos boasts a vibrant and thriving DeFi ecosystem with over $1 billion in total value locked (TVL). It is home to other BTC initiatives like aBTC (via Echo Protocol), which has nearly $270 million in TVL[1], reflecting strong momentum behind wrapped BTC assets. Building on this foundation, xBTC is poised to unlock even greater liquidity, cross-chain interoperability, and seamless access to DeFi protocols across the Aptos ecosystem. About OKX Trusted by more than 60 million customers around the globe, OKX is a technology company building a decentralized future that makes the world more tradable, transparent and connected. We're known for being one of the fastest and most reliable crypto apps in the world, and have processed trillions of dollars in transactions. We have key regional offices, including headquarters in San José, California, for the Americas and in Dubai for the Middle East. We also have offices in New York, Hong Kong, Singapore, the Republic of Türkiye, Australia and Europe. Over the past several years, we've built one of the world's most comprehensive regulatory compliant, licensed crypto companies. We hold licenses in the United States, the UAE, EEA, Singapore and Australia, as well as in other markets. We're steadfastly committed to transparency and security and publish Proof of Reserves reports on a monthly basis. To learn more about OKX, download our app or visit: About Aptos Aptos is a high-performance proof-of-stake layer-one blockchain. Aptos' breakthrough technology, scalable infrastructure, and user safeguards are designed to power the next generation of financial systems by offering unparalleled high throughput and low latency that can scale to billions of users. About Aptos Foundation Aptos Foundation is dedicated to supporting the development and ecosystem of the Aptos protocol. By unlocking a blockchain with seamless usability, Aptos Foundation aims to bring the benefits of decentralization to the masses. For more information about Aptos Foundation and its initiatives, users can visit: View original content: SOURCE Aptos Foundation
