OKEx Confirms Russian Expansion Plans
Alysa Xu, Chief Strategy Officer of OKEx, has stated that in the coming year the exchange will place a key focus on developing its presence in the Russian market. This move represents a clear strategy by OKEx to expand its global brand.
OKEx Chief Strategist Discusses Diverse Approach to Grow Brand
In an interview with DeCenter, a Russian-based crypto news community, Xu presented a bold plan for 2020 that will involve expanding the exchange in a variety of sectors. She discussed continued development of the OKEx token, which will include advanced capabilities such as smart contracts as well as a decentralized exchange. Xu also noted that the exchange will work more closely to help promote effective cryptocurrency regulation.
Most notably, however, is the goal of taking greater advantage of growing crypto adoption in Russia. On the subject Xu stated:
It is no secret that Russia has become a key market for OKEx this year. For quite some time now, we have noted a growing volume of trades from this region, even despite a small marketing activity and a weak presence of our brand. In the short term, we are looking for strong local partners with whom we will be able to successfully develop in the Russian market. [TRANSLATED]
Movement into Russia will include establishing an onramp to enable the purchase of crypto with Rubles. Such a move would have to involve partnerships with Russian banks, yet Xu did not provide further details.
Strategy Reflects Rapidly Growing Crypto Exchange Market
OKEx is one of many exchanges presently seeking to expand its international influence. Simply put, as crypto markets mature, these institutions are positioning themselves to become key actors in the global economic space.
There is no question that Russians are becoming increasingly interested in cryptocurrency, and earning their loyalty would be a valuable prize for OKEx. Nevertheless, operating in Russia will be a challenge. The government has yet to take a clear position on blockchain’s legal status. It recently outlawed cryptocurrency as a means of payment, yet in the past, both Vladimir Putin and members of the Duma have indicated that it will soon be both legal and regulated.
At play is the expanding presence of cryptocurrencies as a new asset class, of which global leaders and central banks are increasingly forced to recognize. OKEx is one of many exchanges that understand this fact, and are willing to take great risk to become early players in what is certain to be a very lucrative market. Even if OKEx finds Russia a difficult place to do business, it expects its efforts to eventually pay off.
What do you think about OKEx’s expansion plans in Russia? Let us know your thoughts in the comments below!
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