One of the world’s largest crypto platforms, Okcoin, has announced that it has experienced a 450% growth in institutional customers and a 124% increase in institutional trading volume between September 2020 and 2021. Furthermore, their Daily Active retail Users (DAU) grew by 2,800%.
Okcoin, which is a highly regulated cryptocurrency exchange, has had its institutional activity on its crypto platform indicating macro sentiments with respect to large-scale investors, venture capital, and retail brokers.
A plethora of institutions in the global market has expressed interest in altcoins, which are none cryptocurrency assets. Altcoins amounted to 53% of institutions’ cryptocurrency purchases on Okcoin in September 2021 — a 23% increase from September 2020. In Q3 2021 alone, institutions utilizing Okcoin Earn, the DeFi investing tool, grew by 62%.
Especially, institutions ’receptivity to newer crypto means is growing. In 2020 and earlier, institutions simply favored altcoins that were at least four times old, similar to ether and litecoin.
While aged cryptocurrencies still dominate institutional altcoin purchases on Okcoin, institutions in 2021 began buying youngish means in larger volumes. MiamiCoin (MIA) came to the fourth most popular asset among institutions on Okcoin in Q3, incontinent after the separate protocol launched in August 2021. Avalanche (AVAX) was the sixth most popular asset among institutions in 2021 while the protocol was lower than a time old.
This instigation is sustained by Okcoin being the first to request a series of institutional trading.
Tools and asset rosters in response to demand from institutions for further crypto request exposure. Most lately, Okcoin came the first to offer an API to pierce DeFi — a point that was largely requested by asset directors and neo-banks — enabling institutions to seamlessly incorporate DeFi earning openings into their products and investment workflows.
Other tools, similar as APIs for the Bitcoin Lightning Network; trading, account, and subaccount operation; and post-trade agreement, have also been enforced by Okcoin’s institutional guests across colorful parts. With a commitment to furnishing guests with the stylish selection of well-vetted means, Okcoin was the first regulated exchange to list top cryptocurrencies in 2021 including Heaps (STX), Avalanche (AVAX), and Near Protocol (NEAR).
News Source: Rate Captain