OKX centralizes the P2P trading service by acting as an intermediary

“It makes secure person-to-person commerce accessible to many more people, including those around the world who don’t have access to traditional banking services.”

Cryptocurrency exchange OKX has relaunched its P2P (peer-to-peer) trading platform that allows users to trade seamlessly with each other.

The revamped platform has expanded payment methods for P2P trading and will see OKX act as an intermediary to offer risk management to traders. OKX now offers more than 900 payment methods in 40 different currencies.

The P2P trading service allows users to be their own marketplace – issuing “advertisements” in order to trade with each other and better control the price at which they buy and sell.

Users in unbanked markets, who may not have access to conventional banking infrastructure, can leverage OKX’s P2P trading platform to connect with other users.

The OKX platform plays a facilitation and risk management role in P2P transactions. Once an agreement has been reached between the users, OKX holds the funds in escrow until payment from the buyer is confirmed. This allows the exchange to manage the risks faced by users and ensure safe and stable trading between them.

Lennix Lai, Director of Financial Markets, OKX, said, “P2P trading on OKX allows users to trade on their own terms. But more importantly, it makes secure, person-to-person commerce accessible to many more people, including those around the world who don’t have access to traditional banking services. This is one of the ways OKX empowers users around the world to break free from traditional financial systems and strive for financial independence.

OKX’s redesign of its P2P trading platform includes a new and improved homepage user interface and an easy-to-use navigation bar that makes it easy to switch between the market, orders and ads.

The redesign also offers easier access to P2P guides, FAQs, and tutorials to help users learn how to get the most out of the platform.

OKX recently announced its partnership with TradingView in a major milestone for the cryptocurrency exchange, which will bring over 260 additional cryptos to the leading investment platform which already has 30 million customers.

As part of the partnership, TradingView users can now execute trades on OKX directly through the platform and benefit from an additional 640 spot trading pairs and over 100 crypto derivatives.

While OKX already caters to customers in 180 countries, the crypto exchange recently received a provisional virtual asset license to operate in Dubai. The Seychelles-based cryptocurrency exchange has obtained approval from Dubai’s Virtual Assets Regulatory Authority (VARA).

Earlier this month, OKX launched Block Trading so professionals and institutionals can execute large privately negotiated trades off the order books. The offering includes crypto spot trades, futures, options, and perpetual trades, as well as combined multi-step, over-the-counter trades.

OKX plans to eventually expand Block Trading to offer bespoke strategies, other OTC products, and integrations with DeFi derivative protocols.

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