OKX, a major cryptocurrency exchange, is set to relaunch its U.S.-based platform with a brand-new mobile app later 2024. This update comes after the exchange, formerly known as OKCoin, was rebranded to align with its global counterpart, OKX. Haider Rafique, the Chief Marketing Officer of OKX, shared these plans in a recent interview.
Specifically, the current mobile app still goes by OKCoin, while the new mobile app will be called OKX. Rafique also clarified that this new app is not a replacement for the previous one but a new product. The current users of OKCoin will have their accounts transferred to the new application, and many have looked to transfer their digital currencies in preparation for this transition.
OKX Aims to Strengthen U.S. and Global Operations with New App
OKX is among the world’s leading cryptocurrency exchanges by trading volume, and the company is striving to release the new app in the nearest months. Some of these preparations entail recruiting new banking partners in the United States At the moment, the exchange is in discussions with several banks, one of which works with its rival, Kraken. This decision follows other restrictions that were put in place by OKX when it halted U.S. dollar deposits early this year because of the failure of Signature Bank through which customers transacted.
Some of the new features likely to be featured in this new OKX app are automatic clearing house (ACH) transfers, which have caused inconvenience to the current OKCoin app users. ACH transfers are normally slower than wire transfers, but they are cheaper and have additional advantages.
The new app will be available in 41 states, just as the old version of the OKCoin app was. Rafique says this is possible because some licenses can be transferred to the new platform under the OKX brand. The release of this app is anticipated to enhance the integration between OKX’s US and global entities and is a major leap forward for the exchange.
