Ex-CEO of OKEx to launch crypto derivatives exchange in Q1 2020

on Feb 6, 2020
Updated: Mar 11, 2020
  • The former CEO of OKEx, Andy Cheung, is currently working on launching a new crypto derivatives exchange platform.
  • The platform will be open to retail investors, and it will offer various products, including futures, options, fixed coupon notes, callable bull/bear contracts, and more.
  • He hopes to raise $40 million in the next few months and have the exchange up and running by early Q2 2020.

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Recent reports claim that the former CEO of the OKEx crypto exchange, Andy Cheung, is working on a new project which will result in the launch of his new crypto derivatives exchange. The exchange will be called ACDX, and Cheung plans to have it up and running before the end of the first quarter of this year.

According to what is known, ACDX will be based in Seychelles, and it will allow its customers to trade options, futures, warrant contracts, callable bull or bear contracts, as well as fixed coupon notes.

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Cheung needs $40m for his upcoming retailer-oriented platform

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Cheung commented on the move by saying that the exchange’s main goal is to provide retail investors with structured products that were previously only available to accredited investors. In other words, his new exchange will be open to retail investors. The decision likely comes due to huge demand and a small number of services willing to fulfill their needs.

As mentioned the exchange is likely to see the launch in late Q1, or at the latest, early Q2 2020. It will start simple, but more advanced products —including callable bull/bear contracts — after Q2.

Cheung seems to have big plans for the exchange, including the goal to make it a global platform. He will supposedly start by building a client base in Asia, originally through his and other executives’ connections in mainland China, as well as Hong Kong.

Cheung also hopes to raise $40 million via token sales and equity investments. He hopes to attract private equity companies, crypto funds, as well as family offices, whether from Asia or Europe. So far, he reported that the project raised $5 million and that the majority of the money comes from their own funds. However, the project’s representatives are currently in talks with potential investors, and more of them are expected to join over the next two months.