OKX, a cryptocurrency exchange based in Seychelles, has big plans for the U.S. market, with CEO Roshan Robert at the helm. Prior to his appointment in September, Robert had a successful stint at Barclays, navigating the financial institution through the implementation of the Dodd-Frank regulations following the financial crisis.
Robert’s extensive experience also includes serving as the chief commercial and chief operating officer for Hidden Road, a company he co-founded. He believes his previous roles have prepared him well for his current endeavor: “The foundational principles on which we’ve launched OKX in the U.S. are quite similar to everything that I’ve built over the past many years,” Robert shared in a recent interview.
Despite joining the company last year, OKX only made the announcement of Robert’s hiring and its plan to venture into the U.S. market last month, following a $500 million settlement with the Department of Justice over domestic operation without a proper license.
Thus far, OKX US has expanded to about 500 employees across three cities, including New York, San Francisco, and a headquarters in San Jose. The company is now licensed to operate in 47 U.S. states and several territories, like Washington D.C. and Puerto Rico.
OKX US aims to put compliance first, starting with centralized spot trading and a “full feature” web3 wallet. However, the long-term vision extends far beyond that. “We plan to slowly work towards becoming a category-defining super app,” Robert stated.
The company plans to introduce all of its existing business lines, from payments to complex derivatives products, to the U.S. market. It also aims to become a leader in the real-world assets sector, catering to both institutional and retail demand.
“We’ve announced certain partnerships with global firms outside the U.S., and we’re looking to see how best we can leverage those partnerships in the U.S. as well,” Robert said. He also noted that the derivatives market is likely two to five years away from significant expansion.
