OKCoin

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OKCoin
Industry Bitcoin Exchange
Headquarters Beijing, China
Key people
Star Xu, CEO
Number of employees
130
Website okcoin.com

OKCoin is the largest Bitcoin company in China[citation needed] with core product lines of a Bitcoin exchange, and a mobile consumer payment and lending app. OKCoin operates the largest Bitcoin exchange and through blockchain technology, seeks to dramatically improve payment systems.[citation needed] OKCoin Exchange China operates CNY/BTC spot pair with margin trading from its Beijing entity, while OKCoin International operates USD/BTC spot pair with margin trading and BTC/USD futures from its Singapore entity.

History

OKCoin was founded by CEO Star Xu in 2013 and has raised US$10mm in investments from Ceyuan Ventures, Mantra Capital, Ventures Lab and other notable private investors including Silicon Valley investor Tim Draper.

Star Xu is an experienced technology executive.Professionally, Star worked at Yahoo/Alibaba as a search algorithm engineer before serving as Chief Technical Officer of DocIn.com – a popular file sharing company – where he managed a team of 120 engineers. [1][non-primary source needed]

OKCoin has publicly expressed intention to expand overseas and become a worldwide digital currency services company.[2][non-primary source needed]

Controversy

On May 23rd, 2015, OKCoin made public a contractual dispute the company was having with Roger Ver over the management rights to the domain name "bitcoin.com."[3][non-primary source needed][unreliable source?] OKCoin management claimed that they could no longer pay Ver the money which was contractually owed to him due to a recent case in which Ripple Labs was fined $700,000 by FinCEN for failure to collect proper KYC paperwork from Ver.[4] In response, Ver published several months of email history between himself and OKCoin demonstrating that OKCoin had not been making payments for several months prior to the news about Ripple's fine.[5] In the emails, OKCoin CEO Star Xu claims to have discovered a more recent version of the contract signed by both parties, which included a clause that gave OKCoin the right to terminate the contract upon six months notice. Until this point, all communications between the two parties had been cryptographically signed using GPG, but Ver was able to prove that the newer version of the contract was signed with the same timestamped signature he appended to the previous version of the contract, indicating that his signature was merely copied over to the new document.[6] OKCoin proceeded to make a public offer of a $20,000 reward for anyone who was able to prove that Ver's statements were false; Ver responded in kind by offering a $1,000,000 reward to anyone who could prove that the signature on the more recent contract was actually valid and not a forgery.[6] To date, neither reward has been claimed.

References

  1. "The China King of Bitcoin: Star Xu - BEIJING, June 10, 2014 /PRNewswire/". Prnewswire.com. Retrieved 2014-06-30.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. Jon Southurst (@southtopia) (2014-05-19). "OKCoin and Huobi Discuss Bitcoin in China and Plans for Survival". Coindesk.com. Retrieved 2014-06-30.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. OKCoin) (2015-05-23). "OKCoin no longer managing Bitcoin.com due to contract conflict with domain owner". OKCoin Blog. Retrieved 2015-05-26.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. Stan Higgins) (2015-05-05). "FinCEN Fines Ripple Labs for Bank Secrecy Act Violations". Coindesk. Retrieved 2015-05-26.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  5. Joseph Young) (2015-05-25). "Roger Ver and OKCoin Squabble over Bitcoin.com, Breach of Contract". CoinTelegraph. Retrieved 2015-05-26.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  6. 6.0 6.1 Allen Scott) (2015-05-25). "Roger Ver: 'I Will Offer a $1,000,000 Bounty to Anyone Who Can Prove I Signed that Contract'". CoinTelegraph. Retrieved 2015-05-26.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links