Former OKEx executive to launch crypto derivatives exchange 'ACDX' in Q2 2020

Andy Cheung, former chief operating officer at OKEx, a cryptocurrency exchange company, announced that he is planning to launch a new crypto derivatives exchange, called ACDX, in the second quarter of the year.

Speaking to CoinDesk, Cheung said that the exchange will be based in Seychelles and allow users to trade more advanced products including callable bull/bear contracts.

“One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers,” Cheung told CoinDesk.

ACDX aims to become a global platform and will focus on onboarding Asian clients by leveraging Cheung's and the other executive’s connections in Hong Kong and mainland China.

At present, the firm has over 25 employees. Eight of those are developers who build and maintain the platform’s infrastructure. Cheung revealed that the exchange is aiming to raise $40 million by selling tokens and equity investments from crypto funds, private equity firms and family offices from Asia and Europe. At present, it already has $4 million and more investors are expected to support it soon.

“We have over $4 million so far and most of the money comes from our own funds,” Cheung added. “We are in talks with potential investors and likely to announce new investments in the next two months.”

In December, OKEx launched options trading, allowing users to choose from a broad range of products that best fits their trading and hedging strategies. The exchange said that it was the first to offer C2C, spot, futures, perpetual swap and options trading - all under the same roof.

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