OKEx Donates $4.5M to Insurance Fund After Skipping Warren Buffett Lunch
By Tyler Smith – Cryptocurrency Expert
The Malta-based crypto exchange, OKEx just donated about $4.5 million in BTC to its insurance fund as compensation for skipping the Warren Buffett Power Lunch.
On July 23rd, in a press release shared along with Cointelegraph, OKEx showed its contribution to the perpetual swap market exchange, in which the amount is similar to what Justin Sun of the Tron Foundation paid when he scheduled to have lunch with Warren Buffett before moving the date due to complications with his kidney stones. The insurance fund will sell Bitcoin to develop their fund.
Many big names have donated crypto to good causes. Though this is positive publicity for the technology, they must buy Bitcoin or crypto first increasing demand to then the charity will cash out crypto to fund their cause which suppresses the value.
OKEx head of operations, Andy Cheung spoke about the contribution saying that "the Power Lunch is a crucial step to advocate the value of blockchain, cryptocurrencies like Bitcoin, Ethereum and more, as well as digital assets to traditional Wall Street finance leaders." OKEx hopes the lunch will encourage these institutions to buy and sell Bitcoin or crypto to increase the efficiency of their operation.
Cheung went on to state they wish to support blockchain development in their unique way whilst putting the customer first. This led to OKEx placing their resources where the customer will benefit.
OKEx explains that the introduction of the insurance fund is to reduce uncertainty and trading risk as the user is able to reduce the impact of loss.
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