Today we’ve added a new coin, OMG, to our trading pairs on BlockTrades. Naturally, among other new trading pairs, we’ll be supporting direct buying/selling of OMG with Steem and SBD.
What is OmiseGo?
OmiseGo is one of the highest-valued Ethereum-based tokens by market capitalization (market capitalization = number of outstanding tokens * current trading price). At the time of this post, it is #32 overall by market cap according to coinmarketcap.com. Here’s a link to the official site for OmiseGo that discusses more about the coin: https://omisego.network/
First test of “Authorized” accounts on BlockTrades
OMG raised funds via an initial coin offering (ICO), which adds regulatory uncertainty as to its trading status in the US, so we decided to use our rollout of OMG to test the new “Authorization” feature we recently implemented on our site for registered users.
This means that to buy or sell OMG from our site, 1) you will need to have an account on our site, 2) you will need to send us a scanned image of a document that demonstrates you are not a US citizen via the Authorizations section of your profile page, and 3) you will also need to check the box under the Declarations section to assert that you are not a US citizen or resident. Note that if you’ve already previously completed steps 1 and 2, you only need to complete step 3 now. We added step 3 as a requirement because a user’s residency and citizenship status can change over time. Below is a visual overview of these steps:
Step 1: Create a BlockTrades account (if you don't already have one)
Step 2: Login to your account, go to your profile page, and send us an authorization request. This process is described in more depth here: https://blocktrades.us/help/authorizations
Step 3: Declare citizenship and residency status with respect to the US
For more information about why we are requiring this information in order to trade some coins, please see our earlier post: https://steemit.com/blocktrades/@blocktrades/blocktrades-accounts-now-upgradable-to-trade-in-more-types-of-coins