Looking to buy Origin Protocol (OGN) in the UK?
Kraken, a popular cryptocurrency exchange, seems like the cheapest way to buy Origin Protocol Token (OGN) in the UK. You’ll pay a maximum of 0.46% in trading fees, as you’ll have to deposit GBP, exchange that for EUR, then use that to buy OGN.
But if you don’t want that faff, or want somewhere that’s a bit more beginner friendly, then check out the rest of this post.
Intro: Best Ways to Buy Origin Protocol (OGN) In the UK
Here’s a quick overview of places where you can buy Origin Protocol (OGN) in the UK.
| Provider | Payment Method | Trading Fees |
|---|---|---|
| Kraken Pro | UK Bank Transfer | Up to 0.46% |
| CoinJar | UK Bank Transfer | 1% |
| Coinbase (Advanced) | UK Bank Transfer | Up to 1.20% |
| CoinJar | Debit Card | 2% |
| Crypto.com App | UK Bank Transfer | Variable |
| Crypto.com App | Debit Card | 2.99%+ |
Scroll down to learn more about my favourite choices.
How to Buy Origin Protocol UK
1. Kraken
Founded in 2013, Kraken is one of the longest-running and most popular cryptocurrency exchanges in the world.
You’ll be charged a maximum of 0.26% in trading fees when buying or selling a cryptocurrency on Kraken. This makes it the cheapest place (that I could find) to buy Origin Protocol (OGN) in the UK.
Sounds good?
Yeah, but there’s three things you need to know:
- You can’t buy Origin Protocol (OGN) directly with GBP on Kraken. The only available trading pairs are OGN/USD and OGN/EUR. This means you’ll need to deposit GBP, exchange it for EUR (max. 0.2% fee), and then buy Origin Protocol (OGN) with that (max. 0.26% fee).
- Kraken isn’t beginner friendly. Sure, Kraken does work out as the cheapest option. But it’s nowhere near as intuitive or easy to get going with as alternatives in this post.
- The first deposit you make into Kraken is locked for 72 hours. You can still buy cryptocurrencies with the money you deposit in this initial period, but you won’t be able to withdraw the value of this deposit for a limited time.
Head over to their website to learn more.
2. CoinJar
Founded in 2013, CoinJar is a cryptocurrency platform that makes it easy for anyone to buy and sell cryptocurrencies like Origin Protocol (OGN).
Compared to cryptocurrency exchanges like Kraken (2.2-star rating) or Coinbase (1.6-star rating), it also has much better reviews on Trustpilot (4.1-star rating, 2000+ reviews).
You can deposit GBP with a UK bank transfer (via Faster Payments) and, at least in my experience, it’ll be credited within minutes. You can then use your account balance to buy Origin Protocol (OGN) and a growing number of other cryptocurrencies – and you’ll only be charged a transaction fee of 1%.
Alternatively, you can use a debit card to instantly buy Origin Protocol (OGN) or any other cryptocurrency that CoinJar supports. However, you will be charged a 2% transaction fee instead.
Regardless: CoinJar still works out one of the cheapest places to buy cryptocurrencies like this with a debit card in the UK.
What is Origin Protocol (OGN)?
Origin Protocol (OGN) is the native governance and rewards token for the Origin ecosystem. The goal of the Origin ecosystem is to make decentralised finance (DeFi) and NFT (non-fungible token) trading as user-friendly as possible.
Note that OGN is not the same as the Origin Dollar (OUSD), which is another token in the Origin ecosystem.
Both Origin Protocol and the OGN token were created by a team of entrepreneurs and blockchain engineers that includes Josh Fraser, Matthew Liu, and Yu Pan. Origin was founded in 2017, though the OGN token wasn’t launched until January 2020.
Here’s a quick video that explains what Origin Protocol is and how it works:
Origin’s mission is to bring “NFTs and DeFi to the masses”.
The protocol was originally designed to let people build their own decentralised ecommerce marketplaces on the Ethereum and InterPlanetary File System (IPFS) networks. Origin’s ecommerce marketplace centres around the idea of Dshops (decentralised shops) that serve as a decentralised alternative to Shopify.
With a Dshop, anyone can quickly launch their own ecommerce site and collect crypto and fiat payments for goods and services. Origin’s Dshops also store all your files and data using IPFS instead of with a centralised cloud storage service or web host.
Additionally, Origin now offers an NFT Launchpad and a DeFi platform.
The goal of the Origin NFT Launchpad is to make NFT issuance as simple as possible for creators by giving “creators and influencers more direct control over their content and their physical, digital, and experiential products”.
With the Origin NFT Launchpad, creators can set up their own custom storefronts or sell NFTs directly from their own website. The launchpad also lets customers buy NFTs using debit and credit cards as well as crypto.
The third pillar of the Origin ecosystem is decentralised finance (DeFi).
Origin’s DeFi strategy hinges on the Origin Dollar (OUSD), an ERC-20 stablecoin that’s pegged to the US dollar. What makes OUSD unique is that it’s designed to accrue interest while it sits in your wallet without the need to stake your tokens.
OGN is a governance and rewards token for the Origin Protocol. It doesn’t currently play a critical role in the functioning of the protocol, but it’s designed to incentivize people to use and participate in the Origin ecosystem.
There are 2 main benefits to holding OGN tokens:
- Governance Votes: Holders of OGN tokens can place governance votes to help decide the future of the Origin Protocol.
- Staking Rewards: Anyone that holds OGN tokens can stake their tokens and earn up to 25% in annual interest. Staking OGN requires a lock-up period of 30 to 365 days.
Additionally, OGN tokens are used to reward people who provide stablecoin liquidity to the Origin Protocol through Curve Finance. This requires depositing Origin Dollars (OUSD) plus either Tether (USDT), USD Coin (USDC), or DAI in the Curve OUSD pool. You can then claim your principal balance and your OGN rewards whenever you’d like.
Best Origin Protocol (OGN) Wallets
Origin Protocol (OGN) is an ERC-20 token that’s widely supported by major hardware and software wallets.
If you just want to HODL your OGN tokens, you can use most popular ERC-20-compatible wallets, like Exodus, to manage your private keys.
But if you want to place governance votes or earn OGN token rewards, consider using a wallet that’s compatible with the Origin ecosystem.
Origin’s governance DApp (decentralised app) currently supports the following software wallets:
- MetaMask
- Coinbase Wallet
- Portis
- Fortmatic
- Torus
- Gnosis Safe
Origin’s OGN staking DApp supports MetaMask and MyEtherWallet.
If you want to place governance votes and stake your OGN from a software wallet, MetaMask is likely your best option.
Additionally, both the OGN staking DApp and Origin’s governance DApp support WalletConnect, a third-party wallet integration software. You can use WalletConnect to integrate OGN-compatible wallets, like Trust Wallet and Atomic Wallet, to both Origin Protocol DApps.
What if you want to use a hardware wallet?
OGN is supported by most popular hardware wallets, including:
The Origin governance DApp doesn’t directly support any hardware wallets. But you can directly connect Ledger devices to the OGN staking Dapp.
You can also use WalletConnect to integrate Ledger, Ellipal, CoolWallet, and SecuX wallets to both Origin DApps. If you have a Trezor wallet for your OGN tokens, you can connect it to both Origin Dapps using MetaMask.