The crypto-currency market has spread across the globe to various regions, and it has been embraced by several people. Now, cryptocurrency organizations have spread their wings to Asian markets and OKEx is the perfect example of this.
OKEx, the popular cryptocurrency exchange has announced plans to enter the Indian market in association with CoinDCX.
The exchange announced that despite the uncertainty surrounding the Indian cryptocurrency market, it wanted to tap into its large populous. CoinDCX is a local futures product that caters to users who want to enter the cryptocurrency futures market. According to OKEx:
“OKEx will be taking a bigger step into the Indian crypto scene in a bid to enable more liquidity using its comprehensive expertise in developing top-notch futures.”
According to sources, the partnership will boost CoinDCX’s crypto futures product to the masses. The platform is called DCXfutures and will allow users to gain a 15x leverage on selected cryptocurrencies. w’s has not yet revealed what cryptocurrencies will be added to its roster but many believe it will be the top 5 cryptos.
Once the partnership is complete, users will be able to trade with Bitcoin and Ethereum on a perpetual futures contract. The top two cryptocurrencies have always been a favorite of the Indian digital asset community. The new features will also include maker fees, said CoinDCX. The 0.2 percent maker fee contribution is aimed to create a well-funded infrastructure that can cater to the users.
Once the deal is complete, the users will be on-boarded on a invitation-only basis. Once the trial tests are complete, it will be opened for the general public.
Upon completion of the deal, the users will be on-board on invitation-only basis. Once the tests have been completed it will be opened to the general public.Zac Zou, the head of OKEx claimed that India’s large market size could help increase cryptocurrency adoption. He added that India could become a driving force in adoption but only if the platform adds equitable currencies to their roster.
OKEx has made significant strides in other countries also and its entry into India is part of a larger expansion. Proponents of the field have praised OKEx’s bold move in a country that was battling with regulations. The Reserve Bank of India [RBI] has stated that cryptocurrency trading was illegal in India.
Cryptocurrency supporters have done their share in defending the state of virtual assets in the country. Debates and discussions were still ongoing in the Supreme Court to revoke the ban on crypto and then bring it under proper jurisdiction.