Cryptocurrency Exchange OKX Plans Indian Market Entry to Expand Web3 Applications
Summary:
Cryptocurrency exchange OKX plans to enter the Indian market and hire local employees to expand its Web3 application possibilities. With 200,000 user wallets in India, OKX aims to engage with the developer community and add value to the local market. The exchange, ranking sixth globally in volume, operates through regional hubs and partnered with Neo for an APAC Hackathon. While cryptocurrency trading is legal in India, it lacks clear regulations and is associated with investor risk. OKX intends to be a frontrunner once regulatory frameworks are established.
Cryptocurrency exchange OKX is set to enter the Indian market and expand its Web3 application possibilities by hiring local employees, as reported by CoinDesk. Haider Rafique, CMO of OKX, expressed plans to significantly increase wallet services through engagement with India's developer community. Rafique also mentioned that currently, there are only 200,000 OKX user wallets in India, representing a mere 5% of the country's Web3 users. Instead of opening an office, OKX intends to rely on local employees to lead its efforts in India. OKX, the 6th largest cryptocurrency exchange globally in terms of volume, operates through regional hubs in Singapore, Dubai, Hong Kong, and the Bahamas. Recently, OKX partnered with Neo, a blockchain platform, for an APAC Hackathon in Bengaluru, India, to better understand the local Web3 ecosystem. While cryptocurrency trading is legal in India, it lacks clear regulations and is subject to investor risk. However, OKX believes regulators are starting to differentiate between Web3 and centralized finance. OKX aims to be at the forefront of the Indian market once regulatory frameworks are established. In contrast, Indian exchanges CoinSwitch and CoinDCX have had to lay off staff due to the current market slump.
Published At
9/1/2023 9:32:02 AM
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