$MCADE presale is now live!

OKEx partners with Indian exchanges to expand its reach

on Feb 15, 2020
Updated: Mar 11, 2020
Listen to this article
  • OKEx recently partnered up with one of India's largest crypto exchanges CoinDCX.
  • The partnership is expected to soon bring crypto futures product to the local exchange, and help drive adoption.
  • OKEx believes that India, as the second-largest nation and a major economy, is the key for pushing adoption.

Despite the recent cryptocurrency-related hearings, the situation regarding the future of digital currencies within the country of India remains uncertain. Even so, the global crypto exchange, OKEx, recently decided to make a move that will allow it to gain a foothold in the country.

Yesterday, February 14th, OKEx announced that it has partnered with India’s own largest crypto exchange, CoinDCX. The goal of the partnership is the launch of a new crypto futures product within the country. However, as mentioned, the move will also allow OKEx to reach the country’s crypto market, which is expected to significantly increase liquidity.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

As for CoinDCX, the partnership will unlock the exchange’s new crypto futures product, known as DCXfutures. The platform will, therefore, allow users to trade futures contracts with several major coins, and do it with up to 15x leverage.

According to CoinDCX’s statement, around eight coins will be included in the deal right away — BTC, ETH, XRP, BCH, LTC, EOS, ADA, and TRX. In addition, India’s traders will also gain the ability to trade perpetual futures contracts with BTC and ETH.

India’s importance for the future of crypto

The company added that maker fees will cover around 0.2% at the launch of the futures. Meanwhile, the services will initially only be available for select users, who receive an invitation. Eventually, however, once the general public receives access as well, users will be allowed to access DCXfutures from a single wallet. This is expected to arrive in the second quarter of this year, although the exact date — or even a month — is currently unknown.

The head of OKEx India, Zac Zou, recently spoke about India’s role as the world’s second-largest nation. He believes it to be one of the most important countries for crypto adoption. India is among the world’s largest economies, and as such, it has a unique opportunity to be a driving force for the mass adoption of digital currencies. This is another reason why OKEx is so keen on adding more cryptos to its ecosystem. However, it also presents a major opportunity for the exchange, if it manages to attract users.

CEO of CoinDCX, Sumit Gupta, also spoke about the Indian market, noting that it has a huge potential to accelerate economic growth and wealth in India.