OKEx, a cryptocurrency spot and derivatives trade primarily based in Malta, is saying the launch of a peer-to-peer buying and selling platform in India. According to info shared solely with Finance Magnates, the platform will go stay on August fifth.
The new platform will permit Indian customers to purchase cryptocurrencies with Indian rupees (INR) with out paying any transaction charges.
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“We’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives,” OKEx chief govt Jay Hao stated in a press release.
“What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users.”
The launch of the platform additionally kicks off a marketing campaign with a prize pool price a complete of 30,000 USDT. Users can earn elements of the prize pool by collaborating in day by day quizzes, posting on social media, referring mates, and buying and selling on the platform.
Upon its launch, the OKEx P2P platform will provide Bitcoin and USDT buying and selling pairs for INR; extra cash can be accessible quickly. According to the press launch, customers of the platform can use India’s “most widely used payment methods”, resembling UPI, IMPS, NEFT, and others to pay for his or her cryptocurrencies.
”We regard India as probably the most vital incremental markets of the crypto and blockchain trade.”
OKEx’s transfer into Indian represents the most recent improvement amidst a rising quantity of consideration on Indian crypto customers and the Indian cryptocurrency area.
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According to information from OKEx, there are an estimated 5 million cryptocurrency holders in India’s inhabitants of roughly 1.3 billion individuals. In different phrases, there’s a number of potential for progress.
And progress definitely has been taking place already. On March 4th, the Indian Supreme Court overturned a Reserve Bank of India ban that prohibited the nation’s banks from having working relationships with cryptocurrency corporations.
Since then, information from CoinDCX, one other Indian crypto trade, has proven a 1031.4% month-on-month improve in BTC/INR buying and selling quantity. The determine maintained a progress fee of greater than 100% in April.
However, the cryptocurrency trade in India nonetheless faces quite a few obstacles in entrance of its progress: particularly, though the banking ban was lifted, there are nonetheless quite a few banks which have refused to open accounts for cryptocurrency exchanges.
Additionally, merchants are cautious of connecting their financial institution accounts with crypto establishments due to the potential of account closure.
Despite this, OKEx’ Jay Hao is optimistic: “We always pay attention to the changes in the global crypto market and have great confidence in the Indian market,” he stated.
“With more and more cryptocurrencies and projects with high quality appearing in India, we regard India as one of the most important incremental markets of the crypto and blockchain industry.”