OKEx Gains Access to Indian Crypto Market with CoinDCX Partnership
OKEx, which describes itself as the world’s largest futures cryptocurrency exchange, has just expanded the reach of its product offering to India. The Malta-based platform has signed Indian crypto exchange CoinDCX, which is backed the startup investment arm of US-based private equity fund Bain Capital.
OKEx lists a number of advantages in its press release. Firstly, the partnership will provide the global exchange with strategic insights, liquidity, and connectivity within the Indian marketplace. Further, it allows both CoinDCX and OKEx to strengthen their service offerings and expand their customer base.
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This collaboration will be translated into a dedicated derivatives platform called ‘DCXfutures,’ which is currently open for a select group of traders ahead of a public launch in Q2, 2020. It is looking to be a platform that provides investors with a complete set of financial instruments to trade their digital assets. DCXfutures will allow for up to 15x leverage trading on major coins, as well as perpetual future contracts with Bitcoin and Ethereum futures.
Unclear regulatory framework for Indian exchanges
CoinDCX, which operates an aggregator of cryptocurrency trading services, claims to have versatile financial instruments and deep order books targeting a variety of trading use-cases.
OKEx’s entry into India comes in a time when the nation’s cryptocurrency exchanges are at a nascent stage, primarily due to regulatory uncertainties. CoinDCX and other players are betting on global markets after most of their peers shut down operations. Those trying to survive the uncertain phase are exploring options including crypto-to-crypto, P2P and derivatives products.
Although both the government and the Reserve Bank of India have not imposed any restrictions on the P2P transactions, they completely forbidden cryptocurrencies. While the central bank has banned banks from dealing in virtual coins, the government is now drafting a law that would propose a jail sentence for any crypto users.
OKEx, which claimed over $2.1 billion of crypto trading volumes in the last 24 hours, said the trading experience will be more intuitive, making it easier for Indian users to master. It describes the system as similar to spot trading, with the addition of leverage.
Commenting on the partnership, CoinDCX CEO and Co-founder Sumit Gupta said: “We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. Our partnership with OKEx marks an exciting new chapter in our journey as we continue to strive to offer our customers innovative products and unparalleled market liquidity.”
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