OKEx-CoinDCX partnership reportedly is believed to be one that will unlock more prosperity for Indians, boost the growth of the economy, and move the Asian country closer to the 5 trillion dollar club. This is according to Sumit Gupta, CoinDCX CEO and Co-founder.
Both companies announced the partnership in a press release amidst regulation issues crypto currently faces in India. With the OKEx-CoinDCX partnership, OKEx, an exchange firm based in Malta, has expanded into the Asian country cryptocurrency space.
Besides this, CoinDCX, in the same vein, declared the launch of DCXfutures product supposed to take care of the increase in the need for access to Futures, Options, and advanced trading in the Asian country market.
OKEx-CoinDCX partnership to propel crypto adoption in India
Zac Zou, who oversees activities as the head at OKEx India, explained how the Asian country with the 2nd highest population in the world is pivotal to the adoption of cryptocurrency. He explains that with India being part of the largest economies in the world, they are at a stage where they could make a lot of people embrace crypto, and as a result, the company is bringing more digital assets to the ecosystem. He mentions that OKEx believes that with several cryptos available for transactions, India’s economy will see a positive result.
Sumit Gupta, another CoinDCX boss, highlighted the continued rising order for futures trading in India’s cryptocurrency space. He said that the much potential cryptocurrency could have on boosting India’s economy and building wealth, OKEx-CoinDCX partnership will bring the Asian country nearer to the 5 trillion dollar club.
India’s hard crypto regulation and effect
After an initial coin offering boom in 2017 in the country, over four million Indians were estimated to be transacting in crypto until in 2018 when things changed, and the Reserve Bank of India restricted the market issuing a command that crypto firms should not be transacted with anymore by financial institutions.
The move lead to Koinex, an Indian exchange firm, to fold up after the RBI ban stiffened business operations according to them. The assumed most prominent exchange firm also Zebpay admitted that it could no longer offer crypto services to as companies that survived the ban then could only offer crypto-to-crypto trading.
Featured Image by Pixabay