Popular cryptocurrency exchange OKex has unveiled a peer-to-peer trading platform (OKex P2P) in India, enabling its users in the country to buy digital assets with the Indian rupees (INR) with no transaction charges.
According to the announcement, the new initiative will allow users in India to buy bitcoin (BTC) and Tether (USDt) with the country’s fiat currency. Also, the OKEx P2P trading platform will make use of India’s payment methods, which include UPI, IMPS, NEFT, amongst several others.
OKEx CEO Jay Hao, while expressing his excitement with the launch of OKex P2P in India, noted the initiative was launched due to OKex commitment to connecting crypto traders in India to the global crypto-trading space.
This includes the provision of a one-stop service for traders in India as well as providing spot and several other kinds of derivatives. Additionally, OKex P2P Indian users will also benefit from the already established OKEx infrastructure when it comes to market depth, KYC processes, and prices.
OKex P2P launch kicks off 30,000 USDT prize pool campaign
Jay Hao further disclosed that OKEx new initiative would enhance India’s ecological layout and also improve the trading experience users in India.
Notably, the launch of the OKEx P2P trading platform also kicks off a 30,000 USDT prize pool campaign. OKex users in India would receive parts of the prize pool by participating in daily quizzes, commenting on social media posts, referral of friends, as well as trading on the crypto derivative platform.
Cryptocurrency growth in India
According to OKex CEO, in addition to connecting crypto traders in India to the global crypto-trading space, OKEx’s move into India is as a result of the latest growth of crypto users in the country.
According to a report disclosed by the Malta-based crypto exchange, there are currently more than five million crypto users in India out of a population of about 1.3 billion people.
Notably, since the Indian Supreme Court overturned a Reserve Bank of India ban that prohibited the nation’s banks from having working relationships with cryptocurrency companies growth has been taking place.
Although, cryptocurrency exchange in India still faces several obstacles in its growth, Jay Hao remains optimistic saying, “We believe that blockchain technology will eliminate barriers to transactions.”
We always pay attention to the changes in the global crypto market and have great confidence in the Indian market. With more and more cryptocurrencies and projects with a high quality appearing in India, we regard India as one of the most important incremental markets of the crypto and blockchain industry.