July 21, 2024
Crypto Exchange OKX Sets Sights on Indian Market, Aims to Boost Web3 Potential
Latest Cryptocurrency News

Crypto Exchange OKX Sets Sights on Indian Market, Aims to Boost Web3 Potential

According to a CoinDesk story, the cryptocurrency exchange OKX intends to join the Indian market and hire local workers in an effort to increase the potential of Web3 applications.

Haider Rafique, chief marketing officer at OKX, stated that the business intends to enter the Indian developer community in order to “exponentially” grow its wallet services. He went on to explain that only 5% of India’s Web3 users—or 200,000—are currently using OKX Wallet in India.

“We’re going to learn about the community. We’re going to work with local folks to figure out where we can add value.”

Haider Rafique, chief marketing officer at OKX

Based on volume, OKX is currently the sixth-biggest cryptocurrency marketplace in the world, according to data from CoinMarketCap. Additionally, it lacks a global headquarters and instead operates out of regional centres in the Bahamas, Singapore, Dubai, Hong Kong, and the UAE.

Rafique stated that instead of setting up shop in India, the company would rely on local staff to oversee its operations there.

“We’re trying to identify who’s who in the zoo and what is their contribution. There’s a large developer community. How do we help them? Build a relationship with them.”

Haider Rafique

He said that using a community-based strategy, may demonstrate the best method to get into the local market.

The blockchain platforms Neo and OKX recently collaborated on an APAC Hackathon in Bengaluru, an Indian city in the south. Rafique described this action as a test to confirm presumptions, comprehend the local way of life, and help the regional Web3 ecosystem.

Although there are presently no centralized laws in place and trading and using cryptocurrencies are done at the expense of the investor, it is legal to do so in India. They are not prohibited, but they are neither recognized as legal cash nor allowed to be used in banking. The nation now levies a 30% tax on cryptocurrency.

The Union government was condemned by India’s Supreme Court for the absence of crypto regulations on July 27. Due to an increase in illicit activities concerning cryptocurrencies, the government was forced to disclose whether it has any plans for impending controls on digital currencies.

Rafique asserted that he believes local regulators are starting to distinguish between Web3 and centralized finance (CeFi). “They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India,” he stated.

“Once India comes up with a regulatory framework for crypto, then we would like to be the front runners.”

Haider Rafique

Indian cryptocurrency trading platforms CoinSwitch and CoinDCX have lately been forced to lay off employees due to the current market downturn, but OKX wants to hire local employees in India.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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