Regardless of ongoing uncertainty relating to cryptocurrency regulation in India, main international crypto change OKEx has simply made one other push within the nation’s market.
On Feb. 14, OKEx partnered with India’s largest cryptocurrency buying and selling platform, CoinDCX, to launch a brand new crypto futures product in India.
As a part of the partnership, OKEx will make a significant step into the Indian cryptocurrency market, enabling extra liquidity with its intensive experience in growing world-class futures, CoinDCX mentioned in an announcement shared with Cointelegraph.
Particularly, the partnership purportedly unlocks CoinDCX’s new crypto futures product, DCXfutures, that may allow customers to commerce futures contracts with main cryptocurrencies with as much as 15x leverage.
In response to the agency, the futures contracts will probably be out there for no less than eight cash together with Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Money (BCH), Litecoin (LTC), EOS, Cardano (ADA), and Tron (TRX). Moreover, customers will have the ability to commerce perpetual futures contracts with Bitcoin and Ether, the announcement reads.
In response to the agency, maker charges will account for 0.2% on the DCXfutures launch, whereas the service will probably be initially open for choose customers on an invitation-only foundation. As soon as out there for most of the people, customers will have the ability to entry DCXfutures from a single pockets from Q2, 2020.
India’s potential to drive mass adoption of crypto
Zac Zou, head of OKEx India, emphasised the function of India — the world’s second largest nation — as a major nation behind the mass adoption of crypto:
“As one of many largest economies on the planet, India is primed to be the driving drive behind the mass adoption of cryptocurrencies, which is why we’re eager on including extra equitable currencies to the ecosystem. We consider having a wide range of choices to transact digital currencies will bolster the expansion of economic system in India because it positively impacts each crowdfunding and institutional funding”
Sumit Gupta, co-founder and CEO at CoinDCX, outlined the quickly rising demand for futures buying and selling within the Indian crypto market. Gupta famous:
“With the large potential of cryptocurrency markets to speed up financial progress and wealth technology in India, we consider that this collaboration takes India one step nearer to becoming a member of the ‘5 trillion greenback membership’ as one of many quickest rising economies on the planet, permitting us to avail of recent alternatives and tackle new challenges.”
Cointelegraph contacted each OKEx and CoinDCX for extra feedback on the partnership and can replace this text if we hear again.
Information of the brand new partnership comes on the heels of latest court docket hearings relating to the prevailing difficult stance of the Reserve Financial institution of India (RBI) towards crypto. Through the hearings, the Supreme Court docket requested the RBI to make clear its place as to why precisely it enforced a nationwide banking ban on the nation’s crypto market. Cointelegraph has not too long ago reported on the newest developments on this regard, whereas CoinDCX’s Gupta published a public name for a “wise regulation” method.