OKEx Enters India with Peer-to-Peer Crypto Trading Platform
The global crypto exchange and trading platform, OKEx has launched a P2P crypto trading platform in the world’s second most populous country with huge untapped market potential. Targeting the crypto community in India, the new platform allows users to purchase cryptocurrencies with INR at zero transaction fees.
Initially, the OKEx P2P trading platform offers Bitcoin and USDT pairs for INR, which will be soon followed by the inclusion of other leading cryptocurrencies. The platform aims to make buying and trading cryptocurrencies easier by supporting all major payment methods including UPI, IMPS and NEFT. A combination of lowest price, deep market, quick KYC process and multiple payment methods makes the platform very attractive to both existing as well as aspiring crypto investors in a country with over 1.3 billion population.
The Indian crypto market is still at its nascent stages with an estimated 5 million people owning crypto assets of any kind. Even though the regulatory framework for cryptocurrencies lacks clarity, recent developments leading to the lifting of the crypto ban by the Reserve Bank of India led to a strong rebound in trade volumes across domestic exchanges. The recent CoinDCX data suggests that the month-on-month BTC/INR volumes soon after the ban was lifted increased by 1031.4% while sustaining a 100% growth ever since.
India also has one of the largest remittance markets and many favor cryptocurrencies for cross-border remittance due to low transaction costs associated with these digital assets. All these factors combined with proactive steps taken by the Indian government in association with the Reserve Bank of India and Securities and Exchange Board of India to address the regulatory challenges faced by the country’s crypto investors make India a strong market waiting to be tapped by global as well as domestic players.
“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 high quality appearing in India, we regard India as one of the most important incremental markets of the crypto and blockchain industry,” said Jay Hao, CEO of OKEx while explaining the company’s decision.
He added, “ We believe that blockchain technology will eliminate barriers to transactions, and we’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives. What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users. For example, we are about to launch the OTC desk in India soon. Please stay tuned.”
OKEx has also launched the “OKEx Welcomes India Quest” campaign to mark its official launch in India. The campaign started on August 5, 2020, and will go on till 23:59 IST on August 15, 2020, during which the company will be giving away a total of 30,000 USDT. Users can participate in the campaign by completing tasks like signing up and trading on the P2P platform, referring friends, posting on social media, and answering the daily quiz. Completion of each task will earn them points, which serves as a voucher for the corresponding prize pool share.
The OKEx P2P trading platform for India can be accessed here – https://www.okex.com/p2p-markets/inr/buy-btc
Image by Jörg Peter from Pixabay