Global cryptocurrency exchange OKEx has announced a partnership with Mumbai-based cryptocurrency exchange aggregator CoinDCX to launch a new crypto futures product in India.
Under the partnership, OKEx will gain unprecedented access to the Indian market and CoinDCX will have access to OKEx’s extensive experience in developing world-class futures products to bring more innovative service offerings to market.
The companies said that this strategic partnership is set to accelerate the mutual development of both CoinDCX and OKEx, allowing each to strengthen their global service offerings and expand their customer base.
CoinDCX will be able to provide OKEx with valuable strategic insight, liquidity, and connectivity within the Indian marketplace.
Zac Zou, Head of OKEx India, said: “As one of the largest economies in the world, India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem. We believe having a variety of options to transact digital currencies will bolster the growth of the economy in India as it positively impacts both crowdfunding and institutional funding.”
Beyond this partnership, CoinDCX also announced the launch of new DCXfutures product amid increased demands for access to futures, options and higher leverage trading for the Indian market. DCXfutures will allow for up to 15x leverage trading on a host of leading digital assets futures, including BTC, ETH, XRP, BCH, LTC, EOS, ADA, and TRX. Users will also be able to trade perpetual future contracts with Bitcoin and Ethereum perpetual futures.
DCXfutures is currently open for invitation-only access for select users. Once available to the general public, users will be able to access the newly-unveiled DCXfutures from a single wallet, which also supports the DCXlend, DCXmargin, DCXtrading, and DCXinsta products and wallet from Q2 2020.
CoinDCX CEO and cofounder Sumit Gupta said, “We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. Our partnership with OKEx marks an exciting new chapter in our journey as we continue to strive to offer our customers innovative products and unparalleled market liquidity.”
Unlike other investment options such as stocks, mutual funds, among others, there are no government organisations which regulate cryptocurrencies around the world. Moreover, the Indian government has not yet given the status of legal tender to any cryptocurrency.
Since 2018, several crypto startups such as Koinex, Coinsecure, BTCXIndia, MoneyTrade, Bitconnect have shut down largely due to the regulatory challenges.
Just recently, the National e-Governance Division (NeGD), under the ministry of electronics and information technology (MeitY), submitted a draft national strategy on blockchain for stakeholder comments. The draft suggested that the Reserve Bank of India (RBI) should release a Central Bank Digital INR (CBDR) administered over a public permissioned blockchain and supporting decentralised applications.
The RBI had also earlier shown interest in developing India’s national digital currency during deliberations over the legitimacy of cryptocurrencies.