Malta-based cryptocurrency exchange, OKEx is the latest platform to enter the Indian crypto scene. Earlier today, OKEx announced that it is looking forward to rolling out a P2P platform that would allow users to purchase cryptocurrencies with INR.
After Binance, OKEx Enters The Indian Market
The past few years have been complex and confusing for crypto enthusiasts in India. As the country’s central bank urged the Supreme Court of India to initiate a ban on crypto assets, the court decided otherwise and quashed the ban. However, this didn’t seem to have affected prominent cryptocurrency platforms from entering the Indian market.
After the world’s largest cryptocurrency exchange, Binance stepped into the Indian crypto scene following an acquisition deal with an Indian cryptocurrency exchange, WazirX, several other platforms probed the Indian market. Malta-based crypto exhcnage, OKEx is the latest one to enter Indian waters.
As per a recent tweet from OKEx, the platform revealed that it would roll out a peer-to-peer [P2P] exchange specifically for Indian users. This would further allow users from the country to buy or sell prominent cryptocurrencies like Bitcoin [BTC], Tether [USDT], Ethereum [ETH], OKB and several others with Indian Rupees [INR]. The tweet read,
The platform already set up a “soft launch” where users can place buy and sell orders for the aforementioned cryptocurrencies along with USDK, EOS, LTC, BCH, TRX, XRP, ETC, TUSD, USDC, PAX, and GUSD.
Additionally, the platform is also offering “Quick Trade” and “Block Trade” for INR currency holders.
Speaking about OKEx’s latest venture, the CEO of the platform, Jay Hao elaborated on the same to a crypto news portal. Hao stated,
“The depreciation of the rupee will lead to a constant depreciation of Indians’ savings and a need to convert their Rupees into a more-stable fiat currency to shield their wealth from inflation.”
The platform further reported that OKEx has certain guidelines that advertisers had to abide by. This included the completion of Level 2 KYC and the maintenance of a minimum balance of 1 Bitcoin.
India, the second most populated country in the world has become the hotbed for prominent platforms to boost adoption. The country’s 1.35 billion population has charmed many players into the market. While the biggest names of the crypto industry have made an entry into the country, other platforms are speculated to follow suit.
As more players enter the market, the trading volume of Paxful in the country observed a significant surge.
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Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin. 