In an announcement made on the 14th day of this month, crypto exchange OKEX and local exchange CoinDCX in India announced a partnership heading to the future.
Indian investors will be able to take advantage of platforms introduced. They can leverage of up to 15x when getting in futures trade contracts with major cryptocurrencies. Investors will have a chance to trade a total of nine digital currencies. They include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), XRP, Litecoin (LTC), EOS, Tron (TRX), and Cardano (ADA).
The partnership comes through despite a recent ban on the crypto exchanges that leads to the closure of several exchanges such as Koinex. Though the ban was enacted in 2017 same year OKEx was founded, it was enforced the subsequent year 2018.
India’s economy is struggling at the moment which automatically raises demands more digital currency. Binance was the first exchange to venture into the Indian market by a partnership with wazir-x a few weeks ago.
As much as the Indian market could benefit a great deal from the partnership with the world-class exchange the inverse is also true. Before the 2017 cryptocurrency boom, the market was flown by Indians in the exchange platforms. In an estimate, a good number of over five million Indians were trading the crypto.
Head of OKEx India, Zaz Zou, while addressing potential investors believe the partnership will improve the rate of economic growth in India. OKEx positively impacts both institutional funding and crowdfunding.
According to Crebaco Global calculated predictions, the Indian crypto scene could have and immediate size of $12.5B in market cap.
In the same gathering, he also said:
“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”.
The two exchanges partnership will see new crypto product introduced in India’s future. This comes at a good time when the country is recovering from the ban by the Reserve Bank of India.
According to CoinDCX, the partnership will help make the Indian cryptocurrency market more liquid in the future. The two will bring in new products to ensure this happens.
Crypto analyst and Author