Despite continuing uncertainty about the regulation of cryptocurrency in India, major global crypto exchange OKEx has just given a new impetus to the country’s market.
On February 14, OKEx is partnering with India’s largest cryptocurrency trading platform, CoinDCX, to launch a new crypto-futures product in India.
As part of the partnership, OKEx will take an important step in the Indian cryptocurrency market, enabling more liquidity with its extensive expertise in developing world-class futures, CoinDCX said in one.
In particular, the partnership allegedly unlocks CoinDCX’s new crypto-futures product, DCX Futures, which allows users to trade in futures contracts with large cryptocurrencies with leverage of up to 15x.
According to the company, the futures contracts will be available for at least eight currencies, including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), EOS, Cardano (ADA) and Tron (TRX) ). Moreover, users will be able to trade perpetual futures contracts with Bitcoin and Ether, the announcement is.
According to the company, the maker fees will amount to 0.2% at the launch of DCX Futures, while the service will initially only be available by invitation to certain users. Once available to the general public, users can access DCX Futures from a single portfolio from Q2, 2020.
Zac Zou, head of OKEx India, emphasized the role of India – the world’s second largest nation – as a primary country behind the massive adoption of crypto:
“As one of the largest economies in the world, India is primarily the driving force behind the massive acceptance of cryptocurrencies. That is why we want to add more fair currencies to the ecosystem. We believe that having a variety of options to handle digital currencies will support economic growth in India, as this has a positive impact on both crowdfunding and institutional financing. “
Sumit Gupta, co-founder and CEO of CoinDCX, outlined the rapidly increasing demand for futures trading in the Indian cryptomarket. Gupta noted:
“With the enormous potential of cryptocurrency markets to accelerate economic growth and wealth generation in India, we believe that this collaboration will bring India one step closer to joining the” $ 5 trillion club “as one of the fastest growing economies in the world, allowing us to take advantage of new opportunities and face new challenges. “
The news of the new partnership comes after recent hearings on the existing complicated attitude of the Reserve Bank of India (RBI) towards crypto. During the hearings, the Supreme Court asked the RBI to clarify its position as to why it enforced a national ban on the country’s cryptomarket.