February 23, 2024

OKEx Helps Indian CoinDCX Cryptocurrency Exchange Launch Futures Product

Indian cryptocurrency trading platform CoinDCX has announced a strategic partnership withBitcoin exchange OKEx. Within its framework, a Malta-based company will assist CoinDCX in the development of new derivative products.

OKEx, thanks to the partnership, will gain access to the cryptocurrency market of one of the fastest-growing major economies in the world, according to a press release.

In turn, CoinDCX will be able to take advantage of OKEx's experience in the development and launch of cryptocurrency derivatives.

Indian Exchange Already Unveils New DerivativeDCXfutures product that will allow you to trade with leverage up to 15 futures based on nine cryptocurrencies, including BTC, ETH, XRP, BCH, LTC, EOS, ADA and TRX. The necessary liquidity for trading with the leverage platform will provide OKEx.

"As one of the largest economies in the world, India is considered to be the driving force behind the mass adoption of cryptocurrencies, which is why we aim to add more digital assets to the ecosystem,"Zach Zou, CEO of OKEx India, commented on the partnership.

Government and Reserve Bank of India (RBI) notfriendly to cryptocurrencies. A working group under the Cabinet of Ministers has developed a draft law on the complete prohibition of digital assets in the country. RBI has banned cryptocurrency trading banking.

The RBI decision led to the closure of some trading platforms or the move out of the country.

However, earlier Binance bitcoin exchange acquired the local WazirX platform for expansion into the country.