An Indian cryptocurrency exchange has partnered with Malta-based trading platform OKEx to offer futures products specifically for the subcontinent market.
Mumbai-based CoinDCX announced Friday the strategic partnership will help it develop a new derivative facility - known as DCXfutures - in return for providing OKEx with a foothold in the Indian market.
Using CoinDCX's new derivatives facility, Indian investors will be able to trade futures, with leverage of up to 15x provided by OKEx on nine cryptocurrencies including bitcoin, ether, XRP and litecoin.
The partnership with CoinDCX - which is backed by an undisclosed amount from investors including Bain Capital - provides OKEx with insight, liquidity and connectivity to the rebounding Indian cryptocurrency scene, according to the announcement.
During the 2017 initial coin offering boom, five million Indians were estimated to be trading digital currencies, but in April 2018 the Reserve Bank of India, the country's central bank, ordered financial institutions to stop dealing with any firms involved in crypto trading in 2018, greatly restricting the market.
Zebpay, which used to be the largest exchange in India, complained the ban had "Crippled" its ability to offer crypto trading services.
Binance entered the Indian market in November after acquiring local exchange WazirX."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," said Zaz Zou, head of OKEx India.
"We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants," said CoinDCX CEO and co-founder Sumit Gupta.
India could become one of the fastest-growing economies in the world just by leveraging the "Huge potential of cryptocurrency markets to accelerate economic growth and wealth generation," he added.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
OKEx Partners With Bain-Backed Crypto Exchange to Launch Leveraged Futures in India
Published on Feb 14, 2020
by Coindesk | Published on Coinage
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