Irrespective of the continued uncertainty around cryptocurrency regulation in India, OKEx cryptocurrency exchange just made another claim on the country’s market by partnering CoinDCX.
Based on reports, the partnership between OKEx and the Indian cryptocurrency trading platform, CoinDCX, will enable the launch of a new crypto futures product in India.
Besides, the partnership helps OKEx in making a major step into the Indian cryptocurrency market. Thus, enabling more liquidity with the platform’s expertise in developing world-class futures.
Notably, the partnership reportedly makes available CoinDCX’s new crypto futures product, DCXfutures. The product helps users trade futures contracts with major cryptocurrencies with up to 15x leverage.
The official release also said the futures contracts become available for at least eight coins. This includes Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), EOS. As well as, Cardano (ADA), and Tron (TRX). Also, interested users reportedly get the chance to trade perpetual futures contracts with Bitcoin and Ether.
The firm also revealed that maker fees account for about 0.2% at the DCXfutures launch. Accordingly, only a selected number of invited users get to use the service initially. Once available for the general public, users get the chance to access DCXfutures from a single wallet from Q2, 2020.
Furthermore, co-founder and CEO at CoinDCX, Sumit Gupta commented on the development. He particularly mentioned the growing demand for futures trading in the Indian crypto market. Gupta said that with the huge potential of cryptocurrency markets to accelerate economic growth and wealth generation in India, they believe the collaboration takes India a step closer to joining the ‘5 trillion dollar club’. Thus, making the nation one of the fastest-growing economies in the world. Also, allowing new opportunities and new challenges.
Additionally, head of OKEx India, Zac Zou also commented on the potentials the partnership possesses. He believes that the population of India as the world’s second-biggest nation goes far in the mass adoption of cryptocurrency.
He claimed India stands out to be a driving force behind the mass adoption of cryptocurrencies. Thus, making them keen on adding more equitable currencies to the ecosystem. They also believe that a variety of options to transact digital currencies helps in bolstering the growth of the economy in India. Therefore, positively impacting both crowdfunding and institutional funding.
CoinDCX claims to be among the World’s most versatile and India’s most trustworthy cryptocurrency exchange. The platform also claims its massive liquidity, powerful wallet, and impenetrable security gives users a fast, reliable, and effortless trading experience.
CoinDCX reportedly empowered its traders with a bouquet of industry-first products. Thus, helping them trade better using liquidity from the world’s leading exchanges. These product designs suit all types of traders keeping their trading experience, risk tolerance, and trading frequency into consideration.