Hassan Maishera
TL;DR
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OKX is currently planning to enter the Indian market as it expands its presence in the crypto space.
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OKX is currently one of the 10 largest crypto exchanges in the world by trading volume.
OKX Eyeing Up The Indian Market
OKX, one of the leading cryptocurrency exchanges in the world, is currently planning to enter the Indian market. The company is recruiting local employees as it seeks to explore potential Web3 applications. This is according to the company’s chief marketing officer, Haider Rafique.
Rafique told CoinDesk in an interview that OKX plans to scale up its wallet services by entering into India's much-talked-about developer community. At the moment, OKX has roughly 200,000 wallet users in India and intends to exponentially grow that number over the coming months and years.
He stated that
"We are not going to come in and cowboy this thing. We're going to learn about the community. We're going to work with local folks. Figure out where we can add value."
While talking about crypto’s current legal stance in India, Rafique stated that;
"You have to kind of separate Web3 from CeFi [centralized finance] and I think regulators are starting to do that too. They're more concerned about venues that have fiat on-ramps, which we do, but we don't offer it in India. Once India comes up with a regulatory framework for crypto, then we would like to be the front runners."
OKX doesn’t have an office in India at the moment and doesn’t have plans to open one soon since it is not required to offer Web3 services. However, Rafique said OKX is working on hiring a team to lead their expansion to India. He added that;
"We're trying to identify who's who in the zoo and what is their contribution. There's a large developer community. How do we help them, build a relationship with them. How do we first let them know what we're about. And then work with these communities to figure out what is the right way in. Is it for us to sponsor Web3 conferences or developer conferences or host an OKX Blockchain Week? This is what we are exploring."
OKX, similar to other major cryptocurrency exchanges, has been expanding its operations despite the current bear market.
