Crypto Exchange OKX To Enter India and Hire Local Talent for Web3

Image – Raheem Ali OKX @X (twitter) 

OKX (formerly OKEx), a cryptocurrency centralized exchange (CEX) and wallet platform, plans to enter the Indian market and recruit local employees in an effort to expand the possibilities of Web3 applications, said a report by CoinDesk.

In an interview to CoinDesk, Haider Rafique, Chief Marketing Officer of OKX, said, OKX plans to scale up its wallet services "exponentially" by tapping into India's much-talked-about developer community. Currently, OKX has about 200,000 wallet users in India, which is only 5% of the nation's Web3 users.

Founded by Star Xu in 2017, OKX is a global cryptocurrency spot and derivatives exchange, and the second biggest crypto exchange by trading volume, serving over 50 million people globally.

OKX would deliberate on where it can add value to Indian market. "We're going to work with local folks. Figure out where we can add value.", said Rafique.

Rafique said the company has no immediate plans to open an office in India because that's not required to offer Web3 services. However OKX is looking to hire a team, in India, to lead this effort.

Seychelles headquartered OKX has offices in Dubai, Turkey, Hong Kong, Silicon Valley, Singapore, and Australia.

To recall, it was in September 2021 when, in a first strategic partnership in India, OKX joined hands with Bitbns, India's leading crypto wallet and exchange platform to elevate flexible trading capabilities for Indian crypto users across the region. OKX and Bitbns have had integrated using the matic-polygon ecosystem to provide free blockchain transfers to its users.

Notably, Cryptocurrencies isn't banned in India, and neither its legal, and Indian regulations impose a 30% tax on trading of  cryptocurrencies.

Rafique said he thinks regulators in India are beginning to separate Web3 from centralized finance (CeFi). “They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India,” he said.

Last year in January, OKEx rebranded to OKX to reflect that it is more than an exchange and has growing number of wealth creation opportunities beyond the exchange, which investors use to trade hundreds of digital assets on spot, margin and derivatives markets.

OKEx Integrates Fiat Gateway Bitbns for India-based Traders

By selecting Bitbns via OKEx's Buy/Sell tool, OKEx traders in India can now buy USDT, LINK, AAVE, MATIC and USDC with INR via bank transfer, IMPS and UPI.

First strategic partnership in India by OKEx

New Delhi, September 30, 2021: Global cryptocurrency exchange, OKEx, and Bitbns, India's leading crypto wallet and exchange platform join hands to elevate flexible trading capabilities for Indian crypto users across the region. OKEx & Bitbns have integrated using the matic-polygon ecosystem to provide free blockchain transfers to its users.

This partnership will give users access to trading tools/options which Indian crypto users have not been privy to previously. Users can now seamlessly purchase crypto in INR trading pairs including $USDT, $AAVE, $MATIC, etc., and can now access the range of trading facilities available across both exchanges. In conjunction with Bitbns, OKEx strives to give Indian traders access to a novel fiat gateway, a range of newer INR trading pairs, priority access to new coin/token launches, and high-yield staking products amongst the others.

Commenting on the development, Jay Hao, CEO, OKEx.com, said "We aim to make the crypto journey easy for all our users. Our team has worked hard to find such a solution for our users in India. Indian users can now easily use bank transfers to buy crypto on OKEx through our integration with Bitbns. As a byproduct of the integration, users can also access a range of diverse trading tools available on OKEx".

Prashant Singh, CTO, Bitbns said "We are working on creating seamless on-ramps for Indian users so they can trade different trading options on renowned venues like OKEx. We have innovated a lot so that blockchain transfers are free for users by integrating the matic-polygon ecosystem".

OKEx is the world's leading BTC future derivatives and crypto exchange with reach and users panning across the globe. With its recent sprint of operation in SA and India, OKEx aims to empower the crypto community with next-gen crypto trading tools, security, and technology. Testimony to its vision, OKEx houses billions in trading volumes daily creating avid ground for high liquidity and robust server infrastructures. Bitbns's deep vested roots in the Indian crypto market with 3 million+ users across the nation is testament to its high liquidity and platform security.

Peering forward, OKEx intends to add a layer of simplicity and transparency by partnering with a highly localized and trusted platform, like Bitbns. OKEx aims to serve users with the best-in-class blockchain and crypto technology by joining hands with the renowned Bitbns platform. This is indeed a leap forth to strengthen domestic crypto accessibility and enhance the trading experience for 100 million+ users, across both platforms collectively.

About OKEx

Founded in 2017, OKEx is one of the world's leading cryptocurrency spot and derivatives exchanges. OKEx has innovatively adopted blockchain technology to reshape the financial ecosystem and offers some of the most diverse and sophisticated products, solutions, and trading tools on the market. Trusted by more than 20 million users across the globe, its mission is to empower every individual through the promotion and advancement of cryptocurrencies globally.

In addition to the exchange, it serves its users with OKEx Insights, a research arm that is at the cutting edge of the latest trends in the cryptocurrency industry. With its extensive range of crypto products and services, its unwavering commitment to innovation, and its local operations to serve its users better, OKEx strives to eliminate financial barriers and realize a world of financial inclusion for all. For more information, visit www.okex.com

OKEx lists Celsius Network's CEL token

VICTORIA, Seychelles, April 13, 2021 /PRNewswire/ -- OKEx (www.okex.com), a top 5 world-leading cryptocurrency spot and derivatives exchange, is expanding its support for the crypto borrowing and lending ecosystem by listing the CEL token, spearheaded by Celsius, the industry-leading cryptocurrency yield platform. Deposits of CEL opened at 03:00 am UTC on April 13. Spot trading of CEL against USDT will open at 05:00 am UTC on April 13, and withdrawals will open at 10:00 am UTC on April 14.

OKEx is the third global exchange to list CEL token in recent weeks, in addition to several decentralized exchanges since CEL token's first listing in June 2019. With a daily trading volume of over $1.2 billion, OKEx is now the largest exchange to support CEL. As Celsius users accelerating growth surpasses 570,000 the demand for CEL token continues to grow worldwide.

CEL is the native ERC-20 utility token of the fast-growing cryptocurrency rewards-earning platform Celsius, which recently announced control of more than $10 billion worth of cryptocurrency assets and payment of over $250 million in crypto yield to its customers. CEL token holders can take advantage of several benefits within the network, including earning yields on crypto assets at up to 25% higher than non-holders and securing crypto-backed loans with up to 25% less payable interest. In addition, Celsius distributes weekly rewards for CEL holders with an APY of 4.86%.

At a time when the average bank savings account offers just 0.04% interest annually, and many analysts fear impending inflation caused by an unprecedented expansion of the money supply, earning interest rates of up to 18.5% is impossible in traditional financial markets. Celsius's platform has given rise to the crypto borrowing and lending ecosystem through both centralized providers like Celsius and OKEx, as investors seek alternative ways to make their money work for them.

Launched in June 2018, Celsius has become one of the industry's leading cryptocurrency rewards-earning platforms, garnering over half a million users worldwide. Celsius customers can earn yield on more than 40 different crypto assets including stablecoins held in their Celsius account at competitive rates or take out an instant, low-cost, crypto-backed loan via mobile app.

OKEx CEO Jay Hao commented on the new listing:

"We are pleased to help foster the growth of the crypto borrowing and lending ecosystem by adding Celsius's CEL token to the OKEx exchange. We share the same belief that cryptocurrencies can provide financial freedom to all people around the world and believe that as the industry grows, there is room for both centralized and decentralized solutions. As one of the fastest-growing platforms in the space, Celsius also mirrors OKEx's deep commitment to continued innovation. We look forward to growing with them."

Celsius CEO Alex Mashinsky continued to add:

"This is a very exciting day for CEL and the Celsius community. OKEx is leading the world in crypto exchange, and this partnership means millions more customers worldwide can now access CEL and all of its financial advantages. Celsius is committed to catalyzing economic and financial independence for everyone, and partnering with trading programs like OKEx are helping to make that possible."


About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

About Celsius

Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network

Follow OKEx

Twitter: https://twitter.com/OKEx
Facebook: https://www.facebook.com/okexofficial/
LinkedIn: https://www.linkedin.com/company/okex/
Medium: https://medium.com/@OKEx
Telegram group (English): https://t.me/OKExOfficial_English
Telegram group (Russian): https://t.me/okexofficial_ru

Follow Celsius

Twitter: https://twitter.com/CelsiusNetwork
Instagram: https://www.instagram.com/celsiusnetwork/
Facebook: https://www.facebook.com/CelsiusNetwork
LinkedIn: https://www.linkedin.com/company/celsiusnetwork/
Medium: https://mashinsky.medium.com/
Telegram group (English): Celsius Community Telegram


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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OKEx to launch real-time settlement, allowing users to improve capital efficiency

VICTORIA , Seychelle, Dec. 29, 2020 /PRNewswire/ -- OKEx (www.okex.com ), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce the launch of real-time settlement for all perpetual swaps, futures and options contracts that is coming soon to the platform. This exciting new feature will provide a better trading experience for users, improve the capital efficiency of their funds and enable greater cross-exchange arbitrage opportunities, among other benefits.

Real-time settlements will officially begin at 8:00 am UTC on Dec. 29 on the popular ADAUSD perpetual contract. The function will then be rolled out to other major currency pairs and financial instruments on the platform over the coming months. Real-time settlements will allow users to significantly improve fund utilization, as they can withdraw their profit at any time, without waiting for the 4:00 pm UTC settlement period every day.

"This is hugely beneficial to traders carrying out cross-exchange arbitrage, as they need to settle their profit in real-time across exchanges. It will also enhance capital management across the OKEx platform," commented Lennix Lai , the head of financial markets at OKEx. "We will start with the ADAUSD market as a trial and gradually launch other major tokens from early next month."

As real-time settlements begin, any user holding an ADAUSD perpetual contract position at 8:00 am UTC on Dec. 29 will see the average open price of the position changed to the settlement base price of the last settlement of the ADAUSD perpetual contract. All realized profit and loss will be transferred to the ADAUSD perpetual account balance, and the profit will be recalculated according to the new opening average price from 8:00 am UTC on the same day.

Users can experience the real-time settlement function of the ADAUSD perpetual contract by using an API, web or the OKEx mobile app. Please visit the OKEx Support page for more information and details about the changes to the display of realized PnL, position and settlement records.

"We are constantly working on improving the user experience and making trading on the platform as intuitive and beneficial to traders as possible. By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users," Lennix Lai added.

In the subsequent real-time settlement operation, OKEx reserves the right to temporarily close the real-time settlement function of some currency contracts in the case of extreme market conditions.About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.