The cryptocurrency exchange OKX is setting its sights on India, aiming to deepen its exploration of Web3 applications. The company’s CMO, Haider Rafique, revealed plans of hiring local employees to facilitate this stage of their expansion. This move is expected to scale up its wallet services exponentially, thanks to the vast developer community present in India.
However, somewhat unlike traditional businesses, they do not intend to establish a physical presence in the form of an office. Instead, the focus is on facilitating a community approach by working directly with local individuals to understand how they can add value to the cryptocurrency scene. This nature of the approach may bring up questions about the effectiveness of such a strategy. But, given OKX’s status as the sixth-largest cryptocurrency exchange in volume, this may just work in their favor.
Interestingly, the current landscape of cryptocurrency in India isn’t exactly risk-free. Despite trading cryptocurrencies being legal, there don’t exist any formal regulations presided over by a central authority. This results in a scenario where they are traded and used at the investors’ risk. Furthermore, the status of cryptocurrencies as legal tender is blurred – they cannot be used for banking purposes, and the country imposes a 30% tax on crypto. A regulatory framework for cryptocurrency is yet to be established in India and no one knows how far off this can be.
Nonetheless, the current lack of regulation isn’t jeopardizing OKX’s plans. On the contrary, they are hopeful of being front-runners once a regulatory framework is in place. The imminent expansion of OKX in India somewhat contrasts the current situation faced by the Indian cryptocurrency exchanges CoinSwitch and CoinDCX, entities that have experienced staff layoffs due to the current market slump.
From a long-term perspective, the introduction of OKX into India could result in interesting dynamics within the local cryptocurrency market. Thus, this development can be seen as an optimistic sign of a future integrated financial system that embraces digital currencies.
Simultaneously, the technology firm Herodotus has launched its on-chain accumulator, making historical data access and verification from Ethereum easy. The innovation aligns Ethereum with transparency and accessibility norms, a maneuver that positions Ethereum as a favorable pick for cryptocurrency enthusiasts, offsetting its limitation in terms of full transparency.
Source: Cointelegraph
