Cryptocurrency exchange OKX intends to enter the Indian market and hire local employees to expand the capabilities of Web3 applications.
OKX’s chief marketing officer, Haider Rafique, stated that the company intends to “exponentially” expand its wallet services by joining India’s developer community. He added that 200,000 OKX Wallet users are in India, representing less than 5% of the country’s Web3 users.
“We’re going to learn about the community. We’re going to work with local folks — figure out where we can add value.”
According to the most recent data from CoinMarketCap, OKX is the world’s sixth-largest cryptocurrency exchange by volume. It also needs a global headquarters, operating from regional centers in Singapore, Dubai, Hong Kong, and the Bahamas.
Rafique stated that the company had no plans to establish an office in India and would instead rely on local employees to lead its efforts there.
“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.”
He remarked that it would be easier to penetrate the local market by adopting a community-based strategy.
Recently, OKX collaborated with the blockchain platform Neo to host an APAC Hackathon in Bengaluru, India. Rafique says this is a test to validate hypotheses, comprehend the culture, and support the local Web3 ecosystem.
In India, trading cryptocurrencies is legal, but there are no centralized regulations, so investors trade and use them at their own risk. Although they are not prohibited, they are not legal tender and cannot be used for banking transactions. Currently, the country imposes a 30% levy on cryptocurrencies.
The Supreme Court of India reprimanded the Union government on July 27 for not implementing crypto regulations. Due to increased illicit activities involving digital currencies, the government was compelled to disclose whether it intends to regulate them soon.
Rafique stated that he believes authorities are beginning to distinguish Web3 from centralized finance (CeFi). “They are more concerned about venues with fiat on-ramps, which we offer but not in India,” he explained.
“Once India comes up with a regulatory framework for crypto, then we would like to be the front runners.”
Indian cryptocurrency exchanges CoinSwitch and CoinDCX have recently had to lay off employees due to the current market downturn. OKX, on the other hand, intends to hire local employees in India.
