CoinDCX, a Mumbai based Indian crypto exchange has announced its partnership with one of the leading global crypto exchange OKEx to offer crypto futures and derivatives products to the Indian customers. The new derivative platform would be called DCX Futures. The partnership would help OKEx to gain access to the largely untapped Indian crypto market.
The new DCX Futures platform would offer up to 15X leverage for 9 cryptocurrencies including Bitcoin, Ethereum, XRP and Litecoin. Apart from the derivative products, the new partnership would also offer perpetual futures for Bitcoin and Ethereum. The financial details about investments were not revealed.
Sumit Gupta, CoinDCX CEO and Co-founder believed that the new partnership would be a new chapter in the Indian crypto market and the decision to launch a futures platform was made based on the high demands for these derivative crypto products. He explained,
"Our partnership with OKEx marks an exciting new chapter in our journey as we continue to strive to offer our customers innovative products and unparalleled market liquidity. With the huge potential of cryptocurrency markets to accelerate economic growth and wealth generation in India, we believe that this collaboration takes India one step closer to joining the ‘5 trillion dollar club’ as one of the fastest-growing economies in the world."
CoinDCX and OKEx partnership could mark the beginning of an important chapter in the Indian crypto scene which has been in the news mostly for wrong reasons.
The booming Indian crypto scene mostly after the 2017 high came to stand still in April 2018 after the Reserve Bank of India (Indian Central Bank) imposed a banking ban for crypto service providers, forcing many established and booming crypto startups to either shift their business or completely shut it.
The Indian crypto ecosystem saw a new breath of fresh air starting from the last quarter of 2019, where WazirX, one of the very few crypto exchanges which survived all the regulatory uncertainty was acquired by Binance. The supreme court case filed against the RBI's banking ban also saw the end of the hearing and a decision is due in the near future.
With the majority of the countries around the globe eyeing a CBDC launch and better crypto regulation, India would not like to miss on the opportunity.