The Mumbai-based crypto exchange CoinDCX and the trading platform OKEx have closed a partnership in order to offer Indian customers leveraged futures.
The announcement was made on Friday and says that OKEx is going to help CoinDCX to develop DCXfutures, a new derivative facility in return for introducing the trading platform to the Indian market. By using DCXfutures, investors from India will be given the option to trade the 15x leveraged futures provided by OKEx. The platform will be available for both retail and institutional investors, offering futures contracts in Bitcoin (BTC) and Ether (ETH). Here’s what the head of OKEx India, Zaz Zou had to say about the new partnership:
“India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem. We believe having a variety of options to transact digital currencies will bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.”
Crypto Ban in India Still to Be Ruled On
In the following weeks, the Supreme Court of India is expected to rule over the banking ban issued by the Reserve Bank of India (RBI). Anticipating that the ruling will be in their favor, many crypto companies in the country are starting to set their stalls out. In November 2019, Binance acquired the Indian exchange WazirX and entered the Indian market.
A Growing Demand for Futures
The audit and credit rating firm Crebaco Global has looked at the crypto scene in India, and calculated that if regulated properly, it can reach the $12.9 billion market size, not to mention that it can create somewhere in between 25,000 to 30,000 jobs. This is what Sumit Gupta, the CEO of CoinDCX said about the Indian market and what’s expected of it:
“We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. […] huge potential of cryptocurrency markets to accelerate economic growth and wealth generation.”
DCXfutures is currently open for testers and expected to become available for the public in Q2 of 2020.