India-based CoinDCX, a leading digital asset exchange and liquidity aggregator, recently confirmed that it has teamed up with major multinational crypto-asset trading platform for futures and derivatives, OKEx.
As noted in a press release shared with Crowdfund Insider:
“With this partnership, OKEx will gain access to the Indian market—opening doors to massive liquidity in one of the world’s fastest growing economies. At the same time, CoinDCX will have access to OKEx’s extensive experience in developing futures products to bring more innovative service offerings to market.”
The partnership was confirmed following the introduction of CoinDCX’s new DCX futures product, which is being offered to meet rising demand for access to digital asset futures, options and higher leverage trading in India.
DCXfutures will be offering up to 15x leverage trading on several digital assets futures. They include Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), EOS, Cardano (ADA), and Tron (TRX). Customers will have the option of trading perpetual future contracts with Bitcoin and Ether perpetual futures.
CoinDCX and OKEx noted in the release that through their partnership, they aim to strengthen their global service offerings and expand their existing client base. CoinDCX will provide OKEx with strategic insight, liquidity, and connectivity within India’s digital asset marketplace. Meanwhile, OKEx’s leverage options will be accessible to CoinDCX users. The platform’s users will also get access to the liquidity that was previously not available in India.
Sumit Gupta, CEO and co-founder at CoinDCX, stated:
“We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. 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, allowing us to avail of new opportunities and take on new challenges.”
Zac Zou, head of OKEx India, remarked:
“As one of the largest economies in the world, 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.”
Zou noted that having different options when transacting with digital currencies will “bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.”
DCXfutures will charge low maker fees (0.2%), provide substantial liquidity and risk management, and offer an efficient trading engine. Its users will have access to to direct future contracts, inverse contracts, and perpetual contracts.
Gupta also mentioned:
“We want to make cryptocurrencies accessible to anyone, no matter their level of experience in financial markets or level of income. We believe that the cryptocurrency ecosystem can benefit institutions, individuals, and whole economies if it remains committed to the principles of accessibility and usability.”
DCXfutures is presently open for invitation-only access for a select group of traders. After it becomes available to the general public, traders will have the option to access the newly-developed DCXfutures platform via a single digital wallet, which will support the DCXlend, DCXmargin, DCXtrading, and DCXinsta products (beginning during the second quater of this year.)