OKX expands web3 presence in India, fostering growth & collaboration

In recent weeks, the cryptocurrency world has witnessed both challenges and positive developments. Binance CEO Changpeng Zhao's abrupt departure due to money laundering charges and a substantial fine on the exchange have cast a shadow, while the potential approval of the first spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) brings a glimmer of hope.

Amidst this backdrop, OKX, the world's second-largest cryptocurrency exchange, continues its global expansion. Operating from Seychelles, OKX is making strides in the web3 space, with its headquarters in Silicon Valley. In November, the exchange launched its crypto platform and web3 wallet in Brazil, applying for a virtual asset trading platform (VATP) license in Hong Kong.

The youth in India have a natural gravitation towards STEM education. Beyond Silicon Valley and China, Indians have built knowledge systems with technology and software. As web3 emerges, engineers, product experts, entrepreneurs and developers are thriving in India. We've seen much of the traffic to web3 companies and active users come from India. Seeing this data made us go down the rabbit hole of exploring India.

Haider Rafique, Spokesperson for OKX’s India operations & the exchange’s Chief Marketing Officer

Focusing on India, where the web3 community thrives, OKX aims to foster growth on three fronts. It plans to support the local web3 community, explore incubation possibilities for promising projects, and collaborate with the Polygon chain. By teaming up with Polygon, OKX seeks to attract more web3 applications to both ecosystems, leveraging Polygon's scalability.

Haider Rafique tells Forbes India,

We are collaborating closely with their product teams to attract more Web3 applications to the Polygon and OKX ecosystems. I believe Polygon has done a great job with scalability, and partnering together can create a tonne of utility for Web3 natives.

Haider Rafique

Recently, OKX unveiled a Zero Knowledge (ZK) Ethereum Layer 2 network, X1, developed using Polygon's Chain Development Kit (CDK). The collaboration aims to enhance ZK-powered Layer 2 technology, making transactions faster and more cost-effective.

OKX partnership with students

To further engage with the Indian developer community, OKX is partnering with student bodies and allocating $1 million for developer grants and advertising in the next year. Despite these initiatives, OKX does not plan to launch its crypto exchange in India, respecting local regulations and the challenging trading environment.

Loving our friends in the Indian web3 community ❤️🇮🇳

— OKX Web3 (Wallet | DeFi | NFT) (@okxweb3) November 27, 2023

Unlike some exchanges facing legal challenges, OKX has maintained transparency through monthly proof of reserves (PoR) reports, fostering a positive relationship with regulators. By positioning itself as a technology company since 2021, OKX has navigated the regulatory landscape effectively.

As India grapples with crypto regulations, OKX anticipates a gradual widening of regulations to encompass the broader crypto ecosystem. Emphasiszing consumer protection and innovation, OKX envisions the rise of decentralised products, providing access to the Web3 world.

With India boasting over 450 active Web3 startups and approximately 75,000 blockchain professionals, the country is poised to become a key player in the global Web3 ecosystem.

OKX, with its expansion efforts, aims to contribute to the emergence of unicorns from either China or India, supporting the vision of decentralized sub-custody experiences becoming the face of consumer Web3.