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OKEx Launches Peer-to-Peer Trading Platform With Multiple Payment Methods in India

2020.08.04 OKEx Public Relations

Malta, Aug. 4, 2020 OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced that a peer-to-peer trading platform in India will be launched on Aug. 5, allowing Indian users to buy cryptocurrencies with Indian rupees (INR) with zero transaction fees. At the same time, a campaign with a 30,000 USDT prize pool will take place. By trading on the P2P platform, referring friends, posting on social media and answering the daily quiz, participants can gain points, which is a voucher for the corresponding prize pool share.

The OKEx P2P trading platform now offers Bitcoin and USDT pairs for INR, with more coins becoming available soon. In addition to the lowest price, the deepest market and the fastest KYC process provided by OKEx, users can also use India’s most widely used payment methods — including UPI, IMPS, NEFT, etc.

Among India’s staggering population of 1.3 billion, currently an estimated 5 million people own digital currencies, with huge opportunity for growth in the short term. The recent lifting of a cryptocurrency ban by the Reserve Bank of India on March 4 led to a dramatic shift in momentum for the Indian market, with volumes on local exchanges rebounding across the board after a stagnant few months. According to data from CoinDCX, an OKEx partner, the BTC/INR trading volume increased by 1031.4% month-on-month after the ban lifted in March and maintained a growth rate of more than 100% in April.

CoinDCX BTC/INR Volume (Count by BTC)

CoinDCX BTC/INR Volume (Count by BTC)
Source: https://coindcx.com/trade/BTCINR

According to a joint report published by OKEx and Coinpaprika, the India Crypto Market Research Report on the cryptocurrency ecosystem in India indicates that the huge demand for cross-border remittance and exchanging foreign currency have demonstrated a great passion for cryptocurrency, as which can reduce costs significantly. In view of this and the high degree of respect in terms of local regulation, OKEx is pleased to proceed with a new commitment in India.

India, a quasi-blue ocean for the cryptocurrency market

Currently, the India cryptocurrency market still faces many challenges and limitations. Although the ban on crypto has been lifted by the RBI, the vague regulatory policy resulted in some banks still refusing to open accounts for crypto exchanges, claiming that they are waiting for further instructions from the RBI regarding cryptocurrency. On the other hand, traders are also still unwilling to connect their bank accounts with any crypto-related transaction.

Facing huge demand, the Indian government is taking positive measures. The Indian government is reportedly in discussions with the RBI and the Securities and Exchange Board of India about a regulatory framework for cryptocurrency. Besides this, the government is also waiting for the Supreme Court to consider the outcome of another cryptocurrency case before making a final decision on cryptocurrency regulation.

Given that, the entries of large-scale trading platforms into India will undoubtedly complete the crypto-trading ecosystem in India and bring about a win-win situation for the platforms and Indian traders.

OKEx P2P trading platform with multiple payment methods

The OKEx P2P platform is a marketplace for traders to make fiat-to-crypto transactions with each other via escrow. The platform allows traders to purchase Bitcoin and USDT with a 0% transaction fee and a wide range of payment methods available to them. This INR fiat onramp will be tied directly to traders’ OKEx trading accounts, allowing users to access the wider OKEx trading ecosystem with ease.

 “We always pay attention to the changes in the global crypto market and have great confidence in the Indian market. With more and more cryptocurrencies and projects with high quality appearing in India, we regard India as one of the most important incremental markets of the crypto and blockchain industry,” said OKEx CEO Jay Hao. He added:

“We believe that blockchain technology will eliminate barriers to transactions, and we’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives. What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users. For example, we are about to launch the OTC desk in India soon. Please stay tuned.”

END

About OKEx

One of the world’s largest and most diverse cryptocurrency marketplaces, OKEx is where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swaps and options — with major cryptocurrencies, offering investors notable flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:

Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


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