- The corporation has no plans to create an office in India as chief marketing officer.
- OKX and Neo, a blockchain platform, have collaborated to host an APAC Hackathon in India.
Crypto exchange OKX, aims to join the Indian market and hire locals to help grow the scope of Web3 apps. OKX’s chief marketing officer, Haider Rafique, has said that the business intends to “exponentially ” expand the availability of its wallet services by engaging with the Indian developer community. He went on to explain that just 5% of India’s Web3 users (about 200,000 people) are now using OKX Wallet.
According to the most recent statistics from CMC, OKX is the sixth biggest cryptocurrency exchange globally in terms of volume. Additionally, it lacks a central office in any one location, instead preferring to operate out of regional centers like Singapore, Dubai, Hong Kong, and the Bahamas.
Community-based Strategy
According to Rafique, the corporation has no plans to create an office in India and would instead rely on Indian nationals to head up operations there. The appropriate method to break into the regional market, he said, may be made clear by adopting a community-based strategy.
OKX and Neo, a blockchain platform, have collaborated to host an APAC Hackathon in Bengaluru, India. According to Rafique, this is a trial run to check certain hypotheses. Moreover, get insight into the local culture, and help out the regional Web3 ecosystem.
However, there are no centralized laws in place, therefore trading and using cryptocurrencies in India is done at the risk of the investor. There is no outright prohibition on them, but one also can’t use them for banking purposes. Moreover, cryptocurrency is subject to a 30% tax in the nation.
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