- OKX has decided to step into India’s Web3 space, fostering the technology.
- The CEO Star X, commented on India’s potential to be a big contributor to the Web3 sector.
- The platform has no intention of starting crypto exchanges in the country.
OKX, the world’s second-largest crypto exchange by 24-hour trading volume, has taken the initiative to set foot in India, fostering the Web3 community in the country. Star Xu, the CEO and Founder of OKX, shared an X post, shedding light on India’s “potential to be a big contributor” to the Web3 sector.
According to a Forbes report on November 28, OKX, positioning itself as a Web3 technology company, has decided to strengthen its presence in India, a country where “engineers, product experts, entrepreneurs, and developers are thriving.” Haider Rafique, OKX’s Chief Marketing Officer, commented on the enthusiastic youth in India that drove the company to choose the country. He stated,
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.
The platform also shared its interest in providing developer funding with grants of $25,000-$75,000 for “promising Web3 projects” in India. Already, the platform has reportedly sponsored 400+ colleges in the country to promote education in the engineering sector.
OKX has collaborated with Polygon to explore the wider aspects of Web3 technology. Commenting on OKX’s initiative in India, Polygon co-founder Sandeep Nailwal cited,
OKX’s Web3 expansion into India will undoubtedly result in a considerable boost not only to the local Web3 ecosystem but to the global crypto industry as a whole. Ultimately, adding value is one of the core objectives OKX has already stated when announcing its expansion.
However, OKX doesn’t intend to start crypto exchanges in India, acknowledging the local market regulations. Haider promised that the platform is not considering to establish their crypto trading in the country and would concentrate exclusively on the Web3 sector. Reflecting on the company’s efforts in the advancement of Web3, the CEO stated, “Investing in Web3 talent and innovation is important for growing Web3 adoption”.
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