India’s crypto regulation is subject to significant uncertainty, as legal disputes are prolific. The Reserve Bank of India, or RBI, didn’t have the authority to ban cryptocurrencies as a whole, but it did have the power to ban all regulated firms from allowing its use. Meaning, no crypto company was allowed to use the country’s banking features. However, major crypto exchanges across the world would be blind to see the massive demand for crypto services, circumnavigating the crypto ban with Decentralised Exchanges, or DEXs.
OKEx And CoinDCX
OKEx is the latest major exchange to do this, having partnered up with CoinDCX, one of India’s largest crypto trading platforms. Through this partnership, OKEx plans on delivering crypto futures products to a new market of Indian customers.
The partnership goes two-fold. OKEx spreads into a new market, and CoinDCX will boost the liquidity of the platform. Furthermore, CoinDCX will gain a considerable boost in developers as the company lends it, its aid.
As a celebration for the new partnership, a new crypto futures product will be pushed out by CoinDCX: DCXfutures. As infinitely creative as the name is, it will allow the DEX’s users to trade in futures contracts of the primary forms of crypto, with allowed leverage of 15x.
As the firm explains it, the futures contracts will have a minimum of eight coins supported in its product range. These coins cover the majority of the world’s top crypto, with Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Tron (TRX), EOS, and the classics, Bitcoin (BTC) and Bitcoin Cash (BCH). The users will further be capable of trading in perpetual futures contracts, but only in Bitcoin and Ether.
Demand Through Regulation
As the firm explains, the maker fees will clock in at 0.2% in the very start of the DCXFutures launch. Furthermore, the new product range will only be available to a select amount of users based on invitations only. When the general public accesses it, users will be capable of accessing DCXfutures from a single wallet. The estimated time for this to happen is scheduled at Q2 2020.
CoinDCX isn’t the first DEX to be scooped up by a significant group, however. The trendsetter for this matter is none other than Binance. Make no mistake, this is a corporate war in and of itself, with a market made through the general rejection of crypto in the country’s legislation.