In an unique interview with CryptoNews, OKX International Chief Advertising and marketing Officer, Haider Rafique, expressed the corporate’s imaginative and prescient to focus on India’s “tech-savy” market.
OKX, one of many largest crypto exchanges when it comes to buying and selling quantity, at the moment doesn’t provide any centralized finance merchandise to Indian customers.
Nevertheless, the corporate is trying to scale its basic Web3 merchandise to Indian clients within the coming months.
As reported earlier, the crypto alternate large is trying to establish itself in India and rent native expertise.
India, present G20 chair, is internet hosting world’s most distinguished leaders within the nation’s capital this weekend, the place crypto rules goes to be one of many main speaking factors.
Discussions round crypto regulations at G20 are targeted on creating a sturdy international framework to supervise the business as a substitute of placing a blanket ban.
“India is a great market for Web3”
Speaking to CryptoNews, Haider Rafique, stated that he believes India is a superb marketplace for Web3 for a lot of causes, one being the pure bent Indians have in direction of tech from a younger age.
“Most youth in India are very Web2 savvy and they’re certainly first movers on Web3, they understand this stuff. It’s second nature.”
OKX CMO additional identified that there are extra wallets holding Web3 belongings in India than wallets exterior.
“And if you even look at the traffic for Metamasks, Trust Wallet, Coinbase Wallet, the top market is India,” he additional added.
Speaking about how a median Indian person is far more superior than the remainder of the world, Haider stated:
“In the US, you might be able to delight a younger audience just through an NFT play. In India, I don’t think that just having an NFT play works. You really got to have real utility.”
On condition that India at the moment lacks clear rules for centralized exchanges and basic crypto business, OKX is scaling its Web3 merchandise to keep away from risking regulatory scrutiny.
OKX wanting ahead to clear crypto rules in India
Haider additional identified that for an alternate, absence of regulation is definitely more durable than having regulation as a result of after getting regulation, you at the very least know the foundations.
“Before regulations, you actually don’t know how the government will react. So it doesn’t give a company the framework to understand how we should be operating in this market.”
Speaking about upcoming potential rules in India, OKX CMO expressed optimism saying that he hopes regulators welcome them as they’ve welcomed the providers they’re providing. He added:
“I am looking forward to the frameworks that come out. But one thing is for sure, regardless of whether they’re favorable or not favorable, we are going to comply. We’re going to respect local laws.”
Presently, OKX has over 200,000 Indian pockets customers, representing about 5% of its whole demographic.
OKX has many merchandise within the pipeline that they need to launch upon regulatory approval.
“So we are working hand in hand with regulators. We have a ton of applications that are in the pipeline, we get approved, we will comply with local regulations and offer our services within the framework.”
One of many world’s high 10 crypto exchanges when it comes to buying and selling quantity doesn’t have a world headquarter, however has regional hubs in Hong Kong, Singapore and Bahamas.
The crypto alternate additionally opened an workplace within the crypto-friendly metropolis of Dubai earlier this 12 months upon regulatory approval.
OKX CMO hints movie star partnerships in India
Crypto alternate OKX, which has beforehand partnered with English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Competition, Olympian Scotty James, and F1 driver Daniel Ricciardo, is trying to additional the listing of movie star partnerships.
Haider hinted at partnering with Indian celebrities for its advertising and marketing campaigns within the close to future. He stated:
“The company has the intention to partner with top celebrities. But we first want to make sure we understand the market and that we can add value and then we will add those and I think you’ll see those partnerships come through not in one year, but in a matter of probably two-three months.”
In the meantime, OKX has launched referral packages concentrating on Indian customers.
Final month, OKX partnered with Indian blockchain agency NEO for its APAC Hackathon at Indian tech hub Bengaluru. As per Haider, the partnership was to get to know the neighborhood on the bottom.
“What we’re learning about through the hackathon is what is the community on the ground like? What are the early entrepreneurs thinking? Which direction are they going in? What technologies are they most eager to build out? Or if they are explorers, what are the utilities they’re seeking?”
Exterior of India, OKX can be trying to resume operations within the USA and Europe upon regulatory clearance.
