OKX, one of the 10 largest crypto exchanges by trading volume, is planning to enter India and recruit local employees to explore potential Web3 applications, according to the firm’s Chief Marketing Officer Haider Rafique. “We are not going to come in and ‘cowboy’ this thing,” he said in an interview. “We’re going to learn about the community. We’re going to work with local folks. Figure out where we can add value.”
Currently, OKX has about 200,000 wallet users in India, which is only 5% of the nation’s Web3 users. Crypto isn’t banned in India, but the nation has not brought forward any legislation in Parliament for Web3 or cryptocurrency issues. The central bank continues to oppose legalizing cryptocurrency while promoting its central bank digital currency (CBDC).
OKX is looking to hire a team to lead its effort in India. “We’re trying to identify who’s who in the zoo and what is their contribution. There’s a large developer community. How do we help them, build a relationship with them,” Rafique said. “How do we first let them know what we’re about. And then work with these communities to figure out what is the right way in.” Recently, OKX partnered with blockchain platform Neo for its APAC Hackathon in the southern city of Bengaluru.