Singapore-based cryptocurrency exchange, CoinDCX announced a partnership with one of the largest exchanges for cryptocurrency derivatives and futures, OKEx, on Friday. CoinDCX will have access to OKEx’s extensive experience in developing world-class futures products to bring more innovative service offerings to market.
The partnership has been announced with the launch of CoinDCX’s new DCXfutures product amid increased demands for access to futures, options and higher leverage trading for the Indian market. DCXfutures will allow for up to 15x leverage trading on a host of leading digital assets futures, including BTC, ETH, XRP, BCH, LTC, EOS, ADA, and TRX. Users will also be able to trade perpetual future contracts with Bitcoin and Ethereum perpetual futures.
Commenting on the partnership, Sumit Gupta, the CEO of CoinDCX said, “We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. Our partnership with OKEx marks an exciting new chapter in our journey as we continue to strive to offer our customers innovative products and unparalleled market liquidity. With the huge potential of cryptocurrency markets to accelerate economic growth and wealth generation in India, we believe that this collaboration takes India one step closer to joining the ‘5 trillion dollar club’ as one of the fastest growing economies in the world, allowing us to avail of new opportunities and take on new challenges.”
An official press release stated, CoinDCX will be able to provide OKEx with valuable strategic insight, liquidity, and connectivity within the Indian marketplace—which has been home to an increasingly active cryptocurrency community. At the same time, with OKEx’s stellar leverage options, CoinDCX users can have access to the kind of liquidity that was previously unimaginable in India.
Zac Zou, Head of OKEx India, said: “As one of the largest economies in the world, India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem. We believe having a variety of options to transact digital currencies will bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.”
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