OKX Steps into India’s Web3 Space
OKX, the world’s second-largest crypto exchange by 24-hour trading volume, has decided to strengthen its presence 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.
India’s Potential in Web3
According to a Forbes report on November 28, OKX positions itself as a Web3 technology company and recognizes India as 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.
Developer Funding and Education Initiatives
The platform expressed interest in providing developer funding with grants of $25,000-$75,000 for “promising Web3 projects” in India. OKX has reportedly sponsored 400+ colleges in the country to promote education in the engineering sector.
Collaboration with Polygon
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.
Focus on Web3, Not Crypto Exchanges
However, OKX does not intend to start crypto exchanges in India, acknowledging local market regulations. Haider promised that the platform is not considering establishing 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”.
