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- 1 A crypto exchange, OKX, is enhancing its Web3 development phase in an Asian country.
- 2 In a recent interview, the CMO of a crypto exchange talked about their exploration of the Web3 industry.
OKX, a crypto exchange, will soon open its wings in India to explore Web3 applications as it “has big plans for this Asian country.” In a recent interview with a media outlet, Haider Rafique, the Chief Marketing Officer (CMO) of OKX said that the crypto exchange is “planning to enter India and recruit local employees to explore potential Web3 applications.”
Bimlesh Gundurao, the co-founder at Foundership, further shares an X (formerly Twitter) post that further mentioned OKX’s plan. He noted in his recent post that “OKX has big plans for India!”
Web3 Exploration Dream of OKX in India
Haider Rafique stated in the interview that OKX is planning to scale up its wallet services “exponentially” as it is entering India’s developer community. At present, the crypto exchange has nearly 200K wallet users in this Asian country which is just 5% of the country’s Web3 users, as he further said.
During the interview, Rafique said “We are not going to come in and cowboy this thing. We’re going to learn about the community. We’re going to work with local folks. Figure out where we can add value.”
Rafique further talked about the regulatory system in the country as he stated “One has to kind of separate Web3 from Centralized Finance (CeFi) while he thinks regulators are starting to do that too.”
OKX’s Chief Marketing Officer further said “They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India. Once India comes up with a regulatory framework for crypto then we would like to be the front runners.”
Notably, the crypto exchange does not have an office in India while also not planning to open one as that’s not required to offer Web3 services, as Rafique further added. However, it is true that the crypto exchange is actively waiting to hire a team that can lead their Web3 efforts.
Rafique’s ‘Note’ for Developer Community
“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,” as OKX’s CMO 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. Is it for us to sponsor Web3 conferences or developer conferences or host an OKX Blockchain Week? This is what we are exploring.”
It must be noted that, in mid-August, Neo, the blockchain platform, opened registration for the Banglore GAS Station in India. This was the continuation of its offline events for the APAC Hackathon in collaboration with OKX, StackOS, and QuillAudits.
Over this collaboration, Rafique said that “it is a test to validate their assumptions, understand the culture, and support the ecosystem.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
