Leading crypto spot and derivatives exchange OKEx has launched a new peer-to-peer (P2P) trading platform which allows users to buy digital currencies using Indian rupees (INR), with zero transaction fees. According to an announcement, the P2P platform now offers BTC/INR and USDT/INR pairs, with more pairs to be available soon.
OKEx describes its P2P platform as a marketplace for traders to make fiat-to-crypto transactions with each other via escrow. The platform allows traders to buy BTC and USDT with a 0% transaction fee, using a variety of payment methods available in India, including UPI, IMPS, NEFT. The announcement added that this INR fiat onramp will be tied directly to traders’ OKEx trading accounts, allowing them to easily access the wider OKEx trading ecosystem.
OKEx CEO Jay Hao noted that the company always pays attention to the changes in global crypto market and have great confidence in the Indian market. He said they regard India as one of the most important incremental markets of the crypto and blockchain industry, looking at the influx of high quality projects into the country.
“We believe that blockchain technology will eliminate barriers to transactions, and we’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives.”
OKEx also noted in the announcement that a campaign with a 30,000 USDT prize pool will take place as part of the platform launch. Users can earn a share of the pool by trading on the P2P platform, referring friends, posting on social media and answering daily quizzes.
OKEx’s plans to enter into the Indian market comes at a time when there are reports that Indian government is making plans to pass a law which will make crypto trading illegal in the country. However, OKEx noted in its announcement that, the Indian government is in discussions with the RBI and the Indian SEC Board about a regulatory framework for cryptocurrency.