OKX, a global crypto exchange and Web3 technology company, is strengthening its foothold in India by launching several initiatives to support the local Web3 ecosystem. The company has announced a strategic partnership with Polygon, a leading Ethereum scaling solution, to develop a new Layer 2 network and collaborate on Web3 applications. OKX has also revealed its plans to sponsor events, provide grants, and hire talent in India to foster the Web3 community.
OKX and Polygon Join Forces to Build X1 Network
One of the key announcements from OKX is the launch of X1, a new Zero Knowledge (ZK) Ethereum Layer 2 network that is built using Polygon’s Chain Development Kit (CDK). X1 aims to provide faster and cheaper transactions for Web3 users and developers, while leveraging the security and decentralization of Ethereum. OKX will become a core contributor to Polygon’s CDK and will dedicate substantial resources, including engineering, to enhance this technology stack. This will collectively push the boundaries of ZK-powered L2 technology, which ultimately benefits the OKX, Polygon and Ethereum communities.
Polygon co-founder Sandeep Nailwal expressed his excitement about the partnership, saying: “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.”
OKX to Support Web3 Developers and Entrepreneurs in India
OKX is also committed to nurturing the Web3 talent and innovation in India, which has one of the fastest-growing and most vibrant Web3 ecosystems in the world. The company plans to work on three fronts in India: fostering the Web3 community, serving as a small incubator or grant provider for promising Web3 projects, and working closely with Polygon’s product teams to attract more Web3 applications to the Polygon and OKX ecosystems.
OKX has already sponsored events in more than 400 colleges in India to build branding and education, and to explore if they can be part of a developer or engineer’s journey. OKX plans to spend $1 million on developer grants and advertising in India in the next 12 months. OKX will also work with developer student bodies in India and partner with them to help them explore its global platform or be part of its developer ecosystem.
OKX Chief Marketing Officer Haider Rafique said: “The youth in India have a natural gravitation towards STEM education. Beyond Silicon Valley and China, Indians have built knowledge systems with technology and software. 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.”
OKX Respects Local Market Regulations and Does Not Offer Crypto Exchange Services in India
While OKX is expanding its Web3 presence in India, the company is not launching its crypto exchange services in the country, due to the uncertain regulatory environment. OKX respects local market regulations and does not offer any of its centralized exchange products in India at this time. The company hopes that India will come up with a clear and favorable regulatory framework for crypto in the future, and then OKX would like to be the front runners in offering crypto exchange services in the country.
Rafique said: “We respect local market regulations. We won’t make any of our centralised exchange products available in India at this time. We are in the experimental stage of developing our products in India. Web3 is still trying to find a product-market fit globally, though the philosophy is well accepted.”