OKX, a global cryptocurrency exchange, will soon provide web3 services and experience across India. The company will focus on services and manage its operations with a three-pronged strategy.
The company will make significant investments on three main fronts. This demonstrates OKX’s commitment to promoting innovation and development in the rapidly evolving blockchain space.
OKX will focus on the Web3, Polygon and student community
Looking at the technological growth in India, OKX is ready to consolidate its position in the web3 terrain. OKX has revealed plans to promote the Web3 community in India by offering grants of between $25,000 and $75,000 to promising projects.
Haider, a representative, said OKX could explore the possibility of serving as a small incubator or providing financing to developers. The company has sponsored events at more than 400 universities to enhance branding, education, and potential partnerships with developers and engineers.
The sharing platform believes the partnership with Polygon will improve usability for Web3 natives. Highlighting its commitment to education and skill development, OKX is ready to collaborate with student developer groups in India.
The exchange platform has allocated a substantial budget of $1 million for developer subsidies and advertising initiatives. By actively engaging with student communities, OKX aims to encourage the exploration and adoption of blockchain technology among young people, fostering a new wave of talented developers in the country.
There are many seminars and workshops held monthly on Web3 advancements and blockchain education. Recently, Banglore will host India Blockchain Week (IBW). There will be over 60 web3 events involving hundreds of students and educators across India.
However, crypto regulations and taxes have hindered the growth of web3 in India, leading to a stagnation in development. The recent regulatory measures taken by Finance Minister Nirmala Sitharaman to impose a 30% tax on cryptocurrency trading has banned people from using the services.
However, cross-industry collaborations, association activities and overall good momentum continue to drive India’s Web3 ecosystem forward.