OKX Entering Indian Market With a Focus on Web3

India’s RBI Collaborates Internationally on Digital Rupee PaymentsIndia’s Reserve Bank (RBI) is expanding its exploration of central bank digital currencies (CBDCs) by focusing on cross-border functionality, despite its cautious approach to CBDC development.The RBI aims to experiment with various use cases for CBDCs in international payments, as it believes this can enhance the efficiency of cross-border transactions. That’s according to a report which was recently published by local media source, the Economic Times. RBI Governor Shaktikanta Das emphasized the potential benefits of quicker, seamless, and cost-effective cross-border payments. The RBI is actively engaging in dialogue with other central banks that have already implemented or are planning to introduce CBDCs.Photo by rupixen.com on UnsplashUAE collaborationIn collaboration with the United Arab Emirates (UAE), the RBI is promoting joint studies on using CBDCs for settling international payments. The partnership is driven by the high volume of remittances between the two countries, a consequence of the large number of Indian migrants in the UAE.These recent developments follow the RBI’s retail and wholesale CBDC pilot programs, which began just seven months ago. Although the retail pilot attracted 50,000 users within 60 days, the RBI remains committed to a gradual and cautious approach to mitigate potential risks.Onboarding one million CBDC usersWhile expanding the pilot program to new cities, the RBI aims to onboard one million CBDC users within the coming weeks, despite the digital rupee currently having a very low circulation level. On the wholesale side, the RBI’s pilot has shown promising results, with the digital rupee being explored for government bond transactions, money market funds, and short-term lending.RBI Deputy Governor T. Rabi Sankar emphasized the importance of exploring multiple use cases for CBDCs, including account-based CBDCs. The RBI aims to offer as many applications for CBDCs as possible while ensuring the existing National Electronic Funds Transfer (NEFT) and other systems are not disrupted.Global surge in CBDC developmentThe surge in CBDC development worldwide can be attributed to various factors. The imposition of sanctions on Russia following its invasion of Ukraine led to a significant increase in wholesale CBDC initiatives as Russia sought alternatives to bypass the sanctions.Additionally, the diminishing use of cash and the rise of dollarization and cryptocurrency adoption in local economies have motivated over 120 central banks to initiate CBDC research. These central banks are attracted by the potential benefits of financial inclusion and the opportunity to address the decline in cash usage.India has been selective in terms of the aspects of digital asset technology it wants to see further developed within its borders. At a recent conference organized by the RBI, a central bank official called on Indian banks to adopt blockchain technology. When it comes to stablecoins, the central bank is apprehensive, warning of associated risks while calling for global regulation.As India’s RBI continues its CBDC exploration, the focus on cross-border functionality underscores the growing recognition of CBDCs as a transformative tool for international payments. The ongoing collaborations and pilots demonstrate India’s level of interest in staying at the forefront of CBDC development while taking measured steps to ensure a secure and efficient transition to digital currency.

Bitget Launches $100M Crypto Ecosystem FundSeychelles-based crypto exchange Bitget has launched its EmpowerX Fund, a $100 million initiative unveiled during Bitget’s fifth-anniversary summit in Singapore on Tuesday.Photo by micheile henderson on UnsplashStrategic investmentThe firm expanded on the finer details of the fund at the summit event and also by way of a press release published to PR Newswire. The primary goal of the initiative is to enrich the platform’s ecosystem by strategically investing in various sectors, including regional exchanges, data analytics firms, and media organizations.Bitget’s approach via this new fund is grounded in diversification to meet the ever-evolving needs of its 20 million global customers. The exchange envisions creating a comprehensive trading ecosystem that encompasses trading, investment, research, DeFi, and media.Gracy Chen, the Managing Director of Bitget, emphasized that the cryptocurrency exchange sector is in a constant state of evolution and with that, the firm has a forward-looking vision that extends beyond the present. Chen stated:“The CEX landscape is continually evolving amid influences of tightened regulations, rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, meager [sic] and acquisition will happen in the following months. Our vision goes beyond the present.”She added: “With the launch of the Bitget EmpowerX Fund, we take another major step in our mission to develop Bitget into a truly comprehensive platform for all needs. Through strategic, targeted investments that foster long-term growth, we aim to continually expand our ecosystem of services to better serve the evolving needs of users. We also want to empower other people in our industry, because a rising tide lifts all boats.”Broader investment trendBitget’s EmpowerX Fund is part of a broader trend of strategic investments and expansion. In April, the exchange introduced the $100 million Web3 Fund, which focuses on supporting projects based in Asia and partnering with global venture capital firms, including Foresight Ventures, SevenX Ventures, and Gitcoin Fund.As part of that initiative, the firm invested $20 million in Sei Labs, the developers of the layer one Sei blockchain. The strategic direction being taken by Bitget extends beyond digital assets, as Bitget allocated $30 million to invest in the BitKeep multi-chain wallet, which subsequently underwent a rebranding as Bitget Wallet. This investment marked a significant milestone in Bitget’s journey toward embracing decentralized strategies.Diversifying service offeringTo better cater to the evolving needs of its users, Bitget has diversified its service offerings. In addition to traditional trading, the platform has ventured into the realm of crypto loans, a bold move given the difficulties experienced in 2022 by crypto lending firms like Celsius, BlockFi, Hodlnaut, Vauld, and Voyager Digital, who all ended up in bankruptcy.The company has taken a further step towards diversification on Tuesday, announcing the launch of its Bitget Wealth Management product. The firm claims that the product is targeted to meet the needs of high-net-worth individuals and institutions, offering to assist them in optimizing their financial portfolios.Bitget has also adapted to a changing regulatory landscape recently, stepping up its compliance in terms of Know Your Customer (KYC) measures.

Bitay Ventures into Expanding UAE Crypto MarketTurkey’s Bitay, a cryptocurrency exchange headquartered in Istanbul, has taken the decision to enter the United Arab Emirates (UAE) market.The company announced the development via a press release published on Thursday.Bitay General Manager Niyazi Yilmaz expressed his satisfaction in having made the move, stating: “The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay, it will be our technology base, central to our global blockchain strategy.”Photo by Aldo Loya on UnsplashGovernment-aided kickstartBitay sprang to life in 2018 following the award of a research grant by the Turkish government. The business has been operational in Turkey over the course of the past five years, but took the decision to expand on a global basis in 2021. The upshot of that decision saw the company obtain a Money Services Business (MSB) license in 16 states in the United States. Beyond that, the firm has made efforts to extend its services to customers across Europe, Asia, Africa, and the Americas.Last year, Bitay entered the Indian market, and as part of that process, it established an office in Gurgaon. At that time, the company claimed that India, the Turkic countries, Eastern Europe, the Balkans, and selected countries in the Middle East and North Africa (MENA) were its priority markets.Stablecoin USPThe company feels that it has something additional to offer the UAE market by comparison with other platforms that will provide it with a unique selling proposition (USP). It will also offer AEDD, a stablecoin that is pegged to the UAE's local currency, the United Arab Emirates Dirham (AED). Yilmaz explained: “AEDD is not just a stable coin, but a testament to the investment and trust we place in the UAE’s digital future.”To further bootstrap the launch of the platform within the UAE, Bitay is offering some preliminary incentives to encourage UAE residents to use the service. To that end, it’s launching an “Advantageous 2nd Sales Period” campaign. The offering will incorporate 25% discounts on its native exchange token, accompanied by a yield bonus of up to 30% on USDT-based investments.Native token offeringThe company claims that its native token achieved a 330% surge in value within its first year. That said, exchange tokens have been the subject of controversy more recently. The reliance of failed cryptocurrency exchange FTX on its native FTT token was a key factor in the downfall of the platform in 2022. Similar concerns have been raised with regard to global crypto exchange Binance relative to its native BNB token, albeit that any such assertions remain a matter of speculation.A progressive regulatory approach to virtual assets over the course of the past 12 months in the UAE has seen proponents of digital currency heap praise on the country. It has also led to a number of sizable crypto platforms attaining licensing in Dubai and Abu Dhabi, while others have established offices or headquarters within the UAE.