OKX Entering Indian Market With a Focus on Web3

Saudi Arabia Looks to Diversify Through Web3Saudi Arabia is intensifying its efforts to diversify its economy as part of its ambitious Vision 2030 initiative. In a move away from its traditional reliance on oil, the kingdom is embracing cutting-edge technologies like blockchain and artificial intelligence (AI) and is delving into the burgeoning gaming industry.That’s the view of Animoca Brands Co-Founder Yat Siu, who, in a recent interview with Cointelegraph, highlighted Saudi Arabia’s keen interest in Web3, emphasizing the country’s partnerships with entities like The Sandbox and Animoca itself.Photo by Hala AlGhanim on UnsplashDriving gaming growthSiu believes that Saudi Arabia is making a concerted effort to explore the possibilities of the new iteration of the internet, particularly in the realm of Web3 gaming and blockchain gaming, where asset ownership is verified on the blockchain. He stated:“I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we actually prove the owner assets — is going to be the future of gaming.”While Saudi Arabia has yet to make a significant global impact in game and AI development, experts in the emerging field of Web3 believe that the kingdom’s investments in gaming could have far-reaching implications.The Boston Consulting Group reported that Saudi Arabia accounts for 45% of the region’s gaming sector, with a total value exceeding $1.8 billion. It also boasts one of the highest game revenues in the area, according to Ireland-based gaming content creator, Allcorrect.$38 billion gaming fundSiu is not the only one to believe in the efficacy of Saudi’s Web3 efforts. Poland-based Web3 gaming platform GameSwift also articulated a similar view recently. In a tweet thread published last month, the firm acknowledged the $38 billion gaming fund launched by the Saudi royal family.That initiative involves a Gaming Hub, the first incubator for esports in the world. The objective of the hub is to empower early-stage studios and provide an accelerator program for their growth, with direct investment going to top ten studios.Cryptocurrency uncertaintyDespite its understanding of the high-level concept of Web3, Saudi Arabia faces uncertainties regarding the integration of cryptocurrencies and virtual assets into gaming due to the absence of clear regulations. Siu explained that while Saudi Arabia is proactive in investigating cryptocurrencies, other regions like Hong Kong, Japan, and the United Arab Emirates (UAE) offer more clarity on what can be done with crypto and Web3.Siu noted that Saudi Arabia is actively seeking information on best practices and strategies from experts like Animoca. To encourage Web3 adoption, financial literacy is key, according to Siu.He emphasized that users must have a certain level of financial literacy to fully embrace Web3, as it goes beyond traditional banking. Understanding the potential value of digital assets and their network effects is crucial for Web3 users.Saudi Arabia is not the only Gulf nation to pivot to Web3. Oman is looking to do likewise based on similar rationale — to diversify away from an oil-based economy. The UAE is also actively working towards creating the right conditions to nurture Web3 startup businesses.

Jump Trades to Top of NFT MarketplaceJump.trade, which is considered to be the largest NFT marketplace in Asia, has now emerged as the leading NFT marketplace on the Polygon Network, as per a recent report published by DappRadar. This new ranking has placed Jump.trade ahead of other popular NFT marketplaces like OpenSea, Decentraland, and OKX NFT marketplace, among others.©Unsplash/Andrey MetelevJump №1 on PolygonThe firm acknowledged the achievement on social media last week, thanking its community for making the accomplishment a reality. Kameshwaran Elangovan, Co-Founder and COO of Jump.trade, expressed his delight with the recent ranking and called it “an astounding statement of our team’s hard work and the enthusiasm of our community who keep our marketplace always buzzing.”While clearly an “unlocked achievement” as the company itself put it, it’s important to note that NFT marketplace development on the Polygon network has been much more recent. The bulk of NFT marketplace trading volume still occurs on blockchains such as Ethereum with NFT marketplaces OpenSea and upstart Blur dominating and accounting for 90% of NFT trade.First P2E cricket gameIt is worth noting that Jump.trade had introduced the world’s first P2E cricket game NFT collection last year, which consisted of 55,000 NFTs from the Meta Cricket League. Interestingly, this collection had sold out within a mere nine minutes, underlining the immense popularity and demand for NFTs. Jump.trade has also formed partnerships with various renowned brands such as Pepsi and Cadbury to make NFTs more accessible and develop a metaverse ecosystem where both brands and individuals can collaborate.Global ambitionsThe company has set its sights on becoming a major global player in the gaming NFTs market and is expected to benefit from the projected growth in the NFT market. This market is estimated to be worth $231 billion by 2030, with the gaming and sports industries anticipated to be the key drivers of NFT-related products.Jump.trade is a collaboration between Indian firm Appstars Applications and Singapore’s Guardian Blockchain Labs. As an emerging tech superpower, India has a robust technical infrastructure that can enable the NFT industry to penetrate even the remote areas of the country. However, a well-structured regulatory framework will be critical for faster adoption of NFTs and digital collectibles, and ownership will play a crucial role in taking India closer to achieving its goal of an $800 billion digital economy by 2030.Flipkart Labs partnershipJump.trade is also the platform for the upcoming RADDX Racing Metaverse NFTs, and it provides opportunities for brands to leverage Web3/gaming for branding. On Wednesday, Jump.trade announced its partnership with Flipkart Labs, the blockchain and NFT offshoot of Indian e-tailer Flipkart. Both companies are collaborating on the RADDX Web3 advertising innovation.Jump.trade CEO and Co-Founder Ramkumar Subramaniam said that “brands like Flipkart getting into metaverse advertising and Web3 marketing will serve as an encouragement and a beacon for a lot of brands to follow suit.” As part of the deal, Flipkart Labs bought Digital Lands, a digital land parcel within the RADDX Racing Metaverse.

India’s digital currency transactions have surged, surpassing 1 million daily transactions in December, meeting the Reserve Bank of India’s (RBI) ambitious target set for the end of 2023.Photo by Julian Yu on UnsplashCBDC-based employee paymentsReuters cited three sources familiar with the matter who have revealed that Indian banks played a crucial role in achieving this milestone by disbursing certain employee benefits through the central bank’s digital currency (CBDC), known as the e-rupee. As Indian crypto influencer and YouTuber Sumit Kapoor put it, the transaction level increase “happened because people working in regular banks were encouraged to use digital rupees instead of the normal money for their deposits and benefits.” RPI letter confirms increaseA letter seen by CoinDesk sent by the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, to RBI staff on Dec. 29 confirmed the increased CBDC use, stating that it “exceeded the milestone of 1 million transactions in a day on Dec. 27, 2023.” The e-rupee, developed as a digital counterpart to physical cash, utilizes distributed ledger technology. The RBI initiated the e-rupee pilot in December 2022, initially recording an average of 25,000 daily transactions by the end of October. Despite its integration with the Unified Payments Interface (UPI), a popular framework for mobile app-based peer-to-peer money transfers, the transaction volume saw a substantial increase last month. Union Bank paymentsAccording to India’s Economic Times, the Union Bank of India is working towards transferring claims related to a number of employee benefits to CBDC wallets rather than the accounts of those salaried employees. Union Bank stated: “With an aim to promote CBDC wallet transactions, banks have been advised to encourage all staff members to transact using the digital currency and ensure 100% staff registration on digital rupee app.” Other banks have been playing their part in the current transaction level surge. This has included major private and state-run lenders such as HDFC Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank and IDFC First Bank. These institutions disbursed employee benefits directly into CBDC wallets rather than traditional salary accounts, demonstrating a significant shift in adoption patterns. The RBI anticipates that non-financial firms will follow suit, contributing to a further boost in transaction volumes. The user base for the e-rupee has also witnessed steady growth, reaching approximately 4 million users, up from 3 million in December, according to an executive familiar with the pilot. Globally, several countries, including China, France and Ghana, are in the pilot stages of their central bank digital currency (CBDC) projects. Nigeria has rolled out its digital currency, although success has been limited despite offering incentives such as discounts on auto-rickshaw rides. To incentivize e-rupee transactions, Indian banks are offering rewards, aligning with the RBI’s push to enhance transaction volumes. Sharat Chandra, co-founder of the India Blockchain Forum, commended the move to compensate employees using CBDC and suggested expanding adoption incentives to other areas, such as toll tax collections, to further encourage widespread usage. The positive momentum in India’s digital currency landscape reflects a growing trend toward embracing innovative financial technologies.