OKX, a global cryptocurrency exchange, will soon provide web3 services and knowledge across India. The venture will be focusing on services and managing its operations with a three-pronged strategy.
The company is set to make significant investments across three key fronts. This demonstrates OKX’s commitment to fostering innovation and development in the rapidly evolving blockchain space.
OKX To Focus On Web3 Community, Polygon, And Students
Observing the technological growth in India, OKX is all set to cement its foot on the web3 ground. OKX has unveiled plans to foster the Web3 community in India, offering grants from $25,000 to $75,000 for promising projects.
Haider, a representative, stated that OKX may explore serving as a small incubator or providing developer funding. The company has sponsored events in over 400 colleges to enhance branding, education, and potential partnerships with developers and engineers.
OKX is actively exploring collaboration with the Polygon chain, known for its scalability on Ethereum. Haider notes,
“We are closely collaborating with their product teams to attract more Web3 applications to the Polygon and OKX ecosystems.”
The exchange platform believes that partnering with Polygon will enhance utility for Web3 natives. OKX, highlighting its commitment to education and skill development, is poised to collaborate with India’s developer student groups.
The exchange platform has allocated a substantial budget of $1 million for developer grants and advertising initiatives. By actively engaging with student communities, OKX aims to encourage the exploration and adoption of blockchain technology among the youth, fostering a new wave of talented developers in the country.
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Web3 Future And Regulations In India
Recent developments in India especially in the Web3 space have gathered many investors’ eyes. Companies have already explored web3 integration in Silicon Valley and China. Indians have shown a huge enthusiasm towards the technological space and have developed more robust systems than the rest of the world.
There are many seminars and workshops conducted monthly for Web3 advancements and blockchain education. Recently, Banglore will host Indian Blockchain Week (IBW). There will be 60+ web3 events with hundreds of learners and educators participating across India.
However, the crypto regulations and taxation have stopped the web3 growth in India leading to a stagnancy in the development. The recent regulatory actions taken by Finance Minister Nirmala Sitharaman to impose 30% taxation on crypto trading have barred people from using services.
However, collaborations amongst industries, association activities, and overall good momentum are still propelling India’s Web3 ecosystem forward.
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