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OKEx is Giving Away Free USDT, Will it Attract Indian Traders?

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We can’t ignore how potential-laden the recent announcement by OKEx about giving away free USDT is. But if we look at the Indian government’s view about crypto trading and the strict regulation around it, OKEx’s attempt appears to be a wild bet. It can either go very wrong, or it can flip the situation on its head for better days.

The Hong Kong exchange is planning to have a strong hold on the Indian market, given its huge potential. The exchange announced its second token sale- “OK Jumpstart” yesterday. (The first one was for BLOC token for Blockcloud project.)

Why is OKEx targeting Indian Markets?

Indian market is an untapped market, which, when used properly, can give off stunning results. Crypto players such as OKEx are always on a look for laying foundations in such a fertile place.

Another reason why we see this free USDT give away can be the recent dramatic upsurge in Bitcoin’s prices. Lately, within a period of one month (April), the world’s largest crypto showed remarkable up thrust of 50 percent. This bullish momentum was long awaited and came around after almost a year. This upthrust also made other cryptos stronger too.

The above two reasons make it favorable timings for OKEx to knock at Indian markets. The curiosity for Bitcoin’s rise, coupled with the Indian market’s potential can be a win-win situation for the crypto exchange.

The Token sale-

As per the official blog, this sale is for “ALLIVE token.” The token is based on the healthcare ecosystem, which is backed by the blockchain technology. The main target of this project as per the blog is to

provide standardized formats for health data integration protect data privacy and support extension compatibility.

Further, the crypto exchange has joined forces with Ontology for data sharing purposes.

When will it start?

It will open at “05:00 (CET, UTC+1), and the second session will open at 06:00 (CET, UTC+1)” on the same day.

More on OKEx-

Recently, the Hong Kong-based crypto exchange has formed a partnership with Caspian (a joint venture of blockchain firms- Kenetic and Tora). Caspian is a “full stack” crypto trading and risk management platform. This partnership aims at improving the “institutional adoption of cryptocurrency trading.” On this, James Jiang, the Vice President of OKEx said-

There is huge potential for the institutionalization of crypto in China and more broadly. We are delighted to have teamed up with Caspian to help facilitate our clients’ needs in this space.

On the other hand, earlier this month, OKEx expressed its thoughts on IEOs. The head of operations at the crypto exchange- Andy Cheung said that the exchange doe not asks for any fees from the startups for IEOs. When asked about the traction potential of IEOs for the native token of the exchange, Cheung said that there is a minimum eligibility requirement of 500 OKB tokens for the IEOs. The exchange only accepts OKB tokens. The exchange is aiming to conduct one IEO every month for at least this year.

Further, Cheung added-

We believe [IEOs] will bring new users to the community. […] We can actually help [users] select a good project. It won’t be like the old days where someone who does an initial coin offering runs away.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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