Cryptocurrency exchange Bitmex launches spot trading in India

economictimes.indiatimes.com:

Mumbai: One of the world’s top global cryptocurrency exchanges, Bitmex, is launching spot trading in India on Tuesday, despite the bloodbath in the crypto market and an unfavourable regulatory environment, a top executive told ET. The spot exchange will allow Indian users to instantly buy, convert, deposit and withdraw multiple cryptocurrencies. «India is one of the most active hubs globally for crypto adoption and not just from a trading perspective, but we are seeing a lot of activity in terms of project development, project rollouts, and actual infrastructural projects within the ecosystem. India is ranked second in the global crypto adoption index. Given its demography and tech capabilities, India is just impossible to ignore,» Jenia Mikhalchenko, vice-president of spot exchange at Bitmex, said during an interview.

Did you Know?

Apparel maker Gap has launched NFTs for its iconic hoodies. The more than 50-year-old company's push to sell virtual assets for real money follows similar moves by clothing companies such as Nike

The exchange is starting spot trading in India at a time when the government has shown an indifferent attitude towards crypto and imposed a high tax rate on crypto income. The exchange will start spot trading globally with the launch of Bitmex Spot. Recently, rival exchange Coinbase went through a bitter experience afterlaunching its India operations with a bang, as it had to soon suspend buy orders due to payment issues with the county’s Unified Payments Interface (UPI). Sometimes there is no best time to enter a market and it is best to enter when one can and exploit the opportunity, Mikhalchenko said. «This is one of those moments. The fundamentals are all in place in