One of the world’s top tier cryptocurrency exchanges, Bitmex, recently announced the launch of its spot trading in India. This launch is slated to take place on the 24th of May. This launch comes just after the massive cryptocurrency crunch that is going on in the market.
However, it is evident that Bitmex intends to rise above its present challenges to take giant strides. Bitmex’s spot exchange is targeted at allowing users in India to instantly convert, deposit, withdraw, and buy multiple cryptocurrencies.
Jenia Mikhalchenko, the Vice President of the Spot exchange at Bitmex, explains the reason for the choice of the Indian market for its spot exchange location. Mikhalchenko stated this in an interview; the VP notes that India is one of the most vibrant markets in the world for the adoption of cryptocurrency. Jenia Mikhalchenko further notes that there has been a lot of activity with respect to project rollouts, executions, developments, and infrastructural projects in the Indian cryptocurrency ecosystem. Thus, India ranks the second country on the world’s cryptocurrency adoption index. This is because of its massive tech capabilities and demography. India is definitely difficult to ignore.”
Unfortunately, this project is starting when the government is apathetic towards cryptocurrency and there is an imposition of a high tax rate on the crypto income. Despite this, Bitmex recognises an opportunity in the crypto market and intends to take advantage of it.
Cryptocurrencies Allowed on the Spot Exchange
Bitmex intends to start the spot exchange by providing trading for seven cryptocurrencies, which are as follows: ETH, LINK, UNI, MATIC, APE, XBT, and AXS. Mikhalchenko notes that Bitmex intends to do better or different. As such, there will be a very competitive fee structure on Bitmex’s spot exchange.
Mikhalchenko, commenting on the purpose of the Bitmex spot exchange’s launch. He notes that Bitmex intends to support the Indian cryptocurrency ecosystem as much as possible. One of the major coins that Bitmex aims to launch is Polygon’s Matic. Mikhalchenko also expresses optimism over the fact that spot exchange will be accepted in the Indian crypto community. This is because Bitmex appears to have a close tie to the cryptocurrency market even without being physically present on the ground.
Mikhalchenko further expresses optimism that there will be more disruptive innovations like this spot exchange in the industry no matter the challenges.