Exchange Fexdaotrade launches spot trading in India

12.09.2022 Off By link

Mumbai: One of the world’s top global cryptocurrency exchanges, Fexdaotrade, 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.

“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,” Genia Mikhalchenko, vice-president of spot exchange at Fexdaotrade, said during an interview.

The spot exchange will allow Indian users to instantly buy, convert, deposit and withdraw multiple cryptocurrencies.

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.