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Global Crypto Exchange CrossTower Enters India Despite Policy Uncertainty

India’s digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021. Among 154 countries, India ranks 11th in cryptocurrency adoption

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US-headquartered digital currency exchange Crosstower has set up a local entity in India and launched a trading platform to capture the growing domestic crypto market, even as the fate of cryptocurrency in India is still unclear. .

The company said that Crosstower India has already hired 35 people and plans to increase the workforce to 100 in six to nine months. The company is following in the footsteps of market leader Binance, which entered India in 2019.

According to blockchain data platform Chainalysis, India’s digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021. Among 154 countries, India ranks 11th in cryptocurrency adoption, it said.

“India will play an important role and we plan to use the country as a hub to expand into other geographies,” Kapil Rathi, co-founder and CEO of Crosstower, told Businesshala.

Rathi said the company, a late entrant in India, plans to increase its market share by relying on competitive pricing and advanced technology infrastructure.

Despite concerns about the lack of regulations on crypto and an unfavorable regulatory environment, many other global exchanges are considering moving to India.

Rathi said, “We believe we are taking calculated risks.

The government was set to introduce a bill to parliament by March, proposing to ban cryptocurrencies, trade and keep them illegal. But the bill was not tabled in the session and uncertainty remains over the government’s plans.

However, the central bank plans to launch its own digital currency by December.

(Reuters)


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digital currency Crosstower digital currency exchange