US crypto exchange CrossTower expands to India
The US-based cryptocurrency exchange CrossTower is expanding its activities to India despite legal uncertainty about local crypto regulation.
CrossTower has set up a local division in India and launched a cryptocurrency trading platform to break into the emerging multi-billion dollar market, Reuters reported on September 6th. CrossTower India already has 35 employees and would like to expand its team to 100 over the next six years.
With $ 7.6 million in daily transactions at the time of writing, CrossTower hopes its Indian exchange will add to its plans for further global expansion. “India will play an important role and we plan to use the country as a hub to expand into other regions,” said CrossTower co-founder and CEO Kapil Rathi.
CrossTower’s entry into the Indian market comes amid uncertainty about the regulatory status of cryptocurrencies like Bitcoin (BTC) in the country. Several suspected government sources have previously raised concerns about an impending crypto ban, which is reportedly suggesting that the Indian government is planning a complete ban on the industry.
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Even so, India’s nationwide crypto investments have increased 600% over the past year, from $ 900 million in April 2020 to $ 6.6 billion in May 2021.
“We assume that we are taking calculated risks,” says Rathi.