Categories: Market

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.

Related: Report: CoinSwitch Kuber is ready to be India’s second crypto unicorn

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.

.

.

CoinX

Recent Posts

3 Best Tokens for The Coming Altcoin Season: Ethereum (ETH), Cardano (ADA), Rexas Finance (RXS)

These tokens could deliver groundbreaking returns, leaving you wealthier than before. They are Ethereum (ETH),…

36 minutes ago

BingX Provides Free SEPA & SEPA Instant Euro Deposit Service to Users

Vilnius, Lithuania, 23rd December 2024, Chainwire

43 minutes ago

Top Reasons to Choose Qubetics, Bitcoin, and AAVE as the Best Coins to Join Now 

Explore why Qubetics, Bitcoin, and AAVE are the Best Coins to Join Now. Dive into…

3 hours ago

Market Overview (Dec 16 – Dec 22): Altcoins Stall, BTC Faces Strong Pullback

MicroStrategy buys 15,350 BTC; Ripple launches RLUSD; Lido exits Polygon; BTC drops post-ATH; reduced liquidity…

3 hours ago

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

5 hours ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

6 hours ago

This website uses cookies.