Global Cryptographic Exchange Cross Tower Enters India Despite Policy Uncertainty

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US-based cryptocurrency exchange CrossTower has set up a local unit in India, the fate of cryptocurrencies in India is still unknown, but a trading platform to capture the growing domestic crypto market Was launched.CrossTower India already employs 35 people and plans to increase it to 100 in 6-9 months, the company said. The company follows in the footsteps of market leader Binance, which entered India in 2019.
According to the blockchain data platform Chainalysis, the Indian digital currency market grew from $ 923 million in April 2020 to $ 6.6 billion in May 2021. Of the 154 countries, India is ranked 11th in the adoption of cryptocurrencies, he said.“India will play a vital role and will use India as a hub to expand to other regions,” Kapil Rathi, co-founder and CEO of CrossTower, told Reuters. rice field.As a late entrant to India, the company plans to increase its market share by offering competitive pricing and relying on advanced technology infrastructure, Rathi added. I did.Several other global exchanges are considering entering India, despite the lack of cryptographic regulations and concerns about an unfavorable regulatory environment.