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CrossTower, the global crypto exchange, enters India

CrossTower, a global crypto exchange, enters India with a lot of uncertainty.

lobal Crypto Exchange
Photo By "GADGETS NOW"

Global Crypto exchange CrossTower has set up a local unit in India. It has launched a trading platform that will capture the growth of the domestic crypto market. But the fate of this exchange in this country is still unknown.

CrossTower India has already hired 35 people. Now it is planning to increase its headcount up to the mark of 100 in the upcoming six months. The company is now following in the footsteps of the market leader Binance that entered India in 2019.

The digital currency market of India has marked its growth from $923 million to $6.6 billion this year. Among the 154th nations, India has ranked 11th in crypto adoption.

Kapil Rathi, the co-founder and Chief Executive Officer of CrossTower, said, “India will play a pivotal role, and we plan to use the country as a hub to expand into other geographies.”

As a late one to enter the market of India, this company is planning to increase its market share. This global crypto exchange will provide competitive pricing with much better technology and infrastructure. The government was all set to present a bill to parliament by the time of March to propose a ban on the cryptos. The bill would describe crypto holding and trading as illegal. But the government has not tabled the bill in the session. There is also some uncertainty in the planning of the government.

The central bank is planning to launch its digital currency by December. Though the future of this crypto exchange is uncertain in this country, there are still some chances to excel in the market. At least the recent surge in crypto adoption is suggesting that. Now it is all about waiting to see how this will perform. The company is very hopeful of being a new entrant in this country.

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