The US-based cryptocurrency exchange CrossTower is expanding its activities to India despite the ongoing legal uncertainty about local crypto regulation.
CrossTower has set up a local division in India and launched a cryptocurrency trading platform to capture the growing multi-billion dollar market, Reuters reported on Sept. 6. CrossTower India has already taken 35 employees on board and would like to expand its team to up to 100 employees per year over the next six to nine months.
With a daily trading volume of $ 7.6 million at the time of writing, CrossTower expects its Indian exchange to add to its plans for further global expansion. “India will play a central 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 ongoing uncertainty about the legal status of cryptocurrencies like Bitcoin (BTC) in the country. Several alleged government sources had previously fueled fears of an impending crypto ban, allegedly suggesting that the Indian government was planning a blanket ban on the industry.
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Even so, India’s nationwide investment in crypto soared 600% over the past year, rising from $ 900 million in April 2020 to $ 6.6 billion in May 2021.
“We assume that we are taking a calculated risk,” said Rathi.
