US crypto exchange CrossTower expands to India

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The US-based cryptocurrency exchange, CrossTower, is expanding its operations to India despite continuing legal uncertainty over local crypto regulation.

CrossTower has created a local division in India and launched a cryptocurrency trading platform to capture the growing multibillion dollar market, Reuters reported on Monday. CrossTower India has already on-boarded 35 employees and is looking to expand its team to 100 people in the next six to nine months.

With $ 7.6 million in daily transactions at the time of writing, CrossTower expects its Indian stock exchange to contribute to its expansion plans across the world. India will play a central role and we plan to use the country as a hub to expand into other geographies, said CrossTower co-founder and CEO Kapil Rathi.

CrossTowers’ entry into the Indian market comes amid continued uncertainty over the legal status of cryptocurrencies like Bitcoin (BTC) in the country. Several alleged government sources had previously stoked fears of an upcoming crypto ban, apparently suggesting that the Indian government was planning to impose a blanket ban on the industry.

Related: Report: CoinSwitch Kuber Set To Become India’s Second Crypto Unicorn

Despite this, India’s crypto investments have jumped 600% over the past year, from $ 900 million in April 2020 to $ 6.6 billion in May 2021.

We think we’re taking a calculated risk, Rathi said.

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