CrossTower is making a bet on the increasing crypto market in India even though the doubt over the authorized status of Bitcoin in the country.
US-based cryptocurrency exchange CrossTower is increasing procedures to India even with the continuing legal doubt over local crypto regulation.
CrossTower has set up a local division in India and hurled a crypto trading platform to gain the rising multi-billion dollar market. CrossTower India has now onboarded 35 workers and is seeing to increase its team up to 100 individuals in the next six to nine months.
CrossTower supposes its Indian exchange to fund its plans to increase more across the world. “India will play a pivotal role and we plan to use the country as a hub to expand into other geographies,” CrossTower co-founder and CEO Kapil Rathi said.
The entrance of CrossTower in the market of India aims at the constant uncertainty over the legal status of cryptocurrencies like Bitcoin (BTC) in the country. Numerous suspected government sources had before stoked fears of a future crypto ban, reportedly signifying that the Indian government was forming to carry out a blanket ban on the industry.
Despite this, India’s countrywide investments in crypto rushed 600% over the past year, increasing from $900 million in April 2020 to $6.6 billion in May 2021.
“We believe we are taking a calculated risk,” Rathi said.
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