U.S. cryptocurrency exchange CrossTower expands to India

Although there are legal uncertainties in local cryptocurrency regulation, CrossTower, a US-based cryptocurrency exchange, is expanding its business to India.

According to Reuters, CrossTower established a local branch in India and launched a cryptocurrency trading platform to capture the growing multi-billion dollar market Report September 6. CrossTower India has hired 35 employees and hopes to expand its team to 100 in the next six to nine months.

with 7.6 million USD In daily trading at the time of writing, CrossTower expects its Indian exchange to contribute to its plans for further expansion globally. Kapil Rathi, Co-founder and CEO of CrossTower, said: “India will play a key role and we plan to use the country as a hub for expansion to other regions.”

When CrossTower entered the Indian market, the legal status of Bitcoin and other cryptocurrencies remained uncertain.Bitcoin) domestic.Several alleged government sources have previously raised concerns about the upcoming encryption ban, which reportedly indicates that the Indian government is Plan to implement a comprehensive ban In the industry.

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despite this, India’s national investment in cryptocurrency surges by 600% In the past year, it has increased from US$900 million in April 2020 to US$6.6 billion in May 2021.

“We believe we are taking calculated risks,” Rathi said.