CrossTower, a Global Cryptocurrency Exchange, Enters India Despite Policy Uncertainty

CrossTower India plans to hire up to 100 people in six to nine months.

By Reuters | Updated: 7 September 2021 10:40 IST

CrossTower, a Global Cryptocurrency Exchange, Enters India Despite Policy Uncertainty

India's digital currency market has grown to $6.6 billion (roughly Rs. 48,300 crores) in May 2021

Highlights

CrossTower plans to increase its market share
The government was set to present a bill to parliament by March
The central bank is planning to launch its own digital currency

US-headquartered digital currency exchange CrossTower has set up a local unit in India and launched a trading platform to capture the growing domestic crypto market even though the fate of cryptocurrency in India is still unclear.

CrossTower India has already hired 35 people and plans to increase headcount to 100 in six to nine months, the company said. The company is following in the footsteps of market leader Binance, which entered India in 2019.

India's digital currency market has grown from $923 million (roughly Rs. 6,750 crores) in April 2020 to $6.6 billion (roughly Rs. 48,300 crores) in May 2021, according to Chainalysis, a blockchain data platform. Among 154 nations, India ranks 11th in cryptocurrency adoption, it said.

Little-Known Solana Claims 7th Spot in Top 10 Cryptocurrencies

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

As a late entrant to India, the company plans to increase its market share by providing competitive pricing and relying on advanced technology infrastructure, Rathi added.

Several other global exchanges are considering coming to India despite the lack of regulations on crypto and concerns about an unfavourable regulatory environment.

Bitcoin Bouncing Back? Crypto Scales $51,000-Mark, Highest Since May

"We believe we are taking a calculated risk," said Rathi.

The government was set to present a bill to parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the bill was not tabled in the session and there is uncertainty about the government's plans.

The central bank is planning to launch its own digital currency by December, however.

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.