United States-based cryptocurrency exchange CrossTower is increasing operations to India regardless of the continuing authorized uncertainty over native crypto regulation.
CrossTower has arrange an area division in India and launched a cryptocurrency buying and selling platform to seize the rising multi-billion greenback market, Reuters reported Sept. 6. CrossTower India has already onboarded 35 staff and is trying to broaden its workforce up to 100 individuals within the subsequent six to 9 months.
With $7.6 million in each day buying and selling on the time of writing, CrossTower expects its Indian exchange to contribute to its plans to broaden additional the world over. “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 stated.
CrossTower’s entrance into the Indian market comes amid the continuing uncertainty over the authorized standing of cryptocurrencies like Bitcoin (BTC) within the nation. Several alleged authorities sources had beforehand stoked fears of an upcoming crypto ban, reportedly suggesting that the Indian authorities was planning to impose a blanket ban on the business.
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Despite this, India’s nationwide investments in crypto surged 600% over the previous yr, rising from $900 million in April 2020 to $6.6 billion in May 2021.
“We believe we are taking a calculated risk,” Rathi stated.