Although the future of cryptocurrencies in India is still unknown, US-based digital currency exchange CrossTower opens a local office in India. Therefore, establishing a trading platform to get into the burgeoning domestic crypto industry.
CrossTower in India
CrossTower India has over 35 employees. Moreover, according to the business, they expect to hire another 100 in the next six to nine months. The startup is following in the footsteps of Binance, the industry leader, which entered India in 2019.
According to Chainalysis, India’s digital currency industry increases from $923 million in April 2020 to $6.6 billion in May 2021. India places 11th out of 154 countries in terms of bitcoin usage, according to the report.
CrossTower co-founder and CEO Kapil Rathi told Reuters:
“India will play a critical role, and we aim to use the country as a base to grow into other countries.”
As a latecomer to India, Rathi said that the business intends to grow its market share by offering competitive pricing. Additionally, relying on superior technical infrastructure.
Despite the lack of crypto laws and worries about an unfavourable regulatory environment, several other major exchanges are contemplating expanding to India.
“We think we’re taking a prudent risk,” Rathi explained.
India and Crypto
The administration planned to introduce a bill to parliament proposing a cryptocurrency prohibition by March, making trading and possessing them illegal. However, the law was not introduced during the session, and the government’s intentions are unknown.
However, the central bank intends to introduce its digital currency by December.