CrossTower is banking on the growing cryptocurrency market in India despite the uncertainty about the legal status of Bitcoin in the country.
The US-based cryptocurrency exchange CrossTower is expanding its activities to India despite the current legal uncertainty regarding local crypto regulation.
CrossTower has created a local division in India and launched a cryptocurrency trading platform to capture the growing billion-dollar market, Reuters reported on September 6th. CrossTower India has already added 35 employees and plans to expand their team to 100 over the next six to nine months. With $ 7.6 million in daily transactions at the time of writing, CrossTower is hoping its Indian exchange will help its plans to grow more globally.
“India will play a critical role and we plan to use the country as a hub to expand into other regions,” said Kapil Rathi, co-founder and CEO of CrossTower. CrossTower’s entry into the Indian market comes amid ongoing uncertainty about the legal status of cryptocurrencies like Bitcoin (BTC) in the country.
Several suspected government sources had previously raised concerns about an impending ban on cryptocurrencies, suggesting that the Indian government was planning a blanket ban on the industry.