CrossTower, the Jersey City, New Jersey-headquartered American digital currency exchange had set off a local unit in India and engendered a trading platform aimed at enticing a fast-growing domestic crypto market despite rising scrutiny against crypto mining and trading in the country, echoing the footprints of crypto exchange Binance which had entered into the Indian market back in 2019s.
In point of fact, latest CrossTower move to set out a local unit in India came against a baleful backdrop of digital assets in the country, as the Indian Government of PM Narendra Modi had been mulling an option to launch a domestic digital currency while banning the trade and mining of crypto assets, a move that largely mimicked China’s digital yuan which had reportedly attracting a much lower-than-anticipated attention as a growing interest on DeFi (Decentralized Finance) alongside a soaring crypto prices had dampened appetite for domestic digital assets.
Although, cryptocurrency future in India had yet to be decided, CrossTower had employed 35 workers in the country and said to have plans to ramp up headcounts above a hundred by early-2022.
Crypto exchange CrossTower opens up local unit in India
Meanwhile, referring to a lucrative cryptocurrency market in India with a cut-section of the country’s youth screening a havoc-scale interest on crypto mining, which usually requires a higher cognitive ability, a co-founder and Chief Executive Officer of CrossTower Kapil Rathi said to the reporters, “India will play a pivotal role and we plan to use the country as a hub to expand into other geographies”.
According to Chainalysis, a blockchain data platform, India’s digital currency market had swelled to a whopping $6.6 billion as of May 2021 compared to a $923 million in April 2020, while the world’s fifth-largest economy by nominal GDP and the third-largest by Purchasing Power Parity (PPP) had been ranked at eleventh in terms of crypto adoption among 154 countries.