CrossTower Crypto Exchange Opens in India Despite Uncertainty Within Industry
The crypto exchange CrossTower recently set up a local branch in India. The company has its headquarters in the U.S., however, it is testing the waters in the Indian market, despite India’s policies on crypto remain unclear.
The exchange hired 35 people in India with plans for a staff of at least 100 in the coming months. Despite India’s rocky relationship with crypto, other major exchanges entered the Indian market early on, such as Binance in 2019.
Kapil Rathi, co-founder, and CEO of CrossTower told Reuters India will play a huge role in the future success of the exchange. “India will play a pivotal role and we plan to use the country as a hub to expand into other geographies. We believe we are taking a calculated risk,” Rathi said.
While there aren’t many regulations on crypto in India at the moment, this could change in the near future. Nonetheless, exchanges consider the country for expansion. Recently, the Indian crypto exchange CoinDCX became the country’s first unicorn with a valuation of over $1 billion.
CrossTower plans its expansion through competitive pricing and “relying on advanced technology infrastructure” according to Rathi.
The future of crypto in India is still uncertain, however, the country shows a lot of support among investors.
