CrossTower Launches Trading Platform in India: Report
Thirty-five people have been hired to operate the new unit in India, with plans to increase headcount to 100 in the coming months.
Sep 10, 2021 at 7:33 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WAOYF23TBRBDPCXPNH3W3OBQMU.jpg)
Spices at a market in Mapusa, India (Akhil Chandran/Unspash)
Digital currency exchange CrossTower has launched a trading platform in India, seemingly shrugging off any ongoing regulatory uncertainties there.
- CrossTower has hired 35 people to operate its new unit in India and plans to increase headcount to 100 in the next six to nine months, Reuters reported Tuesday.
- The move comes despite ongoing regulatory uncertainty about the future of cryptocurrency in India. The government was planning to present a bill in the current session of parliament that could have seen an outright ban on crypto in the country.
- This, however, has yet to occur, and the government’s plans for crypto remain uncertain.
- CrossTower co-founder and CEO Kapil Rathi has said the company is taking “a calculated risk” in entering India.
- Crypto remains popular in the country, with India recently ranking second in Chainalysis’s Global Crypto Adoption Index for 2021.
- Major crypto exchanges have been plotting expansion into India in recent months, with Kraken, Bitfinex and KuCoin all reportedly seeking information about the market and potential entry points.
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Jamie Crawley is a CoinDesk news reporter based in London.
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