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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.