CrossTower Establishes Crypto Trading Platform in India
The future of cryptocurrencies in India is unclear, yet US-based digital currency exchange CrossTower has established a local platform in India and developed a trading platform to catch the expanding domestic crypto industry.
CrossTower is a capital markets exchange with an aim to bring digital asset trading and investing to the mainstream. It has created a multi-asset platform with best-in-class safeguards, services, and capabilities for institutional and individual investors in order to make next-generation financial markets a reality.
Since its leadership team has extensive experience building and managing conventional traditional exchanges, it understands the requirements to ensure its experience is familiar to market professionals.
The US-based exchange platform is dedicated to fully complying with the regulatory framework of the US and every jurisdiction in which it operates.
Currently, CrossTower has already hired 35 people with plans of increasing that number to a hundred in six to nine months. It’s viewed that the company is following the footsteps of market leader Binance which etfoot in India in 2019.
CryptoCompare, a central and leading authority for worldwide cryptocurrency data, ranks CrossTower fourth out of 152 global exchanges. Asset and market quality, data, security, KYC, laws, and the team all factored into the rating. The platform was created with best-in-class safeguards, services, and capabilities on a robust, scalable, and resilient architecture.
Despite the lack of crypto legislation and concerns about an unfavorable regulatory environment, several other major exchanges are considering expanding to India. However, the central bank intends to create its own digital currency by December
As a latecomer to India, the company intends to grow its market share by offering competitive pricing and utilizing superior technical infrastructure.
According to Chainalysis, a blockchain analytics company, India's digital currency industry has expanded from $923 million in April 2020 to $6.6 billion in May 2021. Currently it’s viewed that India is ranked 11th out of 154 countries in terms of bitcoin usage.
By March, the administration planned to bring a bill to parliament proposing a cryptocurrency prohibition, making trading and owning them illegal. However, the law was not introduced during the session, and the government's intentions are unknown.
Despite the lack of crypto legislation and concerns about an unfavorable regulatory environment, several other major exchanges are considering expanding to India. However, the central bank intends to create its own digital currency by December.