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Despite the ambiguity surrounding Bitcoin’s legal status in India, CrossTower is betting on the expanding crypto sector.
Despite the current legal ambiguity surrounding local cryptocurrency regulation, CrossTower, a cryptocurrency exchange based in the United States, is expanding its operations to India.
CrossTower has set up a local division in India and launched a cryptocurrency trading platform to capture the growing multi-billion-dollar market, Reuters reported Monday. CrossTower India has already onboarded 35 employees and is looking to expand its team to 100 people in the next six to nine months.
With $7.6 million in daily trading at the time of writing, CrossTower expects its Indian exchange to contribute to its plans to expand further across the world. “India will play a pivotal role and we plan to use the country as a hub to expand into other geographies,” CrossTower co-founder and CEO Kapil Rathi said.
CrossTower’s entry into the Indian market comes amid continuous confusion in the country’s legal status of cryptocurrencies such as Bitcoin (BTC). Several purported government sources had already fuelled worries of an impending crypto ban, claiming that the Indian government planned to impose a blanket ban on the business.
Despite this, India’s national crypto investments have increased 600% in the last year, growing from $900 million in April 2020 to $6.6 billion in May 2021.
“We believe we are taking a calculated risk,” Rathi said.