- Crypto exchange Crosstower enters India regardless of regulatory uncertainty
- CrossTower India plans to hire up to 100 people in six to nine months
- The Indian government continues to its plans to regulate cryptocurrency
Just like many nations in the world, India and its government have been struggling with regulating crypto. The uncertainty and the looming plan to ban digital currency, still haven’t stopped investors and trading firms from launching in India. Despite the government’s threats of a ban, investment in crypto has risen tremendously since 2020.
The Effect of the Pandemic on Cryptocurrency
The global pandemic recorded a drastic shift from safer assets such as gold to a growing number of digital investments. Data collected from the World Gold Council shows that Indians between the ages of 18 and 35 years have less interest in Gold. About 15million Indians have adopted crypto which encouraged more crypto exchange companies into India.
US-based exchange company, CrossTower officially launched its trading platform in India on September 6, 2021, in the face of an adverse regulatory environment. Founded in 2019, the investment and trading firm is set to compete heavily in the growing digital space in India. With advanced trading tools, price efficiencies, and security tools, CrossTower plans to make an immediate mark in India.
In an interview, Kapil Rathi, Co-Founder and Chief Executive Officer of CrossTower said,
India will play a pivotal role and we plan to use the country as a hub to expand into other geographies,
It already has a 35-member team and plans to expand to 100 people within six to nine months. CrossTower will offer Indian customers the chance to earn more revenue for its first launch of Bitcoin. They can earn up to Rs 500 on their first trade on the exchange.
Meanwhile, the Reserve Bank of India announced plans to create a central digital currency (CBDC) to regulate the market. In spite of everything, the digital industry is hopeful that the government will not completely ban cryptocurrency but regulate it.