JAKARTA - The US-headquartered digital currency exchange, CrossTower, has recently set up a local unit in India. They launched a trading platform in the country to capture the growing domestic crypto market although the fate of cryptocurrencies in India remains unclear.
CrossTower India already employs 35 people and plans to increase the number of employees to 100 in six to nine months, the company said. The company is following in the footsteps of market leader Binance, which entered India in 2019.
India's digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to Chainalysis, a blockchain data platform. Among 154 countries, India ranks 11th in cryptocurrency adoption.
"India will play an important role and we plan to use the country as a hub to expand into other geographies," Kapil Rathi, co-founder and Chief Executive Officer of CrossTower, told Reuters.
“As a newcomer to India, the company plans to increase its market share by providing competitive prices and relying on advanced technology infrastructure,” added Rathi.
Several other global exchanges are considering coming to India despite the lack of regulation on crypto and concerns about the unfavorable regulatory environment.
"We believe we are taking a calculated risk," Rathi said.
The government will submit a bill to parliament in March proposing a ban on cryptocurrencies, which makes trading and holding them illegal. But the bill was not put forward in session and there is uncertainty about the government's plans. The central bank plans to launch its own digital currency in December.
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