US-based crypto trading platform CrossTower launches India operations
US-based crypto trading platform CrossTower Tuesday announced the launch of its operations in India as it looks to make its presence in a growing market.
For India, the CrossTower platform will be using Indian rupees and access over 40 cryptocurrencies (tokens). As an inaugural offer, it will be offering its first 1,000 Indian customers an opportunity to earn extra Bitcoin up to Rs 500 on their first trade on the exchange.
According to a statement, CrossTower's launch in India comes at a pivotal time for the rapidly growing Indian crypto market. It noted the Indian cryptocurrency market grew from $923 million in April 2020 to $6.6 billion in May 2021, an average of over 50 percent monthly growth.
The company said with over 1.5 crore Indians invested in crypto already, the Indian market is positioned to significantly grow. Among 154 nations, India ranks 11th in cryptocurrency adoption, according to a report by blockchain data platform Chainalysis.
Speaking on the development, Kapil Rathi, Co-founder and CEO, CrossTower, said,
“In the last couple of years, India has seen a revolution in crypto-investing. The new generation of investors in India has welcomed cryptocurrencies as a tool for financial freedom. With advancements in technology, crypto markets have proven a key driver in the democratisation of wealth.”
CrossTower was co-founded in 2019 by Kapil Rathi and Kristin Boggiano, who have over 20 years of experience in managing traditional exchanges and financial services businesses in the US. CrossTower operates fully regulated crypto exchanges in the US and Bermuda, servicing 81 countries.
Vikas Ahuja, CEO of CrossTower India, said, “With CrossTower, India will be one of the leading nations in the digitisation of global capital markets. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is currently being reviewed and is slated for the next session of the Indian parliament. With India being the world’s largest democracy, this bill will play an important role in shaping the future of cryptocurrencies for the Indian community.”