Hyderabad: At a time when anything around cryptocurrency is gaining ground in the country, a US-based trading and crypto exchange platform CrossTower has announced its plans to set up its local unit in India. The crypto trading platform in India will bring its global expertise, technology, regulatory knowledge, and security standards to India.
As part of its launch offer, the company is offering its first 1,000 Indian customers to earn extra Bitcoin upto Rs 500 on their first trade on the exchange. And users can trade more than 40 cryptocurrencies (tokens).
The Indian cryptocurrency market grew from $923 million in April 2020 to a staggering $6.6 billion in May 2021, which is an average of over 50 per cent monthly growth. With over 1.5 crore Indians invested in crypto already, the market is positioned to significantly grow. Among the 154 nations, India ranks 11th in cryptocurrency adoption, according to Chainalysis — a well-respected blockchain data platform.
For India, CrossTower has built a business that permits everyone, from young adults to business tycoons, making investing in cryptocurrency easiest and safest. It was co-founded in 2019 by Kapil Rathi, chief executive officer and Kristin Boggiano, president, to bring digital asset trading mainstream. CrossTower operates fully regulated crypto exchanges in the US and Bermuda, servicing 81 countries.
Rathi 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 is also thrilled to participate in policy-making that will drive India to be a premier leader in the cryptocurrency industry on a global level.”
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. This bill will play an important role in shaping the future of cryptocurrencies for the Indian community. The central bank is also planning to launch its own digital currency by December.