United States-based cryptocurrency exchange CrossTower is expanding operations to India despite the ongoing legal uncertainty over local crypto regulation.
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 entrance into the Indian market comes amid the ongoing uncertainty over the legal status of cryptocurrencies like Bitcoin (BTC) in the country. Several alleged government sources had previously stoked fears of an upcoming crypto ban, reportedly suggesting that the Indian government was planning to impose a blanket ban on the industry.
Related: Report: CoinSwitch Kuber poised to become India's second crypto unicorn
Despite this, India’s nationwide investments in crypto surged 600% over the past year, rising from $900 million in April 2020 to $6.6 billion in May 2021.
“We believe we are taking a calculated risk,” Rathi said.