US crypto exchange CrossTower is seeking to harness the opportunities in the growing Indian crypto market despite the uncertainty over the legal status of Bitcoin in the country.
Despite the current legal ambiguity surrounding local crypto regulation, CrossTower, a cryptocurrency exchange based in the United States, is expanding its operations to India.
According to Reuters, CrossTower has established a local office in India and built a cryptocurrency trading platform to tap into the multibillion-dollar market.
CrossTower India has already hired 35 people and plans to increase its workforce to 100 in the next six to nine months.
CrossTower intends its Indian exchange, which had $7.6 million in daily transactions at the time of writing, to help it expand further throughout the world.
CrossTower co-founder and CEO Kapil Rathi said, “India will play a vital role, and we want to use the country as a hub to expand into other areas.”
CrossTower’s entry into the Indian market comes amid continuous confusion in the country about the legal status of cryptocurrencies such as Bitcoin (BTC).
Several purported government sources had already fuelled worries of an impending crypto ban, claiming that the Indian government was intending to prohibit the business entirely.
Despite this, India’s total crypto investments have increased by 600% in the last year, from $900 million in April 2020 to $6.6 billion in May 2021.
Rathi stated, “We believe we are taking a prudent risk.”