US crypto-currency exchange CrossTower launches in India

Cross Tower India will offer up to 40 different crypto-currencies, with the first 1,000 customers getting free BTC worth up to INR 500.

CrossTower, a US-based crypto-currency exchange and investment firm, has launched a trading platform in India.

According to Reuters, the digital currency exchange has hired a team of 35 people as initial staff, with a goal of having as many as 100 people working at CrossTower India over the next nine months.

CrossTower India will bring “global expertise, technology, regulatory knowledge and security standards to India,” the exchange platform said on its homepage.

CrossTower’s entry into India follows that of major exchange platform Binance, which is looking to tap into the growing Indian crypto market. In addition to Binance, CrossTower India will face competition from local players such as Zebpay, WazirX and CoinDCX.

Indian investors and crypto traders who sign up and make their first trade on the new trading platform will get a Bitcoin gift of up to INR 500. The offer will be available for the first 1,000 trades.

In addition to BTC, CrossTower India provides access to 40 different digital assets, including Ethereum (ETH), Maker (MKR) and Compound (COMP).

The company’s entry into India comes at a time when the country is seeing a massive increase in crypto-currency adoption, despite the government’s unfriendly regulatory approach.

Recent statistics show that the Indian crypto asset market exploded between April 2020 and May 2021, from $923 million to $6.6 billion. A global crypto-currency adoption index released in August by Chainalysis showed that India was ranked second behind Vietnam in 2021.

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In another survey, the growth of crypto-currency in India saw around 9% of respondents saying they used or owned crypto-currencies, which is higher than some of the major global markets like China, the US, the UK, Japan and Germany.

Launched in the US in 2019, CrossTower was, in August this year, ranked among the top crypto-currency exchange platforms in the market, placing in CryptoCompare’s AA ranking alongside <a href=””>Coinbase, Kraken, Gemini and Bitstamp.