CrossTower’s Indian Odyssey
The United States-based cryptocurrency exchange, CrossTower, is launching its operations in India, and it’s a move that’s raising eyebrows and excitement alike. The firm has built a local division and rolled out a cryptocurrency trading platform aimed at tapping into India’s booming cryptocurrency market. And let’s just say, this venture isn’t for the faint-hearted!
The Growing Team in the Land of Diversity
CrossTower is off to a brisk start, having already recruited an impressive 35 fresh faces. Plans are afoot to quadruple that number, aiming for a team of 100 within the next six to nine months. Talk about hiring with enthusiasm! This calculated move aims to navigate the complexities of the Indian landscape and cater to an ever-evolving market.
The Numbers Game: Trading Insights
With daily trading figures soaring to $7.6 million, CrossTower is optimistic about its Indian platform paving the way for its global aspirations. As Kapil Rathi, CrossTower’s co-founder and CEO, puts it:
“India will play a pivotal role and we plan to use the country as a hub to expand into other geographies.”
And expand they shall!
Navigating Legal Labyrinths
However, as any intrepid explorer would know, every quest has its dragons! In this case, it’s the ongoing legal uncertainty surrounding cryptocurrency regulation in India. Previously, whispers of a possible blanket ban on digital currencies had sent shivers down the spines of crypto enthusiasts. But here’s the kicker: despite the regulatory fog, India’s investments in cryptocurrencies skyrocketed by 600% in just the past year, going from a mere $900 million in April 2020 to a whopping $6.6 billion by May 2021.
The Calculated Risk Philosophy
Rathi remains undeterred by the potential pitfalls, asserting,
“We believe we are taking a calculated risk.”
And who can blame him? After all, fortune favors the bold, and with the right strategy, this could well be a game-changer in the crypto space.
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