Mumbai: U.S.-based digital currency exchange CrossTower has set up a local unit in India and launched a trading platform to capture the growing domestic crypto market in India.
According to Reuters, The cryptocurrency fate in India is still unclear.
CrossTower in India has already hired 35 people and plans to increase headcount to 100 in six to nine months, the company said.
According to Chainalysis, a blockchain data platform. Among 154 nations, India ranks 11th in cryptocurrency adoption, it said.
“India will play a pivotal role and we plan to use the country as a hub to expand into other geographies,” Kapil Rathi, co-founder and Chief Executive Officer of CrossTower.
Several other global exchange platforms are considering starting a business in India despite the lack of clear regulations on crypto and concerns about an unfavourable regulatory environment.
The central bank of India is also planning to launch its own digital currency by December.
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