Global crypto exchange crosstower occurs despite political uncertainty in India

Crosstow India has already hired 35 employees and plans to increase the number of employees to 100 in six to nine months, the company said. The company will enter the footsteps of the market leader Binance, which rose in India in 2019.

According to Chainalysis, a blockchain data platform, India's digital currency market from $ 923 million in April 2020 has grown to $ 6.6 billion in May 2021. Under 154 nations, India occupies 11th place in cryptocurrency adoption, it said.

"India will play a central role and we plan to use the country as a hub to expand to other regions," said Kapil Rathi, co -founder and Chief Executive Officer from Crosstower, to Reuters.

As a late entrant in India, the company plans to increase its market share through competitive prices and rely on an advanced technology infrastructure, added Rathi.

consider several other global stock exchanges to come to India, although there are no regulations for cryptocurrencies and there are concerns about an unfavorable regulatory environment.

"We assume that we take a calculated risk," said Rathi.

The government was supposed to present a draft law to parliament by March, which provided for a ban on cryptocurrencies that illegally trade and keep cryptocurrencies. But the draft law was not presented at the meeting and there is uncertainty about the government's plans.

However, the central bank plans to launch its own digital currency by December.

You can find an overview of all the business events of today in our economic calendar.

(reporting from Nupur Anand; Editor of Sonya Hepinstall)