CrossTower India to offer up to 40 different cryptocurrencies; first 1,000 customers receive free BTC worth up to 500 INR
CrossTower, a U.S.-based cryptocurrency exchange and investment firm, has launched a trading platform in India.
According to Reuters, the digital exchange hired a team of 35 people as its initial staff, and plans to expand CrossTower India to as many as 100 employees within the next nine months.
CrossTower India said on its website that it will bring “global expertise, technology, regulatory knowledge and security standards” to the Indian market.
The move follows large exchanges such as Binance, which is also targeting India’s emerging crypto market. In addition to international competition, CrossTower India will face established local players including Zebpay, WazirX and CoinDCX.
Indian crypto investors and traders who register and complete a first trade on the new platform can receive bitcoin worth up to 500 INR. The promotion will be available for the first thousand transactions.
Beyond BTC, CrossTower India will list access to around 40 different digital assets, including Ethereum (ETH), Maker (MKR) and Compound (COMP).
The company’s entry into India comes as the country experiences rapid growth in crypto adoption despite a regulatory environment that has been uncertain at times.
Recent data show that between April 2020 and May 2021 the Indian crypto market expanded dramatically, with total value rising from $923 million to $6.6 billion. Chainalysis’s 2021 Global Crypto Adoption Index published in August ranked India second overall, behind Vietnam.
Another survey tracking crypto uptake in India found that roughly 9% of respondents reported owning or using cryptocurrencies—outpacing several major markets such as China, the United States, the United Kingdom, Japan and Germany.
Launched in the United States in 2019, CrossTower was ranked among the top exchanges in August, earning an AA rating from CryptoCompare alongside platforms such as Coinbase, Kraken, Gemini and Bitstamp.