With India witnessing an initial boom in cryptocurrency trading, registering an active crypto user base of over 15 Mn with more than $1.5 Bn in digital assets, US-headquartered digital currency exchange CrossTower has announced the launch of its crypto trading platform in the country.
The Indian cryptocurrency market grew from $923 Mn in April 2020 to a staggering $6.6 Bn in May 2021, which is an average of over 50% monthly growth, according to Chainalysis, a Blockchain data platform.
The company is following in the footsteps of market leader Binance, which entered India in 2019. Cross Tower will have to compete with key cryptocurrency players in India such as CoinDCX, Zebpay, and WazirX, among others.
As part of the launch, CrossTower is offering its first 1,000 Indian customers an opportunity to earn extra Bitcoin upto INR 500 on their first trade on the exchange. The platform will provide every user access to 40 cryptocurrencies or tokens.
Founded in 2019 by Kapil Rathi and Kristin Boggianoand, CrossTower first launched a multi-asset trading platform last year and since then, it has expanded to include a capital markets desk with services and products tailored to the needs of hedge funds, family offices and other market participants.
“In the last couple of years, India has seen a revolution in crypto-investing. The new generation of investors in India has welcomed cryptocurrencies as a tool for financial freedom. With advancements in technology, crypto markets have proven a key driver in the democratisation of wealth,” said Rathi, cofounder and CEO.
According to a statement by the company, CrossTower is ranked fourth out of 152 global exchanges by CryptoCompare – a central and leading authority for global cryptocurrency data. The ranking was based upon asset and market quality, data, security, KYC, regulations, and the team.
As the global user base of cryptocurrencies and crypto-assets surpassed 200 Mn, India has also seen a jump in crypto adopters. The number of Blockchain startups has risen to 300+ in 2021, while the daily crypto trading volume stands at $350-$500 Mn.
According to a Statista Global Consumer Survey in 2020, around 9% of the respondents from India said that they used or owned cryptocurrencies. Globally, India ranked higher than China, the US, Germany and Japan in crypto adoption, while Nigeria, Vietnam and the Philippines topped the survey list.