The Indian cryptocurrency market is estimated to have risen from USD 923 million in April 2020 to USD 6.6 billion in May 2021, representing a monthly growth rate of more than 50%. Over 1.5 crore Indians have invested in cryptocurrencies. According to research by Chainalysis, India ranks 11th among 154 countries in terms of cryptocurrency usage.
India has experienced a surge in crypto adoption as the worldwide user base of cryptocurrencies and crypto-assets has reached 200 million. In 2021, there will be more than 300 Blockchain businesses, with a daily crypto trading volume of $350-$500 million.
According to a Statista Global Consumer Survey conducted in 2020, around 9% of Indian respondents claimed to have used or owned cryptocurrency. In crypto adoption, India ranks higher than China, the United States, Germany, and Japan. While Nigeria, Vietnam, and the Philippines topped the list.
On Tuesday, September 7th, the world’s largest trading and digital asset investment firm CrossTower announced its crypto exchange platform launch in India. CrossTower stated in the statement that the platform builds on a robust, scalable, and indestructible architecture with best-in-class protections, services, and capabilities.
CrossTower ranked fourth out of 152 worldwide exchange platforms according to CryptoCompare, a central and leading source for global cryptocurrency statistics. The rating estimate by the asset and market quality, data, security, KYC, regulations, and team.
In addition to affordable pricing, the company uses modern compliance infrastructure and security procedures to protect consumers, as per the statement. CrossTower is giving its first 1,000 Indian consumers the chance to win additional Bitcoin worth up to Rs 500 on their first trade on the exchange as part of its launch. The platform would provide each user with access to 40 coins or tokens.
In 2019, CrossTower was founded by Kapil Rathi, Chief Executive Officer, and Kristin Boggiano, President, to make digital asset trading available to the general public. CrossTower offers fully regulated cryptocurrency exchanges in the United States and Bermuda, with customers from 81 countries.
On the India launch, co-founder and CEO Kapil Rathi stated, “India has experienced a revolution in crypto-investing.” Cryptocurrencies have been welcome by India new generation of investors as a means for financial independence. Mr Rathi said that CrossTower is also excited to contribute to policy-making that would propel India to become a worldwide leader in the cryptocurrency sector.
CrossTower claims to have developed a business in India that allows anybody, from young adults to business tycoons, to invest in cryptocurrencies securely.