There is a lot of action in the crypto space this year and even during the price dip, it was not slow down which is a good thing. Now when the bitcoin price is more than 52k USD we can see even more positivity around. The Crypto market has the biggest influence by the new and even a single news play an important role to bring the price down. Although coins are moving upward however it seems early to say that the bull run is about to start. Usually last quarter of the year is the best time when the crypto market reaches its high and there have many instances showing the same market sentiments.
India is one of the markets that leading exchnage want to capture and after the presence of leading exchanges like Binance, Coinbase now another US base exchnage has announced that they are going to have their operations in India. As of now, they have hired a team of 35 people and planning to increase the headcount by 100 my mid of next year.
India's digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to Chainalysis, a blockchain data platform. Among 154 nations, India ranks 11th in cryptocurrency adoption.
Having India at 11th rank is a big thing that too when there is no legal framework in the country. Once govt brings regulation then we can expect tremendous growth in crypto in India. Things might take. a bit longer but overall future seems to be bright and the entry of these global exchanges in the Indian market will be creating more competition which will surely help the users to get better services.
I am sure these global exchanges must have done their research before making their entry despite the fact that India does not have regulations yet. Although govt has given some signals that they are not against crypto however there is an official and detailed update about it. There is news that the bill is ready to get presented in parliament and it can happen soon however the covid situation is the bottleneck on this.
Crosstower has launched its Indian website https://www.crosstower.in/ and there is a waiting for new registration that means they have a good response from the Indian crypto community. They have also mentioned that the first 1000 users will get free bitcoin worth INR 500 which is not bad for new users getting onboarded to this platform.
CrossTower will be providing fiat deposit and withdrawal services like Indian exchanges and this will be good because buying crypto through fiat is easy and not everyone here owns another crypto to buy one. Exchnages like Binance and Coinbases are dealing with the crypto to crypto model and they have no option for fiat however they might do in the future if there is more demand and they feel the need for it.
CrossTower is going to create more competition in the Indian crypto market and now Indian exchanges might have to work hard to retain their users and also to bring better services and innovation for the users. As a user, I will always prefer to use a platform that is easy to use, reliable, and charge less fee on trades and I am sure that most people would expect the same from exchanges.
It will be interesting to see how the existing exchanges deal with the upcoming competition and what best they will bring for their users in the coming months.
Thank you so much