CrossTower Set New Trading Volume Record of $587 Million in October 2021
CrossTower, a US-based cryptocurrency exchange, announced on Monday that it set record trading volumes last month following its launch in India. According to the press release, it generated $587 million in trading volumes, which accounts for over $2.5 billion in global trading volumes.
“We have hit that cornerstone in CrossTower’s growth across all of our key metrics, business lines, and markets. We are seeing increasing awareness and appetite for digital assets from both institutional and retail investors with unprecedented engagement. CrossTower is well-placed to continue its considerable momentum into the next quarter with its pipeline,” Kapil Rathi, Co-founder and Chief Executive Officer of CrossTower, commented.
In other metrics, its consecutive quarter-on-quarter global revenue growth is 187% since its launch, while its market share’s growth rose by 63% since September 2021, CrossTower noted. In addition, the company noted that there had been a rapid growth in the DeFi sector that helped fuel some of its metrics, as $270 billion in total value was locked in smart contracts.
“CrossTower is an exchange with capital market capabilities, such as lending, borrowing, and structured products, that we offer to both institutional clients and retail clients on our new India exchange. In addition, digital assets that use blockchain are recognized as the catalyst for future innovation, economic growth, and financial inclusion,” Kristin Boggiano, Co-founder and President of CrossTower, pointed out.
India’s Crypto Market Share
About India’s crypto market, figures from Chainalysis suggest that the virtual currency market in the country has skyrocketed from $923 million in April 2020 to $6.6 billion in May 2021, as India keeps being ranked in 11th place in terms of cryptocurrency adoption globally. “India will play a pivotal role, and we plan to use the country as a hub to expand into other geographies,” Rathi said at that time about CrossTower’s launch. He added that the firm aims to strengthen its market share by bolstering technological resources to meet the high demand of the Indian crypto market.
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