CrossTower Set New Trading Volume Record of $587 Million in October 2021

CrossTower, a US-based cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, announced on Monday that it had 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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 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.