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CrossTower hit crypto trading volumes of $587m in October

CrossTower, the exchange operator licensed by the Bermuda Monetary Authority, has reported record trading volumes in October of $587 million.

The company, which has offices in Bermuda, the United States and India, added that it has posted more than $2.5 billion in total global trading volumes since the company's inception last year.

The company said that the achievement comes on the heels of the cryptocurrency market capitalisation reaching a record high of more than $3 trillion.

CrossTower said that it has successfully placed a footing in the India market, growing 3,000 per cent since September 30.

It added that CryptoCompare, the global cryptocurrency market data provider, has ranked CrossTower fourth of 290 global exchanges, earning it the highest rating (AA) an exchange can receive. The rating is based upon its regulatory focus, management team, legal, data, market quality and security.

CrossTower said that its key performance milestones include consecutive quarter-on-quarter global revenue growth since launch of 187 per cent, growth of its market share by 63 per cent since September and institutional customer engagement at record highs, with customers' total assets under management of $150 billion.

Kapil Rathi, co-founder and chief executive officer of CrossTower, said: "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."

Along with CrossTower, the crypto market has reached all-time highs, the company said, adding that there has been rapid growth within the decentralised finance sector, with $270 billion in total value being locked in smart contracts.

Most of these smart contracts are on the Ethereum blockchain, CrossTower said, but recently it has observed massive growth by other smart contract blockchains including Solana and Avalanche.

Kristin Boggiano, co-founder and president of CrossTower, said: "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.

“Digital assets that use blockchain are recognised as the catalyst for future innovation, economic growth and financial inclusion. Many believe this digital-world paradigm shift will be as consequential as the birth of the internet.

“We at CrossTower are very excited to be at the forefront of this technological revolution and actively seeking ways to drive the space forward."

CrossTower Bermuda Ltd has been issued with a Class F licence by the BMA under the Digital Asset Business Act.

The allowed business activities under the licence are operating as a digital asset exchange, and providing custodial wallet services.

The licence, issued in April, does not have an expiry date.

Kapil Rathi, chief executive officer and co-founder of CrossTower (File photograph)

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Published November 17, 2021 at 7:55 am (Updated November 17, 2021 at 7:55 am)

CrossTower hit crypto trading volumes of $587m in October

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