Crypto exchange CrossTower launches OTC for Indian HNIs, institutional investors

Cryptocurrency exchange CrossTower has announced the launch of its personalised ‘Over the Counter’ services for its Indian users

Representative image

Crypto exchange CrossTower has announced the launch of its personalised ‘Over the Counter’ services for its Indian users. With the new feature, CrossTower aims to guide, assist and enable High-net-worth individuals (HNIs) and institutional investors to trade in crypto assets, the exchange said in a statement. 

The OTC Desk will be ailed at large-volume traders and institutional investors.

As per the statement, 70 per cent of CrossTower’s trade volume is accounted for by institutional investors and large-volume traders in India. 

With the increasing adoption of digital assets by HNIs, CrossTower’s new feature will make trading crypto assets convenient for its Indian users, the statement said. 

ALSO READ | Cryptocurrency Tax Calculation: What will be Taxed, What won’t, How and When?

Commenting on the initiative, Amit Arora, Head of Growth and Partnerships for CrossTower India said, “In recent budget, the Indian government has taken a step towards establishing a progressive policy that will benefit the innovation, economic growth and financial inclusion of its citizens. It can be done by validating the asset class and easing the uncertainty that surrounds the digital asset sector. At CrossTower, we believe it is a positive step towards retail trading, followed swiftly by institutional adoption.”

“Given the rapid uptake of digital assets by large-volume traders, we aim to make trading crypto assets for those investors as convenient as possible through this personalised crypto OTC Desk feature,” he added.

This feature also provides a relationship manager to each investor opting for the service.

(Crypto tokens and coins are unregularised assets in India. Investing in them could lead to losses. Please consult your financial advisor before making any investment decision).

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.