India

U.S.-based digital currency exchange CrossTower is setting up a local unit in India and launching a trading platform to capture the growing local crypto market, according to Reuters news agency on Sept. 7. CrossTower India has hired 35 employees and plans to increase the total number of employees to 100 within 6-9 months, the company said. The company is following in the footsteps of Coinan, which entered the Indian market in 2019.

Indians like to invest in ETH

According to the "State of India's Digital Currency Ecosystem Explained" report released by Coinpaprika in association with OKEx, the first quarter of 2020 saw a huge increase in traffic from India to mainstream exchange websites. Among them, OKEx saw the fastest growth in visits from India, reaching 545.56%. And internal data from OKEx shows that OKEx saw a 4100% increase in new registrations from India in the same period.

Jay Hao, CEO of cryptocurrency exchange OKEx, said on social media, "With all the DeFi and GameFi craze, new users seem to be more confident in ETH than BTC at the moment."

This is also evidenced in the Indian market.

India's Economic Times reports that the number of people buying ETH on local exchanges has spiked in recent days. Experts say many investors are betting on ETH after selling some or all of their BTC assets.