JERSEY CITY, N.J., Nov. 15, 2021 /PRNewswire/ -- CrossTower, one of the world's fastest and leading exchanges, today announced that it has set record trading volumes in October 2021 of $587 million, posting more than $2.5 billion in total global trading volumes since the company's inception in 2020. This achievement comes on the heels of the cryptocurrency market capitalization reaching a record high of over $3 trillion. CrossTower has successfully placed a footing in the India market, growing 3,000% since September 30th. CryptoCompare has ranked CrossTower #4 of 290 global exchanges, earning it the highest rating (AA) an exchange can receive, which rating is based upon its regulatory focus, management team, legal, data, market quality and security.
CrossTower's key performance milestones include:
Consecutive quarter-on-quarter global revenue growth since launch of 187%
The growth of its market share by 63% since September 2021
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. There has been rapid growth within the DeFi sector, with $270 billion in total value being locked in smart contracts. Most of these smart contracts are on the Ethereum blockchain, but recently we have 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 recognized 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 forwards."
The surge in growth of digital assets can be attributed to the recognition of the transformative value of this technology. Web 3.0 and the metaverse, with digital assets as an integral part of the infrastructure, gain significant traction as open-source software is facilitating global participation. This new wave of technological innovation is a critical for future growth in employment and business opportunities worldwide.
Founded in 2019, CrossTower, ranked 4th in the world by Cryptocompare, is a crypto exchange with capital market capabilities. CrossTower empowers smart money to push the limits of what is possible. CrossTower provides the best-in-class services and products tailored to the needs of retail traders and institutions, including hedge funds, family offices, endowments, pensions and other market participants. CrossTower leverages its vast experience in trading, technology, operational infrastructure, innovative pricing, regulations, and compliance to make cryptocurrency and digital assets accessible to retail and sophisticated institutional market participants. CrossTower has offices located in the U.S., Bermuda, and India.