Mphasis and CrossTower To develop a “Center of Excellence” in Web 3.0 Technologies

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Mphasis and CrossTower have announced a partnership to build a ‘Center of Excellence’ on Web 3.0 and a series of blockchain products.

Mphasis, an information technology solution provider based in Bangalore, India, announced its team-up with CrossTower, a US-based digital asset trading platform, in a press release on Friday, January 21.

Through this partnership, both firms will direct their expertise towards building a Center of Excellence (CoE) that a series of blockchain-based products that will be launched and traded on the CrossTower platform.

Although the recent announcement does not provide insights into the upcoming Center of Excellence (CoE), Mphasis said that the partnership would accelerate and scale the Web 3.0 talent within the company and enable new “applications of innovative blockchain-based solutions in public and private industries, including financial services, supply-chain, healthcare & life sciences, insurance, logistics, entertainment, art, and retail.”

Mphasis cited a Market Research Future (MRFR) report that predicted that blockchain-based Web 3.0 would have grown exponentially by 2030. The global Web 3.0 market is expected to explode once it is rolled out to the industry and will “significantly impact BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, amongst other sectors businesses speeding up.”

Seeing Web 3.0 as the future of the internet, both companies are looking to equip themselves with the expertise of this blockchain-enabled technology. Mphasis is an IT solutions provider specializing in cloud and cognitive services, and the early adopters of blockchain. According to CEO and managing director Nitin Rakesh, with its expertise in blockchain and cloud-native platforms, Mphasis is in the postion to partner with CrossTower and enter the next-gen of the internet. He commented:

“Mphasis has been an early adopter of blockchain technology, building industry-specific solutions around digital assets and more recently Web 3.0. We are pleased that we have an opportunity to partner with CrossTower to build a Center of Excellence (CoE). We particularly value this partnership as CrossTower is one of the most regulatory-focused players in this space and provides unparalleled governance-driven digital assets. Mphasis with its Blockchain capability, expertise in architecting cloud-native platforms, and user experience design and implementation, is uniquely positioned to partner with CrossTower.”

CrossTower is a US-based cryptocurrency exchange that set up its local division in India in September 2021. It was founded in 2020 by capital markets veterans with a mission to mainstream digital asset trading and investing. According to CoinMarketCap, CrossTower has a 24-hour trading volume of $4.4 million at the time of writing.

Apart from digital asset trading, CrossTower servers Bitcoin miners through financing. The exchange has recently partnered with the Massachusetts-based future-ready commercial bank BnakProv to launch a crypto lending platform to provide equipment financing for Bitcoin miners.


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