Tag: coinswitch

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Binance Deploys $1B for Crypto Recovery Fund – Top Crypto Updates

Binance allocates $1B for ‘Crypto Recovery Fund’

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the fund size to over $2 billion. The fund would have a “loose” structure and be publicly visible on the blockchain. Binance first announced the launch of an “industry recovery fund” on November 14 to support firms that “are otherwise strong but in a liquidity crisis” amid the FTX collapse.

Crypto prices today: Bitcoin falls 1.5%, ETH down 2.4%

Bitcoin is currently trading at $16,434.13, a decline of 1.5% over the previous day. Ethereum fell 2.4% over the last 24 hours to $1,181.77. Solana fell 2.81% to $14.14, while Cardano is trading lower by 1.9% at $0.312. Avalanche (AVAX) is down 3.9% to $12.69. The global crypto market cap stands at $827.36 billion, a 1.29% decline over the previous day.

Singapore police probe Hodlnaut for alleged fraud

Singapore’s Commercial Affairs Department (CAD) launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud.” Between August and November, the police received “multiple reports” that Hodlnaut and its directors had made “false representations” about the lender’s exposure to “a certain digital token.” 

Cardano DeFi project Ardana halts development

Ardana (DANA), a decentralized finance (DeFi) project built on the Cardano blockchain, has halted development. The project cited “funding and project timeline uncertainty” as the reason for ceasing operations. The project was working on stablecoin minting and foreign exchange services. DANA token is down over 80% in the last 24 hours.

Indian crypto exchanges seek to reassure investors after FTX collapse

Indian crypto exchanges are implementing measures to provide full transparency on their reserve funds to win back investor confidence after FTX’s collapse. Co-founder of CoinDCX, Sumit Gupta, said his exchange will publish its proof of reserves by the fourth week of November. CoinSwitch has declared that its crypto and fiat currency holdings exceeded the total amount held on behalf of its users.

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SBF, Binance to Testify on FTX Collapse – Top Crypto Updates

House Committee calls on SBF, Binance to testify on FTX collapse

The U.S. House Financial Services Committee will hear from Sam Bankman-Fried (SBF) on the collapse of his crypto empire FTX next month. Binance, which offered to buy FTX before pulling out after seeing its financial statements, will also testify along with SBF’s trading firm Alameda Research and other related entities.

Crypto prices today: Bitcoin falls 1.8%, ETH down 3.8%

Bitcoin is currently trading at $16,555.61, a decline of 1.8% over the previous day. Ethereum fell 3.85% over the last 24 hours to $1,199.91. Solana fell 1.26% to $14.2, while Cardano is trading lower by 4.2% at $0.326. Avalanche (AVAX) fell 3% to $13.13. The global crypto market cap stands at $829.49 billion, a 2.17% decline over the previous day.

Crypto liquidity provider B2C2 offers to buy loans from Genesis

Prominent crypto market maker B2C2 has offered to purchase loans from the struggling crypto financial firm Genesis. On Wednesday, the lending arm of Genesis said it was pausing redemptions and new loan originations as it was severely impacted by FTX’s collapse. B2C2 will work with Genesis and its counterparties to replace/divert existing loans at Genesis Global Capital to B2C2. 

CoinSwitch says it holds sufficient reserves to match customer investments

Indian crypto change CoinSwitch confirmed that its overall holdings of crypto and INR balances are higher than those of customers’ holdings on the platform. Its assurance comes in the wake of the collapse and bankruptcy of FTX. Millions of customers lost money, triggering a chain reaction that has impacted other crypto companies and eroded trust in the digital asset.

Uniswap passes Coinbase as #2 Ethereum exchange

Uniswap, a decentralized exchange (DEX) nearly doubled the volume of Ethereum (ETH) transactions compared to Coinbase over the past few days. Binance remains in first place in ETH transactions, with over $1.7 billion in the past 24 hours. DEXs like Uniswap are quickly rising in popularity in the wake of the collapse of FTX, a centralized exchange (CEX).

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Crypto Exchanges Get ED Notices Over Violation of FEMA – Top Crypto Updates

CoinSwitch, CoinDCX get ED notices over violation of FEMA

The Enforcement Directorate (ED) has sent notices to crypto exchanges CoinSwitch Kuber and CoinDCX as they came under the central agency’s radar. ED has registered a case against the two firms under the violation of the Foreign Exchange Management Act (FEMA). The agency is trying to ascertain if these companies are involved in cases of money laundering and foreign exchange violations.

Crypto prices today: Bitcoin up 1.4%, ETH rises 3.25%

Bitcoin is currently trading at $20,431.22, an increase of 1.42% over the previous day. Ethereum rose 3.25% over the last 24 hours to $1,175.04. Solana rose 2.2% to $36.79, while Cardano is trading higher by 1.7% at $0.465. Avalanche (AVAX) rose 2.9% to $19.11. The global crypto market cap stands at $918.44 billion, a 1.24% increase over the previous day.

ProShares Bitcoin Short ETF grows over 300% in a week

The ProShares’ Bitcoin Short ETF (BITI) grew by 306% last week, cementing its place as the second-largest Bitcoin ETF in the U.S. BITI now holds net short exposure equivalent to 3,811 BTC, up from just 937 BTC on June 27. An exchange-traded fund (ETF) provides investors with indirect exposure to an underlying asset. It can be useful when investing in commodities or crypto, which are difficult to transfer or store. 

Experts seek revamp of TDS on digital assets to boost trade volumes, govt revenue

Experts in the crypto industry have called for rationalisation of tax deducted at source (TDS) on digital asset transfers. They have argued that TDS locks up liquidity and the government will likely lose out on revenue as transaction volumes slide. However, some executives acknowledged that TDS was needed to curb money laundering. A tax regime for virtual digital assets (such as crypto, NFTs) will boost investor confidence by eliminating ambiguity.

Ethereum scaling solution Immutable X will allow Ether-to-Dollar withdrawals

Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on Ether (ETH) withdrawals. The Ether offramp is available to any developer building on Immutable. Developers can enable their users to sell layer 2-based ETH and have the proceeds deposited directly to their bank accounts. Crypto payments firm Moonpay will process the fiat transactions.

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Panama’s President Vetoes Crypto Bill – Top Crypto Updates

Panama’s President vetoes crypto bill

Panama’s President Laurentino Cortizo has partially vetoed a ‘crypto bill’, saying it requires more work to better fit the country’s financial regulations. Cortizo had previously warned that he would not sign the bill unless it included additional Anti-Money Laundering rules. If passed, the new law would allow Panamanians to buy everyday goods with crypto. 

Crypto prices today: Bitcoin down 3%, ETH falls 5%

Bitcoin is currently trading at $21,105.2, a decline of 3.13% over the previous day. Ethereum is down 4.9% over the last 24 hours to $1,111.26. Solana fell 5.68% to $31.69, while Cardano is trading lower by 1.3% at $0.502. Avalanche (AVAX) fell 2.8% to $16.62. The global crypto market cap stands at $901.88 billion, a 4.05% decline over the previous day.

Solana’s new gas fees won’t make the network ‘expensive’: Co-Founder

Solana is planning to launch a new fee prioritization model and other network upgrades aimed at stability. The model will charge an additional fee during times of congestion, but only for on-demand apps and services. Solana co-founder Anatoly Yakovenko has claimed that the model would not punish users with high fees across the entire network.

Crypto exchanges seek meeting with NPCI to restore UPI services

CoinSwitch Kuber, WazirX, CoinDCX, and other top crypto exchanges have written to the National Payments Corporation of India (NPCI), asking them to restore UPI services for crypto players. Members of the Blockchain and Crypto Assets Council have sought a meeting to discuss the regulator’s concerns regarding UPI usage for trade in cryptocurrencies.

Elon Musk, Tesla sued over allegations of running Dogecoin pyramid scheme

Elon Musk has been sued for $258 billion by a Dogecoin investor who accused him of running a pyramid scheme to support the meme coin. In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, Tesla Inc, and SpaceX of racketeering. He claims that Musk hyped up Dogecoin and drove up its price, only to let the price tumble later.

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Binance Labs Launches $500 Million Web3 Fund – Top Crypto Updates

Binance Labs announces $500 million Web3 fund

Binance Labs announced a new $500 million fund for Web3 projects. The fund is backed by internet investment capital firm DST Global and global venture capital firm Bayer Capital. The money will be pumped into projects that can extend the use cases of cryptos and drive the adoption of Web3 and blockchain technologies. Binance Labs is the investment arm of Binance, the world’s largest crypto exchange.

Crypto prices today: Bitcoin falls 5.5%, ETH down 6.3%

Bitcoin is currently trading at $29,913.17, a decline of 5.54% over the previous day. Ethereum fell 6.31% over the last 24 hours to $1,818.59. Solana crashed 12% to $39.72, while Cardano fell 6.5% at $0.576. Avalanche (AVAX) fell 9.6% to $23.43. The global crypto market cap stands at $1.24 trillion, a 5.25% decline over the previous day.

Solana Blockchain down for four hours due to bug

Solana was down for about four hours today after a bug blocked consensus. Network validators disabled the feature to restart the network. According to Solana co-founder Anatoly Yakovenko and other developers, the issue was due to a bug with the durable nonce feature of the blockchain.

[Durable transaction nonces are a mechanism for getting around the typical short lifetime of a transaction’s recent block hash (reference number for a block in the blockchain)].

CoinSwitch launches India’s first rupee-based crypto index CRE8

CoinSwitch launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the rupee-based crypto market. CRE8 tracks the performance of eight crypto assets that represent over 85% of the total market capitalisation of cryptos traded in Indian rupee.

Former OpenSea employee charged in insider trading scheme

The US Justice Department has charged a former employee of OpenSea (an NFT marketplace) with fraud and money laundering. The federal government called it the “first-ever digital asset insider trading scheme.” Nathanial Chastian allegedly profited from his role in selecting which non-fungible tokens (NFTs) would be promoted on OpenSea’s homepage.

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ECB President Renews Calls for Crypto Regulation – Top Crypto News

ECB President renews calls for crypto regulation

European Central Bank President Christine Lagarde reiterated her concerns over cryptocurrencies and her desire for regulation. “My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said.

Crypto prices today: Bitcoin up 3.7%, ETH rises 4%

Bitcoin is currently trading at $30,485.34, a 3.7% increase over the previous day. Ethereum rose 4% over the last 24 hours to $2,054.06. Solana jumped 5.25% to $53, while Cardano is trading higher by 3.05% at $0.546. Avalanche (AVAX) rose 7.17% to $32.03. The global crypto market cap stands at $1.3 trillion, a 3.44% increase over the previous day.

India’s crypto sector needs ‘peace’ and ‘certainty’: CoinSwitch CEO

CoinSwitch CEO Ashish Singhal called for clearer/fair rules to resolve the regulatory uncertainty in India’s crypto space. “Users don’t know what will happen with their holdings— is the government going to ban, not ban, how is it going to be regulated? Regulations will bring peace and more certainty,” he said. Singhal was speaking at the World Economic Forum in Davos.

Manchester City FC partners with Quidd to launch new NFT collection

Manchester City FC has partnered with Quidd (a subsidiary of Animoca Brands) to launch a new 3D NFT collection. The football club has been a strong advocate of Web3. The latest NFT collaboration follows a partnership with Sony to take Premiership football to the metaverse.

Terra (LUNA) rallies over 55% in 24 hours after last week’s crash

TerraUSD (UST) surged over 10% to $0.07, while its sister crypto token Terra (LUNA) rallied more than 56% to $0.00021 over the past 24 hours. UST collapsed from its intended 1-to-1 peg to the dollar earlier this month and dragged LUNA down with it. Terra Labs’ CEO Do Kwon is facing legal prosecution in South Korea over the collapse of the two coins that wiped out billions of dollars from investors.

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Crypto Exchanges Block Deposits via State-Backed System – Top Crypto News

Crypto exchanges block deposits via state-backed system

Crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using UPI, a state-backed transfer system. The decision follows a statement last week by the National Payments Corporation of India saying it was not aware of any crypto exchange using its United Payments Interface (UPI) framework to conduct transactions.

Crypto prices today: Bitcoin up 0.1%, ETH rises 1.3%

Bitcoin is currently trading at $40,148, a 0.1% increase over the previous day. Ethereum is up 1.3% over the last 24 hours to $3,054.84. Solana rose 1.46% to $103.93, while Cardano is trading higher by 0.84% at $0.94. Avalanche (AVAX) rose 0.15% to $77.2. The global crypto market cap stands at $2.03 trillion, a 9.43% increase over the previous day.

Over one-third of Nigerians are invested in Bitcoin, other cryptos: Report

As per a Bitcoin Magazine report, nearly 35% or 33.4 million Nigerian adults have owned or traded Bitcoin or some form of crypto over the past 6 months. The report cited a report ‘Into The Cryptoverse’ released by KuCoin, which looked at the penetration of cryptos in various country demographics. Meanwhile, the Nigerian currency Naira has depreciated 209% over the past six years. More than 37% of crypto investors have entered the space over the past three years.

Crypto firm MoonPay raises $87M from high profile celebs

Crypto payments startup MoonPay has raised $87 million from more than 60 high-profile investors, including singer Justin Bieber, rapper Snoop Dogg, tennis player Maria Sharapova, and actor Bruce Willis. The investments are part of the firm’s Series A round, which valued the company at $3.4 billion. MoonPay provides payment infrastructure for crypto and NFT transactions.

Coinbase loses bid to force arbitration in crypto theft lawsuit

Crypto exchange Coinbase (COIN) has lost its bid to force arbitration in a lawsuit over the theft of a user’s crypto worth over $31,000. Abraham Bielski was contacted by a scammer last year claiming to be a PayPal representative. Bielski gave the individual remote access to his Coinbase account from which assets worth $31,039 were transferred.

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Pledge Launches Platform for NPOs to Accept Crypto Donations – Top Crypto News

Pledge launches platform for non-profits to accept crypto donations

Fundraising platform Pledge has started allowing non-profit organisations to accept donations in cryptocurrencies such as Bitcoin, Ethereum, and Tether. It also allows the instant conversation of crypto to a fiat currency. Entities can start accepting crypto donations in minutes, with no technical experience, crypto wallet, or KYC required.

Crypto prices today: Bitcoin, ETH falls 5%

Bitcoin is currently trading at $40,151.3, a 5.12% decline over the previous day. Ethereum is down 5% over the last 24 hours to $3,020.11. Solana fell 7.64% to $102.73, while Cardano is trading lower by 6.42% at $0.952. Avalanche (AVAX) fell 3.6% to $77.818. The global crypto market cap stands at $1.86 trillion, a 4.65% decline over the previous day.

CoinSwitch disables all crypto purchase options on app

CoinSwitch Kuber has disabled all modes of payments for purchasing crypto purchases on its platform, including bank transfers. This move will have a significant impact on the platform’s trading volumes which saw over 14 million users in 2021. Two days earlier, Coinbase had to disable the Unified Payments Interface (UPI), which was the only crypto purchase option on its platform.

Coinbase to produce Bored Ape Yacht Club animated short films

The Bored Ape Yacht Club plans to officially expand into the entertainment world. It will create a series of animated short films produced by Coinbase, entitled “The Degen Trilogy.” The films will feature characters based on the Bored Ape Yacht Club, a collection of 10,000 disinterested-looking ape NFTs.

Uniswap Labs forms Crypto Ventures Wing

Uniswap Labs, the company behind Ethereum-based decentralized exchange, has launched a venture wing to invest in projects across Web3. It has previously invested in 11 crypto projects, including Aave, Compound Protocol, and MakerDAO. The venture unit’s focus will range from infrastructure to developer tools and consumer-facing applications.

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Crypto Losses Can’t be Set Off, Clarifies Govt – Top Crypto News

Crypto losses can’t be set off, clarifies Govt

The Government of India has clarified that losses from virtual digital assets cannot be set off against gains one makes from other such assets. In other words, crypto investors and traders would have to pay a flat 30% tax on income, while losses would not provide any tax benefit. The Centres’ flat 30% tax rate on income from transfer of crypto and other virtual digital currencies will come into effect from April 1, 2022.

Crypto prices today: Bitcoin rises 3%, ETH up 4.2%

Bitcoin is currently trading at $42,238.46, a 3% increase over the previous day. Ethereum is up 4.2% over the last 24 hours to $2,991.86. Solana rose 1.6% to $90.32, while Cardano is trading higher by 5.9% at $0.93. Meanwhile, Polkadot (DOT) rose 4.88% to $19.73. The global crypto market cap stands at $1.91 trillion, a 3.02% increase over the previous day.

Goldman Sachs makes over-the-counter Bitcoin trade

Goldman Sachs has become the first major US bank to make an over-the-counter (OTC) cryptocurrency transaction. The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. The company bought a contract betting on the future price of Bitcoin— rather than actually buying the digital asset itself. 

Malaysia should make Bitcoin, crypto legal tender: Deputy Minister

Malaysia’s Deputy Minister of Communications Zahidi Zainul said the country should recognize Bitcoin and other crypto-assets as legal tender. Like many other countries, Malaysia is researching a central bank digital currency. Currently, its government is not considering an El Salvador-style leap into crypto. El Salvador made Bitcoin legal tender in September 2021.

Coinswitch, CoinDCX to invest up to $200,000 in crypto, Web3 startups

Coinswitch Kuber and CoinDCX are scouting for investment deals, seeking to infuse $100,000-200,000 in crypto and Web3 start-ups that need funding. The crypto exchanges plan to invest the amount in each of the multiple deals they are seeking. Coinbase’s investment arm, Coinbase Ventures, is also entering the Indian market with plans to invest up to $1 million in Web3 start-ups.