Crypto Transactions in Asia jumped over 706%, showing a strong upsurge in the new technology. On the other hand, SEC may have hinted that the legislative body of the United States could ban the disruptive technology. What happened else this week? Let’s talk about it in this week’s roundup.
Indian crypto exchange CoinSwitch Kuber becomes the latest unicorn.
Popular crypto exchange CoinSwitch Kuber has raised a substantial sum of money, becoming the 30th unicorn startup in India.
The crypto exchange has raised over $260 million in a Series C funding round. American venture capital firm a16z (Andreesen Horowitz) and Coinbase Ventures have led the round with a valuation of $1.9 billion. Moreover, the crypto exchange overtook CoinDCX’s valuation of $1.1 billion.
Many people think CoinSwitch Kuber is a very new company considering its operations started very recently. However, the foundation of the crypto exchange happened in 2017. The exchange began operations in India in June 2020. Moreover, its main focus is on simplifying crypto investing to as simple as ‘ordering food.’
Crypto transactions in Asia shot upwards of 706%.
According to Chainalysis’s recent research, emerging markets across the eastern region (Central & Southern Asia) are witnessing rapid action in crypto.
Chainalysis has put out new research stating crypto transactions surged 706% in Central, Southern Asia & Oceania compared to last year. The firm accounted for the data between July 2020 and June 2021 which stood at $572.5 billion.
While this figure accounts for 14% of the global transaction value, it will grow given the population concentration. This also provides an overview of smart money adoption of crypto. India had the most articulate effect of such with 42% of transactions above $10 million.
Full Story: Crypto transactions in Asia jumped by 706%
Uruguay releases Roadmap for regulation of Bitcoin and other cryptocurrencies.
The Central Bank of Uruguay has shared a roadmap for regulating cryptocurrencies. The bank had earlier created a study group to study how the crypto world functions, and based on their finding, the future path has been put forward.
With already a much clear view of the cryptocurrency business, the Central Bank of Uruguay will propose modifications to the current laws before the end of this year. The bank of Uruguay also announced that it would be involved in talks with industry actors. The objective of perfecting the knowledge about how these companies work.
However, establishing a regulatory framework for crypto could be very different from the one approved in El Salvador. This is because El Salvador has legalized Bitcoin as a tender, unlike Uruguay.
SEC hints Congress could ban cryptocurrency in the United States.
Gary Gensler, Chairman of the SEC said that it does not plan to ban Crypto transactions in the US, but Congress has the power to do it. When asked about it, he stated that the final stance is in the hands of Congress.
This puts the whip in the hands of Congress as they are in a decisive position to determine the future of the market in the country. As of now, it stands firm on its statement about giving more attention to addressing the misuse of the said asset in things like money laundering and plans to tighten its grip over this by tightening the regulations.
Earlier this week, the US Senate Committee held a hearing on cryptocurrency and blockchain technology reforms. During that hearing, Senate Banking Committee Chairman Mike Crapo talked in brief about how the US would fail in banning Bitcoin.
Full Story: Congress can ban Crypto in US: SEC
Bitcoin reached its highest hourly revenue this month.
Bitcoin Miners Hit Jackpot as Hash Rate soars again, recording the highest hourly revenue in Bitcoin’s history. In fact, according to Glassnode, Miners earned a new record high of $4 million in revenue in just under an hour.
Reportedly, the current hash rates clock at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.
The analyst reported that Bitcoin miners have made over the $50 million figure per day for the past month. He highlights the magnitude of the number by pointing out that this number was around $12 million just a year ago. This, the earnings have seen about a fourfold increase.
However, Senior Contributor at Forbes, Clem Chamber noted that Bitcoin’s mining profits are on the way down because of the absence of stability in pricing.
Full Story: Bitcoin Miners Hit Jackpot in September
Russia will limit investments in cryptocurrency for non-skilled investors.
Russia is aiming to limit crypto purchases for non-accredited or unskilled investors. The Bank of Russia will slow down transactions to crypto exchanges, further preventing ‘emotional’ crypto purchases.
Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, clarified that Russia needs to affirm new laws to protect retail investors from the potential losses of investing in crypto.
He also added that new legislation limiting cryptocurrency investments is being considered by the lawmakers in the country’s parliament.
MoneyGram launches USDC stablecoin settlement with Stellar Blockchain.
MoneyGram International, a Financial Services company, has partnered with a blockchain to incorporate USDC stablecoin settlement.
The company has partnered up with Stellar Development Blockchain. As a result, Moneygram’s consumers can transfer money using USDC coins. Moreover, users can now convert to and from fiat to stablecoin.
As far as the settlement institution goes, United Texas Bank will provide the necessary support. This is so that the company can complete the process within the regulatory framework.
The new USDC stablecoin settlement will launch at the end of 2021 in select jurisdictions.
Full Story: MoneyGram launches USDC stablecoin settlement
Dapper Labs, Chainalysis to partnering together to combat NFT Money Laundering.
Dapper Labs is coming together with the analytics firm, Chainalysis, to work on a solution to detect and prevent NFT Money Laundering and Market manipulation.
With the help of Chainalysis’ blockchain analytics tools, Dapper Labs have a close watch on the transactions and will ensure better compliance to guidelines. The company plans to use Chainalysis’ Know Your Transaction (KYT) tool and Reactor to flag suspicious activity and investigate those interactions.
With these tools, Dapper can understand the used funds to purchase NFTs to battle criminal activity on the blockchain.
Dapper’s deal with Chainalysis comes on the heels of Dapper announcing a $250 million funding round at a $7.6 billion valuation in September. It has empowered consumer enthusiasts with authentic engagement in the game by bringing them closer to the brands they love, engaging and engaging communities to contribute.
Sri Lanka is planning to explore crypt and blockchain technology.
The Sri Lanka cabinet has approved a proposal to look into crypto and blockchain technology to digitalize the economy.
Recently, the Cabinet of Ministers has given the nod to appoint a committee of skilled professionals in the public and private sectors to report on the Acts, Rules, and Regulations required to attract investments of the companies involved in digital banking, blockchain technology, and cryptocurrency mining.
This committee will approve cryptocurrency mining companies to invest in Sri Lanka. Moreover, it will also allow the Board of Investment (BOI) to take necessary steps under the BOI Act No. 4 of 1978 and the related amendments.
The five-member committee will study the regulatory frameworks and approaches to crypto-related industries in Dubai, Malaysia, the Philippines, Singapore, and the E.U.
BVNK is planning to offer banking service to companies interested in crypto technology.
BVNK is aiming for itself as a “digital-asset financial services platform”, offering all sorts of services related to crypto to traditional businesses.
This London-based company plans to appeal to fintech firms, corporate service providers, wealth managers, and private banks. In addition, they’ll appeal to those who want to offer digital asset services to their clients.
The bank will provide a business account for settlement, exchange & payment of crypto, and access to large-trade volumes. Moreover, the bank will also provide a yield service where brokers receive the deployed funds, earning interest.
As of now, BVNK’s immediate aim is to launch its product features alongside acquiring operating licenses in Europe.
Full Story: BVNK aims to offer a banking service