Major stablecoins must comply with the same safeguards as traditional forms of payments, global regulators said on Wednesday, tightening controls over a battered crypto sector. Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity, to avoid the volatility that makes bitcoin and other digital tokens impractical for…
Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse. The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey. Forty percent…
Crypto investing app CoinSwitch has appointed Sudheer Tumuluru as its head of crypto engineering. His role includes leading the company’s efforts to build the technology stack that drives crypto trading, exchange, and emerging crypto products. Tumuluru joins CoinSwitch from Myntra where he was vice president of engineering. With over two decades of experience, he has…
Cryptocurrency has been one of the most talked-about investment instruments for millennials and Gen Z. During the last five years, digital tokens have multiplied the investor’s wealth. Lately, these tokens have been under tremendous selling pressure owing to unstable macro indicators. It is also attributed to a stricter regulatory stance by the Reserve Bank of…
Sam Bankman-Fried, head of one of the largest cryptocurrency exchanges, FTX, said he and his company still have a “few billion” on hand to shore up struggling firms that could further destabilize the digital asset industry, but that the worst of the liquidity crunch has likely passed. Bankman-Fried, 30, who is from California but lives…
A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the Foreign Exchange Management Act (FEMA). The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources,…
Top cryptocurrency broker Voyager Digital on Wednesday filed for bankruptcy in the US, after top crypto hedge fund Three Arrows Capital (3AC) did the same last week, in which Voyager has made significant investments which the company is yet to get back. It had significant investments in Singapore-based hedge fund 3AC, which failed to make…
Cryptocurrency lender Nexo plans to buy fellow lender Vauld, it said on Tuesday, the latest sign of consolidation in the digital currency industry as prices tumble. Nexo, which is based in London, said it would buy up to 100% of Vauld and “reorganize its future operations with the aim to accelerate its deeper presence in…
The Singapore government is planning to introduce additional tough measures to safeguard consumers from the crypto meltdown, including restrictions on retail trading. Tharman Shanmugaratnam, Senior Minister and Minister in Charge of the Monetary Authority of Singapore (MAS), said that the recent market conditions clearly demonstrate the risks with prices of several cryptocurrencies dipping significantly, reports…
Crypto-based fintech companies continue to live in an uncertain regulatory environment even as they are pushing ahead with self-regulation and embracing the “know your customer” (KYC) framework. In a conversation with Pranjal Sharma, the co-founder and chief executive officer of CoinSwitch, ASHISH SINGHAL, says that crypto is an integral part of Web 3.0 and India…
