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- Gemini Invests $24M For India Expansion 🇮🇳📈
Gemini Invests $24M For India Expansion 🇮🇳📈
PLUS: Bitcoin gains recognition as legal digital currency in Shanghai. Taiwan's major cyrpto exchanges join hands for industry interests.
Manan Vora
September 27, 2023
Snapshot Web3
September 27, 2023
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Regulatory and Legal News
BlockFi, a bankrupt crypto lending platform, has gained approval from a US Bankruptcy Court in New Jersey for its liquidation plan. The success of the plan depends on BlockFi's ongoing legal battle with FTX and other bankrupt crypto firms. Repayment to unsecured creditors hinges on the outcome. The plan was approved after BlockFi settled a dispute with the creditors committee over the company’s senior management. BlockFi blames FTX's collapse for its failure, while the committee had concerns about BlockFi's ties to FTX and its former CEO. BlockFi owes up to $10 billion to over 100,000 creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital. The legal representation is handled by law firms Kirkland & Ellis LLP and Haynes and Boone LLP.
The Shanghai No.2 Intermediate People’s Court in China has officially recognized Bitcoin as a distinct and non-replicable digital asset, acknowledging its scarcity and intrinsic value. The court's report emphasized that, among numerous digital currencies, Bitcoin stands out for its uniqueness. It also highlighted Bitcoin's key currency features, such as scalability, ease of circulation, storage, and payment. This recognition, despite the Chinese government's strict stance on cryptocurrencies, adds more legitimacy to Bitcoin and other digital currencies in China. While there's a ban on various cryptocurrency activities, local courts have increasingly acknowledged Bitcoin and other digital assets as legally protected properties.
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Innovation and Launches
Cryptocurrency exchange Gemini is earmarking 2 billion rupees ($24 million) for the expansion of its development center in Gurgaon, India. Since its launch in May, the center has grown to over 70 staff members. Gemini plans to hire additional personnel for various roles, including software engineers, technical product managers, and compliance experts. The exchange views India as a promising hub for technological development and entrepreneurship. The country has shown increasing adoption of blockchain technology, with half of local and state-level governments incorporating it into their data management systems. Over 56% of Indian companies have expressed interest in enterprise blockchain.
MoneyGram, a major payment processing company, is launching its noncustodial crypto wallet on the Stellar network in Q1 2024. This wallet will enable easy conversion between fiat and digital currencies, focusing on cross-border remittance. Users can send digital assets and cash out at partner MoneyGram facilities. Global compliance screening tools will ensure secure transactions. Stellar, a partner in this venture, holds a minority stake in MoneyGram. The wallet expands MoneyGram's digital asset services, allowing cash outs in over 180 countries and cash deposits in over 30 countries.
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NFT, Gaming and Metaverse
The popular NFT collection Pudgy Penguins is launching its Pudgy Toys in 2,000 Walmart stores across the U.S. These toys come with a unique birth certificate that allows users to enhance their digital 'Forever Pudgy' character in the online Pudgy World. Walmart's backing is expected to significantly broaden Pudgy Penguins' appeal beyond the crypto community. The Pudgy World platform offers multiplayer experiences and character customization. With $400 million in sales since its 2021 inception, Pudgy Penguins has demonstrated resilience in the NFT space. This foray into physical products reflects a strategy to engage a wider audience and build a stronger brand presence. The toys range from $2.99 to $11.97 and are produced by PMI Kids’ World.
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Scams and Hacks
Pablo Renato Rodriguez, co-founder of the AirBit Club cryptocurrency pyramid scheme, has been sentenced to 12 years in prison for defrauding investors of over $100 million. He used false promises of legitimate crypto operations to prey on unsuspecting investors, diverting their funds for personal gain. Rodriguez must forfeit $65 million and 3,800 Bitcoins, alongside other assets. The scheme, operating since 2015, falsely offered passive returns on crypto activities. In 2022, cryptocurrency Ponzi schemes caused $7.6 billion in losses, as reported by TRM Labs.
Immunefi, a blockchain security platform, has introduced "Vaults," an on-chain system for bug bounties. This allows Web3 developers to securely allocate funds for bug rewards and provide transparency to white hat hackers. Projects can deposit their bug bounty funds into a Safe multisig smart contract, giving proof of availability. Once a genuine bug is confirmed, the funds can be released to the reporter. SSV and Ref Finance are among the first projects to utilize this system, with SSV contributing $1 million towards bug bounties. Immunefi has facilitated $66 million in bug bounty payouts since its inception.
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Interesting Reads
Blockchain technology, typically linked with finance, is making strides in secure messaging. Session, a decentralized platform, emphasizes security and data control for users. Centralized messaging apps face security risks due to their server-based architecture. Blockchain-based messaging apps, like Session, offer peer-to-peer communication and enhanced privacy. By integrating cryptocurrency seamlessly, these apps provide security features that centralized ones struggle to match. Session's transition to EVM-compatible chains is a significant advancement for decentralized and secure messaging. This move has the potential to revolutionize crypto communication and redefine the landscape of secure messaging.
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Quick Links
The commission gave itself an additional 60 days to consider the listing of ARK 21Shares’ investment vehicle on the Cboe BZX Exchange, with a final deadline set for Jan. 10.
MaiCoin Group, BitoGroup and Ace Exchange became the first three founders of the Taiwan Virtual Asset Platform and Transaction Business Association.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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