City Ribbit Financial News

United States-based exchange FTX US has left its position at the crypto advocacy group Crypto Council for Innovation, or CCI.

Subscribe to enjoy similar stories. IPO-bound online investment platform Groww has issued compulsorily convertible preference shares as bonus to existing investors, including Peak XV and Ribbit, according to a Competition Commission of India’s notice. According to the notice issued on 3 March, the transaction will also result in collapse of the differential voting rights (DVR) held by Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal, the founders of Groww.

Priya Sharma and Ashish Anantharaman stepped down from the buy now, pay later (BNPL) startup in May, after failed acquisition talks with PhonePe. Soon after the founders quit, the struggling startup promoted vice-president of finance Mohit Chhajer, chief banking officer Mandar Satpute and senior vice-president and head of growth Abhishek Sharma to take over the reins of the company. Since March, some 130 ZestMoney employees have moved to PhonePe.

Web3 security company Blockaid said it has emerged from stealth with $33 million in funding to protect users from fraud, phishing, and hacks. 

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8.

A Hong Kong-based crypto hardware wallet maker has raised around $20 million in a Series A funding round.

CoinSwitch has announced to launch Web3 Discovery Fund, the company’s corporate venture capital initiative. The aforesaid fund will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape. The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.

The Crypto Council for Innovation, or CCI, a crypto advocacy group that establishes dialogues with governments and regulatory agencies on the benefits of crypto, has hired two new experts with experience in financial regulatory policy in the United States.

Prominent crypto investor Multicoin Capital has launched a new venture fund valued at $430 million, further demonstrating venture capital’s growing interest in the blockchain economy amid the bear market. 

CoinSwitch has appointed Ramesh Bafna as the chief financial officer, said a statement issued today. With over 18 years of experience, Bafna has built a sustainable marketplace revenue model in e-commerce companies such as Myntra and Flipkart as well as led the finance workstreams at IT services major

Algo-adviser startup Delphia has closed a $60 million investment round backed by some of crypto’s biggest venture funds as it embarks on the creation of a new data-focused decentralized autonomous organization (DAO). 

CoinSwitch has unveiled Crypto Rupee Index CRE8, to measure the performance of the Indian Rupee-based crypto market, the company said on Friday. The Crypto Rupee Index tracks the performance of crypto assets that represent over 85 per cent of the total market capitalisation of cryptocurrencies traded in Rupee, a press release said. «The index is based on real trades on the CoinSwitch application, which has 18 million registered users,» the release said.

Crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market. «Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalisation of cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users,» the company said. “CRE8 is a demonstration of our commitment to bring more transparency to the crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian rupee-denominated crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

David Marcus, former Meta executive and co-creator of Facebook’s now sold Diem project, has moved his focus to Bitcoin (BTC), unveiling a new company, Lightspark, established with the aim to explore, build and extend BTC’s capabilities and utility.

CoinSwitch has more than 15 million registered users.

Crypto trading platform CoinSwitch has completed its ESOP buyback worth $2.5 million (about Rs 19 crore) within 20 months of operations in India. This is the first-ever ESOP buyback by India's largest crypto unicorn. In less than two years, CoinSwitch has grown from 20 to 500 employees as it expanded its wealth-tech offering to build one of India's first Web3 teams. The company attributes this rapid growth to buoyancy in digital assets. The company now aims to become a wealth-tech major, onboarding into other asset classes and financial products.

Crypto unicorn CoinSwitch on March 21 announced the completion of its first-ever ESOP buyback worth Rs 19 crore within 20 months of operating in India.

Crypto-focused financial modeling platform Gauntlet has achieved unicorn status after raising $23.8 million in Series B funding from some of blockchain’s biggest venture funds.

Sheila Warren, the head of blockchain and distributed ledger technology at the World Economic Forum, will be assuming the position of chief executive officer of the Crypto Council for Innovation, or CCI, starting in February.

American chartered bank Silvergate reportedly aims to purchase Diem's intellectual property for USD 200m, The Wall Street Journal reported, citing people familiar with the matter.