Indian Financial News

G4AL, a Spanish game studio, has partnered with India's Yield Guild Games (YGG) — IndiGG. The partnership will focus on launching a blockchain game named — 'Elemental Raiders'. After its recent partnership with YGG, Manel Sort and his team are focusing on expanding across continents through YGG’s sub-DAOs, offering cohort NFT Chests to gamers and guild members, and the opportunity to play G4AL’s upcoming Elemental Raiders. The game will be out on the net and available on mobile by the last quarter of the current year. However, its beta version is already live, and IndiGG users can play with the allocated NFT Chests with potential $GGT tokens up for grabs. Polygon-backed IndiGG is a subDAO of YGG aiming to create a Web3 and GameFi ecosystem flourishing in India. Sophistication, scaling and growth have been the heart of the country in terms of gaming, with over 400 million gamers, making it one of the largest markets in the world.

India is now home to an estimated 115 million cryptocurrency investors despite a historically negative attitude toward the sector from the government, according to new data.

crypto industry too unfortunately has had long-standing gender inequities. The number of women in crypto, whether that be for investing or as founders, has always lagged behind men. One of the main pillars of crypto has always been a decentralized and democratized financial system. But the male-dominated crypto industry has never really been seen as a space for women and has always been contrary to its founding principles. Thankfully, this is changing. Recent data from exchanges and other crypto companies in India provides a glimmer of hope. It is reported around 20 per cent of crypto investors in India are women, but the numbers still show a significant gender gap. However, the interesting fact in all of these reports is that in terms of new investors, women seem to be giving men a run for their money and most platforms have seen a phenomenal increase in the number of women registering and investing on these platforms.

The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police.

The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over the ownership of the Indian crypto exchange grabbed a lot of headlines in the first week of August. 

India’s Directorate of Enforcement (ED) announced Friday that it has frozen the financial accounts of Bengaluru-based financial services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian branch of Singaporean Vauld. The move is linked to an ongoing investigation into money laundering by China-linked instant loan companies. This is the second time this week the agency has taken action in the crypto sphere in connection with that case. 

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.

As reported by local news outlet The Economic Times on Monday, Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, although users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the two exchanges.

Operations being run as usual, says cryptocurrency exchange WazirX

Binance, the world’s largest cryptocurrency exchange by trading volumes, proudly announced it had ‘acquired’ WazirX, in a blog post on November 21, 2019, however Binance CEO Changpeng Zhao has now shocked the Indian crypto exchange and the global crypto community by reneging on the agreement between the two parties.

India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud.

Coinbase ex-manager pleads not guilty to insider trading charges

Following a major hack in Solana-based wallets in the early hours of August 3, Indian cryptocurrency exchanges said it’s unlikely to impact all Indian Solana traders unless they were using one of the impacted wallets.

The current state of the cryptocurrency market is one surrounded by bears. However, Johnny Lyu, CEO of KuCoin had a different approach related to the matter.

US authorities have charged on July 21 two Indian brothers and their Indian-American friend in the first global case of cryptocurrency insider trading that enabled them to make $1.5 million in ill-gotten gains.

India's confused and confusing response to crypto currencies continues to confound. In the latest instance, Finance Minister Nirmala Sitharaman informed Parliament that while the Reserve Bank of India (RBI) wants them banned, the government is of the view that a "global collaboration" is needed for any effective regulation or ban.

Two Indian brothers and their Indian-American friend have been charged in the US in the first ever cryptocurrency insider trading scheme in which they made illicit profits totalling over a million dollars.

Crypto Update For The Week: Binance to Hire Indian engineers, UK, US frame rules

An Indian blockchain company 5ire, recently raised $100 million in a Series A round of funding from UK-based Sram and Mram. The company with a $1.5 billion valuation has suddenly emerged as the latest addition to the Unicorns in India.

An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to drive its development.

In the first six months of 2022, top crypto exchanges such as WazirX, CoinDCX, Bitbns and Zebpay, among others, lost more than 70-75 percent of their trading volumes on a monthly average basis. Following the July 1 implementation of the 1 percent TDS (tax deducted at source) on virtual digital assets (VDAs) that was announced in the budget, the situation has only worsened.