Empowering the Frontline of Cyber Defense

The specialized training for the officers of the Commissionerate of Police, Mira-Bhayander, Vasai-Virar, focused on the mechanics of crypto-enabled financial crimes and the intricate patterns of modern cyber fraud. Key areas of focus included:

•  VDA Investigative Typologies: Understanding how digital assets move across blockchains.
• Response Mechanisms: Practical approaches to accelerating investigations in a tech-driven financial landscape.
• Collaborative Frameworks: Streamlining the exchange of information between exchanges and investigators.  

A Vision for National Financial Integrity

For CoinDCX, the engagement with the Mira-Bhayander, Vasai-Virar police is not an isolated event, but part of a broader commitment to safeguarding the integrity of India’s financial ecosystem.

“Law Enforcement Agencies are at the forefront of protecting citizens and combating emerging threats in the digital financial ecosystem,” said Sumit Gupta, Co-founder of CoinDCX. “It was a privilege to engage with the dedicated team at the Mira-Bhayander, Vasai-Virar Police Commissionerate. As the ecosystem evolves, continuous collaboration and knowledge exchange between industry and enforcement agencies becomes increasingly vital. This session is part of our larger, sustained effort to ensure that India’s digital future remains secure and resilient.”

The training was spearheaded by CoinDCX’s core investigative, compliance, and legal experts. The team shared operational insights and real-world investigative perspectives, providing officers with a roadmap for navigating the rapidly changing cybercrime landscape.

Continuous Commitment to Education

CoinDCX remains dedicated to being a proactive partner for LEAs nationwide. Through ongoing education, ecosystem awareness programs, and technical support, the exchange continues to advocate for a collaborative approach to tackling digital financial crime—ensuring that as technology advances, the capabilities of those protecting the public advance alongside it.

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XDC’s listing is just the beginning of an exciting partnership aimed at expanding the XDC ecosystem in India, promising more innovative developments shortly. 

Near-zero Gas Fee 

The XDC Network stands out in the blockchain space with its unique hybrid architecture that blends the best of both public and private blockchain elements. This powerful infrastructure enables XDC to process over 2,000 transactions per second, all while maintaining near-zero gas fees. This makes it one of the most efficient and cost-effective networks in the crypto sphere.

Giottus: A Trusted Partner in India’s Crypto Revolution

Giottus, a top-rated and FIU-compliant Indian crypto platform with over seven years of standing, is thrilled to collaborate with XDC in this ambitious endeavor. Known for its commitment to listing and promoting high-growth projects, Giottus currently supports over 300 crypto assets, with seamless deposit and withdrawal processes for many.  Giottus offers 24×7 crypto and INR ramps, ensuring smooth and secure transactions. 

The platform’s commitment to excellence is reflected in its customer support, which has garnered ratings of 4+ on 5 on app stores. The platform’s reputation for being first-to-market in India, coupled with its user-friendly experience, has made it a preferred choice for crypto enthusiasts across the country.

Deeper Integration

This partnership will see Giottus integrating XDC into its exchange platform and also enable Indian users to take self-custody of their XDC assets. Giottus has long upheld the philosophy of self-custody, ensuring that users have complete control over their assets across its product suite. Stay tuned for more updates as this partnership unfolds.

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PUNE: Pi42, India’s first Crypto-INR Perpetual Futures Exchange, is committed to raising awareness about crypto trading and investment among 150,000 citizens across Pune in FY25. With the rising interest in cryptocurrency investments across the city, the company endeavors to educate new-age investors about crypto derivatives trading, and the best practices that one can leverage for derivatives trading. Additionally, Pi42 aims to onboard a significant portion of these users on its platform and achieve a transaction volume of half a billion dollars from Pune by the end of FY25.

India is the largest crypto market in the world, however, Indian investors never really had an opportunity to participate in crypto derivatives trading owing to the lack of any exchange that offered derivatives trading in INR. Pi42 aims to address all these challenges by offering Indian investors a solution that not only provides a range of derivatives but also ensures compliance, tax efficiency, and convenience.

Commenting on the growth of crypto investors in Pune, Avinash Shekhar, Co-Founder and CEO, of Pi42, said, “As crypto adoption surges in Pune, Pi42 recognizes the need to create awareness among investors about the potential benefits of crypto derivatives and equip them with the knowledge and best practices for trading in crypto futures. Our aim is not only to facilitate transactions but also to empower investors with the tools and insights necessary to navigate this evolving market landscape effectively. By demystifying the complexities of crypto derivatives trading and highlighting the opportunities they present, Pi42 endeavors to foster a culture of informed decision-making among investors. Through educational initiatives and comprehensive resources, we seek to enable investors to harness the full potential of crypto derivatives, thereby contributing to the city’s growing digital asset ecosystem while mitigating associated risks.“

The exchange has received registration from The Financial Intelligence Unit (FIU), yet another key step in safeguarding the interest of the investors on its platform. It also offers an extensive array of up to 70+ live trading pairs wherein Doge, Shiba Inu, and Matic are the most actively traded crypto pairs among investors. Pi42 aims to grow as the largest compliant crypto futures platform in the world and boasts over 18000+ investors on its platform.

The growth in customer base in Pune aligns with findings from Chainalysis’ 2023 Global Crypto Adoption Index, which positioned India as the global leader in grassroots crypto adoption. Furthermore, recent reports state that Pune has witnessed a significant surge in crypto participation.

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Commenting on the report, Rajagopal Menon, Vice President, WazirX said, “At WazirX, we are dedicated to protecting users while fostering innovation in India’s VDA ecosystem. Our latest transparency report is indicative of this ethos. Through proactive collaboration with regulators, law enforcement agencies, industry bodies, and other stakeholders, we are paving the way for positive regulations that can unlock the transformative potential of blockchain and crypto technologies across sectors. In the months to come, we will continue establishing robust security protocols, engaging with policymakers to build an appropriate regulatory framework, and promoting crypto literacy.”

Key Highlights from the Report:

• Trading volume saw an increase of 217% compared to the previous six months
• New user registrations grew by 122%
• March 2024 witnessed the highest trading volume of over $400M, whereas December 2023 saw the highest sign-up rates
• WazirX added 16 new tokens and 30 new trading pairs to its offerings
• Prioritizing customer satisfaction, WazirX’s dedicated customer support team addressed more than 158,900 inquiries during the reporting period
• The company responded to 1,700 requests from Indian and foreign law enforcement agencies, maintaining a 100% compliance rate
• A swift Turnaround Time of 22 minutes for responding to Law Enforcement Requests
• The company also trained officials from the Joint Cyber Crime Coordination Teams (JCCT) Northeast, Assam Police and I4C MHA on the security aspects of crypto
• As a member of the Bharat Web3 Association, WazirX contributed to policy discussions to encourage the adoption of Web3 and blockchain technologies
• Participated in the International Startup Summit
• WazirX collaborated with TaxNodes and GoSats, empowering the youth at IIT Bombay’s Techfest through a focused workshop on Crypto Trading
• Also collaborated with TOKEN and HTX DAO for conducting Learn and Earn campaigns

As the crypto exchange ecosystem continues to evolve, WazirX remains committed to ensuring a safe and transparent trading environment for its rapidly growing user base.

The full transparency report can be accessed through this link: https://wazirx.com/blog/wp-content/uploads/2024/04/WazirX-Transparency-Report-Edition-6.pdf

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Over the past week, Bitcoin has surged by 20%, marking a 60% increase in the last month and an impressive 200% growth over the past year. Bitcoin has surpassed its previous all-time highs, crashed 20%, and clawed back current levels of $66,000 at the time of writing this article.

The Surge Explained: Spot Bitcoin ETFs

The catalyst behind this surge is the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs. These instruments allow investors to buy into Bitcoin without the complexities of direct crypto ownership, with each ETF share backed by real Bitcoin. This mechanism directly impacts Bitcoin’s supply and demand, pushing prices upwards as each share purchase translates to actual Bitcoin being bought in the market.

Understanding Market Dynamics: The Investor Types

Bitcoin ETFs have been purchasing an average of 10,000 Bitcoin daily, vastly exceeding the daily mining output of just 900 Bitcoin. This results in a demand that exceeds supply by over ten times. The total assets under management for the top ten Bitcoin ETFs have skyrocketed to around $50 billion, with BlackRock’s Bitcoin ETF at the forefront, accumulating $10 billion in assets, followed by Fidelity’s ETF, which holds $6 billion in assets.

Institutional Interest Fuels the Rally

The slow but steady adoption of spot Bitcoin ETFs by traditional financial institutions suggests a burgeoning stream of capital flowing into Bitcoin. This process, albeit gradual, is expected to maintain a steady demand for Bitcoin. Moreover, the passive investment strategies employed by these institutions, which automatically allocate funds to certain assets, are likely to include Bitcoin ETFs, further amplifying the demand. Analysts expect pension fund managers would inevitably succumb to the lure of the ETFs.

A Supply Crunch

The bitcoin market is on the verge of a halving event, a pre-programmed reduction in the rate at which new Bitcoins are created. Scheduled to occur in April, this halving will decrease the daily production of Bitcoin from 900 to just 450 coins. The anticipation of this supply shock, where the rate of new supply entering the market halves, is further fueling the rally. A crucial element driving Bitcoin’s price surge is its finite supply. With merely a fraction of Bitcoin’s total supply available for trading on exchanges, the market is experiencing a pronounced supply shortage. This limited availability, combined with the rapid acquisition of Bitcoin by spot ETFs, creates a foundation for potential price increases, rooted in fundamental supply and demand principles.

Crypto Whales and Market Influence

Crypto whales have historically wielded considerable influence over market prices through their significant holdings. Their reaction to the influx of institutional money, particularly through spot Bitcoin ETFs, is a development worth watching. The potential for strategic buying and selling by these whales could introduce volatility and unexpected shifts in the market.

Retail Investors’ Role

Retail interest in crypto tends to spike with market rallies. However, a significant portion of retail investors has yet to engage in the current cycle, potentially leaving room for further growth as they enter the market.

Metrics employed to measure retail enthusiasm for cryptocurrencies, such as Google search volumes, have shown subdued activity compared to the levels observed in 2021 and 2022, based on data from Google Trends.

The Altcoin Conundrum

While Bitcoin has been the focal point of recent market enthusiasm, the impact on altcoins remains uncertain. The influx of institutional money into Bitcoin via spot ETFs may not necessarily translate into similar gains for altcoins. However, the actions of crypto whales, who may diversify their investments into altcoins, could dictate the market’s direction for these other cryptocurrencies.

A Unique Market Cycle

The current crypto market cycle is characterized by unique features, including unprecedented institutional involvement and evolving regulatory landscapes. This has resulted in Bitcoin hitting all-time highs before the halving. In all previous market cycles, the all-time highs happened after the halving. These elements differentiate it from previous cycles and are crucial in understanding Bitcoin’s price dynamics and the potential pathways the market could take with Jerome Powell signaling reduced rates later in the year leading to a rally in the markets.

What Lies Ahead

The market is navigating through uncharted territory, with Bitcoin’s price rally being driven by a combination of institutional interest, regulatory developments, global liquidity, and the actions of market whales. The continued influx of institutional capital, the constrained supply of Bitcoin, and the evolving interest from retail and crypto whales paint a complex picture of the market’s future trajectory.

As we look to the future, it’s clear that the crypto market is in a state of flux, with various forces at play that could influence the direction of Bitcoin and altcoins. Staying informed and adaptable will be crucial for those looking to navigate this volatile yet potentially rewarding landscape.

The post What’s Driving Bitcoin Prices? What’s Next? appeared first on NRI News.

Project Atlas is a far more ambitious move than BIS’s collaborative projects between a few central banks to see how technological prowess can enhance the payment systems’ potential. The platform combines on- and off-chain information, creating a layered approach to data vetting and tailored statistics for central banks. The first proof of concept of Atlas successfully showcases how to collect, clean, and analyze data relevant to central banks’ mandates. This also extends to any data discrepancy or misinformation.

Regulations and country-specific policies could become more nuanced based on real-time data from this platform. This will lead to better engagement between public and private stakeholders due to enhanced information sharing and a better understanding of any implications for the existing monetary system. Going by the information provided by the BIS, stakeholders can look forward to state-of-the-art on-chain and off-chain data that could improve the market integrity and accountability of all players. This, in turn, can greatly benefit central banks.

As central banks gain more insights into the trillion-dollar crypto asset markets, they will also be better prepared to respond to market volatility and potential disruptions, which could boost financial stability and investor sentiment. The creation of Project Atlas and its focus on crypto-asset markets and DeFi bolsters the growing recognition of the importance of blockchain-based digital assets in the broader financial landscape. The implications of this initiative are likely to extend to regulatory and policy responses, risk assessment, and international cooperation in the evolving world of crypto assets and DeFi, finally culminating into an effective instrument for global crypto adoption and facilitation.

Source: Rajagopal Menon, Vice President, WazirX

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DUBAI, UNITED ARAB EMIRATES: Bybit, the world’s third most visited crypto exchange, has launched Rewards 2.0, an upgraded rewards scheme for its crypto debit card users. The program aims to enhance Bybit’s leadership and engagement with existing and new users, offering an array of exciting redemption options, including up to 10% cashback, trading boosters, and digital and physical merchandise.

Bybit is also accepting applications for its exclusive VIP Card tier, providing elevated benefits and rewards for top-tier customers. The Bybit Card supports instant conversion of major cryptocurrencies like BTC, ETH, USDT, USDC, and XRP to fiat like the Euro and British Pound.

The Auto-Savings feature provides a convenient solution for Bybit Card users to earn competitive interest rates with an attractive APY. Bybit’s CEO, Ben Zhou, stated that the Rewards 2.0 program reinforces Bybit’s commitment to innovation, loyalty, and industry leadership, aiming to advance global cryptocurrency adoption at pace.

Bybit continues to pioneer the digital finance revolution through visionary programs and partnerships that cement its role in driving this new era.

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The collaboration between WazirX and TaxNodes has embarked on a mission to simplify the lives of Indian crypto investors, providing them with a precise and hassle-free process to fulfill their tax obligations. The partnership has extended its reach to encompass more than 1,000 Indian cities, ensuring that investors from every corner of India can confidently manage their tax responsibilities.

On average, users reported saving a remarkable 8 hours in crypto tax computation and income tax return filing by leveraging TaxNodes’ user-friendly platform provided through this collaboration. Users could effortlessly upload their transactions and receive their Scheduled VDA tax reports in less than 30 minutes.

Impressively, TaxNodes has secured an exceptional 4.8-star Google rating in its debut year, primarily driven by strong user satisfaction and feedback. This rating reflects the significant positive influence the partnership between WazirX and TaxNodes has had on enhancing the overall tax filing experience.

WazirX and TaxNodes conducted a series of informative sessions, webinars, and contests, and published educational blogs. These initiatives greatly enriched participants’ understanding of crypto taxation, making knowledge accessible to investors across India.

Reflecting on this transformational partnership, Rajagopal Menon, VP at WazirX, emphasized, “Our partnership with TaxNodes underscores our unwavering commitment to the Indian crypto community. As we guide investors through the complexities of tax regulations, it exemplifies our genuine dedication to ensuring their successful financial journey.“

Avinash Shekhar, Founder of TaxNodes, added, “We are proud that this partnership has been a huge success. Together, we have helped Indian crypto investors calculate, evaluate, and file their taxes accurately. We have also provided them with expert advice and personalized services to help them trade crypto freely without worrying about the intricacies of tax filing. This partnership has promoted compliance and eased regulatory uncertainties, thus fostering the growth of the Indian crypto market.“

For revised and belated returns, WazirX and TaxNodes remain steadfast in simplifying crypto tax compliance for the Indian crypto community. The partnership’s significance lies in the lasting boost to investors’ confidence and understanding of tax regulations. This partnership stands as a testament to WazirX and TaxNodes’ unflagging dedication to serving the dynamic requirements of Indian crypto investors, promoting compliance, and ensuring financial empowerment.

WazirX is India’s leading crypto exchange, providing a platform for users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ether, Litecoin, and more. With over 15 million users, WazirX is India’s largest crypto exchange by volume. Founded by Nischal Shetty, Siddharth Menon, and Sameer Mhatre, WazirX is committed to making crypto accessible to every Indian.

TaxNodes is a crypto tax platform dedicated to simplifying tax computation in India. Founded in December 2022 by seasoned finance executive Avinash Shekhar, TaxNodes aims to revolutionize the way crypto profitability, taxation, and reporting are handled for retail investors and exchanges alike.

In conclusion, the collaboration between WazirX and TaxNodes has brought about a significant transformation in Indian crypto tax filings. The partnership has simplified the process for investors, promoting compliance and easing regulatory uncertainties, thus fostering the growth of the Indian crypto market.

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• To Promote Equitable Healthcare in India
• To Create a State-of-the-Art Institute dedicated to advancing healthcare initiatives
• To strengthen health systems across multiple districts in India through the “District Full Stack Programme.”

INDIA: CryptoRelief, a global movement started by Sandeep Nailwal that saw a rare convergence of volunteers, NGOs, and technology during the challenging times of the Covid-19 pandemic, announces today it’s rebranding as “Blockchain For Impact” (BFI). BFI is an initiative with a resolute mission to drive transformative change in India’s healthcare landscape. BFI is set to continue the noble legacy of CryptoRelief, forging multi-sectoral collaborations that focus on research, development, innovation, and implementation to meet the fundamental needs of our nation’s health system.

The BFI announcement will coincide with the celebration of two years of CryptoRelief’s transformative philanthropic journey. The event, a reflection of the Bengaluru-based organization’s remarkable journey over the past two years and its visionary path ahead will be graced by the presence of two of the most respected figures in the cryptocurrency blockchain space – Mr. Vitalik Buterin and Mr. Sandeep Nailwal.

The evening will include a Fire-side chat with the esteemed donor and guest of honor, Vitalik Buterin, the visionary founder of Ethereum Blockchain who will be sharing valuable insights into BFI’s vision and the plans to promote equitable healthcare in India.

Mr. Nailwal, a distinguished figure from India in the same space, will host the event, reflecting his instrumental role in shaping BFI’s momentous journey.

The event will showcase the seamless collaboration of technology, social media, NGOs, and volunteers as distinguished heads of leading NGOs will participate, highlighting the collaborative approach to driving impactful change.

Representatives from esteemed institutions like IISc, IIT, NCBS, CCAMP, and BIRAC, along with leading scientists across India, will be part of the event, showcasing BFI’s commitment to fostering research and innovation.

BFI is scheduled to announce its visionary goal of funding healthcare projects in India, amounting to $200 million under the brand name “Blockchain For Impact,” reinforcing its dedication to transformative philanthropy.

The three focus areas for BFI for the future will be on:

Biomedical Research & Innovation– To foster advancements inequitable healthcare, we are empowering medical and research communities, cultivating dynamic partnerships in biomedical science, and harnessing innovation to facilitate tangible improvements.

District Full-Stack Program– To cater to the notable absence or inadequacy of a comprehensive, multi-faceted healthcare delivery that stems from the grassroots, we are harnessing the “District as a unit of change” concept to deliver re-oriented, re-organized, and people-centric healthcare solutions on the ground.

Innovation & Research– The pandemic exposed India’s dire need of increasing its capacity to strengthen the country’s healthcare infrastructure. A conclusion seemed obvious about the apparent need for a platform for scholars and young professionals to get involved from basic to intricate Research & Development assignments. We at Blockchain For Impact are aiming to bridge these unaddressed loopholes and create a health ecosystem that stems from digital transformation, evolving business models, and healthcare delivery innovation.

The event, in fact, serves as a testament to the organization’s unwavering dedication to catalytic philanthropy and its commitment to leveraging blockchain technology to create lasting, positive change in India’s public health and research sectors.

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MUMBAI: Leading web3 software technology company, Consensys, unveils a first-of-its-kind global opinion survey on crypto and web3, conducted online by international online research data and analytics technology group, YouGov. The survey polled a representative sample of 15,158 people aged 18-65 between April 26th and May 18th, 2023 in 15 countries across Africa, the Americas, Europe, and Asia, including 1013 people in India.  The results offer captivating and unique insights into the public’s overall understanding and views of the web3 and crypto ecosystem. The survey conducted with participants from India explores topics such as data privacy, the current financial system, the recent news cycle, and digital ownership. Results reveal that 37% of Indian respondents see cryptocurrencies as the “future of money,” and 31% as the “future of digital ownership,” and as “a way to participate in a global financial ecosystem.” This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by web3.

From “Users” to “Builders”: A Paradigm Shift – Indian market

The survey results present a compelling picture of the Indian market characterized by widespread awareness of crypto, coupled with confidence in a crypto-led future:

• Strong crypto awareness: 92% of participants demonstrated awareness of crypto;
• Firm beliefs in crypto’s future: When asked about the main concepts associated with crypto, more than one-third of those familiar with the industry expressed beliefs in its potential as the future of money (37%) and the future of digital ownership (31%), surpassing associations with speculation (17%) or scams (20%);
• Crypto ownership:  A fifth of the population currently owns some cryptocurrency and a notable 57% of Indian respondents would consider investing in crypto in the next 12 months. Also, 57% of respondents believe crypto is an environmentally friendly technology.
• North-Central & Eastern regions dominate: The North, Central, Eastern, and Northeastern states of India (94%) show the highest traction for cryptocurrencies, followed by the West (92%) and South (89%) regions.
• Concerns around data privacy: 62% of participants consider data privacy to be important, while 53% expressed the desire to have more control over their identity on the internet. 39% of respondents believed that they should have a share of the profit a company makes from their data, whereas only 30% trusted the current internet services with their data and personal information.
• Barriers to entering the crypto ecosystem: The volatility of the market (48%) together with the fear of scams (44%) emerged as the most significant barriers to entry, followed by the complexity of the ecosystem (36%) and difficulties to understand its purpose.

YouGov’s full global report as well as country-level executive summaries are available Here.

The results of the survey reveal an increasing mainstream desire for more control over online identity, the data we share, and the more equitable sharing of profits with those who are helping build platforms through their contributions. In this new world, web3 and crypto enable a global peer-to-peer network that empowers individuals. Web3 helps to address these desires by shifting control of identity from third parties to the individual and establishing new paradigms of value creation and community formation. People engaging with crypto and web3, whether developing software, staking crypto-assets, or creating or purchasing NFTs, are more than a  ‘user’ as typically defined, but directly contributing to and helping build their communities and the ecosystem overall.

Consensys sees the empowerment of the builder as fundamental to its purpose and is focused on supporting people everywhere to see the potential of web3, the role it can play in their lives, and the tools they need to get started. Today, Consensys reveals an evolved brand identity that encourages people to see themselves and the world differently: reframing “builder” to be more inclusive of artists, community creators, collectors—and ultimately, everyone.

Joe Lubin, Founder, and CEO of Consensys, said, “The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities. The era of the builder aligns with the web3 ethos where everyone can contribute. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact.”

Contrasts in Web3 Awareness Between Countries

A comparative analysis of different regions reveals interesting contrasts between countries on various web3 and crypto-related topics:

• Motivations to own crypto: Nigeria (65%) and Argentina (56%) show the highest motivation to own cryptocurrencies as a means to store value, given the instability of their local currencies; In India (43%) consider it as an investment for the future
• Beliefs that they add value to the internet: 67% of respondents in Nigeria, and 60% in India strongly believe they add value to the internet, while only 5% of respondents in Japan do;
• NFT ownership: Among respondents familiar with the concept of NFTs, 76% of respondents in the UK have never owned an NFT, compared to only 24% of respondents in Vietnam; In India 39% of respondents in India own NFTs
• Future of Money: 58% of Nigerians, 50% of South Africans, and 44% of Mexicans say the future of money is one of the main concepts associated with cryptocurrencies, while only 18% of Indians, 15% of Brits, and 17% of Germans said the same;
• Concerns around scams: People in India (44%), the US (19%), and the UK (20%) are more likely to be concerned about scams compared to Japan and Korea (12% each);
• Crypto carbon footprint: 57% of Indian and Brazilian respondents think that crypto is an environmentally friendly technology while only 25% in France think the same.

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