Coin Week

  • bitcoinBitcoin$43,789.001.01%
  • ethereumEthereum$2,351.460.70%
  • binancecoinBNB$235.981.34%
  • rippleXRP$0.673.81%
  • solanaSolana$73.4211.34%
  • dogecoinDogecoin$0.0983982.17%

Cryptocurrency in India: From Curiosity to Craze

Hey there, crypto enthusiasts and curious cats alike! If you’ve been even slightly attentive to India’s buzzing financial landscape, there’s one trend you couldn’t have missed: the spectacular rise of cryptocurrency use. From being a mere buzzword to becoming a household topic of discussion, let’s unravel the crypto journey in India.

The Humble Beginnings

Let’s rewind a bit. A decade ago, most of us were probably scoffing off Bitcoin and its brethren as another digital fad. Fast forward to today, and it’s like a scene straight out of a blockbuster – with cryptocurrencies playing the lead role!

Why the Sudden Boom?

The Gen Z and Millennial Influence

India boasts a massive young population. These tech-savvy folks, armed with smartphones and an insatiable hunger for innovation, have been pivotal in the crypto uprising. Why stick to traditional stocks when you can explore digital gold, right?

Banking on Digital India

The ‘Digital India’ initiative, pushed vehemently by the government, brought the internet to the nooks and crannies of the country. And with connectivity came awareness, leading many to the mesmerizing world of crypto.

Home-Grown Platforms

Big shoutout to Indian crypto exchanges and platforms for making the process smooth as butter for novices. They’ve played a monumental role in demystifying cryptocurrencies and making them accessible to every Rahul, Priya, and Aman out there.

Adventures in Regulation

Ah, here’s where the plot thickens! The Indian regulatory bodies have been dancing the waltz with crypto guidelines. There’s talk of a ban; the next day, it’s all roses. But the community remains resilient and optimistic, navigating through these waves with a keen eye on clear guidelines.

The Best Crypto Wallets in India: Safety First!

Okay, let’s get real. If diving into the crypto pool, you must ensure you’ve got the best gear. And by gear, we mean a super secure crypto wallet. With phishing scams and digital thefts, you don’t want to take a chance. What are the best crypto wallets in India? They range from trusty hardware like Ledger to intuitive software solutions like WazirX and CoinDCX. So, always ensure your digital treasures are safe and sound!

The Real-World Impact: Not Just Virtual Coins

Beyond the investment allure, crypto is making its mark in real-world scenarios.

Buy a Coffee or a Condo?

From quirky cafés in Bengaluru to real estate giants in Mumbai, there’s a growing list of places accepting crypto. Fancy a latte or a lakeside apartment? You might just be able to snag them with some satoshis.

Remittances Reimagined

Sending money overseas? Traditional routes can be slow and expensive. With their borderless nature, Cryptos reshape how we think about cross-border transfers.

Freelancers’ New BFF

Freelancers across the country are giving a big thumbs up to crypto. It’s global, it’s quick, and it eliminates the pesky bank delays. 

The Road Ahead: Turbulence or Triumph?

Predicting the future of crypto in India (or anywhere, really) can be as tricky as predicting the end of a telenovela. Will there be more drama? Likely. Will it be worth the watch? Absolutely.

India stands at an interesting crossroads. On one hand, there’s undeniable interest and a burgeoning community of crypto enthusiasts. On the other, there’s a palpable need for a robust regulatory framework.

What’s undeniable is the impact of cryptocurrency on the financial psyche of the country. It’s challenging norms, urging people to rethink investments, and, most importantly, showcasing the power of decentralized systems.

To Conclude: Riding the Crypto Wave

There you have it – a whirlwind tour of the crypto landscape in India. Whether you’re ready to invest, waiting on the sidelines, or just intrigued by the buzz, one thing’s crystal clear: Crypto is here to stay. It’s not just a tech trend but a financial revolution. So, strap in and enjoy this thrilling ride!

PointPay’s Roadmap: An overview of the Platform’s Development Plans for the Future

As cryptocurrencies continue to gain popularity and acceptance, more and more people are looking for reliable and secure ways to manage their digital assets. PointPay is a financial technology platform that offers various services related to cryptocurrencies, including exchanges, wallets, and payment solutions. 

To stay ahead of the curve and provide the best possible experience for users, PointPay has developed a roadmap outlining its future development plans. This roadmap provides a clear and detailed overview of the platform’s upcoming features and improvements, making it an essential resource for anyone interested in using PointPay to manage their digital assets.

The roadmap includes many exciting developments, from integrating new cryptocurrencies to introducing advanced security features. PointPay plans to add support for several new cryptocurrencies, giving users even more options for managing their digital assets. The platform also plans to launch a new payment gateway allowing merchants to accept cryptocurrency payments directly through PointPay. This feature will make it easier for businesses to embrace cryptocurrencies and take advantage of their many benefits.

Security is always a top priority for PointPay, and the roadmap includes several critical developments in this area. For example, the platform plans to introduce advanced fraud detection and prevention tools and a new two-factor authentication system to provide extra protection for user accounts. These security features will help users manage their digital assets confidently and safely.

PointPay’s roadmap provides an exciting glimpse into the platform’s future and demonstrates the company’s commitment to providing the best possible experience for its users. Whether you are a seasoned cryptocurrency investor or just getting started with digital assets, the roadmap is a valuable resource that can help you stay up-to-date on the latest developments and make informed decisions about managing your digital assets.

The platform’s website,, provides a user-friendly interface for accessing these services and information about the company’s mission, team, and partnerships. Users can sign up for an account, buy and sell cryptocurrencies, and manage their assets within the platform. The platform also offers a mobile app for easy access to these services.

The PointPay Medium blog,, is a valuable resource for staying up-to-date on the latest news, updates, and insights related to the company and the broader cryptocurrency and blockchain space. The blog covers various topics, including new product releases, market trends, and regulatory developments. It also includes educational content aimed at helping readers better understand the world of cryptocurrencies and blockchain technology.

PointPay maintains a presence on social media, including LinkedIn and Twitter. Following PointPay on these platforms lets users stay informed about company updates and engage with other cryptocurrency community members.

The PointPay YouTube channel offers a wealth of video content related to PointPay’s services, features, and events. 

The track includes tutorials and guides for using the platform’s various tools and interviews with members of the PointPay team and other industry experts. It also provides coverage of events and conferences related to cryptocurrencies and blockchain technology. These resources make PointPay a valuable destination for anyone interested in cryptocurrencies and looking for a comprehensive platform for managing their assets.

PointPay’s cryptocurrency banking ecosystem makes it an essential resource for anyone interested in cryptocurrencies. The platform’s services are designed to simplify managing digital assets, from buying and selling cryptocurrencies to storing them securely in wallets. With its user-friendly interface, advanced security features, and commitment to innovation, PointPay is poised to become a leader in cryptocurrency banking.

Bitcoin prices fall 9% in the past week

Bitcoin — The economic situation can have a significant impact on the crypto market.

In times of economic uncertainty, investors may turn to alternative assets like cryptocurrencies as a way to diversify their portfolios and hedge against inflation.

As a result, the demand for cryptocurrencies may increase, which can drive up their prices.

Conversely, when the economy is performing well, investors may be more confident in traditional assets like stocks and bonds, which can lead to a decrease in demand for cryptocurrencies.

Additionally, central banks may raise interest rates to combat inflation during a strong economy, which can also negatively impact the crypto market as investors may shift their focus to high-yield savings accounts and other interest-bearing investments.

Another factor that can affect the crypto market is government regulation.

If governments impose restrictions or outright bans on cryptocurrencies, it can decrease their value and adoption rates.

On the other hand, if governments adopt more favorable regulatory frameworks for cryptocurrencies, it can boost their value and legitimacy.

Overall, the economic situation and government policies play a significant role in shaping the crypto market’s performance.

The Bitcoin situation

In 2022, the economic landscape was badly shaken with the onset of inflation.

Likewise, the crypto market was affected, but several factors led to the decline of a massive price drop for several cryptocurrencies.

Throughout 2022, the market suffered, but early 2023 saw signs of a comeback, with several crypto assets making a comeback.

However, the honeymoon period might be over as Bitcoin has been on a downward trend.

CoinGecko revealed that the crypto asset has been down by over 9% in the past week.

Bitcoin is currently trading at $27,414.88.

The BTC decline has all but erased the crypto asset’s early April gains above $30,000.

Instead, it has moved to around $28,500, falling below March’s closing value.

The downturn

While Bitcoin has fallen in value, it isn’t alone.

In the past week, other top cryptocurrencies have also declined.

Most of the top ten most prominent cryptocurrencies by market cap, save stablecoins, have been down by double digits.

One of the catalysts behind the downturn is the strengthening US dollar.

The American central bank is expected to raise the benchmark interest rate again with another quarter basis point in the upcoming policy rate meeting in May.

With a higher-yielding dollar in sight, non-yielding assets like gold and cryptocurrencies might look less attractive to investors.

According to Valkyrie Fund, Bitcoin has held a stronger correlation with gold compared to other stock market indices.

Read also: Bitcoin mining set for change with Stratum V2

The debt ceiling crisis

Another factor linked to the falling Bitcoin prices and the broader American economy is the debt ceiling crisis.

The US Treasury has a historic amount of debt.

The current debt surpasses the $31.4 trillion debt limit, and over $31.46 trillion has already been taken in loans.

The US debt ceiling is like a credit card limit set by Congress for the US government.

If the government needs to spend more money than the limit, it must ask Congress to raise the ceiling.

Just like how individuals must manage their credit card debt responsibly to avoid financial strain, the US government must balance its spending and debt to prevent defaulting on loans and damaging the economy.

However, the issue of raising the debt ceiling has become a political battleground in recent years, with partisan disagreements and delays causing uncertainty and volatility in financial markets.

The consequences of not raising the debt ceiling could be catastrophic for the US and global economy.

Should they fail to raise more debt, another economic crisis would arise in the United States as the government holds up interest payments of US bonds.


The market’s uneasiness was hard to mask as the value of credit default swaps contracts for betting against the US dollar rose to levels last seen in 2008.

Several Bitcoin advocates believe the Bitcoin price could surge if confidence in the American economy fails.

However, the impulse reaction of a global economic crisis has led to uncertainty in markets.

Another way low liquidity conditions have been moved is through small-sized orders.

According to Kaiko Data researcher Riyad Carey, two April 20 sell orders worth $5.97 million triggered a bearish breakout in Bitcoin’s price last week.

Carey highlighted the dangers of “thin order books” and low liquidity conditions leading to significant drops due to massive orders of around 199.2 BTC, which is worth around $5.97 million as BTC stood at $30,000.

Algorand labeled by the SEC as a security with 5 others

Algorand — On Monday, the Securities and Exchange Commission (SEC) made some progress in its lawsuit against crypto exchange Bittrex.

The agency categorized six cryptocurrencies as securities, painting them as potentially pivotal assets in the enforcement action against the crypto exchange.

The conundrum 

The puzzle surrounding the SEC’s complaint against Bittrex is down to the platform’s failure to register with the SEC as an exchange, broker-dealer, or clearing agency.

The registration is a requirement to offer securities to customers under the regulation of the Securities Exchange Act of 1934.

However, to ensure that is true, the SEC would have to establish that at least one token available by Bittrex is a security.

The tokens

While SEC chairman Gary Gensler claimed the label applies to all cryptocurrencies except Bitcoin, the agency highlighted six coins in the latest action.

The tokens listed as “crypto asset securities” include:

  • Algorand (ALGO)
  • Dash (DASH)
  • Monolith (TKN)
  • Naga (NGC)
  • OMG Network (OMG)
  • Real Estate Protocol (IHT)

According to the agency, the list is likely to expand, describing the lineup as a “non-exhaustive list.”

Meanwhile, CoinGecko reported that Algorand is the token that stands out in the latest, as it has the largest market capitalization, valued at around $1.6 billion.

In the past day, the token fell by 4%, dropping down to $0.22

Gensler and Algorand

After the Bittrex lawsuit’s latest announcement, crypto Twitter immediately connected the dots linking Gary Gensler and Algorand.

The SEC chairman previously described the network as great technology that could support services like the ride-sharing Uber.

Other lawsuits

The SEC didn’t announce any separate charges against Bittrex as of Monday, and none of the six mentioned tokens’ issuers were named as defendants.

According to Lawrence Law counsel JW Verret, the legal tactic shows similarity to the inclusion of coins in other SEC lawsuits.

“It strikes me as very similar to the Wahi case,” he said.

Verret was referring to the SEC’s insider trading lawsuit against Ishawn Wahi, the former Coinbase Product Manager, and two others in 2022.

“They’re making claims that tokens are securities without suing the actual tokens themselves.”

The tokens in the SEC case against Wahi are visibly different from the list of cryptos compared to the ones brought up in the Bittrex lawsuit.

Read also: Crypto regulation is creating a problem, a16z report noted

Howey Test

The overarching idea is that the cryptocurrencies fall under the Howey Test’s classification of securities.

The Howey Test was born from a 77-year-old lawsuit regarding a Florida citrus grove.

The test is primarily used as the SEC’s four-pronged method to determine if an asset is a security.

A security involves “the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”

According to Fireblock Chief Legal and Compliance Officer Jason Allegrante, the lack of commonalities between the coins in the Bittrex laws and the Wahi case could be boiled down to the SEC “not trying to put its eggs all in one basket.”

“Each case, depending on what the defendants want to do, is a potential test case,” said Allegrante.

“There’s probably assets they feel pretty strongly meet the definition of a security, and I guess they’re kind of picking from that list and sprinkling them in as they go [about] in different cases.”


Regarding Algorand, the SEC claims the Algorand Foundation constitutes a common enterprise, which is based on the nonprofit organization’s role in conducting and promoting an initial ALGO token in 2019.

The lawsuit reads:

“In promoting the ALGO token sale, the Algorand Foundation tied the potential growth of the Algorand blockchain to potential demand for the ALGO token itself, and to its own commitment to preserving a price floor for ALGO.”

Additionally, the lawsuit noted that ALGO was added to Bittrex international and US-based platforms in April 2020.

Furthermore, the SEC claims Algorand and the network foundation’s statements made ALGO investors expect profit from Algorand Inc.’s and the foundation’s efforts to grow the brand’s protocol.

Regarding the Wahi case, Blockchain Association’s Marisa Tashman Coppel said the case could have significant implications on the industry, possibly implicating other exchanges as venues facilitating the sale of unregistered securities.

To drive the point, ALGO was available on Coinbase and Kraken, two prominent US-based exchanges on Monday.

However, with the progress of the SEC’s case against Wahi, Verret said a settlement is more likely than a ruling.

“I don’t think these claims could survive a challenge in court,” said Verret.

“I think parties will settle, and we won’t get a final answer, and that’s why the SEC is making these aggressive claims.”

Nvidia CTO blasts crypto for lack of usefulness

Nvidia — Nvidia is among the giants of tech today that has established its name in the gaming world.

However, the company has also been recognized for contributing to the advancement of the crypto world, particularly crypto mining.

One would think that its association with digital coins and assets would have a healthy relationship, but the company seems to hold some resentment towards crypto.

Nvidia’s chief technology officer (CTO) recently slammed the crypto space for its lack of real contribution to society.

The news

In the past few years, computer hardware manufacturer Nvidia raked in some generous revenue thanks to the cryptocurrency mining industry.

People were shocked, however, when the company’s CTO Michael Kagan blasted crypto.

According to The Guardian, Kagan said that crypto in general doesn’t bring anything useful for society.

His goal instead is for Nvidia products to instead be utilized in the development of artificial intelligence, not crypto mining.

“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best so people just programmed it to use for this purpose,” said Kagan.

“They bought a lot of stuff, and then eventually it collapsed, because it doesn’t bring anything useful for society. AI does.”

Resurgence & merit

Kagan argued that the crypto industry collapsed, and it’s hard to blame him.

For most of 2022, cryptocurrency prices had hit new lows that made many believe crypto was finished.

But in recent months, several cryptocurrencies witnessed a revival.

Bitcoin and Ethereum, two of the most prominent cryptocurrencies by market cap, finally bounced back.

In the past month, Bitcoin went up by 17%, while Ethereum was also 7% higher.

Furthermore, the emerging Web3 gaming industry has gone in a better direction.

Regardless, Michael Kagan still doesn’t believe crypto has merit.

“I never believe that [crypto] is something that will do something good for humanity,” he explained.

“You know, people do crazy things, but they buy your stuff, you sell them stuff. But you don’t redirect the company to support whatever it is.”

Read also: Smoke and Mirrors makes its Los Angeles debut


Nvidia shares a strange relationship with the crypto world.

Before Ethereum decided to switch to a more energy-efficient proof-of-stake model in September 2022, the masses sought graphic cards for their crypto endeavors.

At the time, there was a high demand for powerful graphic cards Ethereum miners needed to mine token rewards from the initial proof-of-work model.

However, a problem arose when the pandemic came and led to a supply chain shortage, which also affected chip supply.

As a result, the cost of GPUs soared, making it nearly impossible for gamers to get their hands on the latest generation of graphic cards.

Crypto miners kept cutting in and getting the cards ahead of Nvidia’s target market: gamers.

Instead, the company attempted to force hashrate limitations on its products, which led to hackers finding a workaround.


In 2022, hackers breached Nvidia’s data and claimed they had a customized driver capable of unlocking the company’s graphics card limitations blocking out the ability to mine cryptocurrencies.

The group claimed its customized driver could remove the hash rate limiter on Nvidia’s RTX 3000 GPUs.

“If someone buys us the LHR, we will provide ways to fuck LHR without flashing anything,” the hackers wrote.

“Without flashing = big money for any miner developer.”

In addition, hackers offered to provide documentation and a buildable source code.

Nvidia later released special products exclusively designed for crypto miners.

They introduced the Nvidia Cmp Hx to sway crypto enthusiasts from hogging the chips away from gamers.

The chip is designed for professional mining operations.

Profit & SEC involvement

While Kagan isn’t crypto’s biggest fan, it’s hard to deny that it has been an integral contributor to Nvidia’s profit for years.

In 2017, the company’s original equipment manufacturer (OEM) revenue had a massive boost of 200%.

“Our PC OEM revenue increased by approximately 200% due primarily to strong demand for GPU products targeted for us in cryptocurrency mining,” the company wrote at the time.

In 2022, the SEC fined the company for failing to disclose the impact of crypto mining on the gaming branch.

The agency later released a statement saying:

“Without admitting or denying the SEC’s findings, Nvidia agreed to a cease-and-desist order and to pay a $5.5 million penalty.


Report: Bitcoin takes a major dip, trading for less than $19,000

Since the crypto crash months ago, many cryptocurrencies have suffered significant drops in value, especially Bitcoin.

Bitcoin recently fell below the $19,000 line for the first time since the United States’ Independence Day.


As of this writing, Bitcoin is trading for $18,745.70.

The last time the top cryptocurrency hit similar lows was on July 4 when it traded for $18,600.

Previously, Bitcoin traded for $18,900 in November 2020 before it hit an all-time high of over $60,000 in 2021.

As a result, investors have been shedding the crypto asset for various reasons.

Bitcoin’s sell-off correlated with the US stock market, and stocks were down following a volatile trading session that came from fears of the Federal Reserve continuing to hike interest rates.

Additionally, the Fed’s monetary policy of hiking up interest rates to combat four-decade high inflation prompted investors to sell risky assets like stocks and cryptocurrency.


According to experts, Bitcoin’s sell-off intensified when news broke out that Russia shut down the Nord Stream 1 pipeline, halting gas to Europe and spooking markets.

On Monday, the Russian government claimed it would restore gas supplies if sanctions were lifted.

Despite the ominous news, Bitcoin fans remain unfazed.

Other cryptocurrencies

Of the top ten cryptocurrencies, Bitcoin suffered the heaviest drops, falling by 5.16% in 24 hours.

Meanwhile, Ethereum, the second biggest cryptocurrency, fell by 7.89%, selling at $1,534.49.


Bitcoin falls below $19k for the first time in 2 months

Cryptocurrency rally raises caution in the crypto space

Cryptocurrency: Cryptocurrencies have recently made positive progress with an upswing price, especially Bitcoin and Ethereum.

However, the good news also revives a common debate in such situations: is the market set for a rebound, or are the trends just going to lead to another heavy crash?

In November 2021, Bitcoin hit an all-time high selling price of $69,000.

Since then, the digital coin has been struck with higher interest rates and the collapse of high-profile firms, including FTX and Three Arrows Capital (3AC), among others.

Cryptocurrency movement

The leading cryptocurrency is down almost 67% from the November 2021 prices, but digital assets, including stocks, are off to a good start for 2023.

This month, Bitcoin rose by 38%, selling for $22,893.39 – its highest price since August 2022.

Ethereum’s cryptocurrency (ETH) also rose by 38%, selling for $1,635.68.

So far, cryptocurrency prices have risen in January in anticipation of the economic report that indicated inflation cooling in December.

The reading has also been positive, raising the possibility of the Federal Reserve increasing rates at a slower pace than last year in an attempt to slow down soaring prices.


Although it has mainly been good news, many are giving warnings of caution.

Crypto commentators believe the recent surge is too good to be true, labeling the current rally a trap.

Commentators also anticipate the increase will abruptly come crashing down, burning naive traders who believed it was the start of a new uptrend.

Others are also skeptical of the crypto rally.

On Twitter, a popular Bitcoin page held a poll with 18,000 participants calling the rally a bull trap.

Meanwhile, a prominent crypto enthusiast and self-titled crypto analyst, il Capo Of Crypto, agreed with his sentiments.

Read also: CBDC report shows how it could impact global financial systems

“I’ve been checking charts all this time, avoiding noise from Twitter,” he wrote.

“The way the upward movement is happening, the way htf resistances are being tested…it clearly looks manipulated, no real demand.”

“Once again, the biggest bull trap I’ve ever seen. But they won’t trap me.”

The self-proclaimed crypto analysts’ suspicions were shared across the space.

It also reached Reddit, with one user pushing against observations with a market bottom in a news article.

“Hard to believe that it was only a week or so ago that everyone and their analyst was solemnly and confidently proclaiming that [Bitcoin at] 12k was inevitable and unavoidable,” said the user.

Jim Cramer

CNBC’s Mad Money host Jim Cramer chimed in last Wednesday, calling the crypto bounce a manipulation.

“The manipulation higher of crypto shows you this is truly a sham market,” Cramer tweeted.

Cramer’s commentary was received with mixed accuracy.

It became the subject of mockery, with memes emerging and a series of parody accounts.

For example, one account goes by the name “Inverse Cramer ETF,” a false Exchange-Traded Fund that offers the opposite of Cramer’s advice.

Several accounts also took a swipe at the Mad Money host’s sentiments, taking his pessimism as a positive sign.

Dan Held, the head of growth marketing at crypto exchange Kraken, mockingly raised a toast, replying, “Bottom is in!”

A positive outlook

While others were wary, other influential accounts were bullish.

PlanB declared that a new bull market in digital assets had started as the Bitcoin pump occurred.

Meanwhile, other community members decided to take it as an opportunity to mock people who are cautious of digital assets dealing with more losses.

Wall Street

The surging cryptocurrency prices have also confused Wall Street.

Last Friday, JP Morgan analysts released a research report that couldn’t fully explain the rally confidently.

However, they acknowledged that market conditions had improved for riskier assets, citing the recent inflation report.

“We don’t have a great answer on the January-to-date rally of crypto, we do think it is emblematic of the underlying conviction many still have in cryptocurrencies,” they wrote.

“The crypto-bulls and whales seem to have been reinvigorated.”

Coinbase starts the year with layoff announcement

Coinbase: In light of all the layoffs in the tech sector, Coinbase will reduce its workforce by 1/5th of its current size.

The decision attempts to preserve cash while the cryptocurrency market continues to deteriorate.

The news

According to a blog post published on Tuesday morning, the cryptocurrency exchange platform intends to let go of 950 workers.

By the end of September, Coinbase had about 4,700 employees from an 18% employee cut in June.

The company blamed the layoffs on rapid expansion during the bull market and cost management measures.

“With perfect hindsight, looking back, we should have done more,” said Coinbase CEO Brian Armstrong.

“The best you can do is react quickly once information becomes available, and that’s what we’re doing in this case.”


The decision would lead to additional expenses in the first quarter ranging from $149 to $163 million, according to Coinbase.

Due to the layoffs and other restructuring measures, Coinbase’s operating expenses for the quarter ending in March will drop by 25%.

The company also expects its 2023 adjusted EBITDA losses not to exceed the $500 million “guardrail” it set forth a year ago.

After performing numerous stress tests for the annual revenue, Brian Armstrong noted that it was clear they would need to reduce spending to increase their odds of surviving each scenario.

He stated that the only way to achieve the goal was to reduce the number of employees.

Additionally, Coinbase will discontinue several low-probability projects.

Read also: Coinbase receives boost in stock price after NYDFS settlement

The FTX factor

Despite the unstable cryptocurrency market for most of the year, the FTX collapse had a massive effect toward the end of 2022.

Armstrong underscored the pressure FTX and its founder Sam Bankman-Fried are putting on the crypto industry.

“The FTX collapse and resulting contagion has created a black eye for the industry,” said the Coinbase CEO.

“We may not have seen the last of it – there will be increased scrutiny on various companies in the space to make sure that they’re following the rules.”

“Long term, that’s a good thing. But short term, there’s still a lot of market fear.”

Over the past ten years, cryptocurrencies and technology stocks have struggled due to investors becoming warier of riskier assets during the economic slump.

Over the past year, shares of Coinbase have plummeted by 83%, while those of Bitcoin has decreased by 58%.

Other companies and job cuts

At the beginning of the pandemic, Coinbase and several other tech companies went on a recruitment spree.

However, a lot of companies are now hastily laying off their employees.

  • Amazon is laying off 18,000 employees
  • Salesforce announced a 10% staff decrease
  • Elon Musk reduced employees at Twitter by 50%
  • More than 13% of Meta’s staff were let go
  • The number of employees at cryptocurrency companies Genesis, Gemini, and Kraken also fell

“Every company in Silicon Valley felt like we were just forced on growth, growth, growth, and people were almost using headcount as a symbol of how much progress they were making,” said Armstrong.

“The focus now is on operational efficiency – it’s a healthy thing for the ecosystem and the industry to focus more on those things.”

For the beginning of 2022, Coinbase planned to hire 2,000 new employees in the fields of products, engineering, and design.

Brian Armstrong claims that he has since been attempting to transform Coinbase’s culture to match that of a startup with smaller, agile teams.

The company

Since its IPO more than two years ago, Coinbase’s stock price has fallen.

The stock sells for less than $40 after surging to $429.54 upon introduction.

Employees being laid off will get emails from the company on their personal accounts, and access to the systems will be disabled.

Brian Armstrong stated that although the access ban felt harsh, it was their only choice for safeguarding client information.

Armstrong is confident that the crypto industry won’t disappear anytime soon, despite a domino effect of bankruptcies and a drop in trade volume.

The FTX collapse would eventually give Coinbase the advantage because its biggest opponent was removed.

According to Armstrong, the company’s plan to expand and go public in the United States is validated by the eventual increase in regulatory clarity.

He made a comparison between the current situation and the early internet era.

“If you look at the internet era, the best companies got even stronger by having rigorous cost management,” said Armstrong.

“That’s what’s going to happen here.”


Coinbase to slash 20% of workforce in second major round of job cuts

India set to test digital currencies called ‘e-rupee’

The country of India recently revealed plans of testing a national cryptocurrency with the backing of India’s central bank.

According to a paper released by the Reserve Bank of India, they have proposed a phased pilot of its version of a Central Bank Digital Currency.

The proposal

India’s central bank outlined its vision for the e-rupee, a digital version of the rupee.

The proposal, or concept note, explained its rationale for implementing a central bank digital currency or CBDC and how it would be tested in distinct phases.

Across the globe, central banks have shown an increased interest in CBDC as an alternative to physical cash.

The RBI cited China, among 16 other countries, piloting their own version of a CBDC as a driving force behind their progress.

The paper reads:

“Currently, we are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money and its functions.”

“CBDCs are being seen as a promising invention and as the next step in the evolutionary progression of sovereign currency.”

Co-existing with paper money

The RBI is tipped to roll out the e-rupee in limited pilot launches.

They intend to implement it as another form of currency issued alongside paper money.

According to the paper, e-rupees will also be an alternative to cryptocurrencies.

However, the central bank said the unrestrained use of cryptocurrency poses a risk to the financial and macroeconomic stability of India.

It diminishes the government’s ability to ascertain and regulate monetary policy, making CBDC a necessity.

“CBDCs will provide the public with [the] benefits of virtual currencies while ensuring consumer protection by avoiding the damaging social and economic consequences of private virtual currencies,” said the RBI.


The central bank is also considering releasing two versions of a CBDC.

One would be used by people for retail payments while the other would be used for the settlement of transfers between banks and wholesale transactions.

According to the RBI, a CBDC could make payments more efficient, robust, and trusted.

The RBI acknowledged that a CBDC would be desirable for small transactions to be as anonymous as with cash.

However, it also said providing privacy presents a challenge.

The central bank wrote:

“The potential for [an] anonymous digital currency to facilitate [a] shadow-economy and illegal transactions makes it highly unlikely that any CBDC would be designed to fully match the levels of anonymity and privacy currently available with physical cash.”

Rollout and debates

The Indian government announced plans of launching a CBDC earlier in February, saying the technology would be a significant boost to the country’s economy.

India likely feels pressured from China’s CBDC rollout, which is steadily expanding.

China’s CBDC has also sparked debates among legislators in the United States about whether the supremacy of the dollar as the world’s reserve currency is at stake.

In June, Jerome Powell, the Chairman of the Federal Reserve, said Congress will eventually receive guidance from the US central bank on the issuance of a CBDC.

The Fed has looked into the prospect of a digital dollar as far back as 2017.

“I think it’s something we really need to explore as a country,” said Powell.

“It’s a very important potential financial innovation that will affect all Americans.”


India will soon test ‘e-rupee’ digital currency

Coinbase receives boost in stock price after NYDFS settlement

Coinbase: On Wednesday, cryptocurrency exchange platform Coinbase received a major boost.

The exchange’s stock increased after it reached a settlement worth $100 million with the New York Department of Financial Services.

Following the settlement, the Nasdaq Composite-listed COIN was up by over 12%, trading at $37.34 per share.

The settlement

Coinbase and the New York Department of Financial Services resolved their issues with the former’s compliance programs.

As a result, the cryptocurrency exchange is required to pay a penalty of $50 million.

In addition, the platform must invest an extra $50 million to increase its abilities to comply with financial regulations, including transaction monitoring and KYC rules.

The Department of Financial Services said it found that the company failed to comply with a program, violating New York Banking Law and state regulations regarding the following:

  • Cybersecurity
  • Money transmitting
  • Transaction monitoring
  • Virtual currencies

Company vulnerability

According to the NYDFS, the flaws in Coinbase’s compliance program made them vulnerable to the following:

  • Activities related to narcotics trafficking or child sexual abuse material
  • Fraud
  • Money laundering

Adrienne A. Harris, the Superintendent of Financial Services, said:

“It is critical that all financial institutions safeguard their systems from bad actors.”

“Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth.”

However, the NYDFS said that the company has already started improving its practices.


New York regulators found that Coinbase’s treatment of the KYC rule and customer due diligence requirements fell as a “check-the-box” exercise.

In addition, the exercise was found to be inadequate.

Furthermore, the department discovered Coinbase had a substantial backlog for monitoring apprehensive transactions.

It totaled over 100,000 unreviewed alerts by late 2021.

In the end, some transactions Coinbase flagged weren’t reviewed until months later.

Due to the company’s failure, the NYDFS installed an independent monitor early last year.

The monitor reviewed the company’s compliance program, addressing issues with Coinbase’s practices.

As part of the settlement, the monitor will operate with Coinbase for another year.

Read also: Solana starts 2023 with boost in $11 price jump

Price jump

The company’s stock (COIN) price increase likely gained the boost from investors who now have a clear picture over the company’s regulatory matters.

The cryptocurrency exchange platform initially disclosed the NYDFS investigation as a potential risk to its operations during a SEC filing in late 2021.

However, the recent announcement from the regulator officially closed the door on the case.

SEC investigation

Despite the good news, Coinbase still has a looming SEC investigation.

In July 2022, the company faced a probe investigating whether the SEC should allow Americans to trade digital assets that should have been registered as securities.

The investigation is related to an earlier insider trading case when a former employee was accused of violating Coinbase’s insider trading rules.

According to the accusation, the former employee tipped off his brother and a friend regarding upcoming token listings.

The agency determined the following tokens traded by the accused:

  • AMP (AMP)
  • Rally (RLLY)
  • DerivaDEX (DDX)
  • XYO (XYO)
  • Rari Governance Token (RGT)
  • LCX (LCX)
  • Powerledger (POWR)
  • DFX Finance (DFC)
  • Kromatika (KROM)

The platform

The cryptocurrency exchange platform first went public in April 2021.

It became the first major cryptocurrency company to join the US stock exchange.

At the time, the crypto market was on a hot streak, with Bitcoin going through the roof with trades of $63,000.

As a result, people became interested in investing in cryptocurrency.

During its genesis, COIN debuted at an astounding price of $381, which was 52% higher than its $250 reference price.

However, 2022 ushered in an unexpected crypto and stock market crash.

The brutal bear market destroyed crypto projects, companies, and the price of nearly every coin on the market.

Since then, COIN suffered a significant drop, falling 90% from when it was first listed.


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