Mastercard's Crypto Payment Offering 'Crypto Credential' is Now Live with 1st P2P Pilot Transaction

Mastercard has recently launched its Mastercard Crypto Credential, which enables peer-to-peer (P2P) transactions using aliases instead of long and complex blockchain addresses. This innovative system aims to simplify cryptocurrency transactions for exchange users, offering a more user-friendly approach.

For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses.

Launched last year, in April, Mastercard Crypto Credential is a set of common standards and infrastructure that will help verify interactions among consumers and businesses using blockchain networks. Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to pursue.

Key details about the Mastercard Crypto Credential:

What It Does

The Mastercard Crypto Credential verifies interactions among consumers and businesses using blockchain networks. It ensures that users meet a set of verification standards and confirms that the recipient's wallet supports the transferred asset.

By exchanging metadata, it eliminates the complexity of knowing which assets or chains are supported by the recipient, bringing more trust and certainty to transactions.

Live Transaction Capabilities

The live transaction capabilities are initially enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges, allowing them to enable blockchain transactions simply and securely between Latin American and European corridors. These capabilities allow for simple and secure blockchain transactions between Latin American and European corridors.

Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic transfers across multiple currencies and blockchains.

Travel Rule Support

The system also supports the exchange of Travel Rule information for cross-border transactions. The Travel Rule is a regulatory requirement aimed at ensuring transparency and preventing potentially illegal activities.

The P2P transaction is just the beginning. Mastercard Crypto Credential aims to support various use cases, including NFTs, ticketing, and other payment solutions, depending on market and compliance requirements.

Foxbit is the latest crypto wallet provider to join the Mastercard Crypto Credential pilot ecosystem, extending the reach to more consumers. Lulubit users will also receive access through its integration with Lirium.

This milestone represents the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023. It has the potential to further expand and support the domestic and cross-border remittance market.

The Mastercard Crypto Credential offers several advantages compared to other crypto payment solutions. Instead of using long and complex blockchain addresses, the Mastercard Crypto Credential allows users to send and receive digital assets using aliases. These aliases are more intuitive and user-friendly, making crypto transactions easier for average users.

When a user initiates a transfer, the program verifies that their alias is valid and that the recipient's network address supports the associated token and blockchain of the transaction. If the recipient's address doesn't support the sender's asset or network, the transaction simply does not proceed, preventing potential loss of funds due to user mistakes.

Additionally, aliases protect against address poisoning scams, where attackers trick wallet users into sending coins to a similar-looking address.

While the P2P transaction is the first use case, the Mastercard Crypto Credential aims to support various scenarios, including NFTs, ticketing, and other payment solutions, depending on market and compliance requirements.

In the next step, said Mastercard, a select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis. Thereafter, within the coming months wider availability will roll out to more than 7 million users across the participating exchanges. 

In a nutshell, the Mastercard Crypto Credential simplifies crypto transactions, enhances security, and contributes to the broader adoption of cryptocurrencies in the financial ecosystem.

VC Funding in Crypto Startups Grew by 40.3% in Q1'24 To $2.4 Bn

Venture capital funding in the cryptocurrency sector has seen a significant increase, reaching $2.4 billion in the first quarter of 2024. This marks a 40.3% rise from the previous quarter, as reported by Pitchbook. The growth in funding is attributed to several factors, including the anticipation of lower interest rates and the introduction of the first U.S. bitcoin spot ETF, which has heightened investor interest.

The funding was distributed across 518 deals, and it's interesting to note that this surge comes at a time when global venture capital investments have declined to a near five-year low. Despite economic concerns and the shutdown of key market players, the landmark U.S. regulatory approval of spot bitcoin ETFs offered by industry giants like BlackRock and Fidelity has bolstered the legitimacy of the asset class. This development helped propel bitcoin to a record high of $73,803 in March.

Startups focusing on building infrastructure for crypto and blockchain technology were at the forefront of receiving funding during this period. The largest deal reported was by the decentralized cloud platform Together AI, which raised $106 million in an early-stage round led by Salesforce Ventures, valuing the company at $1.1 billion.

The competitive nature of investment rounds, especially at early stages, and the higher valuations they are commanding compared to late-stage deals, are notable trends in the current venture capital landscape for crypto startups. While exits remain low, there is an expectation for mergers to increase later in the year, particularly among crypto exchanges, custodians, and infrastructure providers as the market continues to mature.

SEBI Open To Overseeing Crypto Trade

India's market regulator, Securities and Exchange Board (SEBI) has shown openness to the idea of overseeing cryptocurrency trade, which is a contrast to the Reserve Bank of India's (RBI) stance, reported Reuters citing a document seen by the news agency.

SEBI has suggested that multiple regulators should oversee activities linked to cryptocurrencies that fall under their respective domains, and that a single unified regulator for digital assets should be avoided. This recommendation has been made to a government panel tasked with formulating policy for the finance ministry to consider.

The concerns around cryptocurrency regulation are multifaceted and stem from the unique characteristics of digital currencies. Cryptocurrencies are known for their high price volatility, which can lead to significant financial risk for investors and traders.

SEBI's approach includes monitoring cryptocurrencies that take the form of securities as well as new offerings called Initial Coin Offerings (ICOs). They have also mentioned the possibility of issuing licenses for equity market-related products. On the other hand, the RBI maintains a cautious stance, viewing private digital currencies as a macroeconomic risk and favoring a ban on stablecoins.

This development indicates a significant shift in India's regulatory approach towards cryptocurrencies and could lead to a more structured and formalized framework for crypto trading in the country. The panel plans to firm up its report as early as June 2024.

In 2021, the government prepared a bill that would have banned private cryptocurrencies though it has not been introduced. Last year, when it was president of the G20, India called for a global framework to regulate such assets.

Globally, there are several successful models for cryptocurrency regulation that have been developed by the respective countries. The EU introduced the Markets in Crypto-Assets Regulation (MICA) in May 2023, which is considered the world's first comprehensive cryptocurrency regulation. MICA aims to provide legal clarity and ensure consumer protection, market integrity, and financial stability.

The US has seen developments such as the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act. These bills aim to define when a cryptocurrency is a security or a commodity and expand oversight of the industry.

The International Organization of Securities Commissions has laid out 18 recommendations for global rules on managing crypto and digital assets. The World Economic Forum's Digital Assets Regulatory (DAR) initiative analyzes outcomes of different national approaches to digital asset regulation.

1,800 Bitcoin Wallets Suspected of Engaging in Transactions Linked to Child Sexual Exploitation or Human Trafficking

According to a recent report by the wired, US senators have called for fresh scrutiny of cryptocurrencies' role in paying for child sexual abuse imagery online, a problem that they say has worsened.

"These are deeply troubling findings revealing the extent to which cryptocurrency is the payment of choice for perpetrators of child sexual abuse and exploitation," wrote US senators Elizabeth Warren and Bill Cassidy. They called for the United States' Department of Justice and Department of Homeland Security to redouble efforts to stop the use of cryptocurrency to pay for child sexual abuse material (CSAM) online.

Citing data from the US Treasury's Financial Crime Enforcement Network as well as research from Chainalysis, a company that specializes in tracing crypto transactions, and the Internet Watch Foundation, a CSAM-focused charity, the letter asserts that the "use of cryptocurrency in the illicit trade of CSAM appears to be increasing."

Between January 2020 and December 2021, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) identified over 1,800 unique Bitcoin wallet addresses related to suspected online child sexual exploitation (OCSE) and human trafficking offenses. This alarming trend highlights the use of cryptocurrency, particularly Bitcoin, in criminal activities involving the exploitation of vulnerable individuals.

Child Sexual Exploitation (CSE) refers to victimizing minors for sexual gratification or other purposes. In this context, Bitcoin has been used to pay for child sexual abuse material (CSAM). The overlap between OCSE and human trafficking within the realm of cryptocurrency transactions underscores the need for vigilance and collaboration among financial institutions, law enforcement agencies, and nonprofit organizations to combat these heinous crimes.

It's essential to continue monitoring and addressing such illicit activities to protect the most vulnerable members of our society.

Catching perpetrators using crypto currencies for illegal transactions

While the use of cryptocurrencies can provide anonymity and challenges for law enforcement, there have been notable successes in catching perpetrators involved in criminal activities.

The Silk Road, an infamous dark web marketplace, facilitated illegal transactions using Bitcoin. In 2013, the FBI arrested Ross Ulbricht, the alleged founder of Silk Road, and seized approximately 144,000 Bitcoins (worth over $1 billion at today's prices). This case demonstrated that even pseudonymous transactions on the blockchain could be traced back to individuals.

Law enforcement agencies collaborated internationally to identify the site's operator, Alexandre Cazes. Cazes was arrested in Thailand, and authorities seized his assets, including cryptocurrencies.

In some cases, investigators have traced ransom payments to specific wallets and identified the perpetrators. For instance, the Colonial Pipeline ransomware attackers were tracked down, and part of the ransom was recovered.

Companies specializing in blockchain analytics provide tools to track transactions. These tools help law enforcement agencies follow the money trail and identify suspicious addresses.

Cryptocurrency exchanges cooperate with authorities by sharing information on suspicious transactions. This collaboration has led to the identification of criminals using exchanges for cashing out illicit gains.

Remember that while these success stories demonstrate progress, challenges remain. Criminals adapt, and privacy-focused cryptocurrencies continue to emerge. Law enforcement agencies must stay vigilant and adapt their strategies to combat crypto-related crimes effectively.

Brave Browser Users in India Can Now Connect ZebPay Account with Brave Rewards (BAT)

ZebPay, India’s oldest and most trusted crypto asset exchange, today announced its exclusive partnership with the Brave browser, a revolutionary web browser known for its innovative rewards system and deep commitment to user security and privacy.

With this partnership, Brave Browser users in India will now be able to connect a ZebPay account to Brave Rewards in order to begin earning Basic Attention Tokens (BAT). Existing users in India with previous earnings will also be able to connect a ZebPay account and have their balances redeemed for BAT and transferred to their ZebPay accounts. In the near future, creators will also be able to connect a ZebPay account to their Brave Creators account, allowing them to receive BAT contributions from Brave Rewards users.

This exclusive partnership makes ZebPay the only crypto exchange in India to have this feature and one of only three globally. The partnership aims to empower users by enabling them to maximize the potential of their accumulated BAT token rewards. Users will be able to use this feature by creating an account on ZebPay and linking it to their Brave Rewards wallet.

Rahul Pagidipati, CEO, ZebPay, said, “We are thrilled to be the exclusive partners for Brave Rewards in India. This strategic partnership not only reinforces our commitment to empowering users but also demonstrates our unwavering support of the crypto ecosystem in India. By enabling users to seamlessly transfer Brave Rewards to ZebPay, we are unlocking a new realm of possibilities for crypto enthusiasts. This is a testament to ZebPay's vision of creating a more inclusive and accessible crypto ecosystem where users can fully harness the potential of their digital assets."

"We're thrilled to partner with ZebPay to enable our millions of Brave users in India to benefit from their Brave Rewards experience," said Brendan Eich, CEO and co-founder of Brave. "With this custodial integration, users can seamlessly access their BAT payouts in their ZebPay account and get rewarded for their online attention."

This strategic alliance underscores ZebPay's role as a pioneer within the Web3 landscape in India, propelling the crypto industry towards a future of accessibility, security, and digital empowerment.

ZebPay is India’s oldest crypto asset exchange, with more than 7 million downloads. Founded in 2014, ZebPay aims to be the leading blockchain asset solution provider and the #1 financial advisor for all Indians invested in the crypto space. The company’s mission is to help its members achieve financial freedom in the Web3 economy. ZebPay’s secure and compliant exchange is available via the web and on the Google Play Store and Apple App Store. ZebPay members can invest in Bitcoin, Ethereum, and many other crypto assets, trading both crypto-fiat and crypto-crypto pairs. ZebPay OTC, a bespoke trading desk for high-volume clients, serves both individuals and institutions. For more details please visit: https://zebpay.com

Brave Software’s fast, privacy-oriented browser, combined with its blockchain-based digital advertising platform, is reinventing the Web for users, publishers, and advertisers. Users can opt into privacy-respecting ads that reward them with the Basic Attention Token (BAT), a frequent flyer-like token they can redeem or use to tip or contribute to publishers and other content creators. Brave is a driving force leading the way for Web3 adoption, directly supporting Web3 into the broader Web through its privacy browser, independent search engine, and browser-native, multi-chain crypto wallet. Brave currently has over 60 million monthly active users and over 1.8 million Creators.

You can learn more about Brave at brave.com, or follow the company on Twitter @brave.

 

Crypto Exchange OKX To Enter India and Hire Local Talent for Web3

Image – Raheem Ali OKX @X (twitter) 

OKX (formerly OKEx), a cryptocurrency centralized exchange (CEX) and wallet platform, plans to enter the Indian market and recruit local employees in an effort to expand the possibilities of Web3 applications, said a report by CoinDesk.

In an interview to CoinDesk, Haider Rafique, Chief Marketing Officer of OKX, said, OKX plans to scale up its wallet services "exponentially" by tapping into India's much-talked-about developer community. Currently, OKX has about 200,000 wallet users in India, which is only 5% of the nation's Web3 users.

Founded by Star Xu in 2017, OKX is a global cryptocurrency spot and derivatives exchange, and the second biggest crypto exchange by trading volume, serving over 50 million people globally.

OKX would deliberate on where it can add value to Indian market. "We're going to work with local folks. Figure out where we can add value.", said Rafique.

Rafique said the company has no immediate plans to open an office in India because that's not required to offer Web3 services. However OKX is looking to hire a team, in India, to lead this effort.

Seychelles headquartered OKX has offices in Dubai, Turkey, Hong Kong, Silicon Valley, Singapore, and Australia.

To recall, it was in September 2021 when, in a first strategic partnership in India, OKX joined hands with Bitbns, India's leading crypto wallet and exchange platform to elevate flexible trading capabilities for Indian crypto users across the region. OKX and Bitbns have had integrated using the matic-polygon ecosystem to provide free blockchain transfers to its users.

Notably, Cryptocurrencies isn't banned in India, and neither its legal, and Indian regulations impose a 30% tax on trading of  cryptocurrencies.

Rafique said he thinks regulators in India are beginning to separate Web3 from centralized finance (CeFi). “They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India,” he said.

Last year in January, OKEx rebranded to OKX to reflect that it is more than an exchange and has growing number of wealth creation opportunities beyond the exchange, which investors use to trade hundreds of digital assets on spot, margin and derivatives markets.

ZebPay Unveils CryptoPacks to Streamline Crypto Investments with Curated Portfolios

ZebPay, India’s oldest crypto asset exchange, today announced the launch of a new feature, CryptoPacks, that will enable crypto enthusiasts to effortlessly invest in well-balanced, thematic portfolios of crypto assets. The portfolios are meticulously designed to allow investors to take a sectoral approach to investing.

The BlockBuster Pack, for example, gives investors exposure to a diversified curation of leading crypto assets with high global adoption and overall market cap. The Metaverse or Layer 1 Packs, on the other hand, allow users to invest in the long-term potential of leading projects with specific blockchain use cases. With a wide range of portfolios to choose from, ZebPay is actively empowering users to diversify their holdings based on strategic asset allocations.

Users can access the CryptoPacks feature directly through ZebPay’s mobile and web applications. CryptoPacks will not only help users save time but also help users evaluate the Risk and Reward dynamics of their investments effectively.

CryptoPacks presents a multiplicity of elements such as a comprehensive performance overview, that will allow users to monitor their portfolio's historical progress over varying timeframes. Additionally, its innovative Risk and Reward Rating system will provide insightful perspectives on investment risks and potential rewards, empowering well-informed decisions in line with their risk appetite. CryptoPacks ensure strategic risk management and optimized returns by facilitating diversified allocation across multiple crypto assets in a single step. The feature also offers users a simplified, real-time view of profits and losses, enabling quick comprehension of investment growth trajectory and data-driven decisions on buying, selling, and holding assets.

Rahul Pagidipati, CEO, ZebPay, said, “ZebPay remains committed to empowering users with innovative solutions that simplify crypto investing. With the introduction of CryptoPacks, we are proud to offer a seamless way to make informed investment decisions by providing access to thematic, diversified portfolios and effective performance tracking. At ZebPay, we understand the intricacies of crypto investments, and the introduction of the CryptoPacks feature is a significant step in our ongoing journey to make crypto investments more accessible to investors across all experience levels."

The launch of CryptoPacks underlines ZebPay's continuous efforts towards delivering user-centric solutions that drive growth and education within the crypto ecosystem.

ZebPay is India’s oldest crypto asset exchange, with more than 7 million downloads. Founded in 2014, ZebPay aims to be the leading blockchain asset solution provider and the #1 financial advisor for all Indians invested in the crypto space. The company’s mission is to help its members achieve financial freedom in the Web3 economy. ZebPay’s secure and compliant exchange is available via the web and on the Google Play Store and Apple App Store. ZebPay also operates an exchange in Australia and Singapore, serving 162 countries. ZebPay members can invest in Bitcoin, Ethereum, and 150 other crypto assets, trading both crypto-fiat and crypto-crypto pairs. ZebPay OTC, a bespoke trading desk for high-volume clients, serves both individuals and institutions. For more details, please visit: https://zebpay.com/otc/

Crypto Fantasy GameFi, Kandle, Raises $1.7 Mn in Seed Funding Led by Saama

• Kandle beats funding winter by closing a successful seed round.
• VCs around the globe are warming up to the web3 industry.

Kandle.xyz, a crypto fantasy GameFi project from Singapore, has announced a USD 1.7 million seed round led by Saama. The funding will be used to develop the platform further and expand its user base, featuring their flagship product ‘Crypto Fantasy Leagues’ - a game that allows players to choose crypto coins as their battle tokens and face off against other players in a battle of the portfolios. Kandle has established its presence in Indonesia, Vietnam, Nigeria, and India and plans to expand its footprint across Asia and North America.

The seed funding round was led by Saama, with participation from PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Mr. Sumit Gupta (CEO- CoinDCX), amongst other individual investors in the gaming and financial services industry.

Kandle.xyz offers innovative fantasy games using crypto coins, where players compete to win rewards. Kandle.xyz plans to release its project roadmap on token issuance, token utility, and a Play-and-Win model that looks promising to reimagine the Play-to-Earn ecosystem.

In a statement expressing his excitement, Kandle's founder, Jaideep Yadav, said, "There is a massive opportunity at the intersection of gaming and crypto, and we're excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition. "

He further added, “Instead of focusing on project tokens, we’ve taken the time to build a fully functioning sustainable gaming product based on sound gaming principles. By intermarrying gamification and web3 with a successful product trial, Kandle plans to integrate smart contracts to ensure that games are transparent, secure, and fair.”

Mr. Ash Lilani, Managing Partner at Saama – the lead investor in the seed round – expressed his enthusiasm, stating, "We were impressed by the innovative approach of the Kandle team in combining gaming and crypto. As the crypto industry continues to evolve, we must make it safe and free from the fear of outsized risk for the next tranche of users. Kandle’s gamified approach does exactly that – it offers a unique and timely tool for users to engage with crypto without taking direct exposure to any of the coins.”

Mr. Sumit Gupta, CEO of CoinDCX and an investor in Kandle, shared his confidence, stating, "I firmly believe that Kandle has the potential to emerge as a leading player in the crypto gaming industry, and I am excited to support their ongoing innovation and growth."

Speaking on the occasion, PointOne Capital’s GP, Mr. Mihir Jha, added, "Kandle not only has the potential to disrupt the traditional crypto trading industry, but they have also brought to market a new line of product that meets the needs of existing novice crypto traders and the next batch of web3.0 users. Super excited to be a part of their journey as Kandle soars to the moon.”

Kandle has already garnered a significant following among early adopters who seek an alternative to the volatile world of crypto trading. Over the past months, the platform successfully completed beta testing, attracting a staggering 80,000+ players during its soft launch.

Kandle has launched exciting games ranging from Crypto Fantasy Leagues to Play-2-Earn format. There are more exciting games in its product roadmap based on user feedback. An industry first, Kandle is at the cusp of crypto trading skills and fantasy gaming.

About Kandle

Kandle, a revolutionary gameFi platform aims to empower the existing and next billion crypto traders globally by introducing fantasy gaming to crypto. Designed exclusively for crypto natives and gaming enthusiasts, Kandle blends the world of crypto coins and the immersive thrill of gaming, thus offering a diverse array of fantasy leagues and challenging skill-based prediction contests to fuel your competitive spirit. Embrace a new era of fun and enjoyable crypto fantasy gaming. For more info, visit kandle.xyz

About Saama

Saama is an early-stage, sector-agnostic, India-focused venture capital firm investing since 2006. The Saama team is currently investing out of its fifth fund and has built significant knowledge in several sectors, including consumer-focused companies, financial services/fintech, and SaaS. Previously, Saama has backed several leading companies, including Paytm, Snapdeal, Sula Wines, Veeba Foods, Chai Point, EazyDiner, The Moms Co., Lendingkart, Vistaar Financial Services, Fisdom, Mezi, Zeni, and Beans.ai. For more info, visit, https://saama.vc/

About CoinDCX

CoinDCX is India’s largest and safest cryptocurrency exchange and the top liquidity aggregator in the world. The exchange has instant deposit and withdrawal facilities. The versatile wallet structure provides the best fee structure in the industry. Established in 2018, the exchange is today deemed by many market participants as India’s most trustworthy cryptocurrency exchange. For more info, visit https://coindcx.com/

About PointOne capital

PointOne Capital is a VC fund investing in pre-seed and seed-stage tech startups. PointOne has invested in 60+ startups, is traction agnostic, and prefers partnering with exciting businesses as early as possible with no revenue or product milestone benchmarks. PointOne Capital aims to plug the early-stage liquidity gap in the pre-seed market and provide active sector-specific expertise until a Series A round. For more information, visit https://pointone.capital/

The Impact of Cryptocurrency on NFL Sponsorship Deals

Cryptocurrency has revolutionized various industries, and its impact on the sports world, including the National Football League (NFL), is a topic of significant interest. As the popularity of cryptocurrencies continues to grow, it is essential to understand the influence they have on NFL sponsorship deals. In this article, we will explore the implications of cryptocurrency in the NFL, its effect on sponsorship agreements, and the potential future trends in this dynamic landscape.

Introduction

Cryptocurrency, a digital form of currency that utilizes encryption techniques, has gained widespread attention and acceptance in recent years. With its decentralized nature and potential for secure transactions, it has attracted investors, businesses, and even sports organizations. The NFL, being one of the most popular and profitable sports leagues in the world, has not remained untouched by the cryptocurrency phenomenon. As cryptocurrencies continue to make their mark, they have the potential to influence various aspects of the NFL, including sponsorship deals and even NFL odds.

The Rise of Cryptocurrencies in Sports

Cryptocurrencies have made their way into the sports industry, offering new opportunities for sponsorship and fan engagement. Professional football leagues, such as the Premier League, La Liga, and Serie A, have witnessed the emergence of crypto sponsorships. These partnerships between crypto projects and football teams have the potential to create a symbiotic relationship, benefiting both parties involved.

Cryptocurrency and NFLPA Licensing Revenue

The impact of cryptocurrency on the NFL is evident in the licensing and sponsorship revenue owed to the National Football League Players Association (NFLPA). According to the organization's annual report, a close affiliate of the NFLPA has been unable to collect $41.8 million of licensing and sponsorship revenue, primarily due to the collapse of the crypto marketplace. This significant figure represents a quarter of the NFLPA's commercial revenue, highlighting the challenges faced by sports unions and leagues in the wake of crypto-related issues.

Crypto Sponsorships in Football

The trend of crypto sponsorships in football has gained momentum, and it is projected to be worth over $200 million annually by 2030. Cryptocurrency projects are partnering with professional football teams, leveraging the sport's passionate fan base to promote their brands. The Premier League, La Liga, and Serie A have witnessed several high-profile crypto sponsorships, indicating the increasing integration of cryptocurrencies in football.

Crypto.com's Sponsorship Deals and the NFL

Crypto.com, a prominent cryptocurrency platform, has made notable sponsorship deals within the sports industry. Although there have been reports of Crypto.com closing its institutional exchange in the United States, its sponsorship agreement with the NBA's Los Angeles Lakers remains unaffected. These developments raise questions about the future of Crypto.com's involvement in NFL sponsorship deals and the potential impact on the league's revenue streams.

The Potential of Crypto Sponsorship in the NFL

As cryptocurrency continues to gain popularity, there is a potential for increased crypto sponsorships in the NFL. The league can leverage the advantages of cryptocurrencies, such as secure transactions, global reach, and enhanced fan engagement. Crypto sponsorships could provide a new revenue stream for NFL teams, enabling them to explore innovative marketing strategies and tap into the expanding crypto community.

Challenges and Risks in Crypto Sponsorships

While crypto sponsorships offer exciting opportunities, there are challenges and risks associated with this emerging trend. The volatility of cryptocurrencies poses a risk to both the sponsoring entities and the teams involved. The unpredictable nature of the crypto market raises concerns about the stability and long-term viability of sponsorship deals. Additionally, regulatory considerations and public perception of cryptocurrencies may impact the acceptance and success of crypto sponsorships in the NFL.

The Future of Cryptocurrency in NFL Sponsorship Deals

The future of cryptocurrency in NFL sponsorship deals depends on various factors, including regulatory developments, market stability, and the willingness of teams and sponsors to embrace this new paradigm. While the NFL has not seen widespread adoption of crypto sponsorships thus far, the increasing prevalence of cryptocurrencies in other sports leagues suggests that the NFL may follow suit. It is crucial for the league to monitor industry trends, assess the risks and rewards, and make informed decisions regarding crypto sponsorships in the future.

Conclusion

Cryptocurrency has had a noticeable impact on NFL sponsorship deals. The rise of crypto sponsorships in football and the challenges faced by the NFLPA highlight the evolving relationship between cryptocurrencies and sports. As the crypto industry continues to grow and mature, the NFL and its teams have an opportunity to explore the benefits and risks associated with crypto sponsorships. The future of cryptocurrency in the NFL remains uncertain but holds the potential for new revenue streams and enhanced fan experiences.

Crypto Taxation Platform TaxNodes Secures $1.6 Mn in Seed Funding Amidst Funding Winter

The funding round was backed by prominent web3 industry leaders

The start-up, which has witnessed a 5X month-on-month spike in its user base, intends to utilize these funds to bolster its offerings and simplify tax computation.

TaxNodes, a crypto tax computation and expert-assisted ITR filing platform, today announced the successful completion of its seed funding round, securing $1.6 million amidst the challenging funding winter. In this round, notable veterans in the web3 and wealth tech space, including Rahul Pagidipati, CEO of ZebPay and an experienced angel investor, Nischal Shetty, CEO, Shardeum & Founder of WazirX, Ashish Singhal, Co-Founder & CEO, CoinSwitch and Ajeet Khurana, Founder of Reflexical, have invested in the company founded by Avinash Shekhar, a chartered accountant and former CEO of one of the oldest Crypto Exchanges.

The successful funding marks a significant milestone for TaxNodes and the company intends to utilize these funds to bolster its mission of simplifying tax computation, and providing end-to-end solutions for individuals navigating the complexities of crypto taxation.

The company is developing an AI-assisted tax advisory model for individuals and corporates to provide control & compliance using GPT-like Large Language Model. Since its inception, TaxNodes has witnessed a 5X month-on-month spike in its customer base. The company is poised to play a pivotal role in ensuring a safer and more compliant crypto ecosystem, facilitating smoother operations and regulatory adherence.

Additionally, TaxNodes has recently announced partnerships with crypto exchanges like ZebPay, WazirX and Giottus and is focused on helping crypto users to comply with tax laws. TaxNodes will also help Crypto exchanges to increase their internal controls and automate reconciliation & accounting.

Commenting on the development, CA. Avinash Shekhar, Founder & CEO, TaxNodes said, ”We are thrilled to have successfully completed our seed funding round and delighted to see that seasoned leaders from the crypto ecosystem are placing their trust in TaxNodes. This funding will enable us to provide a complete solution for crypto natives making it easier for them to handle their tax obligations. With our advanced tax computation engine, a team of seasoned crypto experts, and a full-stack solution, we aim to simplify the complexities of crypto taxation and filing, ensuring accuracy, compliance, and peace of mind for our users. Furthermore, this investment will propel our research and development efforts to create innovative products that cater to crypto exchanges, investors and Finance professionals, including Crypto auditors.

Crypto has witnessed significant movement towards regulations, compliance and specific taxation rules, leading to an increased need for specialized tax management tools. TaxNodes recognizes the challenges faced by crypto natives in accurately computing profits and losses, reconciling transactions across multiple centralized and decentralized platforms, and fulfilling tax obligations.

Mr. Nischal Shetty, CEO, Shardeum & Founder, WazirX, said, “I am thrilled to join hands with TaxNodes. The team at TaxNodes has an exceptional understanding of Crypto business and taxation. I believe in their vision and I am confident that TaxNodes will help in compliance and controls in the Crypto space. I look forward to supporting their growth and success as they continue to disrupt the tax landscape.”

Mr. Rahul Pagidipati, CEO, ZebPay, said, “TaxNodes has immense potential to change the way crypto taxes are computed and filed. I am thrilled to be a part of this seed funding round and support their mission to simplify the tax computing process. With their innovative platform and expert assistance, individuals and businesses can navigate the complex world of crypto taxation with ease. I have no doubt that TaxNodes will play a vital role in shaping the future of crypto taxation. I have worked with Avinash for a long time and have complete confidence in his ability to lead TaxNodes to success.”

Founded in December 2022, TaxNodes is a tax computation and expert-assisted ITR filing platform that aims to simplify the tax computing process. The platform has a team of experts dedicated to simplifying taxes, particularly in the complex world of crypto taxes. The platform is also working towards helping crypto exchanges increase their internal controls and automate reconciliation and accounting.

Indian Consumer Behavior: Crypto Declines while Shopping, Travel, and Entertainment Witness Surge in Active Users

MoEngage Study Shows Shopping, Travel, and Entertainment Witness Surge in Active Users, Crypto Faces Declining Numbers in India

New Trends in Indian Consumer Behavior: Indians Opt for Smartphones as the Preferred Choice for Streaming, Online Shopping, and Travel Bookings

MoEngage, an insights-led Customer Engagement platform, has analyzed over 1.3 billion consumers to understand the latest consumer trends and behavior in multiple industries. The Global Consumer Trends Report 2023 aims to find patterns in consumer behavior, such as screen time, spending and consumption patterns, device preferences, and more. The results showcase the importance of personalization and omnichannel engagement for growth and fostering customer loyalty.

Here are a few key learnings from the report:

41.8% of Indians prefer to spend 2-4 hours daily on their screen apart from work

The survey revealed that most Indians spend 2-4 hours on their smartphones and laptops outside of work.

Most consumer spending by Indians is towards Entertainment and Shopping platforms.

The report showed that 49.8% of Indians spent most on Entertainment platforms, including OTT, gaming, dating, and lifestyle applications. This is followed by shopping platforms (32.4%).

68% of Indian shoppers visit a mobile app or website at least 4-5 times before making a purchase online.

Shoppers don’t convert right away. The report shows that most consumers need more than three interactions with brands before deciding to purchase online. To ensure maximum conversions, brands must create a robust customer journey that provides a seamless omnichannel experience.

71.4% of Indians prefer streaming music, videos, and movies on their smartphones.

Smartphones continue to be the primary device for Indians to stream music, videos, and movies online. Our report also shows that 65% prefer to stream videos and movies daily. Additionally, OTT platforms saw healthy growth in terms of monthly active users (MAU).

63.8% of Indians visit Banking and Fintech platforms at least 2-3 times weekly

The report shows Indians are more active and loyal to Banking and Fintech platforms than ever. We see a 10% increase in the monthly active users (MAU) for Banking platforms and an 11% growth in customer stickiness.

75% of Indians prefer to get information for travel plans and reservations from travel apps and mobile websites

The report shows that most Indians prefer travel apps to get travel information and make reservations on their smartphones, followed by social media. Online Travel Agents (OTA) platforms saw a sharp rise in the number of active users, as monthly active users (MAU) grew by 23%.

“In an ever-changing world, brands can be successful only when they deep dive into consumer preferences and understand customer expectations. Our latest report aims to empower brands in India with the latest consumer trends and insights to help them grow sustainably.” said Raviteja Dodda, CEO of MoEngage.

The MoEngage report also sheds light on :

• Leveraging customer insights to boost loyalty and increase LTV.
• Acquisition, DAU, MAU, and customer stickiness trends for different industries.
• Actionable strategies to drive sustainable growth amidst economic uncertainty.

A complimentary version of the full report is available here: The Global Consumer Trends 2023 Report.

ZebPay Partners With TaxNodes to Demystify Crypto Taxation for Indian Investors

Partnership to benefit Indian crypto investors seeking compliance and clarity on crypto tax matters

ZebPay, India’s oldest and most trusted crypto asset exchange today announced that it has partnered with TaxNodes, an expert-assisted ITR filing platform to simplify tax filing for virtual digital assets in India. As a result of this association, TaxNodes will provide assistance to ZebPay's extensive user community to ensure precise tax calculations and compliance, to keep them updated with the most recent tax-related developments in the virtual digital asset industry.

In 2022, the Indian government implemented a tax on investments in virtual digital assets, whereby any income gained from the transfer of such assets is now subject to a 30% tax and 1% TDS. The complexity of the new tax laws has led to considerable confusion among Indian retail investors and traders in India. Owing to this, there is a critical need to establish appropriate compliance infrastructure and enhance investor knowledge on how to file taxes correctly. Through this partnership, TaxNodes will enable ZebPay users to calculate, evaluate, and file their crypto taxes, alleviate misapprehensions and reduce the possibility of tax miscalculation. In addition to this, TaxNodes’ end-to-end solutions will help users get the much-needed clarity on the taxes levied on their investment, thereby simplifying the taxation journey of every crypto investor in the country.

With India's optimistic outlook towards the crypto market, and the emergence of new taxation infrastructure, the country is poised to become a key player in the global crypto market. The association between ZebPay and TaxNodes will help promote awareness about current and evolving regulations governing virtual digital assets. Apart from getting expert assistance on tax filing, ZebPay users will also receive personalized advisory services by TaxNodes, enabling them to better understand the tax implications of their digital asset investments. In addition, ZebPay users will be able to take advantage of discounted services through an exclusive offer.

Rahul Pagidipati, CEO, ZebPay, said, "At ZebPay, we are committed to creating a regulatory-compliant ecosystem that fosters the mainstream adoption of crypto in India. This partnership is a significant step towards achieving that goal and enabling greater collaboration between stakeholders in the crypto ecosystem. With 30% taxation and 1% TDS, calculation of taxation on crypto has become a complex process. Our partnership with TaxNodes will not only simplify the tax filing process for virtual digital assets and offer clarity to our users, but also offer personalized tax advisory services to our users at their fingertips."

Avinash Shekhar, Founder & CEO, TaxNodes said, "Our relationship with ZebPay goes a long way back and this partnership is a new chapter in that journey. We are excited to offer our end-to-end solutions to ZebPay’s customers and are confident that they will see value in our seamless tax computation process. Our aim is to help investors calculate, evaluate, and file their crypto taxes accurately while providing them with expert advice and personalized services to trade crypto without worrying about the intricacies of tax filing."

About ZebPay:

ZebPay is India’s oldest crypto asset exchange, with more than 5 million users. Founded in 2014, ZebPay aims to be the leading blockchain asset solution provider and the #1 financial advisor for all Indians invested in the crypto space. The company’s mission is to help its members achieve financial freedom in the Web3 economy. ZebPay’s secure and compliant exchange is available via the web and on Google Play Store and Apple App Store. ZebPay also operates an exchange in Australia and Singapore, serving 162 countries. ZebPay members can invest in Bitcoin, Ethereum, and many other crypto assets, trading both crypto-fiat and crypto-crypto pairs. ZebPay OTC, a bespoke trading desk for high-volume clients, serves both individuals and institutions.

For more details please visit: https://zebpay.com/otc/

About TaxNodes: Founded in December 2022, TaxNodes is a tax computation and expert-assisted ITR filing platform that aims to simplify the tax computing process in India. The platform has a team of experts who are dedicated towards simplifying taxes particularly in the complex world of crypto taxes. The platform is also working towards helping crypto exchanges to increase their internal controls and automate reconciliation as well as accounting.,

Binance Renews Commitment to Support Women in Tech

With an increased focus on women-focused education, mentorship and scholarships, crypto exchange aims to level its industry’s gender gap 

Ahead of International Women’s Day, Binance, the world’s largest cryptocurrency exchange, is renewing its commitment to increase the number of women active and employed in Web3. Through women-focused education and mentorship initiatives, Binance to date has invested more than $2 million to support women in more than 10 countries around the world and will increase those efforts in the year ahead.

Binance is committed to creating and funding Web3 education for women.

Binance Charity donated $2 million to fund over 36,000 dedicated Web3 scholarships for women in 2022, and will continue funding courses, programs and scholarships in 2023 with a focus on women and underrepresented communities. With women comprising only 37% of crypto owners¹, education is key to empowering more women to join the industry.

The 2022 scholarships to study blockchain and crypto-related courses at universities, schools and nonprofits were awarded to women in Germany, Nigeria, Kenya, Brazil, France, South Africa, Australia, and Ukraine. In honor of International Women’s Day, Binance Charity will also make an additional donation of $100,000 to Georgia’s Innovation & Technology Agency (GITA) to support web3 education and training for women. Binance Academy will provide educational content for GITA web3 courses.

Binance is committed to increasing female representation in the workforce.

Binance was co-founded in 2017 by He Yi, making the company one of the few female-founder crypto companies in the world. Less than 5% of crypto founders at top crypto companies are women². As of 2022, the number of female-founded cryptocurrency companies was approximately 292, out of more than 10,000 companies³.

In order to further address the gender gap, Binance has created its first formal internship and graduate programs, which offer more access to careers in crypto for diverse talent, including women. The company also offers guidance and career advice to women through female mentorship programs, talent workshops, educational courses and lectures to share industry experience and insights on how to break into a career in Web3.

"As one of the few female leaders in the industry, I believe that we have a mission, through Binance Charity and Binance Academy, to help more women understand web3 and blockchain technology -- our education and internship programs aim to empower young women with knowledge and skills ready for industry disruption," said He Yi, Binance co-founder and chief marketing officer. "We believe that anyone with ideas can change the world, regardless of gender. We hope these commitments will result in more women on the front line of innovation and bring change to our industry.”

¹ TripleA.io: Global Crypto Ownership

² CoinJournal.net: Women in crypto statistics 2022

³ BCG.com: Gender Diversity in Web3

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

PayPal Held Over Half A Billion in Bitcoin, Ethereum Last Quarter

Payments platform Paypal held over half a billion dollars worth of the two largest cryptocurrencies — Bitcoin & Ethereum — as of December 31, 2021, according to its year-end report to the Securities and Exchange Commission (SEC).

It was in October 2020 when PayPal entered the cryptocurrency market, announcing that its customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.

As per SEC filings, PayPal Held $291 million in Bitcoin (BTC), and $250 million in Ethereum (ETH). Besides, another $63 million in assets were held in both Bitcoin Cash (BCH) and Litecoin (LTC), bringing PayPal's total crypto held on behalf of its customers to $604 million.

The amount is less than the previous quarter's figures, which logged $694 million in crypto as of September 31, back when Bitcoin traded at $19,400. That was also before the collapse of crypto exchange FTX, which resulted the Bitcoin's price went down to $16,600 by the end of the year.

PayPal mentions in the filing, "We allow our customers in certain markets to buy, hold, sell, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. We engage third parties, which are licensed trust companies, to provide certain custodial services, including holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft.

"Our third-party custodian holds the crypto assets in a custodial account in PayPal’s name for the benefit of PayPal’s customers. We maintain the internal recordkeeping of our customers’ crypto assets, including the amount and type of crypto asset owned by each of our customers in that custodial account. Given that we currently utilize one third-party custodian, there is concentration risk in the event the custodian is not able to perform in accordance with our agreement. ", mentions the filing by PayPal.

In June last year, PayPal started allowing users to withdraw their crypto astets to external wallets however just as a host of centralized exchanges and lending firms began to freeze user assets, PayPal too followed the knack. 

Besides these, recently it was reported that Paypal is exploring the creation of a stablecoin.“We are exploring a stablecoin,” a Paypal executive told reporters at the time. "If and when we seek to move forward, we will, of course, work closely with relevant regulators."

Walmart Files New Crypto and NFT Trademarks

Global retail giant Walmart has recently filed for new Crypto, Blockchain Trademarks Via Sam's Club, an American chain of membership-only retail warehouse clubs that is owned and operated by Walmart Inc.

Founded by Walmart's founder Sam Walton himself, Sam's Club has filed for several blockchain-related patents. While it isn’t entirely clear what the retail giant’s plans are, the trademarks all related to cryptocurrencies, non-fungible tokens, and virtual reality.

Walmart is now jumping into the digital and blockchain bandwagon by filing for crypto and NFT trademarks. Sam's Club is now garnering the crypto waters as the retailer recently offered healthcare services that cater to the augmented reality and virtual space.

Walmart filed a couple of trademarks that will allow it to manage NFTS, offer digital goods, and also provide crypto-based software. Early in 2018, Walmart has already shown its interest to jump into the blockchain waters, specifically with the launch of Bulkcoin, which is exclusive to members of the Club.

According to the US Patent and Trademark Office website, Walmart filed for several new trademarks pertaining to blockchain services. The records numbered 97775159 and 97775152 are intended to enable the retail giant’s subsidiary Sam’s Club to offer numerous virtual goods.

The patents filings make mention of a digital currency and NFTs, as well as virtual and augmented reality healthcare and education. The trademarks reveal plans for the launch of a wallet, and perhaps other software aimed at organizing digital asset portfolios.

In early last year, multiple reports claimed that Walmart is preparing to enter the Metaverse as it filed for its first round of NFT-related trademarks already in late 2021.

To recall, in October 2021, Walmart started  selling Bitcoin in a pilot programme by hosting the ATM-like machines of Coinstar, a crypto wallet and crypto exchange company.

In 2018, Walmart has already shown its interest to jump into the blockchain waters, specifically with the launch of Bulkcoin, which is exclusive to members of the Club.

HSBC Venturing into Cryptocurrency Sector, Announces Job Openings in Crypto Domain

HSBC, a British multinational universal bank, is venturing into cryptocurrencies, digital assets and tokenization, as revealed in key job openings by the Europe's largest bank by total assets.

HSBC is particularly interested in recruiting a Product Director to oversee “tokenization” use cases and Web3.

In the job role's description, the bank noted that the candidates would have the external role of representing the company to ‘regulators, clients, and the digital assets ecosystem to position HSBC’ as a ‘leader and innovator in furtherance of the digital assets strategy.’

The job positions roles have been necessitated by the evolving nature of the crypto sector and involved risk appetite.

The job opening for Product Manager for digital assets will be responsible for driving the cryptocurrency agenda.

“The Product Manager for Digital Assets will be required to build strategic frameworks and policies to help drive complex business, project and governance decisions. This will include the strategic creation and day-to-day management of governance forums and committees to efficiently and transparently drive the digital assets agenda,” the bank said.

For both roles, HSBC is looking for individuals who can operate in an ambiguous environment with knowledge of handling the changing regulatory landscape.

In these job adverts, the bank is indicating a potential launch of a digital assets offering called — GPB&W Digital Assets.

With this, HSBC will join other global banking giants like J. P. Morgan in offering cryptocurrency and digital assets products.

To recall, earlier in November last year, Standard Chartered invested in Partior, the blockchain-based payment network founded Temasek, J.P. Morgan and DBS Bank. At the same time, HSBC and Wells Fargo expanded their blockchain-based foreign exchange settlement system to include the offshore yuan. The two banking giants launched a shared private ledger in December 2021. 

Crypto Exchange KuCoin Engages Mazars to Conduct 3rd-Party PoR Verification Procedures

KuCoin, one of the largest exchanges worldwide, announced that it has engaged Mazars, a leading international audit, tax and advisory firm, to provide a third-party factual findings report.

Mazars will offer KuCoin’s customers and prospective customers additional transparency and reporting on whether their in-scope assets are collateralized. Furthermore, it will provide the details to showcase KuCoin’s proof of reserves and customer liability, respectively, which will also account for customers' main, trade, margin, robot, and contract accounts, etc. for BTC, ETH, USDT, and USDC.

Commenting on this Johnny Lyu, CEO of KuCoin: "As People’s Exchange，we place the safety and security of users' funds as its top most priority. This move is the next step in our efforts to provide transparency on our users’ funds, highlighting our commitment to transparency and strengthening industry trust. KuCoin has been committed to providing users with safe and easy-to-use platforms and products since day one, while making continuous progress in user protection, transparency, and risk control. It is a great pleasure to engage Mazars, a leading audit, tax and advisory firm, to provide users with a safe and credible platform during the turbulent period of the industry and to promote the development of the industry.”

“After recent events there is a dire need in the industry for additional transparency and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency,” said Wiehann Olivier, Partner and Digital Asset Lead.

The report will be issued on the KuCoin official website in a few weeks. Please follow the official channels for all latest updates.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2Pfiat trading, futures trading, staking, and lending to its 27 million users in 207 countries and regions.

In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.


To find out more, visit https://www.kucoin.com.

Free Crypto Education Course with NFT Certificate from Binance Launched

Binance’s educational arm, Binance Academy is offering free courses on the increasingly popular cryptocurrency and blockchain.

Named as "Blockchain For Everyone", the free online course consists of six modules, the beginner course will explain the basics of crypto, blockchain, decentralization, metaverse, crypto trading, and investing strategies. Its successful completion will be awarded a non-fungible token (NFT) certificate.

Binance Academy has initially released beginner courses, with intermediate and expert courses planned to be released in the future.

Initially, the modules will be taught in English, whereas additional languages will be introduced in the following weeks.

Earlier in April this year, Binance has announced several educational initiatives to empower investors in India.

In early this year, Binance also launched its Learn and Earn program on Binance Academy that incentivises learning by allowing users to earn crypto while gaining knowledge about important topics across the blockchain industry.

Crypto Genius Sam Bankman-Frieder Lost $14.5 Billion in A Single Day

Once deemed as the genius of the cryptocurrency world, Sam Bankman-Fried or SBF as he is known, has been in the news lately but for uncomfortable reasons. On Friday, SBF resigned from FTX, while the cryptocurrency exchange will initiate bankruptcy proceedings in the United States. 

The announcements, made on the company's Twitter handle triggered what could be one of the biggest meltdowns in the industry as the third-largest crypto exchange left scores of investors in a fray after reports of insufficient liquidity came up.

The announcemnet come days after larger rival Binance walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals. This led to investors selling FTT, FTX's tokens.

SBF was one of the richest people in crypto, thanks to his FTX exchange, that he founded in 2019, and Alameda Research trading firm, that he founded in 2017.

He resigns as FTX’s CEO as crypto company files for bankruptcy. FTX was worth an estimated $16 billion until his assets plunged all the way down to zero on Friday.

According to a report citing the Bloomberg Billionaires Index, Sam was one of the 100 richest people in the world with an estimated worth of $16 billion on Monday, just four days before his company announced its collapse and was valued at mere $1. "I sincerely apologize," wrote SBF. In a series of tweets on Thursday, the founder assured that he will do whatever it takes to save the firm. "So, right now, we're spending the week doing everything we can to raise liquidity. I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work,” he wrote.

Revealing that the company filed for bankruptcy on Friday, the 30-year-old wrote: “Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US". “I'm really sorry, again, that we ended up here. Hopefully, things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them. Ultimately hopefully it can be better for customers,” he wrote in a Twitter thread.

Nasdaq Establishes New Digital Biz, To Offer Custody Services for Cryptocurrencies including Bitcoin and Ethereum

American stock market exchange Nasdaq has announced the launch of “Nasdaq Digital Assets,” a new business that will power the digital asset ecosystem. 

With this new digital business, Nasdaq has indicated that it is ready to offer custody services for cryptocurrencies including Bitcoin and Ethereum following increased institutional demand. Nasdaq Digital Assets Will Provide a Proprietary Custody Solution with Liquidity and Execution Services for Financial Institutions.

According the Nasdaq's press release, Nasdaq Digital Assets will initially develop an advanced custody 
solution that will incorporate liquidity and execution services to address industry challenges around connectivity, availability, and efficiency.

Nasdaq’s custody solution will bring together the best attributes of hot and cold crypto wallets through an innovative technology offering, which will provide a high degree of accessibility and scalability without compromising security. Nasdaq’s offering is subject to regulatory approval in applicable jurisdictions.

Custody services provided typically include the settlement, safekeeping, and reporting of customers' marketable securities and cash. The custodian (Nasdaq, in this case) is responsible for the safety of the financial products. With this crypto holders may make additional income on custody assets by loaning cryptos on a short-term basis. In 2022, Wall Street has increasingly taken an interest in cryptocurrencies despite the slump in prices.

Nasdaq, which is the second largest U.S. stock market exchange, has announced the introduction of custody services among its many products. According to a press release by the stock market operator, this move was motivated by increasing institutional interest. Although the post has not specified the digital assets the operator will offer, two obvious coins have captured the attention of institutional investors in the last couple of years- Bitcoin (BTC), and Ethereum (ETH).

For most institutional investors, the two largest cryptocurrencies offer the most network security, price stability, and liquidity to act as introductory investments in the crypto space.

Tal Cohen, head of North American markets at Nasdaq, expressed confidence in the latest venture, noting — "Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth."

Bloomberg has since reported that while the company is open to working with native crypto firms, there were no immediate plans to acquire a crypto firm.