<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and its top Indian <keyword id="11827681" type="UNKNOWN" weightage="20" keywordseo="seller-cloudtail">seller Cloudtail</keyword> will reportedly not renew their contract ending on May 19, 2022.</li><li>This comes amid allegations from retailers at Amazon of <keyword id="2682122" type="PERSON" weightage="20" keywordseo="Cloudtail">Cloudtail</keyword> India receiving preferential treatment from the e-commerce giant.</li><li>In February, an investigation by a media report on Amazon said that it gave preferential treatment to a small group of sellers including Cloudtail and used them to bypass Indian laws.</li></ul>US-based e-commerce titan Amazon and one of its biggest sellers in India, Cloudtail India, are <a href="https://economictimes.indiatimes.com/tech/technology/et-exclusive-amazons-cloudtail-india-to-stop-operations-from-next-may/articleshow/85179750.cms">reportedly </a>going to end ties and not renew their contract after May 19, 2022 after seven years of partnership. Cloudtail India came into existence when Amazon and Indian billionaire and cofounder of Infosys, N.R. Narayana Murthy, formed a joint venture called Prione Business Services in August 2014. This comes when Amazon has been under <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-and-flipkart-may-have-a-new-headache-as-indias-e-commerce-policy-could-also-question-their-algorithms/articleshow/81512786.cms">speculation </a>for giving preferential treatment towards sellers that it had a stake in – Cloudtail and Appario. However, the company had in the past lashed out, calling the report “unsubstantiated, incomplete, factually incorrect”. The Competition Commission of India (CCI) had also ordered investigation into Amazon and Walmart-owned Flipkart last year for allegedly promoting select sellers (those in which they own a stake) on their e-commerce platforms and using business practices that stifle competition. Cloudtail has a strong presence in the Amazon India marketplace in categories like smartphones, electronics and fashion. India’s laws in foreign direct investment (FDI) in retail restrict companies like Amazon to sell items directly to consumers and hence allegedly to bypass these laws they operate through joint ventures with local companies. Business Insider has reached out to Amazon India for comments. We will be updating the story if and when we receive a response. A Reuters investigation in <a href="https://www.ndtv.com/business/amazon-to-end-joint-venture-with-narayana-murthys-catamaran-2506532">February </a>had said that Amazon publicly called Cloudtail an independent seller offering goods on its marketplace website, but internal company documents revealed the US company was deeply involved in expanding it and used it, among other sellers, to circumvent the country's foreign investment laws. The media report showed that Amazon also gave Cloudtail, and another seller named Appario, discounted fees. Reportedly, Amazon is also in talks with the parent of Appario to determine whether it wants to renew its joint venture next year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/indian-crypto-exchange-coindcx-has-joined-the-crypto-unicorn-club-after-new-funding/articleshow/85200985.cms">CoinDCX becomes India’s first crypto unicorn as it joins the leagues of Binance, Robinhood, Ripple, and others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/tata-group-to-offer-satellite-broadband-services-in-india-through-telesats-lightspeed-brand/articleshow/85200846.cms">Tata group to offer satellite broadband services in India through Telesat’s Lightspeed brand</a>

Amazon and its top seller Cloudtail to end ties amid allegations of giving preferential treatment

<ul><li>Indian <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> have raised $6.5 billion across 160 deals in the second quarter of 2021.</li><li>Eleven startups also turned unicorns, companies valued at above $1 billion, in the same quarter.</li><li>Nearly 50% of the $6.5 billion fundraise was clocked in by top 10 deals of the April-June quarter of 2021.</li></ul>The April-June quarter of 2021 turned out to be a great one for the <keyword id="1948072" type="General" weightage="20" keywordseo="indian-startup" source="Orion">Indian startup</keyword> ecosstem despite the second wave of COVID-19 wreaking havoc across the country. As per the latest NASSCOM-PGA Labs report, India’s startups have raised $6.5 billion across 160 deals in the second quarter of 2021. Eleven startups also turned unicorns — companies valued at above $1 billion — in the same quarter, taking the total tally to 53. While many reports had previously suggested that India would have 100 unicorns by 2025, the number has been revised to 150 due to the massive uptick in funding as well as unicorn rounds.. Interestingly, 11 startups had entered the unicorn club in 2020. "Q2 2021 has been impeccable for the startup growth story. From being the most funded quarter, it has also added the most number of unicorns. Standing tall during the pandemic second wave headwinds, the Indian startup ecosystem has shown a strong resilience in this quarter," the report said. Nearly 50% of the $6.5 billion fundraise was clocked in by top 10 deals of the April-June quarter of 2021. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funding </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key investors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$800 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital and Carmignac </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareChat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$502 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tiger Global Management </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Byju’s </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$340 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS, Blackstone, ADQ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PharmEasy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$323 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prosus Ventures, TPG Growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$300 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Softbank Vision Fund, Prosus Ventures, Shunwei Capital, Venture Highway </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pine Labs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$285 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Baron Capital Group </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$277 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fidelity Investments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zeta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$250 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SoftBank Vision Fund </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cred </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$215 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falcon Edge Capital, Coatue Management </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$188 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prosus Ventures, Tiger Global Management, DF International Partners </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total of top deals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.4 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table> Innovaccer, Infra.market, Digit and Five Star Finance became unicorns in the first quarter of 2021. Urban Company, Cred, Meesho, Groww, PharmEasy, ShareChat, GupShup, Chargebee, Moglix, Zeta and BrowserStack turned unicorns in the April-June quarter. In the ongoing third quarter of July to September, another 10 startups have been added to the unicorn club. This includes, BlackBuck, Droom, OfBusiness, BharatPe, MindTickle, UpGrad, CoinDCX, Eruditus, Grofers and Zetwerk. Overall, 25 startups have entered the unicorn club in 2021 so far. SEE ALSO <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-save-your-life-an-afghan-refugee-recounts-fleeing-kabul-on-a-c-17-military-plane-and-arriving-in-the-us/articleshow/85579190.cms" data-type="tilCustomLink">An Afghan refugee who lifted his wife and toddler onto a C-17 military plane to flee Kabul tells the harrowing story of how they arrived safely in the US</a> <a href="https://www.businessinsider.in/cryptocurrency/news/visa-purchases-cryptopunk-nft-for-150000-as-it-gets-involved-in-the-booming-digital-collectibles-market/articleshow/85564627.cms">Visa purchases CryptoPunk NFT for $150,000 as it gets involved in the booming digital-collectibles market</a>

Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June

<keyword id="1589476" type="General" weightage="20" keywordseo="stocktwits" source="Orion">Stocktwits</keyword> is a social networking platform where investors can connect with others in the community to discuss all markets, whether that’s stocks, futures, crypto or foreign exchange. And, the US-based company is now entering India with fresh funds in the bank to the tune of $30 million. <div type="twitter" handle="rkhanna" handlename="Rishi Khanna" image="http://pbs.twimg.com/profile_images/463533111427346432/lgZabYp0_normal.jpeg" favoritecount="214" retweetcount="22" status="Excited to share our $30M series B from @AlamedaResearch and @timesbridge and to partner with @ramnikarora… https://t.co/wY9Y2Ds7A1" createdat="1639674799000" id="1471528881358360584"></div> The Series B round of funding led by Alameda Research Ventures — the same powerhouse that’s behind the FTX crypto exchange founded by Sam Bankman-Fried and <a href="https://www.businessinsider.in/cryptocurrency/news/sam-bankman-frieds-ftx-crypto-exchange-handed-25-billion-valuation-in-latest-funding-round/articleshow/87188061.cms">valued at $25 billion</a> — includes a partnership with <keyword id="4519251" type="General" weightage="20" keywordseo="times-bridge" source="Orion">Times Bridge</keyword> to bring its offerings to consumers in India. Times Bridge is the global investments and venture arm of The Times Group, India’s oldest and largest media and digital company, with more than 557 million active monthly users. Times Bridge has helped other companies like Airbnb, Houzz, Uber, <a href="https://www.businessinsider.in/business/news/times-bridge-announces-partnership-with-stack-overflow-to-scale-and-expand-so-enterprise-saas-offerings-in-india/articleshow/79506841.cms">Stack Overflow</a>, <a href="https://www.businessinsider.in/smule-announces-strategic-investment-from-times-bridge-in-india/articleshow/66261010.cms">Smule</a>, <a href="https://www.businessinsider.in/business/corporates/news/times-bridge-invests-in-global-meditation-company-headspace/articleshow/74111300.cms">Headspace</a> and Coursera expand their footprint across the country. <div type="ExtQuote" text="Times Bridge’s mission is to advance India's entry, scale and leadership for the world’s best ideas in India. Stocktwits is one such idea that has, for years, offered groundbreaking social solutions, and access, for retail investors worldwide. And building on the growing dynamism of the investor landscape in India, we at Times Bridge - and across The Times Group - are looking forward to harnessing the power of our assets and know-how to support the localisation, growth and impact of the Stocktwits platform across the length and breadth of India." auname="Rishi Jaitly, Founding CEO of Times Bridge"></div> <cmsannotation type="cmsannotation" annotationid="Stocktwits is about more than just stocks" comment="subhead" text="Stocktwits is about more than just stocks">Stocktwits is about more than just stocks</cmsannotation> Founded in 2008 as the world’s first social platform for investors, Stocktwits set out to transform the retail investing space by becoming a global hub for conversations among investors — from beginners to veterans. The concept of ‘cashtags’ — a digital tool for investors who want to participate and access information on companies, not unlike the hashtag — was invented on Stocktwits. The conversations on Stocktwits aren't just about stocks either. They span from futures, foreign exchange to even cryptocurrency. Instead of the ‘#’ symbol, users online can use the ‘$’ to look for specific cryptocurrencies, like $BTC for Bitcoin or $ETH for Etherum, or specific companies, like $GOOG for Google and $PEP for PepsiCo. <cmsannotation type="cmsannotation" annotationid="Capitalising on the growth of investors in India" comment="subhead" text="Capitalising on the growth of investors in India">Capitalising on the growth of investors in India</cmsannotation> The launch of Stocktwits in India corresponds with growth in the investing landscape across the country. During the year of the pandemic, FY21, the number of retail investors in the country increased by <a href="https://sbi.co.in/documents/13958/10990811/220621-Ecowrap_20210622.pdf/98268407-3a8a-bacf-085b-3daef4984292?t=1624355750351#:~:text=INCREASING%20RETAIL%20PARTICIPATION%20IN%20THE%20MARKET&amp;text=retail%20participation%20in%20the%20Indian,and%2019.7%20lakh%20in%20NSDL.">14.2 million</a>, according to data from the National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL). A lot of the new participants are first-time investors under the age of 25 years, who are from Tier II and Tier III cities. Similarly, ever since the Supreme Court <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-faqs-answered-everything-you-need-to-know-about-crypto-regulations-trading-taxes-and-cbdc-in-india/articleshow/88139203.cms">overturned</a> the Reserve Bank of India’s (RBI) blanket ban on cryptocurrencies, local crypto exchanges have seen a flood of new users. India’s leading crypto exchange, WazirX, claims to have 10 million users as of December and India’s first crypto unicorn — a startup with a valuation of more than $1 billion — CoinDCX cites 3.5 million users as of August. According to Stocktwits, the company’s social-first philosophy is perfectly placed to cater to this new generation of Indian consumers. Not only is there a surge in retail-investors but people are also turning to one another — and social media — for making investing approachable and successful. WazirX surveyed 8.5 million of its users and found out that over half of them had entered cryptocurrency trading on advice from friends and family. Currently, Stocktwits has 6 million users globally, with over a million monthly active users. In 2021, the platform saw 50% year-on-year growth. By entering India, the company is hoping to continue that momentum as more users come onboard. <div type="ExtQuote" text="India is an incredibly dynamic investor market and we are thrilled to be partnering with Times Bridge to advance our mission and expand our reach in the subcontinent. We are looking forward to making a significant mark for ourselves in the Indian market where investors spanning many generations are ready for new and innovative platforms to learn, connect, educate and profit." auname="Rishi Khanna, CEO of Stocktwits"></div> As part of this partnership, Times Bridge will catalyze strategic partnerships, platform localisation, and content for Stocktwits to drive adoption and impact across India. Disclaimer: Business Insider is a part of Times Bridge.

Stocktwits is entering India with fresh funding of $30 million and a partnership with Times Bridge

<keyword id="10245463" type="General" weightage="20" keywordseo="coinswitch-kuber" source="Orion">Coinswitch Kuber</keyword> on Wednesday said it has raised USD 260 million (around ₹1,943 crore) in a fundraising round that values it at USD 1.9 billion. The company becomes the second crypto exchange to achieve the unicorn status after rival Coindcx, even as deep concerns on the crypto currencies among the regulators continue. In business parlance, a unicorn is a privately held startup company valued at over USD 1 billion. <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">Coinswitch</keyword> Kuber was founded only 16-months ago by Ashish Singhal, Govind Soni and Vimal Sagar. It is the 30th company to enter the unicorn club this year and the youngest company ever. Other young startups to enter the unicorn club include two-year-old Apna and three-year-old BharatPe that were valued over $1 billion this year. Ecommerce platform for business Udaan and Ola’s electric vehicles (EV) arm Ola Electric turned unicorns when they were three year old. Coinswitch Kuber said it has raised money from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, <keyword id="2126501" type="General" weightage="20" keywordseo="ribbit-capital" source="Orion">Ribbit Capital</keyword>, Sequoia Capital <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>. 'a16z' is a venture capital firm known to back bold entrepreneurs building the future through technology while Coinbase is one of the early pioneers of creating a crypto economy and operates one of the world's largest crypto exchanges, as per the statement. It can be noted that the RBI has expressed its deep concerns about private cryptocurrencies like Bitcoins multiple times in the past and has conveyed the same to the government. The concerns stem from the high volatility of the instruments, lack of transparency in supply etc. Coinswitch said it will utilize the funds to make crypto a household name and is targeting to onboard 50 million Indians on its platform. The money will also be utilised to hire leaders and experts across engineering, product, data, growth to define the crypto industry in the country, adding new asset classes, onboarding institutional clients, launching an ecosystem fund and on crypto awareness, the statement said. "Coinswitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. I believe, simplifying crypto investments for the Indian youth has helped us to stand out," its co-founder and chief executive Ashish Singhal said, adding that it has reached the unicorn status within 14 months of operations in the country. Started in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar, the company was launched as a global aggregator of crypto exchanges. It launched India operations in June 2020 and presently has 10 million users in India, of which 7 million were classified as monthly active. "We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, Coinswitch has emerged as the leading retail platform in the country," David George, general partner at Andreessen Horowitz, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/forbes-400-list-of-the-richest-people-in-america-now-has-six-crypto-billionaires/articleshow/86805312.cms">Forbes 400 list of the richest people in America now has six crypto billionaires</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-trading-volume-on-binance-is-reportedly-soaring-despite-a-market-crackdown-and-regulatory-pressure/articleshow/86788343.cms">Crypto trading volume on Binance is reportedly soaring despite a market crackdown and regulatory pressure</a>

Coinswitch Kuber raises $260 million, becomes the second cryptocurrency unicorn in India

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s oldest crypto wallet will allow users to exchange <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> for pizza and ice cream vouchers.</li><li>Vouchers will only be available to users who have completed their verification process with the company.</li><li>Unocoin started in 2013 and has pivoted from the crypto wallet to crypto exchange model.</li></ul>Indian crypto exchange and wallet Unocoin is allowing users to buy consumer items with cryptocurrencies. The implementation isn’t as simple as <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">exchanging crypto</a> for a consumer item, but it is a common workaround that’s been seen before. In an announcement on August 6, Unocoin said it will allow users to use Bitcoin worth ₹100 to ₹5,000 to buy vouchers that can be exchanged for other items. <cmsannotation type="cmsannotation" annotationid="Buy pizza with Bitcoin!" comment="subhead" text="Buy pizza with Bitcoin!"><keyword id="11829418" type="UNKNOWN" weightage="20" keywordseo="buy-pizza-with-bitcoin">Buy pizza with Bitcoin</keyword>!</cmsannotation> The company’s app will have a ‘Shop’ button where vouchers for Dominos, Indian coffee chain Cafe Coffee Day, ice cream chain Baskin &amp; Robbins, and more will be available. The app will also show a dropdown menu, which includes vouchers in different INR denominations. The corresponding value of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a> will be deducted from the user’s wallet and a voucher code will be delivered to them, which can be redeemed with the corresponding brands. <div type="ExtQuote" text="While there are tens of thousands of physical outlets and e-commerce portals accepting Bitcoin as a mode of payment in countries like the US, our country doesn't have such acceptability yet. Our offering answers the popular question of where someone can spend bitcoin in India." auname="Statement by Sathvik Vishwanath, co-founder and chief executive officer of Unocoin"></div> The catch is that only customers who have completed the know-your-customer (KYC) verification process will be able to buy vouchers. The company isn’t the first one to take this approach in India though. Crypto exchange Zebpay, which also began as a wallet back in 2015, also used to allow users to exchange Bitcoin for vouchers. At the time, the company had partnered with Indian e-commerce giant Flipkart to provide vouchers that could be exchanged on the platform. Unocoin was the country’s first crypto wallet, beginning in 2013, and eventually pivoting to the exchange model. <cmsannotation type="cmsannotation" annotationid="Growing interest in crypto" comment="subhead" text="Growing interest in crypto">Growing interest in crypto</cmsannotation> Unocoin’s announcement came two days ahead of one of the biggest boosts for India’s crypto sector. Crypto exchange CoinDCX announced a <a href="https://www.businessinsider.in/investment/news/indian-crypto-exchange-coindcx-has-joined-the-crypto-unicorn-club-after-new-funding/articleshow/85200985.cms">$90 million funding round</a>, making it the first crypto unicorn from India with a valuation of $1.1 billion. The company’s funding round was led by investors like Facebook co-founder Eduardo Saverin’s B Capital, showing growing venture capital interest in crypto in India. According to <a href="https://www.business-standard.com/article/companies/coindcx-is-india-s-first-crypto-unicorn-as-country-debates-virtual-assets-121081000128_1.html">Chainalysis</a>, crypto investments in India grew by almost six times to $6.6 billion in May 2021, from $923 million in April 2020. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/venezuela-announces-its-own-central-bank-digital-currency/articleshow/85097126.cms">Venezuela is set to launch its government-backed digital currency in October as the bolivar gets a makeover</a>

India’s oldest crypto exchange is now allowing users to buy pizza, ice cream and coffee using Bitcoin

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> — not stocks — is going to be the asset-class of choice, Lightspeed Ventures said.</li><li>Lightspeed is not alone. Business Insider spoke to a few other VC firms like Pi Ventures and Speciale Invest to understand the rationale for big money chasing crypto.</li><li>Big investors with $100 trillion of capital are getting into <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, according to a Bloomberg report dated November 13.</li><li>Check out the latest news and trends in cryptocurrencies on<a href="https://www.businessinsider.in/cryptocurrency"> Business Insider</a>.</li></ul>At a time when the bigger part of the investment community is still cautious, US-based venture capital firm Lightspeed — whose popular investments include OYO, ShareChat and Epic Games — says crypto, not stocks, is going to be the asset-class of choice for the new-to-investing millennials in India and South East Asian markets. Lightspeed has already invested multi-million in blockchain technology, including cryptocurrencies, like FTX, Wintermute, Zerion, DeversiFi and Blockchain.com as of August 2021. “There is a lot more fiat (currency) that is outside of crypto entering crypto so yields in crypto are likely to stay high for the foreseeable future, and that might mean that for the foreseeable future, those that look for high yields — often the younger investors — will gravitate to crypto,” Hemant Mohapatra, partner at Lightspeed, told Business Insider. The venture capital firm believes that the high rate of interest, coupled with crypto regulation being a part of mainstream politics, are just a couple of factors that are going to attract more investors towards this value creation opportunity. “In India as well, years of regulatory pushback has begun to ease off, starting with the Supreme Court of India overturning a prior directive by the Reserve Bank of India (RBI) prohibiting banks from dealing with cryptocurrencies,” Hemant Mohapatra, partner at Lightspeed, said in a<a href="https://medium.com/lightspeedindia/lightspeeds-india-sea-crypto-landscape-7038eaa473e"> blog post</a>. ALSO WATCH: Crypto is crying for regulation because the ads are misleading <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Lightspeed is not alone in being bullish about crypto According to a <a href="https://www.bloomberg.com/news/audio/2021-11-13/big-investors-with-some-100-trillion-are-getting-crypto-curious">report</a> published by Bloomberg on November 13, institutional investors with a capital of $100 trillion are interested in investing in crypto. Global cryptocurrency monthly trading volumes have also significantly increased in 2021, growing from $271 billion in June quarter of 2020 during the first wave of covid to $2.2 trillion in May 2021. An advertisement by Indian Crypto exchanges, launched in November 2021, said that Indians have ₹6 lakh crore invested in cryptocurrencies triggering a spate of social media conversations on the topic of their legitimacy. <div type="image" title="The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone" msid="87710484" hostid="261"></div> The craze of crypto currencies is also imminent in India, as one in six urban Indians intend to invest in these virtual tokes in the next six months, according to a consumer research firm <a href="https://www.financialexpress.com/brandwagon/16-urban-indians-currently-own-cryptocurrency-kantar-study/2338566/">Kantar</a>. This has the potential to eat into the larger investment pie according to Shubham Sandeep, principal at investment firm Pi Ventures (known for backing startups like Locus, Agnikul and Google-backed Wysa). This cannot be defined as a capital outflow but more like an opportunity lost for equity investments. “The last generation wanted to invest in real estate, then came the generation of 90s-2010s when their investments went into equity and over the next 10-20 years, the upcoming generation will get their first exposure on investment through crypto,” Sandeep added. He noted that investments are not being diverted from equity to crypto as of now. The volatility of the crypto market has allowed investors to maximise their profits from this underregulated segment. It is also getting much earlier to use these virtual currencies for varied uses. “But it is not for the faint hearted,” Sarabjot Singh Anand, director of computer science and engineering at School of Engineering and Technology, adds. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage growth in 2021 to date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bitcoin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">127.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ethereum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">555% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Binance Coin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1628% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cardano </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,071% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Doge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,614.22% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The market still has a long way to go, Avinash Shekhar, co-CEO of ZebPay and a member of Blockchain and Crypto Assets Council (BACC), noted. The remarkable growth and returns of cryptocurrencies is the major reason why $8 billion was invested in this crypto and blockchain domain in 2021 so far. Indian companies — CoinDCX, Coinswitch Kuber and others — have raised half a billion dollars this year as well. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fundraise </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FTX </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$900 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paradigm, Sequoia Capital, Ribbit Capital </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$440 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Fidelity Management and Research Company, Marshall Wace, Digital Currency Group </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ledger </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$380 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10T Holdings, Cathay Innovation, Draper Esprit, Draper Associates, Draper Dragon, DCG </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BlockFi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$350 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana Labs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$314 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Andreessen Horowitz, Polychain Capital, Alameda Research </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> “Cryptocurrencies undoubtedly have the potential to give high returns, but as they say, there is no free lunch. So the high returns come with greater risk.... I personally feel that crypto will become part of most institutional and individual portfolios which will see money flowing out of stocks but stocks will continue to remain an important part of any portfolio,” he added. Regulation is not necessarily a bad thing The India Parliament is <a href="https://www.cnbctv18.com/cryptocurrency/govt-likely-to-move-cryptocurrency-bill-in-parliaments-winter-session-work-on-to-modify-bill-11385552.htm">reportedly</a> planning to debate a new bill on the cryptocurrency bill in the Winter Session. You can read the highlights of what the bill is likely to propose <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-will-still-have-a-few-hurdles-to-clear-before-becoming-a-law-even-if-the-cabinet-approves/articleshow/85397358.cms">here</a>. “Government has pulled back from a blanket ban and we do expect, and welcome, thoughtful regulation to bring crypto safely and broadly to the masses in ways that allows the benefits of crypto to see into tradfi [Traditional Finance] and avoids the common pitfalls and risks that this emerging ecosystem presents,” Mohapatra said. Arjun Rao of Speciale Invest — an investor in The ePlane Company, RocketLane and others — echoed the same, highlighting there is a greater scope of innovation in crypto as well. “We expect more innovation in crypto and conducive regulation to be the main drivers of increase in crypto investing in the coming years, the impact of macro economic trends (like rise in inflation) is harder to predict,” he told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/science/news/blue-origin-teaches-space-tourists-who-land-in-the-desert-what-to-do-if-their-rocket-lands-next-to-a-cactus/articleshow/87698700.cms">Blue Origin teaches space tourists who land in the desert what to do if their rocket lands next to a cactus</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-sold-nearly-7-billion-worth-of-tesla-stock-this-week-and-says-hes-incurring-higher-taxes-on-purpose/articleshow/87699239.cms">Elon Musk sold nearly $7 billion worth of Tesla stock this week - and says he's incurring higher taxes on purpose</a> <a href="https://www.businessinsider.in/tech/news/former-spacex-engineer-accuses-company-of-racial-discrimination-denying-its-claims-that-he-was-fired-for-making-inappropriate-facial-expressions/articleshow/87699444.cms">Former SpaceX engineer accuses company of racial discrimination, denying its claims that he was fired for making inappropriate facial expressions</a>

The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone

<ul><li><keyword id="12048182" type="General" weightage="20" keywordseo="crosstower" source="Orion">CrossTower</keyword> estimates that the crypto industry can add $1.1 trillion to India’s economy over the next 11 years.</li><li>In an interview with Business Insider, co-founder and CEO Kapil Rathi highlighted that while India doesn’t need a new regulator for the crypto industry, the traditional way of handling securities and assets won’t be sufficient.</li><li>The regulation also needs to be equipped to handle new players like decentralised organisation, wallet managers and custodians.</li></ul>Global crypto exchange CrossTower estimates that blockchain technology could add $1.1 trillion to India’s economy over the next 11 years — “but only with the right policies and regulatory framework.” But, that doesn’t necessarily mean setting up a whole new regulatory system for the crypto sector. Instead, the Indian authorities should create an off-shoot or sub-division within an existing regulatory body and invest in the right resources, according to co-founder and CEO of CrossTower, Kapil Rathi. <div type="ExtQuote" text="I don’t think we want to create another regulator [for cryptocurrencies in India] — crowding the field when it comes to regulation is never a good idea." auname="Kapil Rathi, co-founder and CEO of CrossTower, told Business Insider in an interview"></div> CrossTower pegs the success of the crypto industry in India on public-private partnerships, grants and frameworks for education, sandboxes for regulatory clarity, venture capital programs and incentives for foreign investment. <cmsannotation type="cmsannotation" annotationid="Old-school framework for traditional assets won’t work for cryptocurrencies and blockchain" comment="subhead" text="Old-school framework for traditional assets won’t work for cryptocurrencies and blockchain">Old-school framework for traditional assets won’t work for cryptocurrencies and blockchain</cmsannotation> According to Rathi, while India doesn’t need a new regulator just for cryptocurrencies, the existing framework for regulating assets or securities will not be sufficient when it comes to tokenomics. It will take specialisation to be able to tell the scams from the legit projects. Moreover, the cryptoverse has players that the traditional world of assets never had to deal with like custodians and crypto wallet companies. “These kind of nuances don’t really exist in the traditional asset classes,” Rathi explained. According to a cabinet note seen by <a href="https://www.ndtv.com/business/all-private-cryptocurrency-will-be-regulated-not-banned-sources-2634414">NDTV</a>, India’s markets’ watchdog — the Securities and Exchange Board of India (SEBI) — will be incharge of regulating crypto exchanges in India. “You can’t apply the traditional assets’ framework on a new technology and a new asset class, where some of these tokens are not even run by organisation — there are no companies to go out to,” Rathi told Business Insider in an interview. CrossTower has based its $1.1 trillion estimate on three factors — the scope of India’s startup ecosystem, the young age of the country’s population, and the projected growth of local developers. As these aspects mature, India will attract more capital inflows from abroad, provided it keeps its doors open to the rest of the world. <div type="ExtQuote" text="The ecosystem is venture capitalists (VCs), investments, blockchain platforms — like Alogrand, Solana and Polkadot… Investment, the capital and the foreigh direct investments (FDI) will start coming in from VCs, as well as these international protocols, as stakeholders start looking at India as a potential [location] to expand their global footprint." auname="Kapil Rathi, co-founder and CEO of CrossTower, told Business Insider in an interview"></div> <cmsannotation type="cmsannotation" annotationid="India will need to invest resources to get crypto right" comment="subhead" text="India will need to invest resources to get crypto right">India will need to invest resources to get crypto right</cmsannotation> Whether it’s SEBI at the helm or any other organisation, additional resources will have to be invested in educating the employees or hiring the right talent, according to Rathi. “I can’t imagine people who have regulated commodities or even securities 20-30 years ago are 100% equipped to understand the intricacies of this asset class,” he told Business Insider. <cmsannotation type="cmsannotation" annotationid="India’s digital dream may need to pivot" comment="subhead" text="India’s digital dream may need to pivot">India’s digital dream may need to pivot</cmsannotation> According to Startup India, the country has the third largest startup ecosystem in the world — home to approximately 50,000 startups as of 2018, 20% of which were tech startups. It currently has the highest natively digital population in the world, with a developer base of 2.8 million. By 2023, barely two years down the line, India is projected to have more developers than any country around the world. Last year, lending tech startups in India’s ‘Silicon Valley’, Bengaluru, attracted $682 million in VC funding. “Given lending is a significant past of DeFi [decentralised finance], digital asset startups can likely add on to this funding figure,” noted CrossTower’s report. India is also home to two unicorn startups. Both CoinSwitch Kuber and CoinDCX, announced fresh funding this year with valuations exceeding $1 billion. <div type="ExtQuote" text="India’s geopolitical power, status and leadership over the next 20 years is inextricably linked to the policies and regulatory framework that it implements today with respect to digital assets and the Web 3.0 industry." auname="Cross Tower’s report on ‘India’s $1.1 Trillion Digital Asset Opportunity’ dated December 6"></div> Rathi and fellow co-founder of Cross Tower Kristin Boggiano have been in India over the past week talking to regulators and policy makers. According to them, the framework of the bill is evolving everyday. However, the overall sentiment seems to be positive. <div type="ExtQuote" text="Given the way the government's perspective is evolving, it’s going to be a gradual process. Step one is a willingness to understand the technology [and] a willingness to create a regulatory framework." auname="Kapil Rathi, co-founder and CEO of CrossTower, told Business Insider in an interview"></div> CrossTower is rated to be the fourth highest-rated crypto exchange globally by <a href="https://www.cryptocompare.com/exchanges/#/overview">CryptoCompare’s</a> grading system. According to trading volume, however, it ranks 105 on <a href="https://coinmarketcap.com/rankings/exchanges/">CoinMarketCap’s</a> tracking platform. In October, CrossTower hit a personal all-time-high of $587 million in trading volume. The milestone comes a month after the crypto exchange began to offer service in India on September 30. It’s market share also gew by 63% with total assets under management (AUM) coming upto $150 billion. CrossTower’s total global trading volume comes up to $3 billion as of December 8 since its inception last year. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/superrare-nft-sells-for-more-than-2-million-a-20000-fold-increase-in-value-over-three-years/articleshow/88144376.cms">SuperRare NFT sells for more than $2 million — a 20,000-fold increase in value over three years</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-faqs-answered-everything-you-need-to-know-about-crypto-regulations-trading-taxes-and-cbdc-in-india/articleshow/88139203.cms">Crypto FAQs answered — everything you need to know about crypto regulations, trading, taxes and CBDC in India</a>

INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO

<ul><li><keyword id="6422582" type="UNKNOWN" weightage="20" keywordseo="Crypto-Exchanges">Crypto exchanges</keyword> in India are looking to form a new lobby and push for self-regulation.</li><li>This new coalition will be formed under IndiaTech, an industry body that represents other startups like Ola, MakeMyTrip, and Dream11.</li><li>Zebpay has confirmed its participation and other <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges are reportedly mulling it over.</li></ul>Crypto exchanges are joining hands to create a new lobby in India as regulatory uncertainty still looms overhead. And, this new lobby will be under the umbrella of IndiaTech — an industry body representing the country's leading internet startups like Ola, MakeMyTrip, Nykaa, Dream11, and more. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Crypto exchange</a> ZebPay has already confirmed its plans to join IndiaTech while other exchanges are still mulling it over, according to the <a href="https://economictimes.indiatimes.com/tech/technology/top-crypto-exchanges-plan-multi-pronged-push-for-regulation/articleshow/83716658.cms">Economic Times.</a> The new lobby won’t replace the work already being done with the Internet and Mobile Association of India (IAMAI), but be another avenue for these nascent companies to make their case to the Indian government, banks and other regulatory authorities. CoinDCX, a competing crypto exchange, is already a ‘standard member’ of IndiaTech. Self-regulation may buy crypto exchanges sometime Regulating an industry like crypto is not a straightforward task. Intricate details of new legislation can take months or even years to be prepared. India’s <a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms">Personal Data Protection Bill</a> has been stuck in the pipeline for three years as concerns over data usage and privacy have continued to escalate. In uncertain circumstances, the government has opted for a unique approach to address its issues with self-regulation. With this, the government not only looks like it’s taken a stance against what it believes to be against the law, but it has also passed the buck onto the organisations themselves to stay in line. For instance, over-the-top (OTT) players like Netflix and Prime Video were asked to <a href="https://www.businessinsider.in/policy/news/self-regulation-code-adopted-by-disney-hotstar-amazon-prime-and-other-ott-platforms-what-is-this-code/articleshow/78009955.cms">self-censor the content</a> back in 2019. This bought them two years. Come 2021, the government issued the <a href="https://www.businessinsider.in/tech/news/indias-new-rules-for-ott-platforms-could-lead-an-increase-in-content-related-disputes/articleshow/81306652.cms">new IT Rules</a> that may solve grievance redressals but brings up issues of content-related disputes. Following the same strategy, IndiaTech introduced a <a href="https://www.indiatech.org/wp-content/uploads/2021/05/IndiaTech.org_Crypto_Policy_Proposal_2021.pdf">whitepaper</a> in May 2021, proposing a five-point framework to regulate or monitor the industry. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">A new avenue to show the Indian government that crypto exchanges are serious about regulation</h2> Leading crypto exchanges in the country have also <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">created</a> a new industry body called the Blockchain and Crypto Assets Council (BACC) under the aegis of IAMAI. These companies, which include Zebay, WazirX, and others have created self-regulating guidelines for money laundering, financial terrorism, and foreign exchange blunders. Until the government finds a solid regulatory body or framework, the self-imposed rules can help ease friction. Crypto exchanges and many experts have urged the government to consider <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-classification-in-india-as-asset-may-not-solve-regulation-problem/articleshow/83434444.cms">cryptocurrencies as an asset class</a>, removing any doubt that it could potentially affect the country's fiat currency -- the rupee. At the same time, crypto exchanges are in overtime mode, reaching out to the government, banks, financial institutions, and more to seek acceptance and make way for a crypto future. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">Uber, Ola, Dream11 and others went through similar hurdles</h2>India is infamous for its bureaucracy and red tape, a hurdle that every startup on the cusp of innovation has had to deal with. <a href="https://www.businessinsider.in/business/startups/news/uber-and-ola-are-not-acting-as-a-cartel-says-india-supreme-court/articleshow/79751539.cms">Uber and Ola</a> faced a hard time getting legal protection or approval. The entire country was under the control of cab mafias and unions that restricted a free market-like play. A considerable amount of dialogue and convincing was required to make cab-hailing services the new norm. Similarly, Dream11 faced a <a href="https://www.businessinsider.in/dream-11-gets-a-big-boost-from-bombay-hc-verdict/articleshow/69858772.cms">unique challenge</a> of operating its business since betting is considered illegal in the country. How do you pitch fantasy sports and their prediction as not ‘gambling’? The company defended its model by saying users require skills to make informed or correct decisions, improving their winning chances. In line with the stock market, it's a healthy mix of fundamental knowledge and market-based speculation. Today, a plethora of players like MPL, CricPlay, and more are leading the segment. And, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> want to paint a picture of being like any of these other startups by associating themselves with IndiaTech. Just as these other services were too unique to be judged from the top, crypto exchanges too are merely ahead of their time. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms">CityMall, a startup that helps budding entrepreneurs start their ventures on WhatsApp, has raised over $22 million</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms">Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way</a>

There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation

The saga behind $610 million Poly Network cryptocurrency theft — everything we know about the mysterious hacker behind the attack and what went down over the last three days

<ul><li><keyword id="5940" type="PERSON" weightage="20" keywordseo="Louis-Vuitton">Louis Vuitton</keyword>’s smartphone game ‘Louis: The Game’ will release on Android and iOS devices next week.</li><li>It will feature Louis Vuitton’s mascot Vivienne, and players will have to go through a quest-filled journey about the brand’s history.</li><li>The game will also reportedly feature embedded NFTs.</li></ul>The world’s most valuable luxury brand, Louis Vuitton — estimated to be worth $47.2 billion — is launching a video game embedded with non-fungible tokens (<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFTs</a>). The game, called ‘Louis: The Game’, is a first-person story quest. And, the main character is the luxury brand’s mascot Vivienne, a wooden doll who ventures out on a journey across the company’s history. <div type="image" title="vivenne" msid="84883402" hostid="261" caption="&amp;lt;p&amp;gt;The game will feature Louis Vuitton&amp;#39;s mascot Vivienne.&amp;lt;/p&amp;gt;"></div> The hype behind NFTs saw a whopping <a href="https://www.businessinsider.in/cryptocurrency/news/nft-sales-volume-soared-to-2-5-billion-in-the-first-half-of-2021-as-artists-celebrities-and-even-twitter-and-cnn-joined-the-crypto-craze/articleshow/84203543.cms">$2.5 billion</a> in sales volume during the first six months of 2021. Whether or not Louis Vuitton’s NFTs will be valuable or not is a question that is yet to be answered, but it may pique the interest of digital savvy and younger customers. The French brand is no stranger to crypto or <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">blockchain</a> technology. It has been using digital certificates to <a href="https://www.lifestyleasia.com/sg/style/fashion/louis-vuitton-prada-cartier-aura-luxury-blockchain-technology">authenticate</a> its products. Each certificate shows the raw materials used in a product, where it was manufactured, and where the product was ultimately bought. Louis Vuitton’s latest experiment, Louis: The Game, will hit the shelves on August 4 on both Android and iOS. <cmsannotation type="cmsannotation" annotationid="Louis Vuitton’s NFT game will at least be pretty" comment="subhead" text="Louis Vuitton’s NFT game will at least be pretty">Louis Vuitton’s NFT game will at least be pretty</cmsannotation> Vivienne, embellished in the iconic Louis Vuitton flower design, will lead the quests, according to a report by Austrian publication <a href="https://kurier.at/freizeit/mode-beauty/louis-vuitton-handy-game-ios-iphone-android/401444422">Kurier</a>. As Vivienne progresses through the game by completing various quests — each of which unfolds one part of the brand’s history — users will be able to pick up collectible items in the form of NFTs. The gameplay seems quite generic with the focus more on the visuals that will portray the brand’s history. It’s not confirmed if the game will be available globally or only in select regions. <cmsannotation type="cmsannotation" annotationid="This is not the first time that Louis Vuitton’s has come out with a video game" comment="subhead" text="This is not the first time that Louis Vuitton’s has come out with a video game">This is not the first time that Louis Vuitton’s has come out with a video game</cmsannotation> This isn’t Louis Vuitton’s first foray into games. Back in 2019, Louis Vuitton <a href="https://hypebeast.com/2019/7/virgil-abloh-louis-vuitton-endless-runner-video-game">launched</a> a video game on its website to showcase its creative director Virgil Abloh’s FW2019 runway collection. It’s an endless runner game where players collect Louis Vuitton-themed tokens as they jump over obstacles — like Subway Surfer or Temple Run. <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Lightning, the protagonist of Final Fantasy XIII, was featured in Louis Vuitton’s Spring-Summer 2016 collection. The brand also partnered with Riot Games to launch a capsule collection for League of Legends — players could buy limited edition skins for their characters. <div type="image" title="lv x lol" msid="84883453" hostid="261" caption="&amp;lt;p&amp;gt;Louis Vuitton x League of Legends &amp;lt;/p&amp;gt;"></div> This time, the NFT game is in commemoration of Louis Vuitton's 200th birthday. The brand also has a documentary planned on Apple TV called Looking for Louis, and other events for later this year. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/indias-coindcx-may-be-the-newest-crypto-exchange-to-join-the-unicorn-club/articleshow/84854934.cms">India’s CoinDCX may be the newest crypto exchange to join the unicorn club: Report</a> <a href="https://www.businessinsider.in/cryptocurrency/news/after-seizing-47-million-south-korea-wants-to-double-down-on-crypto-tax-evaders/articleshow/84854750.cmshttps://www.businessinsider.in/cryptocurrency/news/after-seizing-47-million-south-korea-wants-to-double-down-on-crypto-tax-evaders/articleshow/84854750.cms">After seizing $47 million from crypto tax dodgers, South Korea is looking to tighten the net</a> <a href="https://www.businessinsider.in/cryptocurrency/news/maharashtra-karnataka-and-telangana-plan-to-use-ethereum-in-their-fight-against-fake-degrees/articleshow/84823688.cms">This Indian startup is using Ethereum to help Maharashtra, Karnataka and Telangana fight against fake degrees</a>

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