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<ul><li>India’s first crypto unicorn <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> is organizing <keyword id="14639251" type="General" weightage="20" keywordseo="Unfold-2022" source="Orion">Unfold 2022</keyword>, a web 3 event hosting developers, crypto enthusiasts and venture capitalists in the field. </li><li>The crypto exchange CoinDCX has over 13 million users in India. </li><li>Bounties worth $50,000 are up for grabs at the event for Indian web 3 developers. </li><li>The web 3 event announced the launch of a new <keyword id="4164994" type="General" weightage="50" keywordseo="defi" source="Orion">DeFi</keyword> app called <keyword id="14818768" type="General" weightage="50" keywordseo="okto" source="Orion">Okto</keyword>, allowing access to 100+ decentralized apps. </li></ul>With over 13 million users in India, one of the largest crypto exchanges in the country, CoinDCX kickstarted its three-day Web3 event Unfold 2022 today in India’s Silicon Valley, <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>. The crypto exchange became India’s first crypto unicorn in August 2021. CoinDCX also announced its waitlist campaign for a first-of-its-kind, easy to access mobile app called the Okto on Friday. Okto is inspired from Octopus which is an inherently intelligent creature. What the crypto exchange is offering is a keyless self-custodial wallet backed by multiple layers of security that allows native access to 100+ decentralized apps. Indian users will be able to access the Okto wallet with CoinDCX Pro app to securely navigate opportunities in DeFi and globally it will be launched as a standalone Okto app. With this app users can access thousands of tokens from multiple DEXs across chains in your mobile and discover high yield generating opportunities. CoinDCX launched CoinDCX Ventures in May 2022, a project to help build and mentor the Web3 startups in India. Unfold 2022 will host crypto enthusiasts, developers and web 3 venture capitalists under one umbrella. Web 3 is a new iteration of the world wide web, which aims to make ownership of data less centralized. This is done using decentralization and blockchain-based technologies. CoinDCX’s web 3 event Unfold 2022 will begin from August 26th to August 28th and put under limelight the crypto community of India. Bounties worth over $50,000 are up for grabs for Indian web 3 developers at the day of the hackathon being held at the event. India has also implemented new tax rules to regulate the cryptocurrency industry from July 1, which asks for 1% TDS to be deducted on transfer of crypto and other virtual assets. There has been considerable discussion in the crypto community on how best to support web 3 innovation in India. This conversation comes against the backdrop of the upcoming event, as Business Insider talks to Rohit Jain, Managing Director of CoinDCX Ventures. How large is India’s web3 ecosystem and how’s it poised to grow? How can your event Unfold 2022, help bring synergy into the web3.0 community in India? India today has the second largest crypto user base in the <a href="https://go.chainalysis.com/rs/503-FAP-074/images/Geography-of-Cryptocurrency-2021.pdf">world</a>. We believe that with increasing regulatory certainty, India will probably have the largest pool of web3 developers in the world in the next two years. When Web2 was developing, it was a different story as the digital economy was not strong. That story will change with Web3 developers. India will see more unicorns coming out of the Web3 space as compared to the Web2 space. <a href="https://www.unfold2022.com/">Unfold 2022 </a>will help grow the web3 community in India with the theme for the conference being “innovation” and answer the question- How will Indian web3 space look like 12-24 months from now? There are three components to this event- hosting India’s largest web3 conference on August 26. The second day is demo day. As many as 20-25 Web3 venture capitalists are coming forth to invest in Web3 projects in India. A three-day hackathon, which is India’s largest multi-chain hackathon, will have a large number of teams participating in it. Will VC funding affect the decentralized nature of the crypto industry? We have invited some of the most active Web3 investors in the space to Unfold 2022. Innovation requires money and venture capital funding does not change the core of the crypto industry. There are certain terms and conditions the VCs have to agree upon before investing in a project. The decentralized nature of a token, post its launch, will remain the same. The rights of the VCs will differ in decentralized projects. What are the most promising Web3 projects that are being built in India? There are numerous web3 projects that we are excited about. CoinDCX has recently invested in some of these projects. One is <keyword id="5182473" type="General" weightage="50" keywordseo="epns" source="Orion">EPNS</keyword>, a web3 notification layer service. Another one, <keyword id="12830501" type="General" weightage="50" keywordseo="liminal" source="Orion">Liminal</keyword>, is building a Web3 custody solution. Router and Cinder are some other promising companies we have invested in. When a multichain environment exists, you need a sound infrastructure to form a bridge across chains. That is the pain point these companies are trying to resolve. What’s next on CoinDCX’s expansion agenda? Which pockets are you seeing value in? We want to grow the web3 space in India and the team is working on multiple initiatives based on customer feedback. Real-world use cases of DeFi are quite challenging and naturally this means the number of DeFi users globally is quite small. How do you onboard the next billion DeFi users globally? Web2 has moved towards a single click experience while DeFi is still a 10 clicks experience. We want to launch a user interface service which contributes to making the use of DeFi a one-click seamless experience. CoinDCX Ventures, an arm that helps fund web3 startups in India was launched in May 2022. Given the regulatory uncertainty right now, how do you see this space evolving for web3 startups in India? The regulatory environment globally is moving in lockstep. Global regulators are trying to figure out how to regulate the crypto ecosystem. When laws were drafted, they weren’t done keeping the nature of decentralized business in mind. The regulator is not against innovation but it will take patience and understanding to redraft the set laws. Governments are trying to protect the users while simultaneously trying to understand the crypto space. The secular trend is upwards and this is a global phenomenon. As long as you are helping improve a customer’s life, in the long term, web3 space in India will be fine. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/now-pm-modi-bats-for-flexible-workplaces-and-says-they-help-women/articleshow/93789410.cms">Now, PM Modi bats for flexible workplaces and says they help women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/syrma-sgs-technology-lists-at-19-premium-slightly-below-grey-market-expectations/articleshow/93790852.cms">Syrma SGS Technology lists at 19% premium slightly below grey market expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/lamborghini-to-reportedly-launch-its-first-hybrid-car-in-india-next-year-electric-car-may-debut-in-2028/articleshow/93793333.cms">Lamborghini to reportedly launch its first hybrid car in India next year, electric car may debut in 2028</a>

‘Within 2 years, India will have the largest pool of web3 developers in the world’

<ul><li>Revise has raised $3.5 million in its first funding round led by AlphaWave Global and 8i.</li><li>The startup that allows developers to make <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> change their properties and react to real world events.</li><li>It plans to use this capital to aid its hiring and expansion plans.</li></ul>Revise — a startup that allows developers to make non-fungible token (NFT) more interactive — has raised $3.5 million in its first funding round. The goal of the startup is to make NFT change their properties, and this could change NFTs from static images to interactive ones that can react to applications and real-world events. One example of it can be a football NFT changing its media content based on the performance of a team in the real world. The company is also using data structure to add a layer of governance for storage that could help developers settle disputes, if any. Revise’s $3.5 million seed round was led by AlphaWave Global and 8i. Sandeep Nailwal of Polygon, Scott Lewis of DEFI Pulse, Utsav Somani of AngelList, Bharat Founders Fund and Rahul Chaudhary of Treebo also participated in this round. It plans to use this capital to aid its hiring and expansion plans. The company has been founded by serial entrepreneurs Anil Dukkitpatty and Raunaq Vaisoha, who previously build a blockchain startup Elemential Labs that world with large enterprises including National Stock Exchange (NSE), National Securities Depository Limited (NSDL), ICICI Bank and others. As NFTs go from culture to utility, Revise aims to lower the barrier to programming NFTs. With Revise in their toolkit, developers can offer creative and powerful utilities to their community through their NFT without sacrificing governance” Vaisoha added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-in-india-in-june-5g-service-rollout-by-august-2022/articleshow/91169096.cms">5G spectrum auctions inch closer to reality, service rollout by August-September likely</a> <a href="https://www.businessinsider.in/stock-market/news/axis-bank-tata-power-biocon-vedanta-among-trending-stocks-to-watch-out-for-on-april-29/slidelist/91166780.cms" data-type="tilCustomLink">Axis Bank, Tata Power, Biocon, Vedanta among trending stocks to watch out for on April 29</a> <a href="https://www.businessinsider.in/stock-market/news/lic-ipo-grey-market-is-already-indicating-a-premium-of-45/articleshow/91162053.cms" data-type="tilCustomLink">LIC IPO: Grey market is already indicating a premium of ₹45 for the public issue that is opening on May 4</a>

Revise bags $3.5 million to make NFTs interactive

<ul><li>The round was led by Sequoia Capital India, followed by the likes of SoftBank Vision Fund 2.</li><li><keyword id="2462624" type="General" weightage="20" keywordseo="polygon" source="Orion">Polygon</keyword> was founded by Sandeep Nailwal, Jaynti Kanani and Anurag Arjun in 2017.</li><li>The funds will be raised through a private sale of Polygon’s native MATIC token.</li></ul>Homegrown blockchain technology firm Polygon has raised $450 million from more than 40 venture capital firms. The round was led by Sequoia Capital India, followed by the likes of SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and others. Brevan Howard’s Alan Howard and Canadian businessman Kevin O’Leary, popularly known as Mr Wonderful on ABC’s Shark Tank, also participated in the round. <div type="ExtQuote" text="“Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem.”" auname="Statement by Shailesh Lakhani, managing director at Sequoia Capital India"></div> The funds will be raised through a private sale of Polygon’s native MATIC token. The cryptocurrency did dip during the January doldrums, but its price is back up at ₹151 as of February 8 at 11:00 a.m., Indian Standard Time (IST). Polygon is among the top 20 biggest cryptocurrencies in the world with a market value of ₹1.1 lakh crore. <cmsannotation type="cmsannotation" annotationid="What is Polygon?" comment="subhead" text="What is Polygon?">What is Polygon?</cmsannotation> Polygon, originally known as the Matic Network, launched back in 2017 with Sandep Nailwal, Anurag Arjun and Jaynti Kanani as its founders. The platform is built around the Ethereum blockchain, which can be used for developing other decentralised apps (DApps) like decentralised finance (DeFi) and non-fungible tokens (NFTs) and decentralised autonomous organisations (DAOs). Simply put, Polygon is designed to solve scalability and usability issues that exist in the Ethereum blockchain, without compromising an app’s core decentralised aspect. <div type="ExtQuote" text="“Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution. Technological disruption didn’t start with Web2, nor is it going to end there.”" auname="Statement by Sandeep Nailwal, co-founder and chief executive of Polygon"></div> Decentraland, one of the biggest metaverse projects in the world right now, added Polygon to its platform in 2021 to solve the issues that users were facing with Ethereum. OVR, an augmented reality (AR) metaverse based on Ethereum, also moved over to Polygon recently due to Ethereum’s inherent issues. Overall, the Polygon network has more than 130 million unique addresses and over 2.67 million monthly active users who are generating some 3 million transactions per day. The company had raised a “<a href="https://economictimes.indiatimes.com/tech/startups/polygon-crypto-gets-funding-from-billionaire-investor-mark-cuban/articleshow/82965262.cms?from=mdr">sizable investment</a>” from US-based billionaire entrepreneur Mark Cuban last May. Just last month, Polygon onboarded YouTube’s head of gaming, Ryan Wyatt, to lead Polygon Studios — the part of its business that works on bringing game and other media entities onto the network. SEE ALSO: <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-wilmar-tvs-motor-bharti-airtel-irctc-and-other-hot-stocks-on-february-8/slidelist/89418927.cms">Adani Wilmar, TVS Motor, Bharti Airtel, IRCTC and other hot stocks on February 8</a> <a href="https://www.businessinsider.in/business/startups/news/interview-indias-latest-software-unicorn-is-wetting-its-feet-in-america-after-holding-its-horses-for-seven-years/articleshow/89409491.cms">INTERVIEW: India’s latest software unicorn is wetting its feet in America after holding its horses for seven years</a> <a href="https://www.businessinsider.in/business/startups/news/future-groups-kishore-biyani-mohandas-pai-and-68-others-invest-in-former-twitter-india-heads-latest-startup/articleshow/89403045.cms">Future Group’s Kishore Biyani, Mohandas Pai and 68 others invest in former Twitter India head’s latest startup</a>

Mark Cuban-backed Polygon raises nearly half a billion dollars from 40 VCs led by Sequoia

<ul><li><keyword id="13446536" type="General" weightage="100" keywordseo="cypher-capital" source="Orion">Cypher Capital</keyword> has set aside $40 million of its seed fund towards Indian cryptocurrency and blockchain startups.</li><li>The private venture capital firm says it has already invested in fifteen Indian companies, including <keyword id="13448331" type="General" weightage="20" keywordseo="SolRazr" source="Orion">SolRazr</keyword> and <keyword id="13448332" type="General" weightage="20" keywordseo="Safle" source="Orion">Safle</keyword>.</li><li>Business Insider caught up with the company at the 2022 AIBC UAE Expo to understand the firm's plans for India.</li></ul>Cypher Capital, a private venture capital firm, announced the launch of a $100 million <keyword id="12046940" type="General" weightage="20" keywordseo="blockchain-fund" source="Orion">blockchain fund</keyword>, and it aims to invest 40% of it in Indian cryptocurrency and blockchain startups. Cypher Capital is a UAE-based venture capital firm and it has made investments in fifteen Indian blockchain startups like SolRazr and Safle. While SolRazr is a new Solana-based decentralised platform, Safle offers storing digital identities and over 500 digital assets, protected using a master key. There is a reason the firm has reserved a $40 million seed fund for Indian startups – India has over 100 million cryptocurrency users, and despite the regulatory uncertainty and adverse comments, Cypher Capital’s Vineet Budki is confident that the policies will normalise over time. And it’s not just Cypher Capital that is bullish on the Indian market – in 2021 alone, Indian cryptocurrency and blockchain startups saw funding worth $638 million, <a href="https://economictimes.indiatimes.com/news/economy/finance/india-bags-638-million-in-cryptocurrency-blockchain-funding-in-2021/articleshow/88626670.cms">according</a> to industry tracker Tracxn. This includes some big names like Andreessen Horowitz, Sequoia India, Kalaari Capital and Antler India. “India with its 100 million crypto users is the next big market for cryptocurrency adoption and we believe in educating people on the use cases like DeFi (Decentralised Finance) lending and borrowing, play to earn, etc., and handholding blockchain startups to build valuable companies,” said Vineet Budki, managing partner of Cypher Capital. Business Insider caught up with Vineet Budki at the 2022 AIBC UAE expo, to understand why his company is bullish on the prospects of cryptocurrency and blockchain in India. Here’s what he had to say: <cmsannotation type="cmsannotation" annotationid="Looking beyond the speculative strain of crypto trading" comment="subhead" text="Looking beyond the speculative strain of crypto trading">Looking beyond the speculative strain of crypto trading</cmsannotation> Blockchain has multiple use cases, theoretically, but not all of them can or are needed to be implemented in the real world, as things stand today. However, one of the areas where blockchain can help is the tokenisation of physical assets, allowing investors to own assets that they otherwise wouldn’t be able to due to the amount of capital needed. This way, large assets can be divided into smaller fractions, bringing down the required capital outlay so more people can afford to purchase those assets. Apart from this, Budki also stated that the recent policy clarifications regarding prohibiting set-off of losses across various cryptocurrency coins, the 1% TDS on every crypto trade and the 30% tax on gains are not causes for concern to the firm. He justifies this stance by saying that over a longer period of time, these regulations will stabilise and there will be certainty as mass adoption of cryptocurrencies and blockchain will drive regulation and help it evolve. Disclosure: The author attended the event at the invitation of Cypher Capital, who paid for travel and accommodation. However, the editorial piece is independent and has not been shared with the firm before publishing. SEE ALSO: <a href="https://www.businessinsider.in/india/news/no-more-covid-19-restrictions-except-for-masks-in-india-from-march-31-2022/articleshow/90394109.cms">No more COVID-19 restrictions except for masks in India from March 31</a> <a href="https://www.businessinsider.in/tech/enterprise/news/could-the-days-of-mooching-off-netflix-accounts-come-to-an-end-in-india-heres-what-experts-say/articleshow/90372447.cms">Could the days of mooching off Netflix accounts come to an end in India? Here’s what experts say</a> <a href="https://www.businessinsider.in/cryptocurrency/news/russian-individuals-and-companies-are-using-crypto-to-evade-sanctions-the-european-central-bank-says/articleshow/90382270.cms">Russian individuals and companies are using crypto to evade sanctions, the European Central Bank says</a>

Cypher Capital launches $100 million blockchain fund, with an aim to invest 40% of it in crypto startups in India

<ul><li> 80% Indian Web3 professionals are under 30, younger than the global average.</li></ul><ul><li> The survey was conducted from June 20th to July 3rd on <keyword id="11955106" type="General" weightage="100" keywordseo="kucoin" source="Orion">KuCoin</keyword>’s social media.</li></ul><ul><li>Shortage of women-led communities in the Web 3 workspace was revealed. </li></ul>KuCoin, a global cryptocurrency exchange announced the findings of its global survey report, “<a href="https://crypto-horizon.com/wp-content/uploads/2022/07/KuCoin_Journey-Into-Web3-Global-Study.pdf">Journey into Web3</a>” on Wednesday. The survey says that 34% Indians are professionals who have worked in Web3-related sectors. In this survey, Web3-related industries include cryptocurrency, metaverse, <keyword id="4668945" type="General" weightage="50" keywordseo="nft" source="Orion">NFT</keyword>, <keyword id="786882" type="General" weightage="50" keywordseo="dao" source="Orion">DAO</keyword>, DeFi, <keyword id="14580316" type="General" weightage="50" keywordseo="dapp-development" source="Orion">Dapp development</keyword>, blockchain-based gaming, DAO and the Web3 professionals are defined as those who have worked in the industry, whether full-time, part-time or freelance by project base. The survey respondents were polled between 20 June and 3 July 2022, with responses being collected via KuCoin’s social media handles (Twitter and <keyword id="28120" type="General" weightage="50" keywordseo="linkedin" source="Orion">LinkedIn</keyword>). No quota on geography, gender, age, or income was set. 72% of Web3 professionals in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> happy with their careers Report revealed that 80% of Indian Web3 professionals are under 30 years, while 47% of the Indian workforce who have heard but never worked for a Web 3 company have now joined the industry. Of all those surveyed, 72% of Web3 professionals in India are happy with their careers, recognizing the industry’s benefits such as space for growth and innovation and better welfare. Additionally, 60% of surveyed Indian users who never worked in Web3 are interested in exploring the space. Why are Indian women hesitant to join Web 3? The report flagged the shortage of women-led communities, educational resources, and the stress of fast-paced industry as key challenges for Indian women to work or invest in Web3. Even though globally women have worked as engineers or developers in the industry, they are less entrepreneurial, says the report. Only 27% started their own initiatives while 33% of women surveyed said they find “bro culture” challenging in the Web 3 space. <keyword id="13414209" type="General" weightage="50" keywordseo="johnny-lyu" source="Orion">Johnny Lyu</keyword>, CEO, KuCoin said, “ KuCoin conducted this global survey to understand how people think about Web3 as a career option. The findings of our “Journey into Web3” survey reveals the bright Web3 future in India. We are optimistic to see more women-led communities in the near future from India.” Medha B Dey Roy, Head of Branding, <keyword id="14580317" type="General" weightage="50" keywordseo="kucoin-india" source="Orion">KuCoin India</keyword>, said, “Women are more recognized for their transparent, empathetic leadership style and long-term mind-sets. These skill sets are crucial and play an important role in building a stronger Web3 ecosystem.” she added. Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in <keyword id="63095" type="General" weightage="20" keywordseo="seychelles" source="Orion">Seychelles</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indian-sports-buffs-can-now-vote-for-their-favourite-teams-jersey-using-blockchain/articleshow/93183286.cms">Indian sports buffs can now vote for their favourite team’s jersey using blockchain</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/this-tech-startup-is-fighting-human-trafficking-one-game-at-a-time/articleshow/93184116.cms">This tech startup is fighting human trafficking, one game at a time</a>

KuCoin survey: 80% of Indian Web 3 professionals under 30 but women hesitant to join

<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="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> claims that cryptocurrencies have no underlying value, not even worth a single tulip.</li><li>In comparison, India’s upcoming <keyword id="10678165" type="General" weightage="100" keywordseo="digital-rupee" source="Orion">digital rupee</keyword> will carry the same liability of the RBI as paper currency.</li><li>Das reiterated that private cryptocurrencies, such as Bitcoin, threaten the apex bank’s ability to maintain financial stability within the country.</li></ul>India’s <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> continues to be <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-finally-explains-its-problem-with-cryptocurrencies-and-why-cbdcs-are-safer/articleshow/84666785.cms">apprehensive of cryptocurrencies</a>. Reserve Bank of India’s (RBI) governor, Shaktikanta Das, described cryptocurrencies as having no underlying value — “not even a tulip” — during the monetary policy press conference on February 10. <div type="ExtQuote" text="Private cryptocurrencies, or cryptocurrencies, which have currency-like characteristics, will undermine RBI’s ability to deal with issues of financial stability." auname="Statement by RBI Governor Shaktikanta Das during the monetary policy press conference on February 10"></div> RBI’s Executive Director, T Rabi Shankar, clarified that, unlike cryptocurrencies, the country’s central bank digital currency (<a href="https://www.businessinsider.in/investment/news/what-is-cbdc-fight-for-fiat-currencies-to-remain-relevant-in-the-age-of-digital-cryptocurrencies/articleshow/86222386.cms">CBDC</a>) will carry the same liability of the central bank. The <a href="https://www.businessinsider.in/cryptocurrency/news/indias-digital-rupee-may-not-necessarily-be-on-the-blockchain-according-to-rbi/articleshow/89475650.cms">digital rupee</a> will be a convertible to paper currency at a 1:1 ratio. The only difference between the <keyword id="6791630" type="General" weightage="20" keywordseo="cbdc" source="Orion">CBDC</keyword> and paper notes would be that one is digital while the other is physical. <div type="ExtQuote" text="Digital rupee will be issued by the RBI, it will carry the same liability of the central bank. Cryptocurrencies are privately created products." auname="Statement by RBI Executive Director T Rabi Shankar during the monetary policy press conference on February 10"></div> <cmsannotation type="cmsannotation" annotationid="What was tulip mania?" comment="subhead" text="What was tulip mania?">What was tulip mania?</cmsannotation> The hype around cryptocurrencies has often been compared to the ‘<a href="https://www.businessinsider.in/jamie-dimon-bitcoin-is-a-fraud-thats-worse-than-tulip-bulbs/articleshow/60485379.cms">tulip mania</a>’ of the 17th century, which happened in Holland. It is one of the more famous market bubbles and subsequent market crashes of all time. Long story short, speculation drove up the drives of tulip bulbs to all-time-highs — which was around $750,000 at its peak in today’s value, according to author and journalist <a href="https://www.google.com/books/edition/Memoirs_of_Extraordinary_Popular_Delusio/exA2AAAAMAAJ?hl=en&amp;gbpv=1&amp;dq=charles+mackay+memoirs+of+extraordinary+popular+delusions+and+the+madness+of+crowds&amp;printsec=frontcover">Charles Mackay</a> — before the market finally fell apart with buyers declaring they simply could not make payments. One doesn’t even need to go as far back as the 17th century to see the pitfalls of overly inflated assets. The 1990s ‘dot com bubble’ and the more recent 2008 global financial crisis are other examples of how a boom in consumerism has led markets into disarray. <cmsannotation type="cmsannotation" annotationid="RBI has no empathy for cryptocurrency traders" comment="subhead" text="RBI has no empathy for cryptocurrency traders">RBI has no empathy for cryptocurrency traders</cmsannotation> Das also told the press that traders should be aware that any investments that they put towards cryptocurrencies are “at their own risk” — a sentiment that Das has reiterated multiple times during this tenure at the helm of the RBI. However, this time around, the warning comes on the footsteps of the Indian government announcing a <a href="https://www.businessinsider.in/cryptocurrency/news/income-tax-return-form-will-have-a-whole-new-column-just-for-crypto-next-year/articleshow/89300147.cms">30% tax on all transactions of ‘virtual digital assets’</a> as well as a 1% tax deducted at source (TDS). While industry participants, like exchanges, decentralised finance (DeFi) startups and non-fungible token (NFT) marketplaces, have welcomed the news, they are also wary that the rate may discourage the rallying investments happening in the space. A <a href="https://www.businessinsider.in/cryptocurrency/news/income-tax-return-form-will-have-a-whole-new-column-just-for-crypto-next-year/articleshow/89300147.cms">tax rate of 30%</a> is currently applied to gambling and lottery winnings, which has led many to interpret that the government views cryptocurrencies as a speculative asset, in line with the RBI governor’s comments. Indian Finance Minister <keyword id="2640262" type="General" weightage="20" keywordseo="nirmala-sitharman" source="Orion">Nirmala Sitharman</keyword> stated that just because India is taxing cryptocurrencies, it does not mean that they are getting any legitimate status — that will occur once the crypto bill is passed. However, the formulation of laws around this new emerging asset class has been <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">caught in limbo</a> for nearly a year. It was initially scheduled for parliamentary discussion in February last year, and then again during the <a href="https://www.businessinsider.in/cryptocurrency/news/no-india-crypto-bill-in-sight-even-after-winter-session-of-parliament-comes-to-a-close/articleshow/88449161.cms">Winter Session</a>. Both times, the legislation did not get introduced for debate owing to <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-waiting-on-approval-from-pm-modi-before-parliament-discussion-can-happen/articleshow/88206954.cms">pending approval</a> from the Cabinet, India’s highest decision making authority. Stakeholders are hopeful that it may finally surface for public purview sometime this year. The RBI’s <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">digital rupee</a> is expected to go live before March 2023. The bank is currently only working with agencies within the RBI’s ecosystem — not external agencies are involved thus far. Moreover, there is <a href="https://www.businessinsider.in/cryptocurrency/news/indias-digital-rupee-may-not-necessarily-be-on-the-blockchain-according-to-rbi/articleshow/89475650.cms">no guarantee</a> that the CBDC will be based on blockchain. “The technology choices are open,” said Shankar. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/indias-digital-rupee-may-not-necessarily-be-on-the-blockchain-according-to-rbi/articleshow/89475650.cms">India’s digital rupee may not necessarily be on the blockchain, according to the country’s central bank</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indias-definition-of-virtual-digital-assets-isnt-set-in-stone/articleshow/89403743.cms">India’s definition of ‘virtual digital assets’ isn’t set in stone</a> <a href="https://www.businessinsider.in/tech/news/here-are-the-main-areas-where-technology-took-a-big-role-in-the-union-budget-2022/slidelist/89279470.cms">All things tech in Nirmala Sitharaman's budget speech</a>

RBI governor still has not thawed on ‘private’ cryptocurrencies — compares crypto hype to ‘tulip mania’

<ul><li>SolRazr, a crypto startup based out of India, plans to build the first-ever developer ecosystem around the <keyword id="1905050" type="General" weightage="20" keywordseo="solana" source="Orion">Solana</keyword> blockchain.</li><li>In its seed funding round, the venture platform raised $1.5 million from investors like Moonrock Capital, Ascensive Assets, and Morningstar Ventures. </li><li>In an exclusive interview with Business Insider India, the co-founders explain how they plan to take Solana-based decentralised applications (DApps) to the next level by launching a university, hiring new talents and pushing on sales.</li></ul> Solana may be the next big ‘smart contract’ blockchain with its tokens having nearly quadrupled in value during August. Investors can pump in money, but developers to drive innovation and develop use cases are few and far in between — venture platform SolRazr, based out of India’s Silicon Valley, plans to change the status quo. The startup just raised $1.5 million in seed funding for the promise of setting up the world’s first developer ecosystem for Solana. The company will take in projects being built on the Solana blockchain and help them find capital, provide them with developer tools as well as get them off the ground. “It’s kind of like Alchemy for Ethereum,” one of the co-founders, Sreekant Kalapur, told Business Insider India in an exclusive interview. Alchemy, <a href="https://twitter.com/AlchemyPlatform">based out of the US, </a>helps burgeoning enterprises build reliable DApps by providing the ‘fundamental building blocks’ to harness the potential of Solana's biggest competitor, the Ethereum blockchain. <div type="ExtQuote" text="“Not only is Solana cheaper than Ethereum to use, but it’s also faster… We’re definitely bullish on Solana.”" auname="Sreekant Kalapur, SolRazr co-founder, told Business Insider"></div> Funding was led by blockchain advisory firm Moonrock Capital, Ascensive Assets, and Morningstar Ventures. Angel investors including Frax Finance’s Sam Kazemian, a decentralised stablecoin cryptocurrency protocol, and the inventor of flash loans, Leo Cheng were also in the mix. The startup managed to attract 14 backers overall. On the road to building an ecosystem around Solana, the company’s first move is going to be to launch a university within the next couple of weeks. “We plan to bring in developers and experts to teach coders about the Solana blockchain. This will help developers quickly learn Rust and help them deploy Solana programs faster,” disclosed Vijay Kalangi, SolRazr’s other co-founder. <cmsannotation type="cmsannotation" annotationid="SolRazr’s Solana University" comment="subhead" text="SolRazr’s Solana University">SolRazr’s Solana University</cmsannotation> The company plans to launch a university — dubbed the Solana University — to educate and train developers about the Solana blockchain. “There isn’t any shortage of talent in India. We have some very good engineers,” explained Kalangi. The company plans to bring in experts on Solana to teach, increase awareness, and provide inputs to those starting out or just looking to up their game. <div type="ExtQuote" text="“Developers who have worked on Solana are a rare find. Not a lot of people know how to code in RUST, the programming language used to build DApps on the Solana blockchain.”" auname="Sreekant Kalapur, SolRazr co-founder, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Putting the ‘soul’ into Solana DApps to drive crypto adoption and sales" comment="subhead" text="Putting the ‘soul’ into Solana DApps to drive crypto adoption and sales">Putting the ‘soul’ into <keyword id="12057113" type="General" weightage="20" keywordseo="solana-dapps" source="Orion">Solana DApps</keyword> to drive crypto adoption and sales</cmsannotation> A part of the $1.5 million seed fund will go towards SolRazr hiring more developers, bringing in community managers, and onboarding business development experts. “We want to focus on design-first applications. And, we want to provide developer tools, which allow the code to be written in plain English and is easy to interact with,” Kalangi. His primary complaint right now is that a lot of DApps out there are clunky and far from being user friendly. Going design-first ensures that the Solana-based DApps are user-first in order, which, in turn, will drive adoption. That is why another key role that they’re looking at is public sales. While the larger goal goes beyond money, there’s no denying its importance especially since, as a launchpad, acquiring capital is a part of SolRazr’s diktat. <cmsannotation type="cmsannotation" annotationid="SolRazr is jumping on NFTs and cautious of DeFis" comment="subhead" text="SolRazr is jumping on NFTs and cautious of DeFis">SolRazr is jumping on NFTs and cautious of DeFis</cmsannotation> The startup is still in the process of finalising which projects that will be nurtured under its umbrella but three big categories it’s focusing on are decentralised finance (DeFi), NFTs and Web 3.0. An NFT-focused solution is most likely first on its list, according to the founders. However, negotiations are still ongoing. And, while the DeFi space is an attractive opportunity, SolRazr is taking things one step at a time given that India is still in the regulatory grey zone when it comes to crypto. <cmsannotation type="cmsannotation" annotationid="Solana quadrupled in value during August" comment="subhead" text="Solana quadrupled in value during August">Solana quadrupled in value during August</cmsannotation> There are currently over 400 projects within the Solana ecosystem globally — from decentralised exchanges (DEXs) like LunaDEX to digital games like Stardust. The cryptocurrency has been grabbing headlines with its massive jump in value during the last month. It <a href="https://www.businessinsider.in/investment/news/ethereum-killer-solana-surges-hits-all-time-high-net-worth-surges-to-30-billion/articleshow/85802473.cms">quadrupled</a> in value during August to hit a market capitalisation of $30 billion alongside the hype around <a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">NFTs</a>. Platforms like OpenSea as well as projects like CryptoPunks, Mutant Apes, and others were seen hitting <a href="https://www.businessinsider.in/cryptocurrency/news/daily-sales-of-cryptopunk-nfts-are-hitting-record-levels-with-one-rare-zombie-token-selling-for-5-3-million/articleshow/85603863.cms">record levels</a>. Even as the crypto market <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-bomb-as-el-salvador-opens-its-doors-to-bitcoin/slidelist/86029365.cms">crashed</a> on September 7 — deemed ‘Bitcoin Day’ in celebration of <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-other-cryptocurrencies-crash-after-el-salvadors-bitcoin-law-launch/articleshow/86040661.cms">El Salvador</a> becoming the first country in the world to declare Bitcoin as legal tender — Solana was among the few to <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crash-saw-solana-quant-litecoin-and-algorand-price-remain-stable/slidelist/86038623.cms">preserve</a>. As of 10:30am Indian Standard Time (IST), Solana’s price is at $207.33, having recuperated from the minor hit in the took of around 2% during the dip to being 20% in the green. And, its market capitalisation is at a whopping $61.33 billion — ranked as the sixth biggest player in the crypto market, according to <a href="https://coinmarketcap.com/">CoinMarketCap.</a> SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crash-saw-solana-quant-litecoin-and-algorand-price-remain-stable/slidelist/86038623.cms">While Bitcoin bombed, here’s what remained in the green</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-other-cryptocurrencies-crash-after-el-salvadors-bitcoin-law-launch/articleshow/86040661.cms">Remember, remember the 7th of September — Bitcoin, El Salvador, and the crypto drop</a>

INTERVIEW: Here's how SolRazr plans to do for Solana what Alchemy did for Ethereum with $1.5 million in its pocket

<ul><li>Following China's closure of mining farms, <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>'s mining difficulty dropped significantly because the hash rate plunged.</li><li>Mining difficulty is the time taken to mine each block, and it dynamically varies depending on the network's total hash rate.</li><li>On the other hand, Ethereum briefly overtook Bitcoin with more active addresses, and the two are now closely trailing each other.</li></ul>Bitcoin is the OG but advocates of other cryptocurrencies are hoping to challenge the decade-old digital token, especially when it comes to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a> — Bitcoin’s experimental younger brother. And, the race between the two is getting closer. Ethereum stepped up its game and briefly had more active addresses than Bitcoin this month. That means more people exchanging Ether with each other than those swapping Bitcoin. “With numerous tokens being launched for each of these use cases, it is not surprising that ETH has surpassed BTC in terms of active addresses,” Vikram Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, told Business Insider. Meanwhile, China’s recent clampdown due to energy concerns created a huge <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate deficit globally. Even though it may sound like a bad thing, it actually means active miners can mine new coins more conveniently. However, the Bitcoin anomaly is said to be short-lived as miners are actively <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-bitcoin-miners-are-looking-at-us-kazakhstan-canada-and-europe-amid-the-exodus/articleshow/83806714.cms">migrating out of China</a>. Experts believe that the setback is temporary and that Bitcoin will emerge more vital than ever before, with other regions offering more affordable and green energy. <div type="ExtQuote" text="The factors mentioned are temporary and we predict that, once the market picks up, BTC [Bitcoin] mining will gain its difficulty levels that represent higher ROI [return on investment] for miners in the ecosystem." auname="Vikram Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, told Business Insider"></div><h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">It has become easier to mine Bitcoins — for now</h2>Mining for Bitcoin is how new coins are brought into circulation. And, it’s necessary in order to maintain the ledger on which the entire system is based. It’s a process that involves solving math problems. The more people there are mining for Bitcoin, the more difficult the puzzle. And, fewer people would result in the puzzles being easier. It is denoted by the time taken to mine each block, and it dynamically varies depending on the network's total hash rate. So, when China started closing down mining farms, there were fewer people fighting to verify transactions. As a result, Bitcoin's <a href="https://www.businessinsider.in/cryptocurrency/news/why-bitcoin-mining-will-be-easier-with-drop-in-hash-rate-amid-china-crypto-crackdown/articleshow/83810948.cms">mining difficulty dropped</a> significantly as the hash rate plunged. China contributed 65% of all Bitcoin hash rate in May, hence a crackdown has <a href="https://www.businessinsider.in/cryptocurrency/news/why-bitcoin-mining-will-be-easier-with-drop-in-hash-rate-amid-china-crypto-crackdown/articleshow/83810948.cms">affected</a> the global hash rate by a whopping 40%. “The observation of a 28% drop in Bitcoin (BTC) mining is coinciding with the large exodus of miners from China to regulatory friendly nations in Europe and North America,” explained Subburaj. A boon for those who aren't affected due to China's closure The drop in mining difficulty also means a lot more cash is going to the Bitcoin miners who remain online. Transaction fees also plunged, inversely contributing a $1000 surge in Bitcoin's value, especially since new people aren’t likely to sign on. “Given that BTC pricing has dropped by over 40% in the last two months, new miners are no longer incentivized to start operations,” said Subburaj. Bitcoin's mining difficulty is designed to adjust itself every 2016 blocks based on the total hash rate racing on the network. If block production becomes faster than 10 minutes, the system will automatically increase difficulty. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">Ethereum was bigger than Bitcoin, even if it was just for a few hours</h2> It's impossible to gauge how long it'll take to get Bitcoin’s hash rate back up. But the correction has become an opportunity for Ethereum — the world's second-largest cryptocurrency network by market cap. <div type="ExtQuote" text="With numerous tokens being launched for each of these use cases, it is not surprising that ETH has surpassed BTC in terms of active addresses." auname="Vikram Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, told Business Insider."></div> <div type="image" title="Bitinfocharts" msid="84140427" hostid="261" caption="&amp;lt;p&amp;gt;Bitinfocharts&amp;lt;/p&amp;gt;"></div>Ether's rise suggests that the demand for Bitcoin is faltering as users are now opening up to viable alternatives. According to <a href="https://bitinfocharts.com/comparison/activeaddresses-btc-eth.html#1y">Bitinfocharts</a>, Ethereum briefly overtook Bitcoin with considerably more active addresses on June 28, and the two are now closely trailing each other. Active addresses simply show us the number of active users or available senders and receivers for a particular token in the network. What is Ethereum? The jump in Ether’s participation comes barely a month after Bitcoin hit a milestone of one million active addresses in June — a sight unseen since November 2017. Ethereum is often <a href="https://www.businessinsider.in/cryptocurrency/news/upgrades-to-the-ethereum-network-could-turn-crypto-staking-into-a-40-billion-industry-by-2025-jpmorgan-says/articleshow/84063121.cms">touted</a> as a modern version of Bitcoin, which has far more functionality and a robust network that can deal with current requirements and is future-ready. Its smart contracts are self-executing and can facilitate, verify, and enforce transactions within the blockchain. It creates an excellent medium for experimentation, giving rise to non-fungible tokens (<a href="https://www.businessinsider.in/cryptocurrency/news/formula-one-strikes-a-100-million-sponsorship-deal-with-a-crypto-exchange-for-five-years/articleshow/84013515.cms">NFTs</a>), initial coin offerings (ICOs), and stablecoins. Ethereum also supports decentralised finance (DeFi), a concept that can potentially change how peer-to-peer lending works. And, most importantly, future updates are expected to reduce its energy requirements by 99%. While Bitcoin has popularised the concept of a cryptocurrency, it could be Ethereum that truly stands out in the long run. With its flexibility and robustness, new applications continue to emerge, and increased scalability in the future will extend to support development. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinbase-expansion-plans-in-india-include-hiring-hundreds-of-engineers/articleshow/84134912.cms">Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

Bitcoin mining gets easier with a drop in hash rate but Ethereum’s popularity is catching up

<keyword id="4119771" type="UNKNOWN" weightage="100" keywordseo="bee-rowlatt">Bee Rowlatt</keyword> is a writer and journalist who is known for her current book, In Search of Mary which is inspired by the life of <keyword id="2169484" type="UNKNOWN" weightage="20" keywordseo="Mary-Wollstonecraft">Mary Wollstonecraft</keyword>, who is called the first feminist. 
 She has always been the harbinger of <keyword id="624" type="ORGANIZATION" weightage="20" keywordseo="Women">Women</keyword>’s rights, and now that she is settled in India, she’s helping women with an employment startup Sheroes, where she helps recent mothers or mothers-to-be to find flexible and rewarding work. 
 
<a href="http://www.businessinsider.in/exclusive-what-moms-want-from-the-budget-2017/articleshow/56872243.cms">ALSO READ: Exclusive: What moms want from the Budget 2017</a> 
 <keyword id="4119770" type="UNKNOWN" weightage="20" keywordseo="rowlatt">Rowlatt</keyword> talked to <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> during Jaipur Literature Festival where she was talking on the ‘Mansplaining’ panel. 
Here are the excerpts from a conversation about womanhood at work. 
Rowlatt finds a lot of difference in culture especially when it comes to working moms,’’Motherhood is idolized here. As a journalist in the U.K., we didn’t want to divulge into our parental status as it made us seem distracted. In India, a young woman is asked about her marriage and then, when she plans to conceive quite often, which is uncomfortable.’’ 
 
<a href="http://www.businessinsider.in/take-a-tour-of-oyo-rooms-attractive-new-property-townhouse/articleshow/56781794.cms">ALSO READ: Take a tour of OYO's attractive new property: OYO Townhouse</a> 
She also thinks that Professional Indian women are more confident in putting their word across in a professional setting. ‘’Currently, I’m helping mothers become financially independent with Sheroes and I find that they are much more professional and straightforward about their career compared to the U.K.’’ 
An encouraging prospect is that technology has enabled women to work from anywhere,’’Gig-economy flexible working suits a lot of women.’’ 
The only question is why do they leave the workforce after marriage? 
 
<a href="http://www.businessinsider.in/india-vs-us-healthcare-industry/articleshow/56816059.cms">ALSO READ: India vs. the US: Healthcare industry</a> 
 " They go and get an MBA, then they get married and then they leave the job! I’ve been told that the family structure in India is not very supportive of working women. Family relationships are very different in <keyword id="11101" type="COUNTRY" weightage="20" keywordseo="Britain">Britain</keyword> and it must be hard to defy your parents or in-laws to work,’’ she laments. 
 
Women Leaders 
 
‘’Political women leaders, business leaders, and spiritual leaders have a lot of power in India. For example, in the U.S.A., the idea of a woman president is not widely accepted and the conversation is very gendered,’’she signs off.

Exclusive: Author Bee Rowlatt tells us why India is better for women than the
UK or the US

For most of us, a life without <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> may seem preposterous. Be it online bill payment or sending gifts to loved ones, e-commerce forms the core of our activities nowadays. Although e-commerce trends have been oscillating in India over the past 15 years or so, we now have a suitable ecosystem in place and business is literally booming. 
 
E-commerce in India is thriving, thanks to a booming online retail industry that defies slow economic growth and spiralling inflation. According to an Assocham survey, the Indian e-commerce industry has grown to $16 billion in 2013, showing a staggering growth rate of 88% from the $8.5 billion in the previous year. The trend, when analysed over the years, shows that the e-commerce industry faced barriers, had a five-year-long dip and finally showed a positive growth rate by overcoming the drawbacks. Here’s a quick look at the major milestones and the shape of things to come. 
 
Circa 1995: The Internet wave With the advent of the Internet in 1995, India witnessed the setting up of B2B portals, matrimonial sites, job search directories and online stores through <keyword id="136317" type="CITY" weightage="100" keywordseo="rediff-com">Rediff.com</keyword> and Indiatimes.com. However, these smaller initiatives did not thrive due to several factors, such as low Internet penetration, slow Internet speed, small user base for online shopping, inadequate logistics infrastructure, low consumer acceptance of e-commerce and the lack of a tangible revenue model. More than a thousand e-commerce businesses collapsed due to the IT downturn in 2000. 
 
Circa 2005: Low-cost carriers and e-ticketing 
In 2005, low-cost carriers entered the aviation sector and drove the online travel industry, leading to the e-ticketing sites. The Indian Railways also implemented e-ticket booking and accepted digital payments through credit cards. Eventually, consumers got accustomed to e-tickets and the scepticism regarding online usage of credit cards reduced considerably. The change in consumer lifestyle, the rise in disposable income of the middle class and the need for convenience acted as catalysts and thus began the era of e-tailing. This period saw a sharper focus on revenue generation. 
 
2007 onwards: The New Age e-commerce Post 2007, a number of start-ups stepped into the Indian e-commerce market to make it big. These included companies such as <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, Infibeam, <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword> and Snapdeal. These portals gained customers through rigorous marketing and also by offering services such as group buying and the daily deal discount models. Heavy discounts were offered as incentives to gain customer loyalty. The forward and backward linkages of these sites were strengthened as well. 
 
2014: The current scenario 
India’s e-commerce market was worth about $2.5 billion in 2009. It went up to $6.3 billion in 2011 and further to $16 billion in 2013. It is now expected to grow as much as $56 billion by 2023, which will be 6.5% of the total retail market, as quoted by eMarketer. A major growth in online shopping was witnessed since the introduction of cash on delivery (COD) and free return options. The price war among sites also brought another feature of comparison to customers where they could review product characteristics and prices featured on different sites. 
 
A new trend of social commerce has also come up in the e- commerce market. Entrepreneurs have given a personal touch to their businesses by making their presence felt in the social media for branding, feedback and advertising of upcoming products and services. And just like Facebook, Pinterest, too, is said to provide great options for promoting one’s post (about products, services, etc.) to a larger base. 
 
The way forward 
Mobile Apps 
To fully utilise the e-commerce opportunity in the future, players will leverage the growing number of mobile devices in the country by developing mobile-compatible sites and applications. 
 
Technological innovations 
Technological innovations will be crucial for e-commerce firms to stay in the highly competitive market. For instance, eBay has already announced a virtual window shopping facility where customers can go through products as if they were in a store. 
 
Focus on smaller towns 
Indian e-commerce sites are gradually shifting their focus from metro cities tier II and smaller towns in sync with the Internet and mobile penetration. While bigger brands are not physically present in tier II and tier III cities of India, e-commerce makes these brands available to people hailing from those places and thus, has been highly accepted in the smaller towns. 
 
Innovative logistics Organisations may streamline or re-invent logistics for their e-commerce portals to thrive. Also Flipkart, like <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword>, has come up with several delivery schemes. Amazon, too, has filed patent for an anticipatory delivery model, where it aims to dispatch a product to a customer even before he has ordered it, thus decrease shipping time. 
 
Brand consolidation 
The industry has already seen a number of consolidations. However, new alliances will be coming up. Most of the e-commerce companies have been bleeding and consolidation will happen to control the financial losses. Also, when international players like Alibaba enter the market, it will be easier to sell them a bouquet of brands then scattered brands. 
 
Personalised catalogue 
Keeping customer satisfaction in mind, retail portals will optimise user accounts where each person’s choices will be recorded through dynamic programming for future access. Product personalisation, sale of unique items, resale and multiple payment options will all cater to driving e-commerce across consumer segments. 
 
The journey of e-commerce in the future may be rough and may require more efforts from both entrepreneurs and investors. To stand the test of time, Indian companies need a mixed-approach implementation that is influenced by globally tested strategies, along with local elements. It might have failed in the past decade but this time around, it is here to stay and grow more speedily than ever. 
 
About the author: Ankit Dudhwewala is the co-founder at SoftwareSuggest.com, a business software discovery platform made for Indian companies.

E-commerce In India Has Come A Long Way; What’s The Way Forward?

In Greek mythology, Prometheus, a wise Titan whose name means "foresight," defied Zeus by gifting fire to humans, an act that revolutionised our civilization. Fire became a symbol of progress, providing the tools for growth and the spark for <keyword id="94495" type="General" weightage="20" keywordseo="innovation" source="Orion">innovation</keyword>. This ancient tale mirrors the modern concept of <keyword id="3946833" type="General" weightage="100" keywordseo="intrapreneurship" source="Orion">intrapreneurship</keyword>—the process of fostering innovation within established companies. Intrapreneurship encourages an entrepreneurial mindset by providing staff with resources, mentorship, and collaboration opportunities, enhancing innovation in ideas, products, and processes. While startups are often seen as the hub of groundbreaking ideas, some of the most transformative innovations come from within the walls of larger organisations. These corporations, however, often face bureaucratic hurdles that slow progress. Intrapreneurship breaks down these barriers by giving employees the freedom and resources to experiment. Under strong leadership, companies can foster a culture of trust, empowering teams to solve problems creatively and drive growth. <h2>Nurturing the intrapreneurial spirit</h2>One of the key components of successful intrapreneurship is providing employees with a sense of ownership and autonomy. This approach taps into the vast potential within the workforce, unlocking creativity that might otherwise remain dormant in a traditional corporate structure. It encourages risk-taking and creative problem-solving, boosting innovation and enhancing employee engagement and satisfaction. Take 3M for example, Spencer Silver’s discovery of a unique adhesive led to the creation of the iconic Post-it note, despite initial skepticism.Yet, the company’s intrapreneurial environment allowed for exploration, leading to the development of a product that revolutionised communication. Similarly, Lockheed Martin’s ‘Skunk Works’ is a division that operates with the agility of a startup within the larger organisation. Skunk Works’ autonomy has resulted in numerous aerospace innovations, including stealth technology and fighter jets. These examples underscore the transformative potential of intrapreneurial freedom, where exploration leads to groundbreaking products and industry-shifting advancements. By giving employees space to explore ideas beyond their day-to-day tasks, organisations tap into a wealth of innovation, allowing intrapreneurs to flourish. <h2>The essence of intrapreneurship</h2>Innovation requires trial and error, and not every idea will succeed. The best environments for intrapreneurship are those that embrace failure as part of the learning process. Companies like Intel and Tesla have thrived by viewing setbacks as growth opportunities. In the 1980s, Intel faced a major crossroads when internal innovators identified a larger market opportunity and advocated for a shift from memory chips to microprocessors. They embraced potential failure with this pivot, which though risky, propelled Intel to become a leader in the tech industry. Tesla, known for its continuous drive for innovation, encourages its teams to experiment and push boundaries. Elon Musk’s willingness to accept failures along the path to innovation has led to significant breakthroughs, like the development of electric vehicles and space exploration technology. <h2>Collaboration: The key to creative synergy</h2>Intrapreneurs don’t work in isolation. True innovation happens when employees collaborate across departments, combining different skills and perspectives to tackle complex challenges IBM’s Watson, a cognitive computing system, is a prime example of what can happen when cross-functional teams come together. Engineers, data scientists, and non-technical staff worked collaboratively to create a groundbreaking technology that has since been used in fields ranging from healthcare to finance. Facebook’s famous "hackathons" foster cross-departmental innovation. These 24-hour events allow employees to work on passion projects outside of their usual responsibilities, resulting in successful product features like the "Like" button. The melding of expertise has led to breakthroughs that might not have been possible within traditional silos. <h2>Intrapreneurship: Driving growth from within</h2>Innovation is more than generating ideas—it’s about bringing those ideas to life. Intrapreneurship provides a framework for turning creative concepts into reality. Just as Prometheus defied convention to give humanity the gift of fire, intrapreneurs challenge the status quo to drive progress within their organisations. By fostering a culture of risk-taking, collaboration, and continuous learning, companies can ignite the innovation that fuels long-term growth. Continuous support in the form of funding, mentorship, and resources is crucial for intrapreneurship to thrive. In today's <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> landscape, nurturing the intrapreneurial spirit is essential for companies striving to remain competitive and relevant. Encouraging collaboration across departments and providing autonomy to explore new ideas can lead to breakthroughs that fuel an organisation's success. As Prometheus’s fire illuminated the path to human progress, so too can the spark of intrapreneurship light the way toward a brighter future for businesses. Disclaimer: This article is authored by Manoj Nair,AVP &amp; Global Head of Marketing, Corporate Strategy &amp; Risk, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

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