<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> is now valued at $2.15 billion after raising $135 million.</li><li>It plans to use this funding to hire across functions, including engineering, product and compliance.</li><li>CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October last year.</li></ul>Cryptocurrency trading exchange CoinDCX has once again retained the top spot in terms of valuation in its category. It is now valued at $2.15 billion after raising $135 million (about ₹1,000) crore, the four-year-old company announced on Tuesday. CoinDCX was the first Indian cryptocurrency startup to be valued at over one billion dollars and marked its entry into the unicorn club. The company had raised $90 Mn (INR 670 Cr) in August 2021, at a valuation of $1.1 billion. It was soon followed and overtaken by Coinswitch Kuber, which raised <a href="https://www.businessinsider.in/investment/news/coinswitch-kuber-raises-260-million-second-cryptocurrency-unicorn-in-india-despite-regulatory-concerns/articleshow/86807481.cms">$260 million in October 2021 </a>at a valuation of $1.9 billion. Prior to CoinDCX’s latest funding, CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October 2021. Founded by Sumit Gupta and Neeraj Khandelwal in 2018, CoinDCX allows people to buy and sell crypto tokens. It also specializes in crypto-enabled financial services such as lending. The four-year-old startup currently has a user base of 12 million registered users, representing a four-fold increase from 3.5 million users registered till August last year. The company has raised close to $250 million to date, according to business intelligence platform Crunchbase. It is backed by Facebook co-founder Eduardo Saverin’s B Capital Group and Coinbase Ventures. The funding round was led by Pantera Capital and Steadview Capital, which have infused nearly 50% of the capital raised in this round. The other half was invested by prominent investors such as Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. Existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management also participated in this round. The Mumbai-based company plans to use a part of this funding to hire across several verticals, including engineering, product and compliance. The company has a workforce of 400 at the moment, which it plans to increase to <a href="https://economictimes.indiatimes.com/tech/funding/coindcx-raises-135-million-doubling-valuation-to-2-15-billion/articleshow/90918252.cms" data-type="tilCustomLink">1,000 by the end</a> of this year. It also intends to invest in education and build an innovation centre to develop products in the Web3 space. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/heres-why-the-us-is-increasing-interest-rates-and-how-it-impacts-indian-markets/articleshow/90926842.cms">Here’s why the US is increasing interest rates and how it impacts Indian markets</a> <a href="https://www.businessinsider.in/stock-market/news/mindtree-wipro-ujjivan-financial-services-railtel-among-stocks-to-watch-out-for-on-april-19/slidelist/90925867.cms" data-type="tilCustomLink">Mindtree, Wipro, Ujjivan Financial Services, RailTel among stocks to watch out for on April 19</a> <a href="https://www.businessinsider.in/india/news/extreme-poverty-in-india-declined-12-in-the-last-decade-says-world-bank/articleshow/90905593.cms" data-type="tilCustomLink">Extreme Poverty in India declined 12% in the last decade, says World Bank</a>

CoinDCX is now the most valued cryptocurrency exchange in India and it is hiring for 600 positions

<ul><li>Indian cryptocurrency exchange <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> is looking to grow its team by 10 times this year.</li><li>In an exclusive interview with Business Insider, the company’s COO disclosed that the exchange can absorb 300 people tomorrow itself.</li><li>CoinDCX is looking to hire across the board, from coders and developers to marketing and product development experts.</li></ul><keyword id="11297844" type="General" weightage="20" keywordseo="indian-crypto-exchange" source="Orion">Indian crypto exchange</keyword>, CoinDCX, is looking to grow its employee base 10-fold this year, given the phenomenal growth in the <a href="http://coindcx.com">cryptocurrency</a> sector in India. <div type="ExtQuote" text="If you give me the same number of people that we already have in the company today, we can absorb them. Like, literally tomorrow. We have enough for them to do." auname="Mridul Gupta, the Chief Operating Officer (COO) of CoinDCX, told Business Insider in an exclusive interview."></div> The start-up, which became the first Indian crypto company to <a href="https://www.businessinsider.in/investment/news/indian-crypto-exchange-coindcx-has-joined-the-crypto-unicorn-club-after-new-funding/articleshow/85200985.cms">attain ‘unicorn’ status</a> in August, <a href="https://www.businessinsider.in/investment/news/coindcx-clarifies-that-it-has-no-immediate-plans-to-launch-an-ipo/articleshow/87979346.cms">may not be planning</a> to launch an initial public offering (IPO) anytime soon but is steadfast in its intention to build its team from 300 to 3000. And, the company is looking to onboard more than just coders. “We’re hiring across all roles — tech, non-tech, product, marketing, all of those. The team has already grown 15x this year [2021],” explained Gupta. The company’s employee ratio has seen a growth of 230% from January to December 2021, with a 3:1 male to female ratio within the organisation. <cmsannotation type="cmsannotation" annotationid="Who is CoinDCX looking to hire?" comment="subhead" text="Who is CoinDCX looking to hire?">Who is CoinDCX looking to hire?</cmsannotation> Companies like <a href="https://coindcx.com/">CoinDCX</a> are not pure-play blockchain. So while they do need coders and developers who specialise in languages like Solidity and Rust, they also have similar needs as any other company — marketing, operations, product development and consumer support. <div type="ExtQuote" text="We pretty much lie at the intersection of what happens in the regular consumer internet world and the blockchain world." auname="Mridul Gupta, the Chief Operating Officer (COO) of CoinDCX, told Business Insider"></div> Gupta estimates that the company has around 100 technology-related roles open, 15 in product development, and 20 to 30 each in marketing and operations. As CoinDCX continues on its hiring spree, it wants to ensure cross-mobility between teams. This means that you could join the marketing team but end up in a different department altogether. “For example, somebody who leads payments products for us, joined initially as quality assurance,” explained Gupta. One critical way this happens is simply exposure. On the one hand, an employee is kept up to speed on their present skills. On the other hand, CoinDCX tries to ensure that they are also exposed to enough team members outside their regular function and are able to learn from that. <cmsannotation type="cmsannotation" annotationid="How is CoinDCX bridging the supply-demand gap?" comment="subhead" text="How is CoinDCX bridging the supply-demand gap?">How is CoinDCX bridging the supply-demand gap?</cmsannotation> According to the technology lobby group NASSCOM, India’s crypto-tech market is expected to hit $241 million by 2030, potentially creating 877,000 jobs. However, as things stand, not too many people are proficient in the skills that the cryptocurrency and blockchain industry requires. Even so, according to data collected by Dappros in 2018, India had the second-largest number of blockchain developers in the world after the United States. And, the bigger potential lies within the overall pool of 5.8 million developers in the country, according to GitHub. CoinDCX, as a crypto exchange, doesn’t have the infrastructure to create massive reskilling programs in-house in order to attract the right talent. However, that doesn’t mean that they can’t outsource the task. “We’re engaging with a lot of ecosystem partners — general names — who are giving these courses to ensure that all of our talent gets access to quality reskilling initiatives that have been built by top class startups out there,” said Gupta. Correction: We’re hiring across all roles — tech, non-tech, product, marketing, all of those. The team has already grown 15x this year [2021],” was incorrectly attributed to Ramalingam Subramanian, the Chief Marketing Officer (CMO) at CoinDCX. It has been changed to Mridul Gupta, the Chief Operating Officer (COO) at CoinDCX. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cardano-rises-as-the-crypto-market-battles-extreme-fear/slidelist/88966161.cms" style="">Cardano rises as the crypto market battles ‘extreme fear’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/ark-invests-cathie-wood-points-to-el-salvadors-bitcoin-push-as-one-way-innovation-is-making-peoples-lives-better/articleshow/88959215.cms">Ark Invest's Cathie Wood points to El Salvador's bitcoin push as one way innovation is making people's lives better</a>

EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders

A few firms, including <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword> and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> dealing in cryptocurrency have been asked by the <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) to submit some documents in connection with an ongoing case of the <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA). The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange. Earlier, <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword> the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements. People working as executives and looking after the work in cryptocurrency exchanges firms were also served notices to record their statements. ED sources said they will scan the transactions of the last three years done by these two firms and their Chartered Accountants (CA) will also be questioned. CoinDCX said in a statement that as per their understanding, "the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end". CoinSwitch also confirmed that they were sent notices by the ED and they were willing to comply. "We receive queries from various government agencies. Our approach has always been one of transparency. <keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">Crypto</keyword> is an early-stage industry with a lot of potential and we continuously engage with all stakeholders," a CoinSwitch spokesperson said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/flexibility-is-passe-companies-are-ready-to-re-design-jobs-to-retain-talent/articleshow/92696760.cms">Flexibility is passe, companies are ready to re-design jobs to retain talent</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/specialty-chemical-sector-is-the-new-investor-darling-thanks-to-a-weak-rupee-global-demand/articleshow/92696554.cms">Specialty chemical sector is the new investor darling thanks to a weak rupee &amp; global demand</a>

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

<ul><li>The global <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> marketcap plunged from $1.7 trillion from the start of May to $929 billion, as of June 24, 2022, as per the data by CoinMarketCap.</li><li>Crypto firms are now taking cautious steps to survive the ongoing crypto market crash.</li><li>Ihe Indian crypto industry is likely to hire more to grow in the current year, Mudita Chauhan of <keyword id="6416838" type="General" weightage="20" keywordseo="CoinDCX" source="Orion">CoinDCX</keyword> told Business Insider.</li></ul>For the last two months, <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> did not just fall, they crashed. The market lost tens of billions within a matter of weeks as the global crypto market cap plunged from $1.7 trillion in the beginning of May to $929 billion as of June 24. In a market which depended heavily on investor interest with no physical assets, it led to quick and fast retrenchments. Crypto exchanges <keyword id="1972612" type="General" weightage="20" keywordseo="Coinbase" source="Orion">Coinbase</keyword> laid off at least 1,100 employees last month. However, its effect on the Indian hub was much less than the global average. “We made the difficult decision to reduce the size of our team which affected 18% of Coinbase's global workforce. Although this did impact our India hub, the cuts were much lower than the global average. Approximately ~ 8% of our India team was affected,” said Durgesh Kaushik, senior director at Coinbase, in a <a href="https://twitter.com/durgesh_kaushik/status/1536937680587862018?ref_src=twsrc%5Etfw">tweet</a>. Other crypto players like BlockFi, Crypto.com, Gemini and Rain Financial also announced layoffs and paused all their hirings. According to media <a href="https://www.cnbctv18.com/cryptocurrency/crypto-crash-bitcoin-ethereum-solana-and-cardano-down-job-losses-in-crypto-13812932.htm">reports</a>, the crypto sector was the worst in May - it had more job losses this month than the previous four months combined. And things have been bad since the beginning of the year. After the <a href="https://www.businessinsider.in/cryptocurrency/news/the-proposal-for-crypto-tax-policy-will-be-up-for-discussion-in-indian-parliament-today/articleshow/90414919.cms">Government of India</a> announced a tax of 30% on virtual digital assets, Indian crypto trading dropped 40%, as per a report by Credit Rating for Exchanges, Blockchains and Coin Offerings (<keyword id="12596336" type="General" weightage="20" keywordseo="CREBACO" source="Orion">CREBACO</keyword>). Players however believe that taxes and crashes don’t stop this sector which is known for its risk-taking – with investors who like to bet against the odds. In fact, almost every second year has a large crash and then a spike - and the sector is used to the volatility. A few experts call it just a phase and this too shall pass. “Firms are trying to survive the crypto winter and recession and laying off is a sign that a company is confident about what it is doing. Any marketing or advertising in India is not going to be lucrative as customers are not going to invest right now,” <a href="https://www.livemint.com/companies/news/crypto-industry-goes-slow-on-hiring-amid-market-downturn-11655489646621.html">said</a> Sidharth Sogani, founder and CEO of CREBACO. <cmsannotation type="cmsannotation" annotationid="Three top crypto firms say – they will continue to hire" comment="subhead" text="Three top crypto firms say – they will continue to hire">Three top crypto firms say – they will continue to hire</cmsannotation> While there have been layoffs, a few of them are hiring as well. Binance CEO Changpen Zhao <a href="https://www.cnbctv18.com/cryptocurrency/crypto-crash-bitcoin-ethereum-solana-and-cardano-down-job-losses-in-crypto-13812932.htm">said</a> at a recent event that the company is planning to expand its footprint and will continue to hire. Zhao further explained that his company hasn’t incurred any big hefty losses as it’s not involved in promotional activities. According to Mudita Chauhan, head of human resources at CoinDCX, the Indian crypto industry's hiring pace is likely to grow for the current year. The Web 3.0 industry, like any other sector, requires a variety of roles to build the web3 ecosystem and survive the test. Indian crypto players <keyword id="6672551" type="General" weightage="20" keywordseo="WazirX" source="Orion">WazirX</keyword> and CoinDCX have similar plans too. Sricharan C, head of human resources at WazirX told Business Insider India that the company is on a hiring spree. It has a workforce of over 250 professionals in over 70 cities. “We are looking to optimize operations with the current talent base this year. We are doing this by deploying skill development programs across the organization. We aren't looking at trimming the size of our employees. Instead, we are actively hiring as per business need for strategic roles through internal referral programmes and external job listings,” he said. CoinDCX too is looking forward to expanding its workforce to 1,000 people, and is bullish on hiring. “We plan to build for scale and therefore, invest in functions that will strengthen our core. We are on the lookout for more such crypto enthusiasts to join our team and grow along with CoinDCX. We aim to continue being the most compliant crypto platform, and we’ll continue investing in resources for that,” Chauhan told Business Insider India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-platform-voyager-digital-cuts-daily-withdrawal-limit-to-10000-after-revealing-660-billion-exposure-to-struggling-crypto-hedge-fund/articleshow/92419870.cms">Crypto platform Voyager Digital cuts daily withdrawal limit to $10,000 after revealing $660 million exposure to struggling crypto hedge fund</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/28-gst-on-crypto-transactions-india-is-reportedly-mulling-another-tax-levy-next-week/articleshow/92407767.cms">28% GST on crypto transactions? India is reportedly mulling another tax levy next week</a>

India’s crypto players bullish on hiring; say crash is just a phase

<ul><li>Google, Amazon, IBM and many more are hiring business analysts across the countryIndia is currently a hotbed of crypto companies looking to hire new talent.</li><li>The jobs on offer include everything from designers to engineers to managers for specific projects.</li><li>In addition to Coinbase, other burgeoning crypto exchanges like CoinDCX, WazirX, CoinSwitch Kuber and Kraken are on the hunt for experts in their respective fields.</li></ul>Despite the regulatory uncertainty in India, cryptocurrency companies are firmly expanding. From homegrown firms like CoinDCX and WazirX to global players like Kraken — there’s a hiring frenzy in the works. Earlier this month, crypto exchange Coinbase announced that it is looking to hire <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinbase-expansion-plans-in-india-include-hiring-hundreds-of-engineers/articleshow/84134912.cms">‘hundreds’ of engineers</a> as it expands its operations in India. It’s also looking to hire people for its human resources (HR), product, design and user interface teams. In order to attract the best talent, Coinbase is even offering $1000 in crypto to those who get selected as a kind of signing bonus. And, the thing about India is — like with mobile applications — everyone wants a piece of the pie because of its vast population. Here’s a quick look at the wide range of crypto jobs that companies are hiring for right now: Coinbase - Senior manager for product design Coinbase is one of the leading cryptocurrency platforms with its presence in more than 100 countries. The company is looking for a senior manager to lead a team of product designers. The role involves proactively identifying blockers, opportunities and improvements to the team’s product area. The candidate must have over five years of experience leading a team of designers. Fluency in Figma and prototyping tools, and experience driving user research studies are required for this. Preferred skills include strong mentorship, and management experience. Interested candidates can apply <a href="https://www.coinbase.com/careers/positions/3132236">here</a>. Coinbase - Director for product Coinbase is also looking for a director for product who will lead a product management team. In addition to delivering the company’s product vision and strategy, the role also includes hiring, managing and growing a team of product managers. The candidate should have over 10 years of direct product management experience. Interested candidates can apply <a href="https://www.coinbase.com/careers/positions/3174475">here</a>. Coinbase - Senior software engineer for data platform Another opening at Coinbase is for a senior software engineer for the company’s data platform. For this role, the candidate should have over give years of engineering experience, and in using Airflow, Spark, Flink, Hadoop, Presto, Hive and Kafka. The role involves building and operating Coinbase’s foundational data infrastructure. Interested candidates can apply <a href="https://www.coinbase.com/careers/positions/3198696">here</a>. CoinDCX - Growth lead CoinDCX is one of the largest cryptocurrency exchanges in India. The company is looking for a candidate with over five years of experience to define its growth plan and define metrics to track performance. The role also involves owning and strategising the entire lifecycle marketing of CoinDCX users, and building a growth hacking culture for the company. The candidate will need to have experience in growing fintech products in India. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/2664510705/">here</a>. Community moderator - WazirX WazirX is looking for someone who can moderate and grow the platform’s Telegram Discuss group and other social platforms to drive engagement in the community. The community moderator will have to drive engagement with new initiatives, organise and participate in events to build community and boost brand awareness. The candidate should have between one to three years of experience in a similar role, and have an active role on social communities like Bitcointalk, Reddit and Telegram. Interested candidates can apply <a href="https://careers.wazirx.com/jobs/S17l0QDxeOV_/community-moderator-remote">here</a>. The company is also looking for a community moderator to specifically look after its non-fungible tokens (NFTs) vertical. The requirements are the same, except that the person should probably have a knack for NFTs. Interested candidates can apply <a href="https://careers.wazirx.com/jobs/LWiaNqWrN-ve/community-moderator-nft-remote">here</a>. User interface designer for NFTs - WazirX Since WazirX is <a href="https://www.businessinsider.in/tech/news/indian-crypto-exchange-wazirx-has-announced-a-nft-marketplace-for-indian-artists/articleshow/81909932.cms">doubling down</a> on NFTs in India, it’s also hiring for a number of other posts, including a user interface designer. The candidate will take care of a product from conception to launch. The responsibilities include designing marketing material for promotion, producing multiple concepts and prototypes. The candidate should have two to five years or design experience in building and shipping applications or software. Interested candidates can apply <a href="https://careers.wazirx.com/jobs/ejB1eXe_pgoz/ui-ux-designer-nft-remote">here</a>. Software development engineer - CoinSwitch Kuber Indian crypto exchange CoinSwitch Kuber is looking for a software development engineer with over four years of experience. The role involves design and developing large scale distributed services. The chosen candidate will also have to act as the primary owner of one or more components, proactively research and evaluate new tools, technologies and techniques. Interested candidates can apply <a href="https://in.linkedin.com/jobs/view/software-development-engineer-ii-iii-at-coinswitch-kuber-2645762554?utm_campaign=google_jobs_apply&amp;utm_source=google_jobs_apply&amp;utm_medium=organic">here</a>. Blue Team analyst for the Asian Pacific (APAC) region - Kraken Digital Asset Exchange (Remote) Kraken is looking for a cyber security analyst to join the company’s Blue Team that detects, investigates and responds to security events and attacks against the company. The chosen candidate will be a member of the global security team, and provide monitoring, triage and analysis of security events. The candidate for this position should have an experience in the same field with strong background in Detection Engineering, Incident Response, Threat hunting or Digital forensics. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/2652605656/">here</a>. Cryptocurrency and blockchain consultant - Goldstein, Roth &amp; Co. Investment banking firm Goldstein, Roth &amp; Co. is looking for a cryptocurrency and blockchain consultant. The candidate requirements include having a well-rounded knowledge of the crypto and blockchain environment. The candidate should also have more understanding of international exchanges than the Indian ecosystem. It also includes knowledge of international rules and regulations and an analytical eye towards crypto and blockchain. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/2639185940/?eBP=CwEAAAF69nnSABliqnZ-7yt28Vc2VR87LVrk_uMbmdSqDAHpGf4DG5sDZMuKWjcNdZIx381L6rFYVutxI0vQhI0p7gM29cmvsQKmuB2hO_qlq1lhPNp-pqsAZ7QROePmbzQ5mgZw8XrKd9z1eEIWebJPp3In884uvzuxOUJovImhvwnkkSIFebulY9a4YeisiEj3FFuohS9AEcUXqxCQve2hCRfJCkMlBPAm3ZwFOuRBM1jzNlhY9PXWVU4N0v20MzQMBFhYkBaV4EjtJE6vUGnzIZ-vrIWMb5fvQYD0glOShbpq52z9_JAPw3-HV7dPrXAvJY50pYkxWWNGq1gAMc7q6UyGt8kv9Koo2IcV1OM9WcscL2kMfEQ&amp;recommendedFlavor=ACTIVELY_HIRING_COMPANY&amp;refId=oIlgCZlNliPGViuSIdhR%2FA%3D%3D&amp;trackingId=%2F0GV4IdohUZG3myj9hcPIw%3D%3D&amp;trk=flagship3_search_srp_jobs">here</a>. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/google-amazon-ibm-paytm-cognizant-hiring-business-analysts-across-the-country/articleshow/84847736.cms" data-type="tilCustomLink">Google, Amazon, IBM and many more are hiring business analysts across the country</a> <a href="https://www.businessinsider.in/careers/news/gaming-industry-list-of-renowned-colleges-and-institutions-across-india-for-gaming-courses/articleshow/84786679.cms" data-type="tilCustomLink">Gaming industry: Build your career in one of the fastest growing sectors in India</a>

Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too

<ul><li>One of the Big 4 audit and consulting firms in the word needs professionals from science, technology, engineering, and mathematics (STEM) backgrounds.</li><li>The new hires will be spread around across all member firms, including its global delivery centers.</li><li>EY has announced <keyword id="10487662" type="COMPANY" weightage="20" keywordseo="the-ey-techathon-2021">the EY Techathon 2021</keyword>: #iSolve4aBillion Challenge.</li></ul>EY India has revealed plans to hire around 9,000 techies from India in 2021. The company is looking to expand its <keyword id="4180799" type="PERSON" weightage="20" keywordseo="digital-capabilities">digital capabilities</keyword> and the new hires will be spread around across all member firms, including its global delivery centers. The new hires will be from STEM (science, technology, engineering, and mathematics) background and will fill technology roles in areas like artificial intelligence, machine learning, cyber security, analytics and other emerging technologies. “We are making bold investments in our organization particularly in technology, data and through strategic acquisitions while continuing to expand our alliance and ecosystem relationships. Today, our clients, both in government and private businesses, are embarking on technology-led transformation and we are supporting them in this journey,” said Rohan Sachdev, Partner and Consulting Practice Leader, EY India. “With the pace of digital adoption accelerating exponentially, we are strengthening capabilities in emerging technology roles and significantly intensifying our hiring efforts in the coming year,” added Sachdev. 36% of <keyword id="10487664" type="UNKNOWN" weightage="20" keywordseo="ey-employees">EY employees</keyword> are from the STEM background EY India currently has over 50,000 employees working in all member firms and out of this, 36% are from the STEM background. EY has hosted several hackathons in the cybersecurity and risk domains over the years and it has now announced the <keyword id="10487660" type="UNKNOWN" weightage="20" keywordseo="ey-techathon">EY Techathon</keyword> 2021: #iSolve4aBillion Challenge. The winners of the hackathon will win cash prizes, an opportunity for mentorship by EY leadership and a chance to work in EY’s Technology Consulting team. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/cryptocurrency-exchange-coindcx-raises-13-9-million-funding/articleshow/79850829.cms">Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled</a> <a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales</a> <a href="https://www.businessinsider.in/careers/news/ericsson-india-is-hiring-for-leadership-roles-in-artificial-intelligence-data-analysts-and-more-as-it-prepares-for-the-5g-era/articleshow/79406077.cms">Ericsson India is hiring for leadership roles in Artificial Intelligence, data analysts and more as it prepares for the 5G era</a>

EY is looking to hire 9,000 techies in 2021 to boost its digital services

<ul><li>Internet and Mobile Association of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (<keyword id="149966" type="General" weightage="100" keywordseo="iamai" source="Orion">IAMAI</keyword>) has disbanded <keyword id="6355684" type="General" weightage="50" keywordseo="blockchain" source="Orion">Blockchain</keyword> and <keyword id="12050963" type="General" weightage="50" keywordseo="crypto-assets-council" source="Orion">Crypto Assets Council</keyword> (<keyword id="1771871" type="General" weightage="80" keywordseo="bacc" source="Orion">BACC</keyword>). </li><li>BACC was the only crypto organization in India representing crypto exchanges. </li><li>Top crypto exchanges of India CoinDCX, Unocoin, <keyword id="2761019" type="General" weightage="50" keywordseo="zebpay" source="Orion">Zebpay</keyword>, WazirX and Paxful were members. </li></ul>Industry body Internet and Mobile Association of India (IAMAI) said today that it has dissolved the Blockchain and Crypto Assets Council (BACC) and will cease to represent the industry. BACC was created four years ago by IAMAI, to resolve uncertain regulatory issues. It has been representing crypto exchanges like CoinDCX, Unocoin, Zebpay, WazirX and Paxful. “A lot of good work was done by BACC. However while individual players are doing a good job, they could not really come together as an industry body. Many current crypto exchanges were not even part of BACC when it was born. BACC being part of IAMAI created a twin power structure. Imagine answering to two board of directors. It becomes confusing,” said <keyword id="2715428" type="General" weightage="50" keywordseo="ajeet-khurana" source="Orion">Ajeet Khurana</keyword> who was the head of BACC and the former CEO of Zebpay. However, he now believes that crypto needs its own industry body. IAMAI emphasized that it would like to utilize its limited resources for other emerging digital sectors. The members of BACC were informed of the decision in a meeting held on July 14. Members were also advised that IAMAI will continue to support activities of the BACC till the end of the month to ensure smooth and proper transition and closure of ongoing projects. “Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry we will continue to positively engage with all stakeholders and continue to build emerging tech including Web 3.0,” said Ashish Singhal and <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword>, chair and co-chair of BACC, in a joint statement.

IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges

<ul><li>Despite slowdown in capital raising, spiked inflation and hiked interest rates India saw a notable growth of 28.6% in funding value in April this year.</li><li>This is much more than as compared to other countries like the US, UK, and China, as per <keyword id="13106424" type="General" weightage="20" keywordseo="GlobalData-report" source="Orion">GlobalData report</keyword>.</li><li>The <keyword id="982553" type="General" weightage="20" keywordseo="Indian-startups" source="Orion">Indian startups</keyword> raised $12.1 billion through 672 venture capital (VC) funding deals announced during January-April 2022.</li></ul>In spite of many global events like a war and inflation, <keyword id="14032859" type="General" weightage="20" keywordseo="Indian-VC-funding" source="Orion">Indian VC funding</keyword> in April grew 28.6% despite a decline in deal volumes, as per a report by <keyword id="1670029" type="General" weightage="80" keywordseo="globaldata" source="Orion">GlobalData</keyword>. In fact, it was able to attract more funding than countries like US, China and the UK, it said, Indian <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> raised $12.1 billion through 672 VC deals between January-April 2022, the report said. However, these deals were announced and closed before India and the Fed cut interest rates making money ‘meager’. <cmsannotation type="cmsannotation" annotationid="Tighten your belts say investors" comment="subhead" text="Tighten your belts say investors">Tighten your belts say investors</cmsannotation> In a recent report, <keyword id="122716" type="General" weightage="20" keywordseo="Sequoia-Capital" source="Orion">Sequoia Capital</keyword> which invested in 30 unicorns in India including Byju’s, spoke of profitability in a letter to its investee companies. It advised belt-tightening and spoke about the increasing cost of monetary flows and its impact on funding. However, a few startups could manage to raise funds before this capital crunch hit them. “The trend suggests that investors continue to remain bullish on promising startups with good ideas as some of these were successful in raising sizable capital,” said Aurojyoti Bose, lead analyst at GlobalData. Some of the notable VC funding deals announced in India during April include — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Startup </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 raised </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;">Verse Innovation (Josh) </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;">$805 million </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;">Tech4Billion Media (Chingari) </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;">$200 million </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;">Roppen Transportation Services (Rapido) </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;">$180 million </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;">CoinDCX </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;">$135 million </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;">Isprava </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;"> $130 million </td></tr></tbody></table> According to Business Insider’s calculations, Indian startups laid off<a href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-over-5700-employees-in-the-last-four-months/slidelist/90980198.cms"> 6,900 employees</a> in the first four months of 2022. In May alone, unicorns like Vedantu and <a href="https://www.businessinsider.in/india/news/cars24-is-the-latest-unicorn-to-lay-off-600-employees-after-unacademy-and-vedantu/articleshow/91660002.cms">Cars24 fired over</a> 1,200 employees. Additionally, no company entered the unicorn club last month whereas in April 2021 eight new companies joined the list. The startup market has been witnessing an upward trend for the last 18 months and “now for a few months it looks a little slow”, explained Gaurav VK Singhvi, cofounder of investment firm We Founder Circle. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/articleshow/91804572.cms">It would be a long firing season for startups — experts say 60,000 could lose their jobs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/vehicle-insurance-premiums-may-increase-from-april-2022/articleshow/90043466.cms">Vehicle insurance premiums to increase from June 1 – here’s how much the new premiums will cost you</a>

Here are five startups which managed to raise funds before the capital crunch hit them

India risked the loss of precious assets of the national carrier Air India, and more claims of damages from foreign investors who had put money in a Bengaluru-based startup Devas. The investors’ claim was that the government had wrongfully cancelled a satellite deal between Devas and Antrix, Indian Space Research Organisation's (ISRO) commercial arm. This was upheld by two international tribunals in 2017 and 2019. However, now, a verdict from the Supreme Court of India, which has held the Antrix-Devas deal to be a fraudulent one. The Indian government hopes to use this order to battle these claims for damages and to protect the foreign assets of Air India ahead of its sale to the Tata Group. "The shareholders knew of the fraudulent activities in the deal between Antrix and Devas," Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said. “You bring in ₹579 crore, take away ₹488 crore and still make tons and tons of rupees by going to the court and filing cases. That’s the fraud being perpetrated… No country that respects the rule of law will ignore these facts,” she added. The controversy began with a ₹1,400 crore satellite deal in 2005, between Antrix and Devas Multimedia, which was then cancelled in 2011 after charges of kickbacks. A legal battle followed, and lasted a decade, until the Supreme Court allowed the winding up of Devas on Monday (January 17). Meanwhile, three investors in Devas have demanded the $111 million compensation (awarded by an international tribunal) from India for cancelling the deal. The investors got a Canadian court order allowing the seizure of half Air India's assets in the country before India’s national airline was sold to the Tata Group. If these claims were to derail a crucial, and a long-awaited move, to privatise the airline, it would have been a <a href="https://www.businessinsider.in/business/news/air-india-privatisation-saga-time-we-stopped-paying-20-crore-per-day-of-taxpayers-money-to-keep-it-flying/articleshow/87098231.cms">big setback for the government</a>. A similar appeal has been made in a US Federal Court as well. Sitharaman said that the government would hold discussions between departments before deciding the next step in this battle against Devas’ investors. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a href="https://www.businessinsider.in/careers/news/top-jobs-of-2022-include-it-business-development-marketing-roles-as-per-linkedin/slidelist/88969206.cms">These are the 15 fastest growing jobs in India</a> <a href="https://www.businessinsider.in/tech/mobile/news/smartphone-under-30000-rs-segment-has-nearly-doubled-in-the-last-one-year-as-per-xiaomi-cbo/articleshow/88969336.cms">INTERVIEW: The sub-₹30,000 smartphone segment has nearly doubled in the last one year, says Xiaomi India’s chief business officer</a>

India plans to use the Supreme Court order in Antrix-Devas case to defend Air India's assets

<ul><li>India’s upcoming <keyword id="10822352" type="General" weightage="20" keywordseo="crypto-bill" source="Orion">crypto bill</keyword> may ask exchanges to appoint a <keyword id="1921401" type="General" weightage="20" keywordseo="grievance-officer" source="Orion">grievance officer</keyword>, according to industry insider Aritra Sarkhel, the head of policy and governance issues on <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>.</li><li>According to him, the <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword> is keen to have a local point-of-contact for crypto exchange just as the IT Rules, 2021 dictate for social networks.</li><li>A grievance officer is responsible for addressing an queries or concerns the government may have with respect to the company’s operations in the country or its users.</li></ul>India’s crypto bill is still a work-in-progress and the final draft is yet to get the Cabinet’s green light. And, one of the aspects that is on the table is getting every crypto exchange to appoint a grievance officer — a page out of the recently introduced IT Rules, earlier this year. <div type="ExtQuote" text="There are also talks of point-of-contact, like a grievance officer at every exchange." auname="Aritra Sarkhel told Business Insider during a webinar sponsored by WazirX"></div> This would mean potential jobs for at least <a href="https://www.businessinsider.in/investment/news/choosing-the-best-cryptocurrency-exchange-your-options-and-how-to-pick-between-them/articleshow/87539690.cms">16 lawyers</a> in the country given that there are at least 15 homegrown crypto exchanges in the country, like WazirX and CoinDCX, as well as foreign players, like Coinbase and CrossTower, keen to set up shop in India. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Aritra Sarkhel, the head of policy and governance issues at Indian crypto exchange WazirX — who has also been a <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms">part of conversations with the government</a> over the past one year about the crypto bill — told Business Insider that the government’s is keen to appoint a point-of-contact for crypto exchanges. <div type="Youtube" id="tVujJlOD738" title="The Framework: Crypto Regulation And India" thumbUrl="https://i.ytimg.com/vi/tVujJlOD738/mqdefault.jpg"></div> <cmsannotation type="cmsannotation" annotationid="Why do crypto exchanges need a grievance officer?" comment="subhead" text="Why do crypto exchanges need a grievance officer?">Why do crypto exchanges need a grievance officer?</cmsannotation> The logic of appointing a <a href="https://www.businessinsider.in/tech/apps/news/why-whatsapp-twitter-and-facebook-are-reluctant-to-comply-with-indias-new-it-rules/slidelist/82975313.cms">grievance officer</a> is that regardless of whether a company is based in India or abroad, the point-of-contact is a person that is based out of India and can answer the government's questions and concerns, as and when they arise. Moreover, at least in the IT Rules, the executive’s name and contact details will be prominently published on the social media platform’s website for users to address their complaints. <div type="Article" hostid="261" msid="81208643" title="Facebook and Twitter have a ton of new rules to abide by in India ⁠— WhatsApp may find itself in the toughest spot of all" mstype="2" mssubtype="0"></div> Being a grievance officer requires the person to acknowledge all complaints within 24 hours and resolve the issue within 15 days of when the complaint was filed. Meta, formerly known as Facebook, has Spoorthi Priya as its grievance officer in India meanwhile WhatsApp has appointed Paresh B Lal — <a href="https://www.businessinsider.in/tech/enterprise/news/whatsapps-grievance-officer-quits-within-six-months-and-facebook-is-looking-for-a-replacement/articleshow/88049265.cms">who quit earlier this month</a>. While the grievance officers for platforms like WhatsApp, Meta — formerly known as Facebook — Twitter and others don’t necessarily need to be lawyers, it does need to be someone with at least 10 years of experience in dealing with law enforcement or security agencies, including cybercrime and online investigations. <cmsannotation type="cmsannotation" annotationid="Understanding the differences between traditional exchanges and crypto exchanges" comment="subhead" text="Understanding the differences between traditional exchanges and crypto exchanges">Understanding the differences between traditional exchanges and crypto exchanges</cmsannotation> Other aspects of the blockchain world <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms">aren’t quite on the government’s radar</a> yet. “Listen, nobody is discussing the metaverse at the highest quarters. We’re discussing cryptos and exchanges and NFTs, a little bit. I don’t think people are discussing the metaverse,” said Sarkhel. The focus right now is on understanding the differences between how traditional exchanges and crypto exchanges function. How does the money go in and out, how do wallets — where users hold cryptocurrency — figure into the regulation, and what sets one cryptocurrency apart from the next. And, when it comes to non-fungible tokens (NFTs), most of the conversation is around how they should be taxed as HODLer of digital art, as a buyer, or as a creator. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms">INTERVIEW: The Indian Government is asking experts these questions as it mulls over the crypto bill — and the metaverse isn’t one of them yet</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-tether-shiba-inu-and-dogecoin-were-most-popular-cryptocurrencies-on-wazirx-in-2021/articleshow/88319567.cms">Bitcoin, Tether, Shiba Inu and Dogecoin were most popular cryptocurrencies on WazirX in 2021</a>

India’s crypto bill may take a page out of the new IT rules and ask exchanges to appoint a grievance officer

<ul><li><keyword id="6289215" type="General" weightage="20" keywordseo="crypto-mining" source="Orion">Crypto mining</keyword> companies are looking at <keyword id="12637892" type="General" weightage="20" keywordseo="immersion-cooling" source="Orion">immersion cooling</keyword> to help them drum not costs and also be more environment friendly.</li><li>Immersion cooling recycles a portion of the heat created by crypto mining rigs into power.</li><li>However, the technology is still in testing mode and there are pit falls to both success and failure.</li></ul>Mining for Bitcoin is hot — not just because it's in vogue, but because it’s literally hot enough that there are people around the world using their mining rigs as an alternative to <a href="https://www.youtube.com/watch?v=3yDX8Zf_lLg">home heaters</a>. The more power they use, the hotter these rigs get. And, the hotter they get, the more power is needed to keep them cool. Thus, the cycle continues. Crypto mining companies, like <a href="https://www.riotblockchain.com/news-media/press-releases/detail/117/riot-announces-first-industrial-scale-immersion-cooled#:~:text=Immersion%2Dcooling%20is%20a%20technique,circuits%20operating%20at%20lower%20temperatures.&amp;text=The%20cooled%20fluid%20is%20then%20pumped%20back%20through%20the%20immersion%20tank.">Riot Blockchain</a>, and others are looking to break the loop with ‘immersion cooling’. They want to take specialised Bitcoin mining equipment — called application-specific integrated circuits (ASICs) — and submerge them in cooling fluid to bring down costs while also giving their mining operations a boost. <div type="image" title="5" msid="87999555" hostid="261" caption="&amp;lt;p&amp;gt;Riot Blockchain&amp;#39;s immesion cooling tests&amp;lt;/p&amp;gt;"></div> It’s not only about cutting down the heat. immersion cooling also cuts down maintenance times since there’s less dirt clogging the machines, resulting in more efficient performance. <div type="ExtQuote" text="It looks like a fish tank with machines inside it. Sooner or later, all big miners will be doing large-scale immersion mining." auname="Nishant Sharma, the founder of mining consultancy firm BlocksBridge, told Bloomberg in a interview"></div> <cmsannotation type="cmsannotation" annotationid="Immersive cooling has been around for over a decade" comment="subhead" text="Immersive cooling has been around for over a decade">Immersive cooling has been around for over a decade</cmsannotation> Immersion cooling is not a ‘new’ idea. It’s been around since 2006 when Hardcore Computer pioneered the concept to make PC gaming more powerful. Three years down the line Green Revolution Cooling (GRC) came up with the idea of ‘open bath’ immersion for the high-performance computing industry. And, a year later Midas Green Technologies founded the first-ever worldwide immersion cooling commercial data center. <div type="image" title="4" msid="87999624" hostid="261" caption="&amp;lt;p&amp;gt;Fujitsu&amp;#39;s liquid immersion cooling system it says will usher in a &amp;#8220;next generation of ultra-dense data centers.&amp;#8221;&amp;lt;/p&amp;gt;"></div> Fujitsu, Microsoft, Alibaba, Shell and all the big wig companies have been looking into it. Even with all this fanfare, immersion cooling didn’t get its fair due until crypto mining started to become mainstream in 2016. The profitability of conventional data centres is determined by a myriad of different factors. But, for cryptocurrency mining, the primary influence of profit is energy consumption — and, that’s where immersion cooling comes in, in a big way. <cmsannotation type="cmsannotation" annotationid="Immersive cooling uses heat to create more power" comment="subhead" text="Immersive cooling uses heat to create more power">Immersive cooling uses heat to create more power</cmsannotation> With immersion cooling, the total cost of ownership (TCO) gets drummed down since heat can be recycled for energy. The fluid absorbs the heat and recycles it to increase productivity. According to Brian Roemmele, co-host of the Around the Coin podcast — who saw an immersed Bitcoin mining rig first hand — the cooling liquid reduces heat and noise by 95%. Around 40% of the heat is recaptured and used to power the mining rig. <div type="twitter" handle="BrianRoemmele" handlename="Brian Roemmele" image="http://pbs.twimg.com/profile_images/1492616506/Brian-Med-Green-Fin_normal.png" favoritecount="14370" retweetcount="2600" status="By submerging Bitcoin Miners in liquid, heat and noise is reduced by 95% and we can recapture up to 40% of the heat… https://t.co/c9uLhwcFft" createdat="1635438648000" id="1453761177201242116"></div> <cmsannotation type="cmsannotation" annotationid="This doesn’t mean crypto mining rigs are using water to cool off" comment="subhead" text="This doesn’t mean crypto mining rigs are using water to cool off">This doesn’t mean crypto mining rigs are using water to cool off</cmsannotation> Not only is immersion cooling a big deal for the companies that mine for crypto, but it’s also a get for companies that specialise in cooling technology. At the end of the day, water and electricity don’t mix. Water is both a conductor of electricity and corrosive. Any breach would mean that mining rigs would get fried. And, that’s why the trick lies in cooling the right kind of liquid to get the job done. Instead of using ordinary water, companies prefer to use engineered fluids like 3M's Novec or a blend of different mineral oils such as GRC's GreenDEF. This allows for direct immersion of entire systems without the risk of damaging the machines. But, this also means that crypto mining companies looking to employ immersion cooling at scale are dependent on a limited set of suppliers that have the technology. This leaves them susceptible to supply disruption and price fluctuations. For instance, a crypto mining company <keyword id="5304583" type="General" weightage="20" keywordseo="riot-blockchain" source="Orion">Riot Blockchain</keyword>, announced in October that it has plans to immerse 46,000 of its mining machines — which need around 200 megawatts of power to function — into cooling liquid. Other companies that have attempted similar endeavours in the past have seen their projects run into substantial setbacks and cost overruns. According to TipRanks <a href="https://www.tipranks.com/stocks/riot/risk-factors">Risk Factors</a> tool, if Riot is not able to complete the project on schedule and ends up devoting more resources to it, the anticipated benefits may get annuled. On the flip side, if Riot Blockchain is successful, it could lead to other crypto mining companies jumping onto the bandwagon. This, in turn, would create a surge in demand, increasing costs and decreasing the cost effectiveness of the technology. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/coindcx-clarifies-that-it-has-no-immediate-plans-to-launch-an-ipo/articleshow/87979346.cms">CoinDCX clarifies that it has no ‘immediate’ plans to launch an IPO</a> <a href="https://www.businessinsider.in/investment/news/loaded-lion-nft-sells-for-1-million-three-days-after-launching-at-200/articleshow/87933221.cms">Loaded Lion NFT sells for $1 million — three days after launching at $200</a> <a href="https://www.businessinsider.in/investment/news/india-has-no-plans-to-recognise-bitcoin-as-a-currency-says-countrys-finance-minister-nirmala-sitharaman/articleshow/87976812.cms">India has no plans to recognise Bitcoin as a currency, says country's Finance Minister Nirmala Sitharaman</a>

You Searched For "coindcx jobs" and got 11 results

CoinDCX is now the most valued cryptocurrency exchange in India and it is hiring for 600 positions

Kritti Bhalla

EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders

Prabhjote Gill

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

IANS

India’s crypto players bullish on hiring; say crash is just a phase

Vaamanaa Sethi

Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too

BI India Bureau

EY is looking to hire 9,000 techies in 2021 to boost its digital services

Rounak Jain

IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges

Eetika Kapoor

Here are five startups which managed to raise funds before the capital crunch hit them

Vaamanaa Sethi

India plans to use the Supreme Court order in Antrix-Devas case to defend Air India's assets

BI India Bureau

India’s crypto bill may take a page out of the new IT rules and ask exchanges to appoint a grievance officer

Prabhjote Gill

Immersion cooling has been around for over a decade, but it’s coming back in vogue thanks to Bitcoin mining

Prabhjote Gill