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<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>Singapore-based Coinstore has announced plans to enter the India market.</li><li>Its competitor CrossTower had also entered India in September.</li><li>Coinbase is setting up its offices in the country and has been on an aggressive hiring spree since July.</li></ul> Despite rumours of a <a href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">possible ban</a>, Singapore-based cryptocurrency exchange Coinstore has decided to enter India. It has launched the web and mobile versions of its platforms in the country, and plans to start a branch each in Bangalore, New Delhi and Mumbai, according to a <a href="https://www.reuters.com/technology/cryptocurrency-exchange-coinstore-enters-india-despite-pending-curbs-trade-2021-11-28/">Reuters</a>’ report. <div type="twitter" handle="coinstore_en" handlename="Coinstore" image="http://pbs.twimg.com/profile_images/1459071636183785473/2s7pRqeq_normal.jpg" favoritecount="5" retweetcount="1" status="#Cryptocurrency exchange #Coinstore enters #India despite pending curbs on trade📰: https://t.co/6oltKCMEyp ✅… https://t.co/VHJXK8TDQR" createdat="1638155949000" id="1465158360676904960"></div> Coinstore’s entry into India follows in the footsteps of other global crypto giants like <a href="https://www.reuters.com/technology/cryptocurrency-exchange-coinstore-enters-india-despite-pending-curbs-trade-2021-11-28/">Coinbase</a> and <a href="https://www.businessinsider.in/investment/news/crypto-firm-crosstower-partners-with-south-asian-engagement-forum-to-celebrate-diwali-at-world-trade-center-in-new-york/articleshow/87484056.cms">CrossTower</a> looking to capitalise on the large base of investors in the country — estimated to be between 15 to 20 million by the industry. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Charles Tan, head of marketing at Coinstore, told Reuters. He also said that the company plans to recruit 100 employees in India and spend about $20 million for marketing, hiring and development of the business in the country. The Indian government is expected to table its <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">bill on cryptocurrencies</a> at the Winter Session of the Lok Sabha, which has kicked off today. The government has listed the bill on the agenda for the session asone which seeks to “prohibit private cryptocurrencies” in the country. While experts opine that a ban wouldn’t be the right move for India, the announcement led to <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">panic selling</a> in Indian crypto markets. <div type="Article" hostid="261" msid="87887473" title="Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency" mstype="2" mssubtype="0"></div> “India has a huge potential to become a global leader in this technology. If India closes the avenues for crypto, it will be cut off like Nigeria. Being a digital-first country, this innovative technology needs the framework India provides to expand,” Vikas Ahuja, CEO of <keyword id="12040535" type="General" weightage="20" keywordseo="crosstower-india" source="Orion">CrossTower India</keyword> CEO, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Competition galore" comment="subhead" text="Competition galore">Competition galore </cmsannotation> India’s cryptocurrency market has been growing exponentially over the past one year. According to crypto exchange WazirX founder, Nishcal Shetty, the country <a href="https://economictimes.indiatimes.com/tech/technology/india-does-not-have-100-million-crypto-users-wazirx-founder/articleshow/87280576.cms">has around</a> 20 million crypto users.It is the largest exchange in the country in terms of trading volumes. The country has also produced two billion dollar crypto startups — ‘unicorns’ — CoinDCX and Coinswitch Kuber, both of which announced their new milestones within the past few months. Coinswitch Kuber is also the first company in India to receive funding from Silicon Valley-based venture capital firm Andreesen Horowitz. While CoinSwitch and CoinDCX have investments from global crypto giant Coinbase, WazirX is owned by Binance. Coinstore will also have to contend with smaller exchanges, like Giottus Cryptocurrency and many more. Seychelles-based OKEx had also entered India earlier this year, while Singapore-based CrossTower entered the country in September. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">FUD takes over Indian crypto markets after government lists crypto bill for discussion</a> <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a> <a href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">Experts fear that a 'ban' on crypto in India will only drive investors to the grey market</a>

After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto

<ul class="summary-list"><li>Analysts at CrossTower said the fall in the <keyword id="10357565" type="UNKNOWN" weightage="60" keywordseo="grayscale-bitcoin-trust">Grayscale Bitcoin Trust</keyword> share price was bad for bitcoin.</li><li>Canadian bitcoin ETFs were likely to fill the gap in the future as interest grows, they said.</li><li>However, Grayscale remains the key public player, with more than $38 billion under management.</li></ul>New Canadian bitcoin exchange-traded funds are likely to replace the Grayscale Bitcoin Trust as the major driver of the crypto market, a report from digital asset firm CrossTower has predicted.The report said the recent fall in the <a href="https://markets.businessinsider.com/etfs/grayscale-bitcoin-trust-btc-us3896371099">Grayscale Bitcoin Trust's (GBTC)</a> market share price should result in the trust buying less bitcoin as it becomes less attractive to big investors due to a quirk in its structure.In February, <keyword id="4580258" type="PERSON" weightage="60" keywordseo="gbtc">GBTC</keyword> bought $349 million of bitcoin, down from around $1.5 billion in January and December, according to Glassnode data cited in the report, which was written by former Wells Fargo analyst Martin Gaspar.However, the new Canadian bitcoin exchange-traded funds - the <a href="https://www.businessinsider.com/canada-approves-first-bitcoin-etf-btc-hopes-sec-us-cryptocurrency-2021-2">first of their kind</a> in North America - could become the major force behind the market, CrossTower said, with the Purpose <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">Bitcoin ETF</keyword> seeing around $730 million of inflows since launching."We expect these instruments to replace Grayscale as key drivers of the BTC price going forward," Gaspar wrote."Demand for products that have lower management fees than GBTC's 2%, such as these ETFs, will capture a portion of investor demand that… previously went to GBTC."Grayscale is itself interested in applying to launch an ETF in the US, should the regulators give the green light to such products, its chief executive Michael Sonnenshein <a href="https://markets.businessinsider.com/news/stocks/grayscale-investments-interested-us-bitcoin-etf-gbtc-btc-cryptocurrency-2021-3-1030180065?utm_source=markets&amp;utm_medium=ingestgest">told Insider last week</a>.Shares in the Grayscale Bitcoin Trust have fallen around 10% in the last month, despite the <a href="https://markets.businessinsider.com/currencies/btc-usd">price of bitcoin</a> hitting a <a href="https://www.businessinsider.com/bitcoin-price-surges-record-60000-stimulus-hopes-institutional-support-2021-3">record high</a> of close to $62,000.Nonetheless, Grayscale remains the <a href="https://markets.businessinsider.com/currencies/news/grayscale-bitcoin-trust-largest-public-holder-competition-increasing-osprey-2021-3-1030221296">biggest public owner of bitcoin</a>, according to Bank of America. The bitcoin trust had more than <a href="https://grayscale.co/bitcoin-trust/">$38 billion</a> of assets under management as of Thursday, and its daily trading volumes are multiples higher than those of Canada's bitcoin ETFs.Yet the fall in the share price means the Trust is now consistently trading at a discount to the value of its underlying holdings, which CrossTower said was likely to result in GBTC's bitcoin purchases slowing.This is because GBTC's formerly hefty premium made it an <a href="https://www.ft.com/content/a341f9f7-887e-41c1-9748-8d0025f23085">attractive purchase for hedge funds</a>, who could buy a slice of the trust at face value in exchange for bitcoin and then flip it for more on the open market 6 months later.Now GBTC trades at a discount, bitcoin inflows have slowed, CrossTower said. It wrote: "This is a net negative for bitcoin as Grayscale purchases of BTC were substantial drivers of the BTC price in recent periods, in our view."Gaspar said: "We expect ETFs to fill the inflow gap as awareness grows and as investors prefer the liquidity of an ETF to trusts."The Purpose Bitcoin ETF (<keyword id="716254" type="ORGANIZATION" weightage="60" keywordseo="BTCC">BTCC</keyword>) - the first to launch in Canada - saw inflows of around $730 million from mid-February to March 15, taking its total holdings to 11,711 bitcoin, the report said.

Bitcoin ETFs are likely to replace the Grayscale Trust as the key driver of the crypto market, analyst says

<keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">Fintech</keyword> company <keyword id="657366" type="General" weightage="100" keywordseo="slice" source="Orion">Slice</keyword> on Monday announced it has become India's new unicorn with raising $220 million in a Series B round, that values it at over $1 billion. The round was led by <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and New York-based global private equity and venture capital Insight Partners. Slice (Written as slice) is a credit card challenger to pay bills, manage expenses and unlock rewards. "We've kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system," said Rajan Bajaj, Founder and CEO. New and existing investors including <keyword id="312345" type="General" weightage="20" keywordseo="advent-international" source="Orion">Advent International</keyword>'s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, <keyword id="592779" type="General" weightage="20" keywordseo="blume-ventures" source="Orion">Blume Ventures</keyword>, and 8i also participated in the round. Users can sign up with Slice in seconds, quickly get a virtual card (and get a physical card delivered to their home), and enjoy up to 2 per cent cashback on each transaction. Slice, which is shipping over 200,000 cards each month, recently opened doors to the new-to-credit population. They can start their financial journey with the newly introduced card with a limit of Rs 2,000. "Slice has built a product that customers love, which we expect will result in continued growth and market share gains," said Alex Cook, Partner at Tiger Global. Slice said it now has a registered user base of over 5 million and a 40 per cent month-on-month growth rate accompanied by industry-leading risk metrics. Nearly 38 Indian startups have made it to the unicorn list this year, raising more than $32 billion (till October). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-and-crosstower-singapores-coinstore-is-now-entering-india-despite-fears-of-a-ban-on-crypto/articleshow/87976839.cms">After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/comparison-between-airtel-vs-jio-vs-vodafone-idea-prepaid-plans-after-hikes/articleshow/87977165.cms">Airtel vs Jio vs Vodafone Idea: latest prepaid plans and what you will get</a>

Fintech firm Slice becomes India's new unicorn

<ul><li>The IPO was open for subscription from December 1 to December 3.</li><li>The company announced the allotment of IPOs yesterday, December 8.</li><li>Initiation of refund procedure or unblock of amount in a bank account will begin from today, December 9.</li></ul>If you had applied for <keyword id="547041" type="General" weightage="20" keywordseo="tega-industries" source="Orion">Tega Industries</keyword>’ initial public offering (IPO), a manufacturer of consumables for the mining industry, the IPO allotment has already been done. The company announced the allotment of IPOs yesterday, December 8. The company received huge demand from investors, who had oversubscribed the IPO by 219.04 times. If you have not checked whether you received the IPO allotment or not, <a href="https://www.businessinsider.in/stock-market/news/here-is-how-you-can-check-tega-industries-ipo-allotment-status/articleshow/88145164.cms">click here </a>and follow the procedure. For those who checked and have not been allotted the shares of the mutual fund company -- the initiation of refund procedure will begin from today, December 9. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 9 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 10 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 13 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Once the IPO result is released, all the applicants who got allotment will receive the share in their demat account on the date of listing. And the rest, who unfortunately didn’t get the allotment will receive their IPO refund on/before the end date of mandate. Usually, with the registered phone number on the investment platform, every applicant gets a message when shares are blocked and unblocked in their bank account. This indicates if one has received the IPO allotment or not. Most of you would have received a request for UPI ID while completing IPO transaction. After the submission, investors will receive a validity period. The IPO amount which is blocked in an investor account usually gets unblocked one day later the IPO allotment or before the end of the validity period. Here is the screenshot of an IPO mandate after the transaction is made through the UPI ID that has the validity period of the IPO. SEE ALSO: <a href="https://www.businessinsider.in/business/news/shriram-properties-ipo-company-has-dominant-position-in-residential-space-at-south-india-omicron-may-spoil-its-plans-once-again/articleshow/88167044.cms">Although Shriram Properties has solid future prospects, Omicron may mess things in the near term</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-need-for-new-crypto-regulator-in-india-says-crosstower-ceo/articleshow/88165815.cms">INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO</a>

Not received Tega Industries’ IPO refund? Here are the things you should take a note of

<ul><li>India is currently in the midst of bringing in new regulations to govern the crypto industry.</li><li>According to a report by the Economic Times, the upcoming crypto bill may place a blanket ban on exchange-to-exchange transfers.</li><li>The government may also launch its own crypto wallet and restrict the use of wallets that mask the owner’s identity.</li></ul>India’s upcoming crypto bill, that is yet to be introduced in Parliament, may not be looking to ban cryptocurrencies. However, the <a href="https://economictimes.indiatimes.com/tech/technology/crypto-trade-among-bourses-may-be-banned/articleshow/88175816.cms">Economic Times</a> reports that exchange-to-exchange transfers are likely to see restrictions. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> According to the Indian publication, sources believe there will be a blanket ban on trade among bourses, restrictions on wallets that mask the owner’s identity and the blocking of Google Chrome extensions that allow users to move around more than 4,000 cryptos — think MetaMask and other wallet integrations. The Indian government may also be looking at the creation of a uniform wallet, like a demat account, to keep an eye on retail crypto transactions. <cmsannotation type="cmsannotation" annotationid="Crypto exchanges will have to provide quarterly disclosures to the government" comment="subhead" text="Crypto exchanges will have to provide quarterly disclosures to the government"><keyword id="6422582" type="General" weightage="20" keywordseo="crypto-exchanges" source="Orion">Crypto exchanges</keyword> will have to provide quarterly disclosures to the government</cmsannotation> Sources told the Economic Times that the government is mulling over a mechanism that will monitor all inflow and outflow of the Indian rupee on Indian crypto exchanges, and only they will be allowed to operate within the country. This may involve the exchanges opening up their ledgers to the government on a quarterly basis. The aim is reportedly to bring crypto exchanges on the same level as other stock or commodity exchanges in the country. And, keep crypto transactions from working around the Foreign Exchange Regulation Act (FEMA). This comes after <a href="https://www.ndtv.com/business/all-private-cryptocurrency-will-be-regulated-not-banned-sources-2634414">NDTV</a> reported that the Securities and Exchange Board of India (SEBI) is <a href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">likely to be roped in to regulate the crypto industry</a>. The same note also highlighted that investors in India won’t be allowed to store their holdings on foreign crypto exchanges or private wallets. Once the bill becomes law, these individuals will reportedly be given some time to make the required changes. Failing to do so could result in penalties within the range of ₹5 crore to ₹20 crore. <cmsannotation type="cmsannotation" annotationid="India may build its own native crypto wallet" comment="subhead" text="India may build its own native crypto wallet">India may build its own native crypto wallet</cmsannotation> The report by the Economic Times also highlights that, since the government will restrict the operation of wallets owned by private players, India may create a uniform wallet akin to a demat account for crypto trade. El Salvador, earlier this year, launched a national crypto wallet called El Chivo. However, unlike India’s plan, the wallet was launched to help the adoption of <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-other-cryptocurrencies-crash-after-el-salvadors-bitcoin-law-launch/articleshow/86040661.cms">Bitcoin as legal tender</a>. However, India has no plans to do so. The <keyword id="2366269" type="General" weightage="20" keywordseo="indian-finance-minister" source="Orion">Indian Finance Minister</keyword>, Sitharaman has already clarified in the Parliament that India has <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">no plans of granting Bitcoin to the status of currency.</a> That being said, El Chivo solves the same problem that India is looking at — the creation of a closed-loop system where crypto transactions can only occur within the designated system. One Chivo Wallet user can transfer funds to another Chivo Wallet, but cannot transfer them to an external wallet. While this may be an attractive proposition for the government, proponents of the crypto universe argue that this goes against the objective of interoperability, which may limit growth. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/ethereum-solana-and-other-cryptos-recover-but-bitcoin-is-still-struggling/slidelist/88178611.cms">Ethereum, Solana, and other cryptos recover but Bitcoin is still struggling</a> <a href="https://www.businessinsider.in/cryptocurrency/news/no-need-for-new-crypto-regulator-in-india-says-crosstower-ceo/articleshow/88165815.cms">INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO</a>

India's crypto bill may reportedly restrict exchange-to-exchange transfers and even launch its own crypto wallet

<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

Welcome to 10 Things Before the <keyword id="117488" type="PERSON" weightage="60" keywordseo="Opening-Bell">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider&amp;r[%E2%80%A6]ers%26utm_medium%3Demail%26utm_term%3D06292021%26anid%3Dadmobdmob">here for Android</a>.<keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> Insider is selling its first NFTs. <a href="https://markets.businessinsider.com/news/stocks/markets-insider-selling-meme-stock-nfts-2021-7">Get the details here.</a>Let's get into it.1. Amazon missed quarterly sales estimates for the first time since 2018. The boom in e-commerce from the pandemic has cooled. <a href="https://markets.businessinsider.com/news/stocks/amazon-stock-price-q2-earnings-sales-miss-profit-forecast-2021-7">And it could end up being a rough day for the stock later.</a>2. Cathie Wood has reportedly sold a huge amount of Roku stock this month. The stock is up 200% over the last year, and Wood's flagship ETF has capitalized. <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-roku-stock-sales-243-million-june-ark-invest-2021-07">Analysts say the move plays into Wood's strategy: buy into winners and gradually cash in.</a>3. Chinese stocks are trading at steep discounts - should you buy the dip? Investors are torn whether to buy or steer clear, given the uncertainty surrounding Chinese tech stocks like Alibaba, Baidu, and JD. But if antitrust issues blow over, the dip may be the best buy -<a href="https://www.businessinsider.com/buy-sell-chinese-stock-outlook-government-regulation-wallstreet-bullish-bearish-2021-7"> four experts share how they're reacting to the sharp selloff.</a>4. Earnings on deck: Procter &amp; Gamble, Exxon Mobil, and Chevron <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>.5. Nikola fell 15% after its founder Trevor Milton was charged with fraud. He is alleged to have lied about <a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-founder-trevor-milton-charged-with-fraud-2021-7">"nearly all aspects of the business.</a>" Here's what insiders say about the downfall of the <a href="https://www.businessinsider.com/nikola-founder-trevor-milton-downfall-2021-3">billionaire once considered to be the next Elon Musk. </a>6. Didi shares jumped after a report says the company is considering going private. While the stock surged, the ride-hailing app released a statement that said the report was "not true." <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-go-private-china-investors-regulation-ipo-report-2021-7">The go-private move, according to the report, would be to placate Chinese authorities amid regulatory concerns.</a>7. Facebook wants to build a "metaverse" - and its stock could jump 18%. The social media giant plans to build a creator-driven metaverse by investing in virtual reality and commerce. <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-metaverse-2q-earnings-target-bofa-commerce-2021-7">Now, Bank of America says these ambitions will help boost Facebook's stock price.</a>8. Robinhood dipped during its volatile public-trading debut. The online trading app was valued at $32 billion when it priced its IPO at $38 per share. The company's seen explosive growth through the pandemic -<a href="https://markets.businessinsider.com/news/stocks/robinhood-stock-price-first-trades-volatile-ipo-trading-debut-hood-2021-7"> Robinhood raised $2.1 billion from its IPO.</a>9. Two key metrics show that a bitcoin comeback is coming, says one crypto research analyst. The CrossTower analyst bought bitcoin for "$100 or $150" in 2013, and is focused on the crypto's flows on exchanges and Glassnode's HODL Waves. <a href="https://www.businessinsider.com/trading-strategy-investing-recommendation-crypto-analyst-bitcoin-ethereum-altcoin-defi-2021-7">See his three trades designed to generate up to 80% returns.</a>10. Wall Street's top analysts say buy these 10 stocks right now for huge upside this year. The top 10 current analysts, as tracked by TipRanks, shared their top stock recommendations. <a href="https://www.businessinsider.com/stock-market-picks-high-upside-most-accurate-sellside-analysts-tipranks-2021-7#8-scott-berg-needham-3">Some of their picks, like Sprinklr and Cohu, have about a 50% upside. Another has nearly a 70% upside. </a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

10 things before the opening bell

<ul><li>Shriram Properties’ IPO opened subscription for investors on Wednesday and will close on December 10.</li><li>The company is looking to raise ₹600 crore through the public listing, out of which ₹250 crore is fresh issue and ₹350 crore is an offer for sale by promoters.</li><li>Shares of the company are demanding a premium of ₹20 in the grey market today.</li><li>Analysts have mixed views on whether to subscribe for the IPO or not after the company booked losses in the past two years due to COVID-19.</li></ul>Shriram Properties, part of the Shriram Group and one of the leading residential real estate development companies in south India, opened its initial public offering (IPO) today, December 8, and will close on December 10. The company primarily focuses on the mid-market and affordable housing segments. Bengaluru and Chennai are the key markets for the company, while it also operates in Coimbatore, Visakhapatnam, and Kolkata. Shriram Properties is well supported by marquee private equity investors like TPG, Tata Opportunities Fund, Walton Street Capital and Starwood, which cumulatively held 58.35% equity stake. Through this IPO, these investors are partially offloading their stake. Adding to it, the company has attracted multiple financial investments from investors like SUN Apollo Ventures, Mitsubishi Corporation, Amplus Capital Advisors, ASK Property Investment Advisors, Motilal Oswal and Kotak Private Equity Group in its projects. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholders selling shares </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;">Number of shares on sale </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;">Omega TC Sabre Holdings </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;">₹90.9 crore </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;">Tata Capital Financial Services </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;">₹8.34 crore </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;">TPG Asia </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;">₹92.2 crore </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;">WSI/WSQI V (XXXII) Mauritius Investors </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;">₹133.4 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The company plans to utilise some of the net proceeds from the IPO towards the company and its subsidiaries’ debt payments and some for general corporate purposes. Keeping aside the company's strong position in the southern part of the country and growth prospects, financial performance of the company has been disappointing. It has reported losses for two consecutive years because its business operations were impacted by COVID-19 induced lockdown and restrictions. <div type="image" title="shriram revenue" height="900" width="1200" msid="88167162" hostid="261"></div> Following this, the IPO has received mixed views from the brokerages suggesting whether to subscribe for the IPO or not. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </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;">Recommendation </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;">Kotak Securities </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;">Not rated </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;">Canara Bank Securities </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;">Subscribe for listing gains </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;">ICICIdirect </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;">Unrated </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;">Choice Broking </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;">Subscribe </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While the company has already suffered losses due to pandemic related restrictions, it may again get impacted as the new COVID variant cases are increasing day-by-day. “The COVID-19 pandemic may affect company’s business, results of operations and financial condition, in the future, in a number of ways which includes delays in the completion of construction of properties on account of the lockdown and work stoppages, affecting ability of customers to visit sales offices and undertake in-person discussions, inability to access capital on commercially acceptable terms and company’s ability to execute growth strategies and identify and complete acquisitions,” said analysts at ICICIdirect in a brokerage note. Ravi Singhal, vice chairman at GCL Securities said that, “Company is posting losses from the last two years and its revenue has reduced significantly since the 2019 level. These losses may extend further this year looking at the Omicron scenario. This company is part of the reputed Shriram Group, but that cannot be the only point to apply for this IPO. Clearly investors cannot apply for this IPO for listing gain; one may apply for long-term holding based on their risk appetite.” However, some analysts feel that the company’s leading position in the residential segment along with strong execution quality will take the company a long way. “Company is one of the leading residential real-estate developers in south India and focuses on mid-market and affordable housing categories. We believe that the company has a strong track record of delivering the project on time and can maintain strong execution which will get reflected in the pre-sales numbers going ahead. Hence, we are assigning a “SUBSCRIBE” recommendation to the Shriram Properties Limited IPO,” said Yash Gupta, equity research analyst at Angel One. Here is how Shriram Properties’ peers performed this year: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Peer companies </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Market cap </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% return in 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹69,722 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">210.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indiabulls Real Estate </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹7,856 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">113.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sobha </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹8,225 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">113.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11,658 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">103.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estates Projects </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹17,860 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">67.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹97,898 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">65.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹32,049 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">49.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹23,601 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kolte-Patil Developers </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,397 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sunteck Realty </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹6,593 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26.00% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-need-for-new-crypto-regulator-in-india-says-crosstower-ceo/articleshow/88165815.cms">INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ipo-bound-delhivery-gets-deeper-into-drone-technology-with-its-latest-acquisition/articleshow/88165083.cms">Delhivery gets closer to drone delivery with the acquisition of an American company</a>

Although Shriram Properties has solid future prospects, Omicron may mess things in the near term

<ul><li><keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">Crypto</keyword> exchanges can run into trouble with investors, regular users or even regulators, but the impact may be on many.</li><li>Big exchanges like Binance, Bithumb, and others are facing lawsuits in various countries.</li><li>The US Securities and Exchange Commission’s (SEC) investigation into Ripple could also hurt investors, depending on the outcome.</li></ul>Most of the hype about <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> talks about the impact of regulations, the massive jumps in prices, and the ensuing profits that people make. But, it’s not all rainbows and sunshine. Just like any other financial asset, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-addfbade-7fff-3a1f-e4cd-a72d31cff86f">crypto</a> trading and investments do go wrong. In fact, experts have often warned that people shouldn’t put more than 5% of their portfolio into crypto. Some even say that any money that a person puts in cryptocurrencies, they should be prepared to lose altogether — overnight gains can just as quickly become overnight losses. So, what happens when crypto investments go awry? Here’s a quick look at some examples from around the world. <cmsannotation type="cmsannotation" annotationid="A class action lawsuit has been filed against the world’ largest crypto exchange for glitching in Italy" comment="subhead" text="A class action lawsuit has been filed against the world’ largest crypto exchange for glitching in Italy">A class action lawsuit has been filed against the world’ largest <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword> for glitching in Italy</cmsannotation> A group of investors are suing the world’s largest crypto exchange Binance. Legal and consulting firm <a href="https://www.lexia.it/en/2021/07/07/lexia-avvocati-ha-ricevuto-incarico-di-assistere-un-gruppo-di-investitori-per-lavvio-di-uniniziativa-legale-nei-confronti-di-binance/">Lexia Avvocati</a> announced on July 5 that they will be taking legal action against Binance for trading losses suffered due to outages the platform suffered on various days — April 18, May 5, May 19, May 28, June 4, and February 8, which is the day when Tesla announced its $1.5 billion purchase of Bitcoin. The law firm has filed a class action lawsuit against the crypto exchanges because the “anomalies in the functioning of the trading platform” caused certain inventors to lose money on futures. Futures are a type of derivative financial instrument that allows traders to buy or sell a particular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-2b872fb7-7fff-c058-a7fb-55fb1d116a21">cryptocurrency</a> at a predetermined price at a specified time in the future. The complainants are alleging that the compensation Binance has offered right now is a “pitiful amount” and has given the company till July 12 to come up with an appropriate offer. They also threatened to seek regulatory help from the European Union and in Switzerland. The lawsuit could put Binance in a tricky situation, because if it accepts the requests from the complainants, it may have to pay out the same amount to all other investors as well. On the other hand, winning a lawsuit like this could also absolve Binance of the need to pay any compensation at all and set a new standard for the overall crypto industry. <cmsannotation type="cmsannotation" annotationid="South Korea’s largest crypto exchange is being sued for fraud" comment="subhead" text="South Korea’s largest crypto exchange is being sued for fraud">South Korea’s largest crypto exchange is being sued for fraud</cmsannotation> Subsidiaries of South Korean exchange, Bithumb, are facing allegations of breach of contract in Hong Kong, and their top executives are facing criminal charges of fraud. This comes after the same investor, whose name was not disclosed by <a href="https://www.koreatimes.co.kr/www/biz/2021/07/602_311706.html">The Korea Times</a>, had already filed a criminal suit in Korea that has been pending for the last nine months. The accusation is that Bithumb acted in bad faith when it announced plans to open up an exchange in Thailand. Instead of establishing a crypto exchange, the company only used its announcement to get people to invest the BXA coin — a virtual asset issued by BK Group Chairman Kim Byung-gun, who had once attempted to take over the firm. When Kim gave up on that plan due to financial reasons, the coin never got listed on Bithumb. “After Bithumb stopped its BXA coin business, its Thai operation became unnecessary, so the company ended its business in Thailand unilaterally, causing serious damage to us,” the Thai partner told The Korea Times. They are looking for 100 billion won in compensation and another lawsuit may get filed by one of the crypto exchange’s former partners in Japan — where Bithumb also tried to open up a crypto exchange but was unsuccessful. <cmsannotation type="cmsannotation" annotationid="In the US, Ripple’s fate hangs in the balance" comment="subhead" text="In the US, Ripple’s fate hangs in the balance">In the US, Ripple’s fate hangs in the balance</cmsannotation> One of the biggest and most consequential lawsuits against crypto companies is the one filed by the US Securities and Exchange Commission (SEC) against Ripple's XRP token. The company, which runs one of the largest tokens by market capitalization, has been accused of raising over $1.3 billion through “unregistered, ongoing digital asset securities offerings”, according to the <a href="https://www.sec.gov/news/press-release/2020-338">SEC</a>. While the case is between a financial authority and a large blockchain firm, it's unclear what the outcome will be. <a href="https://www.businessinsider.in/stock-market/news/xrp-delisted-on-more-platforms-following-secs-ripple-complaint/articleshow/80048490.cms">Experts</a> have noted that it could affect many investors who have invested in XRP around the world. The token has already been <a href="https://www.businessinsider.in/stock-market/news/xrp-delisted-on-more-platforms-following-secs-ripple-complaint/articleshow/80048490.cms">delisted by cryptocurrency exchanges</a> like Bitstamp, OSL, Crosstower and Beaxy. Phil Liu, the chief legal officer at Arca, told <a href="https://www.businessinsider.in/stock-market/news/xrp-delisted-on-more-platforms-following-secs-ripple-complaint/articleshow/80048490.cms">Business Insider</a> the SEC lawsuit is a risk for the XRP token and a more serious one for Ripple. According to him, XRP has “one foot in the grave”. And, that could mean the end of Ripple if it’s unable to raise funds by selling its digital token. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/visa-is-partnering-with-over-50-crypto-companies-to-allow-clients-to-spend-and-convert-digital-currencies/articleshow/84203557.cms">Visa is partnering with over 50 crypto companies to allow clients to spend and convert digital currencies</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ceo-of-the-worlds-largest-cryptocurrency-said-that-financial-assets-like-cryptocurrencies-only-come-along-once-in-a-generation/articleshow/84164488.cms">The CEO of the world’s largest cryptocurrency asset manager reckons that crypto as an asset class is ‘here to stay’ — Here are 12 of his best quotes</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">India's new crypto regulations are ready for the monsoon session of parliament, says the country's Finance Minister</a>

Cryptocurrencies aren't all diamonds and roses —  lawsuits from people who lost big are piling up with exchanges

<ul class="summary-list"><li><keyword id="11154884" type="UNKNOWN" weightage="60" keywordseo="safemoon">Safemoon</keyword>, a new digital token launched in March, has rapidly captured the attention of crypto traders. </li><li>Searches for the new <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> this week peaked early on April 20, the day <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> was meant to soar to $1.</li><li>"SafeMoon is similar to dogecoin in the sense that it is unclear what the utility of the project is or will be," Ava Labs president John Wu told Insider.</li></ul>April 20 was meant to be '<a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-doge-day-rally-cryptocurrencies-elon-musk-2021-4-1030328046">Doge Day</a>'.But instead of seeing their favorite meme-based token rocket to $1, dogecoin enthusiasts watched as chatter on social media coalesced around a lesser known coin: safemoon.Safemoon launched in March and is up by roughly 2,000% in a month, according to <a href="https://www.coingecko.com/en/coins/safemoon">CoinGecko</a>. Searches for the cryptocurrency this week <a href="https://trends.google.com/trends/explore?date=now%207-d&amp;geo=US&amp;q=safemoonsafemoon">peaked early on April 20</a>, as momentum was meant to be building behind dogecoin. The coin climbed to a high of $0.00000904 at around 11 a.m. ET Wednesday, and continued its climb by 3% until the next day, according to <a href="https://www.coingecko.com/en/coins/safemoon">CoinGecko</a>.To the dismay of dogecoin fans, meanwhile, the meme token <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-doge-day-rally-cryptocurrencies-elon-musk-2021-4-1030328046">slipped 18%</a> Thursday after reaching a high of $0.42 and has continued to slide since, even dipping under $0.20 briefly on Friday. Safemoon is a decentralized finance token launched in March 2021. Its tagline, according to its <a href="https://safemoon.net/?__cf_chl_jschl_tk__=6bf379e37b89a74678cd5ac71e9b0b9c712fc059-1619195644-0-AXh8oFGTpO3OCg4bI8vwvpImtWE9TKeIC0iEgxzKZ2VOgGyo6eFigpzCyIxZzvUYzs3ZFDNMJLj9mZ3yqePo0IUcep21wWuB1r_zo6kKfIfcUJqO6dGVr2LDt08TEqXKsWrL17Z6g8y9MRX4F6uMjRuIZFRbM7AZPgz-Nkdj6jlzSxuOGdyH88sex8oq9mVYiWHAayI80Yg7BJH8H2qSibi265L8hgWca5lvYbyuqzy-KDA9_AZ_Up4GVvCDsObFciEuVIk-SpS6OvbP2yduJYbv2FVHWQ8Cra58v5kmBywT1t1ZWzOCvFTYrTqH1C0KcQJS-fx_OUEPIlZMxLCpZeTpLOMzoy6CYYZQ6pFr7rY_nVb5o3B1r2lPUi_g5HJkNA">website</a>, is "Safemoon to the Moon!", a similar slogan trumpeted by dogecoin fans. "<a href="https://www.reddit.com/r/dogecoin/comments/key5fg/to_the_moon/">To the moon</a>" has been spouted by celebrities <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-tweet-spacex-cryptocurrency-literal-moon-2021-4-1030269297">including Elon Musk</a>, a vocal supporter of dogecoin who has been known to push the token higher with his inscrutable tweets."Safemoon is similar to dogecoin in the sense that it is unclear what the utility of the project is or will be," John Wu, president of Ava Labs, the team behind <keyword id="6118260" type="UNKNOWN" weightage="60" keywordseo="altcoin">altcoin</keyword> avalanche, told Insider. He continued: "Worst case, this is a scam or Ponzi scheme. Better case, this was a euphoric rally driven by TikTok and other viral marketing engines."However, unlike dogecoin and other <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, safemoon encourages investors to hold. On its website, it said holders will earn passive rewards through "static reflection." This means the team behind safemoon plans to make the reward dependent on the volume of the token being traded. Safemoon in fact charges those selling it a 10% exit fee and distributes half that fee to other holders. Ian Balina, founder and CEO of Token Metrics, a data-driven investment research platform for crypto, said while there isn't much to say about safemoon just yet, especially when it comes to its blockchain, its trading volume is getting some attention."It is very popular online," Balina told Insider. "People are just taking up tokens just like dogecoin based on social media."Read more: <a href="https://www.businessinsider.com/kraken-ceo-says-bitcoin-could-reach-250k-shares-two-trends-2021-4" target="_blank" rel="noopener">The CEO of crypto exchange Kraken breaks down why he could 'easily' see Bitcoin reach $250,000 next year - and shares 2 emerging trends he's excited about</a>The new cryptocurrency has gained traction on social media, TikTok in particular, with <a href="https://www.reddit.com/r/SafeMoon/comments/m9tzsm/tiktok_trader_posted_a_video_of_safemoon_with/">one video</a> promoting the coin garnering nearly half a million views. Ben Weiss, CEO of CoinFlip, which provides bitcoin ATMs across the US, said safemoon has social-engineered its way into social media trends and built a community of hype and speculation around it."[Social media] has caused it to rally and people are buying into the hype without much knowledge of safemoon utility or if they don't want to miss out on the next Dogecoin," he told Insider. "Since blockchain and cryptocurrencies are still so new and people are seeing crazy price actions around them, it's no surprise to see similar projects like this that feed on hype."<h4>Here are what five other experts think of the latest craze sweeping the crypto market:</h4>"Safemoon is one of a number of new cryptocurrencies appearing on the market which attempt to address some of the problems that Bitcoin and other cryptos have that block mass adoption. For example, Bitcoin is notoriously volatile its valuation can vary wildly from one day to the next and that makes it undesirable for day-to-day commerce or business activity. Safemoon's exit fee is an attempt to create crypto with less price volatility and therefore more utility in real world applications." - Harold Montgomery, managing director at Wirex USA"SafeMoon seems like just another meme coin that is driving retail FOMO into it. Safemoon's built-in functions seek to penalize sellers of its token while rewarding holders. It charges sellers high transaction fees for selling the token and pays a portion of that fee to holders. To sophisticated traders, this concept is not attractive as it artificially inflates the price in the short term without a clear benefit for long-term holders. If the safemoon team comes up with a legitimate innovation, it could potentially benefit from its creative name and its branding." - Kapil Rathi, co-founder &amp; CEO at CrossTower "With Ethereum transaction fees so high in recent weeks, herds of retail investors have started migrating towards Binance Smart Chain (BSC), a more centralized competitor that's significantly cheaper to use (for now), albeit with a much less mature developer ecosystem. At the same time, TikTok has really started to take off as a platform for crypto influencers, and several of these influencers have started to direct their followers towards new tokens on the BSC platform. Safemoon is one such example of a new project on BSC with untested tokenomics that relies on Ponzi-like mechanics that penalize sellers for selling the token. It also appears to reward holders in aggregate by giving them half of the sellers' tokens through a shared liquidity pool, thus incentivizing them not to sell as part of a "carrot and stick approach.- Demetri Kofinas, creator and host of Hidden Forces, a weekly podcast Read more: <a href="https://www.businessinsider.com/crypto-investing-arca-cio-shares-10-tokens-special-situations-strategy-2021-4" target="_blank" rel="noopener">The investing chief of crypto asset manager Arca shares the 3 themes and 10 tokens he's betting on - and explains how to execute his special-situations investing strategy in digital assets</a>"Despite its recent surge, it is important to point out that safemoon is relatively new in the market and investors need to weigh in the potential risks before purchasing safemoon tokens. Personally, I believe it is too soon to pass judgment on its success as its rising value could just be a part of the trend that's pushing dogecoin prices up ... The company behind safemoon is however planning on launching its own exchange through a $1 million funding, over half of which has already been raised. It's clear that they're heading for the big leagues like Coinbase where they're aiming to list themselves." - Peter Jensen, CEO at RocketFuel Blockchain"We take great care when thinking about what assets to make available to our millions of customers around the world. Innovation in the crypto space is happening at a breakneck pace and it can be hard to truly judge a quality project from a lower-quality project if you don't have enough information. We urge everyone to educate themselves on cryptocurrencies before investing, to make sure you're using a trustworthy trading platform, and be cautious of anything that seems too good to be true. For context, we do not list SafeMoon."- Jason Karsh, VP of marketing at Blockchain.com

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