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Global crypto exchange company <keyword id="12048182" type="General" weightage="80" keywordseo="crosstower" source="Orion">CrossTower</keyword> on Tuesday announced its partnership with the South Asian Engagement Forum to celebrate <keyword id="188" type="General" weightage="100" keywordseo="diwali" source="Orion">Diwali</keyword> at the iconic <keyword id="48015" type="General" weightage="80" keywordseo="world-trade-center" source="Orion">World Trade Center</keyword> in New York City. For the first time in history, three-day Diwali celebrations will be held from November 2-4, showcasing a spectacular digital mural on the WTC podium and fireworks over the Hudson River. "CrossTower is privileged to be a partner of the first ever All-American Diwali celebration, especially so soon after our expansion into India. Given that there are 2.7 million Indians in the US, this event combines the American tradition with the festival and has brought together two biggest democratic countries, the US and India, to celebrate one of the biggest festivals," said <keyword id="3635132" type="General" weightage="20" keywordseo="kapil-rathi" source="Orion">Kapil Rathi</keyword>, Chief Executive Officer and Co-Founder of CrossTower, in a statement. This event combines the American tradition of viewing fireworks over the Hudson River with the festival of lights. A fireworks display will take place on the Hudson and be available via livestream on Diwali Eve on November 3 at 7.30 p.m. ET, to inspire Indian Americans to engage with their neighbours, colleagues, and friends from a variety of backgrounds in engaging conversations about Diwali. "There is no better symbol of the triumph of resiliency than the World Trade Center and we are very fortunate to be able to bring this message to all,"said <keyword id="5119727" type="General" weightage="20" keywordseo="rahul-walia" source="Orion">Rahul Walia</keyword>, Indian American founding trustee of the South Asian Engagement Foundation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/squid-game-token-goes-offline-after-skyrocketing-75000-and-that-means-the-scam-is-over-coingecko-says/articleshow/87471564.cms">'Squid Game' token goes offline after skyrocketing 75,000% - and that means the 'scam' is over, CoinGecko says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/tech-billionaire-peter-thiel-says-bitcoins-record-high-price-shows-inflation-is-at-a-crisis-point/articleshow/87471816.cms">Tech billionaire Peter Thiel says bitcoin's record-high price shows inflation is at a crisis point</a>

Crypto firm CrossTower will be celebrating Diwali at the World Trade Centre with fireworks over the Hudson River in New York

<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 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

Dogecoin's slide after the failed 'Doge Day' has crypto traders eyeing a replacement for the world's favorite meme token

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Crypto firm CrossTower will be celebrating Diwali at the World Trade Centre with fireworks over the Hudson River in New York

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

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Dogecoin's slide after the failed 'Doge Day' has crypto traders eyeing a replacement for the world's favorite meme token

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