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Vauld suspends crypto trading, deposits and withdrawals owing to serious financial challenges.
This month on Startup Street, the word was dichotomy. While the startup ecosystem churned out three new unicorns, firms across sectors resorted to layoffs to tide over a funding slowdown and uncertainties prevailing in the market. But a fintech platform might a solution. Besides, Hurun Future Unicorn Index lists some of the most promising startups to emerge in the next four years. Here's what went on in June...
Crypto markets slumped this week, adding to a decline that has wiped away some $2 trillion of market value and left market participants uneasy.
Bitcoin dip buyers are hoping things won't get much worse for cryptocurrencies in the remainder of this year judging by the latest surge in the virtual coin. (BTC
The rapper and her husband are facing trial, but some proceeds from the $8 billion Bitfinex hack still haven't been recovered.
The Reserve Bank of India has added cryptocurrencies as a possible risk in its latest Systemic Risk Survey, concluded in May. The risk survey, which has been detailed in the central bank's financial stability report released on Thursday, places crypto assets under the medium risk category.
Recent regulatory changes should result in a more stable and robust fintech industry over time, Fitch Ratings says.
The 58% drawdown in the biggest cryptocurrency is the largest since the third quarter of 2011, when Bitcoin was still in its infancy. (BTC
India's cryptocurrency market is in the midst of a shake up. And young investors in crypto assets won't escape unscatched.
Bitcoin traded once again around the $20,000 level, underperforming stocks amid lingering concerns of a greater shakeout in the crypto market. (BTC
Bitcoin declined as much as 2.5% to $20,316, holding right above the key $20,000 level. Ether also fell by a maximum 2.5% to $1,093.46. (BTC
Kotak Institutional Equities has initiated coverage of PB Fintech (Policybazaar) with a 'buy', citing its leadership in online insurance and a diversifying product mix.
Bitcoin struggled to hold above the closely-watched $20,000 level, extending a period of marked volatility that saw huge weekend swings. (BTC
(Bloomberg) -- Bitcoin snapped a 12-day slide on Sunday, clawing its way back above $20,000 and leading the cryptocurrency market in a swift turnaround after a record-breaking string of declines. (BTC
Bitcoin price tumbled over 9% to $18,740.52, marking a record-breaking 12th straight day in the red, according to Bloomberg data. (BTC
Seven of the world's richest crypto founders have lost a combined $114 billion since November as digital-asset values crumble.
Bitcoin extended declines on Tuesday as investor sentiment took another leg down over fears that bigger Federal Reserve interest-rate hikes loom to quell inflation. (BTC
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today. (BTC
Here are the stocks to watch going into trade today..
Cashless payments in India is expected to swirl more than threefold to $10 trillion by 2026, propelled by adoption in small cities and towns across India, according to a report.
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today. (BTA
Bata India, Hero MotoCorp, Maruti Suzuki, Religare Enterprises and Yes Bank are the stocks to watch today even as the SGX Nifty indicated a negative start for the Nifty 50. (BTA
Bank of Baroda, Bata India, Bharat Dynamics, HFCL and Rail Vikas Nigam are the stocks to watch today, even as SGX Nifty indicated a negative start to Nifty 50. (BTA
Bitcoin was finally showing some signs of life Monday after being stuck below the key $30,000 level for four days. (BTC
Fi is the first fintech entity to have gone live with a product built on the aggregator framework, even as noebanks in India struggle for relevance.
Wheat cannot be digitised. Crypto cannot be eaten. Yet both can suffer the same wrath at the hands of India's policymakers, writes Raghav Bahl.
Shares of Avenue Supermarts Ltd. gained the most in nearly seven months after analysts said its long-term outlook looks bright as improving consumer sentiment is likely to augur strong demand and enhance store footfalls and profitability. Besides, a huge room for store expansion, deep discounting model, lower fixed costs and a strong balance sheet of the owner of supermarket chain DMart will help, the analysts said in their post-earnings research reports.
Asian shares related to cryptocurrencies declined after the collapse of the TerraUSD stablecoin triggered a stampede out of many of the digital-asset market's most popular tokens.
There were some elements within the government and at the Reserve Bank of India, who were not positive on cryptocurrencies, leading to the India operations getting hampered, Coinbase CEO Brian Armstrong says.
Bitcoin extended losses, dropping below $30,000 for the first time since July 2021, putting its decline from a November record high to more than 55% amid a global flight from riskier investments. (BTC
A series of overt and covert moves have meant that India's crypto ecosystem is once again disrupted.
iD Fresh Food (India) Pvt., the maker of ready-to-cook parotas and idli-dosa batter, is preparing to expand in the United States and the United Kingdom, as well as enter new territories like Singapore and Malaysia by the end of this year. It also has plans to set up manufacturing facilities in the domestic market, in a bid to capitalise on the pandemic-induced cravings for convenience food. (CRAVE
Credit card-focused fintechs like Jupiter and Slice are likely to face challenges as the Reserve Bank of India (RBI) changes the rules of the game.
(Bloomberg) -- India's crypto unicorn CoinDCX is raising $135 million from venture capital funds led by Pantera Capital and Steadview Capital Management LLC., according to a company statement. The latest round values the company at $2.
(Bloomberg) -- Cryptocurrency startup Blockchain.com is interviewing banks for an initial public offering that could take place as soon as this year, according to people familiar with the matter.
(Bloomberg) -- Billionaire entrepreneur Peter Thiel called Warren Buffett, Jamie Dimon and Larry Fink members of a finance gerontocracy opposed to a revolutionary youth movement that embraces Bitcoin. (BTC
This week was about deals. Can the warring states of Russia and Ukraine strike a peace deal? Can there be a deal between Russia and India for crude oil at discounts to pre-conflict prices? Back home, Axis Bank announced a deal to buy out Citi's India wealth business. Aside from that, a steady-state for equities, a bit of a risk-on in crypto, and high volatility in oil.
India's fintechs will face challenges in extending payment dominance to other financial services, while major banks have significantly beefed up their digital products that customers have adopted widely, according to Moody's Investor Service.
Paytm Payments Bank, which processes transactions for India's digital payments giant Paytm, was barred from taking on new customers because it violated rules by allowing data to flow to servers abroad and didn't properly verify its customers.
(Bloomberg) -- India's dithering on whether to embrace digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country's most famous crypto startup.
In an attempt to popularise payments via the Unified Payments Interface on feature phones, the Reserve Bank of India has launched UPI 123Pay. While UPI payments were possible on feature phones, they were cumbersome making it tough for nearly 40 crore feature phone users to pay via the now popular means of payment.
Ashneer Grover is no longer an employee, a founder, or a director of BharatPe as a result of his misdeeds, the fintech startup says in a statement. The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats
(Bloomberg) -- BitConnect founder Satish Kumbhani, charged criminally in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials said. (BCC
(Bloomberg) -- Cryptocurrencies dropped amid reports that Vladimir Putin has decided to conduct military operations in Ukraine, with Bitcoin dropping to the lowest level in a month. The largest token fell as much as 6. (BTC
The Advertising Standards Council Of India, or ASCI, has mandated standardised disclosures for crypto ads and also clamped down on the use of words such as
Cryptocurrencies are like Ponzi schemes,
Finance Bill, 2022 has several new provisions that are causing much confusion among stakeholders, pertaining mostly to the new tax on virtual digital assets, unexplained cash credit, withholding tax on perquisites and scope of reassessment proceedings. In an interview with BloombergQuint, chairman of the Central Board of Direct Taxes, JB Mohapatra, explained the the intent behind these provisions.
If there's one subject that's caught the public imagination from the budget this year, it has to be the tax on cryptocurrency assets, or as the Finance Bill 2022 calls it, Virtual Digital Assets.
(Bloomberg) -- The Indian government said it doesn't treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings from gambling. They are in a grey area. It's not illegal to buy and sell crypto, Finance Secretary T. V.
Given the phenomenal increase in the number of transactions, the finance minister has introduced a specific tax regime for virtual digital assets like cryptocurrencies, non-fungible tokens or NFTs. Finance Minister Nirmala Sitharaman stated the highlights of this new income tax provision in her speech: