Singapore’s Crypto Bank Generates US$ 2 Million Funds For Supporting Crypto In India 0 71

Vauld – a crypto bank from Singapore – has been working tirelessly to classify crypto as a distinct asset class different than others. Provides services same as any other financial institution except that the services relate to cryptocurrencies only.

 It was informed that a fundraising scheme was recently conducted by Vault. The bank reportedly generated an aggregate amount of US$ 2 Million which it received from Coinbase, CMT and Pantera etc.

It was informed by Vauld that in less than a period of four months, it had managed to raise this substantial amount of money.DarshanBathiia, Vauld’s CEO told that investors appreciated their idea of developing a system that would provide crypto services like a bank.

Vault also informed that the funds would be used for hiring more hands to ensure an active presence in fresh markets.

Currently, the crypto bank provides lucrative returns on investment to its customers. It was informed that the customers had been offered 3 to 11% profits on their deposits. On the other hand, the crypto bank had also been providing loan facilities based on cryptocurrencies.

It has now been announced by the bank that they would want to double the rate of profits to their customers. It was also announced that very soon more crypto to fiat pairs would be launched for the sake of customers. Darshan also told that the majority of the bank’s customers had been those whose net worth are substantially higher. However, most of them had been more inclined towards gaining huge profits. But they would not want to add more capital gains in their annual income, he stated.

As regards the question of whether the services would be friendlier for beginners, Darshan did not elaborate upon it. However, he stated that their foremost interest would be to ensure that cryptocurrency had been adopted at a mass level. But in order to achieve this mass-adoption, they would be required to provide fool proof security and employ industry-leading safety standards. He said that this was the reason why they had entered into a partnership with BitGo who is a trusted name in the field. He also told that BitGo’s digital wallets had been insured for US$ 100 Million by world-renowned Lloyd’s London.

As regards the lack of a legal framework for cryptocurrencies, Darshan said that whatever would be the law, they would ensure compliance. For the purposes of compliance, Vauld would also work in close ties with the regulators, he stated.

Vauld would be headed by DarshanBhatija as well as Sanju Kurian both of whom are Indians. They had committed to bring richness and diversity to Vauld’s business. Both had individually served a great deal for several businesses. Sanju had remained Kings Learning’s CTO while Darshan was Business Head of TapChief.

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Dogecoin Successfully Makes Its First Entry in Indian Crypto Industry 0 10

Dogecoin makes a massive entry into the Indian crypto industry and makes record sales at the majority of Indian crypto trading platforms, including Binance, backed by WazirX.

India is one of the rapidly adopting crypto countries of the world. However, the country is currently undergoing the worst of them all pandemic crisis. The number of corona-infected patients in India reportedly been exceeding 400,000 on daily basis. It is reported that there is an acute shortage of oxygen and necessary medical supplies. The number of death counts is presently the highest compared with other countries of the world.

However, even in the hardest times ever, the Indian crypto industry has wholeheartedly welcomed the famous meme coin, Dogecoin. It was reported that Dogecoin has successfully made its way into the locally operating crypto trading platforms of India. It was reported by several Indian crypto exchanges that they are able to make record sales of Dogecoin. They said that prior to the coming of Dogecoin in the Indian crypto market; they were not expecting such an overwhelming response.

WazirX, which is the largest crypto trading platform in India, informed that they are receiving huge numbers of Dogecoin requests. The demand is so high that it caused a temporary blockage of services at WazirX, told exchange operators. WazirX apprised that the system failed to respond because it was faced with a high number of requests, which it had never seen before. Resultantly, WazirX customers were unable to execute their Dogecoin trading transactions and grew frustrated.

Thereafter the customers took their complaints at Twitter and criticized WazirX. However, WazirX then clarified the present situation and successfully calmed down its customers.

CoinSwitch Kuber that its Dogecoin trading volume has surged by 200% on monthly basis further recorded it. However, the firm noticed that the major surge of 1300% was caused in less than two weeks’ time alone.

It is said that the present Dogecoin surge is because of Elon Musk’s upcoming appearance in a TV show called SNL. Some days ago, Musk revealed that he has been invited to a short gig, which will be broadcasted on SNL – an American TV show. He revealed that in his SNL appearance he would be discussing the meme coin.

It has been confirmed by WazirX that in less than 24 hours’ time, it has managed to trade Dogecoin for 600 Crores in Indian Rupees. While CoinSwitch Cuber reported that, its single-day Dogecoin trading volume successfully hit 100 Crores in Indian Rupees.

It is intriguing that simultaneously almost all Indian crypto exchange platforms have integrated Dogecoin. However, still, there are a few trading platforms that have deliberately refrained from enlisting the meme coin. For instance, ZebPay is one of those Indian crypto platforms that has not inducted Dogecoin. The company was of the view that when the time will come, they will adopt Dogecoin but not now.

PayPal’s Role in Boosting Mainstream Adoption Rate for Cryptocurrencies 0 9

PayPal’s Loud Shout Regarding BTC Reaches The Wall Street; says Novogratz

By 2020, it had been 11 years since the cryptocurrency industry had made it to the online platform. An industry with no physical existence was mainly decentralized, as well as unregulated had been struggling to make its presence known.

It had taken the cryptocurrency industry much hard work and effort before it finally became an attractive asset for individual investors and minor businesses.

However, the cryptocurrency industry was desperately after one particular thing. The cryptocurrency industry wanted to be embraced by the mainstream institutions industry.

The mainstream institutions consist of the real game-changers that have the potential of causing rifts in the global economy. They are literally the entities that control the way the world’s economy operates and they have the power to steer it as well.

In the year 2020, when the cryptocurrency industry gained true recognition among investors, it still struggled to get the attention of mainstream institutions.

That is when a mainstream institution called MicroStrategy, went ahead and started investing in Bitcoin (BTC). Even if MicroStrategy invested in the largest cryptocurrency and not all cryptocurrencies in the crypto-verse, it still made a huge difference.

As Bitcoin (BTC) ended up picked up by MicroStrategy, the mainstream industry paid somewhat attention to Bitcoin (BTC). If mainstream industry took interest in Bitcoin (BTC), then they would definitely explore the entire crypto-verse.

However, still not much was coming towards the cryptocurrency industry from mainstream institutions. That is when PayPal announced in October of 2020, it had integrated major cryptocurrencies on its platform. The online payment services giant announced it had adopted major cryptocurrencies so its users could buy and sell them.

That was the time when mainstream institutions from all over the world paid attention to cryptocurrencies for the first time. Since then, the cryptocurrency industry has only shot up and has gone on to achieve all-time highs.

Even the companies that had their stocks listed on the stock exchanges and were somehow linked with cryptocurrencies reported their stock prices started rising following PayPal’s announcement.

Then mainstream institutions kept coming in one after another showing their interest in cryptocurrencies, and how they wanted to invest in them.

PayPal was the very reason that the cryptocurrency industry for the first time was introduced to 334 million users, through PayPal’s user-base.

After that, companies such as Tesla, Twitter, MassMutual, Rothschild’s Investment Corporation, and many more have invested heavily in cryptocurrencies.

Afterward, PayPal even launched an application called “Venmo” that was dedicated to cryptocurrency trading. Then PayPal announced it had enabled major cryptocurrencies on its platform for the users to be able to pay in cryptocurrencies for acquiring services.

No matter how much any entity may brag about having a huge role to play in boosting mainstream adoption of cryptocurrencies, PayPal’s role in this space can never be denied.

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