India’s Best Funded Bitcoin Exchange is Running Low on Cash and Employees

India’s regulatory uncertainty on cryptocurrencies has taken a toll on Bengaluru based exchange Unocoin forcing it to lay off employees.
 According to The Economic Times, the bitcoin exchange has laid off over a dozen employees and now only has 14 employees remaining.
 The changes are drastic considering that last year in February Unocoin which is in its sixth year of existence boasted of over 100 employees.




 Per Unocoin’s CEO, Sathvik Vishwanath, the cryptocurrency exchange  the best funded in the country only has cash reserves to last it just a few months.
Unocoin had previously attempted to raise funding but this did not materialize.
 RESERVE BANK OF INDIA QUICK TO BAN, SUPREME COURT SLOW TO DECIDE
The future of the bitcoin exchange also rests heavily on the kind of ruling India’s Supreme Court will make regarding the banking restrictions imposed by the country’s central bank on cryptocurrency businesses, according to Vishwanath: We did ask people to leave last week, but our operations will continue for the foreseeable future.
 We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict. Initially, the Supreme Court of India was to issue a ruling on the matter on March 29.




This has now been postponed to July 23 igniting some street protests by those angered by the delays.

HOW INDIA’S CRYPTOCURRENCY EXCHANGES ARE COPING WITH THE REGULATORY UNCERTAINTY
The lack of regulatory clarity in India regarding cryptocurrencies has seen some exchanges moving abroad as others shut down.
 A little over two weeks ago Indian crypto exchange Coindelta announced that it was closing shop. The exchange had been in existence for one and a half years of existence.
 Coindelta attributed its woes to the ‘curb on the bank accounts’ by the Reserve Bank of India (RBI).
Read the full topic at
https://www.ccn.com/unocoin-bitcoin-exchange-staff-banking-ban-india

Follow me on
Linkedin: https://www.linkedin.com/in/crypto-exper

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more