The Architect of India’s Crypto Bill ?Says India is Misinterpreting the Private Crypto Ban

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The Architect of India’s Crypto Bill ?Says India is Misinterpreting the Private Crypto Ban

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Some days back there was absolute chaos in the Indian crypto market, with almost every cryptocurrency on India’s premier crypto exchange WazirX in red.

The main culprit behind such a bloodbath was the infamous crypto bill, which “seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology and its uses.”

But Subhash Ghai, the creator of the previous crypto bill said in an interview to a local television that people in India are mistaken by believing that the bill intends to ban private cryptocurrencies.

Ghai also pointed out the issues in recognizing cryptocurrencies as assets. He said, “You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets. That is too much oversimplification to treat this as an asset.”

UK’s Market Authority Orders Meta to Sell Giphy

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The United Kingdom’s Competition and Markets Authority (CMA) in an official ruling ordered Meta, previously Facebook, to sell Giphy, the popular Gif creator and sharing site.

The authority believes that Meta’s ownership of Giphy is against the ethos of the free market, as it tips the scale in the competitive social media market against Meta’s favor.

The CMA believes that Meta can leverage their ownership over Giphy by preventing access to the platform and direct the traffic to Meta-owned social media platforms like Facebook, Instagram, and Whatsapp.

This is the first incident in which the CMA has demanded to unwind a company that has already been acquired by a tech giant.

eCommerce Giant eBay Acquires SneakerCon, a Sneaker Authentication Service ?

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The counterfeit sneaker industry is huge. Many market research report estimates the industry’s worth is in the range of $1 billion to $1.5 billion.

The vast network of fake sneaker sellers is causing fear among buyers paying for genuine products. To alleviate their fears, SneakerCon offers a sneaker authentication service allowing buyers to verify the product’s authenticity.

Once the verification is complete, the sneaker is sent to its buyers with a tag that shows that the sneaker has been verified and is found to be original.

SneakerCon & eBay entered a partnership in 2020 and since then, any sneakers that are priced above $100 have to pass through the SneakerCon vetting process. So far, 1.55 million sneakers have been verified on eBay.

Recently, eBay acquired SneakerCon, and with this acquisition of SneakerCon, eBay is placing itself at the forefront of the online sneakers market.

Cloudtruck Nabs $115M ? to Make Trucking Business Easier?

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The trucking business is complex and thus, to help out trucking entrepreneurs, Cloudtruck offers business management software.

The software allows trucking companies to manage multiple aspects of their trucking business, which involves cash flow & costs, revenue, insurance, and more.

To increase its headcount and expand its services, CloudTruck recently secured $115 million in a Series B funding round.

The trucking business management software provider is hiring throughout the country, doubling down on its efforts to hire more data scientists, engineers, and customer support professionals.

As per estimates, the freight movement is expected to touch 25.5 billion tons by 2025 from 17.4 billion tons in 2015, which is considerable growth.

It shows that the freight movement industry is growing at a rapid pace, even while under pressure from talent crunch & lack of innovation in the space. In fact, Deloitte predicts that the industry will be hit hard by the shortage of 280,000 truck drivers by 2028.

Around the Web

Bitcoin Network is Processing $95000 ? at a Cost of $1 in Fee: The data from Glassnodes shows that Bitcoin Network’s on-chain settlement efficiency is improving at a rapid pace. Over the last few weeks, the Bitcoin network has facilitated the transfer of $95,142 in value & attracted only $1 in fee for it.

Cycode Secures $56M ? to Enable Businesses to Secure DevOps & Software Supply Chains: Israel-based Cycode Nabs $56 million in Series B funding to secure software supply chain. The funding round was led by Insight Partners. Investors were impressed with Cycode’s performance this year, as its ARR saw a 7X growth in the first three quarters this year.


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