India's Crypto Economy
India's Crypto Economy is a brand-new weekly newsletter (delivered every Thursday) from Inc42 to help you decode the rapidly growing crypto economy and its implications on business, work and life. We launched this newsletter on the 4th anniversary of our weekly series “Crypto This Week” which completed 190 editions in May, 2021.
This week, Bitcoin’s halving event which happened on Monday, May 12, 2020, took the crypto ecosystem by storm, where the rewards per block mined on bitcoin’s blockchain was reduced to 6.25 BTC from 12.5 BTC at 19:23 UTC. The world’s largest cryptocurrency by market cap is currently trading near the $8,500 mark.
“Life of a crypto guy can be measured by the number of Bitcoin halvings one has witnessed,” said Arjun Vijay, cofounder and COO of Giottus Cryptocurrency Exchange. Further explaining he said that this is the third time it has happened since Bitcoin was launched and for many crypto investors, it might be the first time they are witnessing the having.
Vijay said that halvings have generally been followed by a bull run in the market. “When all the other traditional asset prices are failing, Bitcoin has already been standing tall with 24% price increase since January 2020, and if the trend continues, 2020 can be a great year for Bitcoin mass adoption in India,” he added.
The Bitcoin halving event happens once in four years. It is significant for crypto enthusiasts and traders as it marks another step in Bitcoin’s dwindling finite supply. Interestingly, there are only 21 Mn Bitcoins in existence. In 2012, the number of new bitcoins issued per block mined on the chain every ten minutes fell from 50 BTC to 25 BTC, and in 2016, it went down from 25 BTC to 12.5 BTC.
Ethereum (ETH), was priced at $190, with a market cap of $21 Bn at the time of writing, compared to last week (May 5, 2020), where the price of the cryptocurrency was $210, with a market cap of $23 Bn.
Cryptocurrency News Of The Week:
CoinSwitch To Launch Crypto Exchange Platform For Indian Users
Bengaluru-based crypto exchange startup CoinSwitch is planning to launch a new cryptocurrency exchange platform called ‘CoinSwitch Kuber’ for Indian users on June 1, 2020. Using this platform, users can now invest in cryptocurrencies in Indian rupees (INR) for free.
Currently, the platform supports exchanges of over 100 cryptocurrencies, where users can buy, sell and trade crypto. Ashish Singhal, cofounder and CEO at CoinSwitch.co had told Inc42 that the platform aims to simplify things for novice investors and new users, where it wants to build a crypto ecosystem with better understanding and reliability.
Binance Invests In Indonesian Crypto Exchange Platform
Cryptocurrency exchange platform Binance recently revealed that it invested in an Indonesia cryptocurrency exchange startup Tokocrypto, the country’s first such exchange. The amount invested in the company was not disclosed. The company will be using the funds plans to expand its services across the country, develop new crypto services and products, along with technological advancements and blockchain education programme in the country.
JPMorgan Extends Banking Services To Coinbase, Gemini
Global banking and financial services provider JPMorgan Chase has partnered with cryptocurrency exchanges Coinbase and Gemini. This is the first time the banking giant has served clients from the crypto industry. With transactions now starting to be processed, the sources told WSJ that both exchange accounts were accepted in April.
It has to be noted that the bank is not processing BTC or any other cryptocurrency transactions on behalf of the exchanges, instead it is providing cash-management services and handling dollar transactions for their US-based customers. It will process all wire transfers and dollars deposits and withdrawals via the automated clearing system.
Get Expert Insights With Over 50 Industry Leaders At
The D2C Summit! Claim 50% + 25% OFF Today!