FinTech news in WazirX category

Top crypto firms including Coinbase and Polygon are among the firms that have formed an industry body in India to promote dialogue between key stakeholders and drive awareness about web3, months after the largest local crypto advocacy group was disbanded. In the wake of the uncertainty, the local ecosystem has seen some talent move outside of the country and a growing number of local entrepreneurs build for the foreign markets and avoid serving customers in India, the world’s second-largest internet market. The Indian central bank continues to force the hand of banks from engaging with crypto platforms in India, a move that has made on-ramp a nightmare for the firms involved, people familiar with the matter said. Members of the new industry body, named Bharat Web3 Association (BWA), include top local crypto exchanges including CoinDCX, CoinSwitch Kuber and WazirX.

The startup eponymous blockchain, which is currently in testnet, aims to be EVM-compatible and use proof-of-stake and proof-of-quorum consensus mechanisms to reduce the cost of running the network and rely on three types of nodes — validator, archival and standby — in its network, it said in the investor deck. Shetty is raising $20 million to $30 million in a seed financing round for his blockchain startup Shardeum, sources said, requesting anonymity as the deliberations are ongoing and private. Indian crypto exchange WazirX‘s co-founder Nischal Shetty is in advanced stages of talks to raise a maiden funding round for his new venture, sources familiar with the matter told journalist. Shardeum is employing a technique called sharding that partitions the network into shards, resulting in more transactions being processed, verified and validated in parallel, the startup explained in an investor deck, reviewed by journalist.