- As noon arrived in Europe, Bitcoin is trading on a zenith at USD 6,863 as bulls look to test USD 7,000
- India’s largest crypto exchange has just completed a Series A funding round of USD 3 million
- US stimulus package includes digital dollar and wallet to aid unbanked
Bitcoin is making some more headway today after reaching out yesterday for USD 7,000 — that attempt soon hit a brick wall due to selling off — and is now currently recording a daily high so far of USD 6,863, over USD 1,000 from exactly 24 hours ago when it was trading at USD 5,842 (CoinDesk) at exactly noon London time, UTC.
Whatever the market direction we are headed towards, India continues to go down a good path in the weeks after the Supreme Court decision that upturned an earlier central bank ban on crypto that opened the door back for crypto-related transactions on banking accounts.
And now, an Indian crypto exchange is emerging from a hugely successful funding round. CoinDCX announced that it had just received USD 3 million in new funding thanks to a Series A round that saw the likes of Bain Capital Ventures, Polychain, and HDR Group lead.
CoinDCX CEO and co-founder Sumit Gupta explained that this would mean that the exchange was in a better position to push Indian mass adoption of crypto. He stated:
“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a USD 5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”
It would appear now that the expected impact of the Supreme Court decision is definitely fanning an already high interest in crypto related business in India. With no significant restriction — barring a reinstatement of the ban should the Reserve Bank of India appeal go through — crypto can now expand, led by firms like CoinDCX, who is now going to use the fresh capital to develop new products, marketing efforts, and human resource.
CoinDCX is currently the largest crypto exchange in India with partnerships with other global names like Binance, OKEx and Huobi. The announcement comes on the back of a recent USD 1.3 million crypto awareness venture in India.
Meanwhile, as the US House of Representatives debate over a giant stimulus package as a response to the coronavirus pandemic, Democrats are apparently seeking to implement a digital dollar aiming to streamline payments to so-called unbanked American citizens.
The new draft legislation, under a segment ‘Direct Stimulus Payments for Families’, sees Speaker of the House Nancy Pelosi naming a proposal to create digital wallets for Americans that would be maintained by the central bank. If implemented, this would give every adult earning less than USD 75,000 annually a monthly payment of USD 2,000 until the economy recovers. Check payment options do seem available but it still requires the US Federal Reserve member banks to maintain digital dollar wallets for all clients.
The proposal, running over a thousand pages, will total some USD 1.8 trillion in stimulus. Democrats already blocked the Republican version of the bill earlier, pouring scorn on it for favoring bis firm bailouts while ignoring regular Americans.
Speaker Pelosi was expected to present a counteroffer bill that spelled out USD 2.5 trillion in stimulus funding.
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