The future of Crypto Projects in India đ”đ»ââïž
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This is Cryptonite, your twice-a-week shot to stay updated about the crazy world of crypto. We hit you with whatâs relevant, upcoming and funny â minus the FUD.
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No stopping Indiaâs Web3 đ
Whatâs happening â Indian Web3 startups continue attracting VC money despite the ongoing âcrypto winterâ. In the six months of 2022, Indian Web3 startups have raised over $1 billion in funding across 43 deals â compared to just $536 million in 2021.Â
Polygon has raised the biggest pot so far â raising about $450 million from Softbank, Tiger Global and Sequoia back in February.
Whatâs fuelling the VC interest?
Indiaâs crypto companies are still at an early stage, and cash for early-stage startups is plenty.Â
VCs, see Web3 as one of the most exciting and emerging industries right now, ahead of fintech, SaaS and B2B tech.Â
India has over 20,000 crypto and Web3 developers currently â a number which VCs see can increase significantly in the future, making India a talent pool for creating exciting Web3 startups
Why care â  VC support is always a good sign for the market during difficult moments. Even with the gov doubling down on taxes, the future looks bright for developers in the market.
MbappĂ© is coming to the world of NFTs âœ
After Messi and Ronaldo, French sensation Kylian MbappĂ© has become the latest football star to hop on the NFT bandwagon â joining fantasy football startup Sorare as a brand ambassador and investor.Â
Sorare is a platform where users can build virtual football teams using NFT player cards. Launched in 2019, the company has partnered with about 245 football clubs with the likes of Gerard PiquĂ© and Serena Williams as its investors.Â
MbappĂ©âs signing would help the project expand its presence globally.
Fun fact: Within 24 hours of signing MbappĂ©, Sorare saw a massive 312.67% jump in NFT sales, grossing $3 million â more than any other NFT project last week.Â
FBI adds âcrypto queenâ to its hitlist đž
Ruja Ignatova, a German citizen and one of the biggest crypto scammers ever, is now on the FBI list of the ten most wanted fugitives. Sheâs also on the most wanted list of Europe. Sounds like a movie, doesnât it?Â
You might have never heard of her (we didnât either) but in 2014, Ignatova created a cryptocurrency called OneCoin and marketed it as a âBitcoin Killerâ. Around 3 million investors from various countries had bought into this story, only to find later that it was worthless. They ended up losing a combined $4 billion.Â
Before getting caught, Ignatova fleed the public scene in 2017 and has since, been on the run. The FBI is now offering $100,000 to find any information to catch her.Â
Ignatova is still missing, presumably enjoying the fortunes of her scams in uncertain freedom. Whether her past will catch up with her, remains to be seen.Â
Crypto Bytes âżÂ
Crypto hedge fund, Three Arrows Capital has officially filed for bankruptcy in New York.
Just a month after laying off 18% of its workforce, Coinbase is now planning to increase its hiring in Europe.Â
El Salvadorâs president Nayib Bukele has purchased 80 more Bitcoins worth $1.5 million. He had previously spent about $104 million on over 2,000 BTCs.Â
Barely a year after starting its digital wallet Novi, Meta is now shutting down the project. It didnât even make it to a full launch đ€Š
New day, new phone. HTC released its metaverse-minded and web3-friendly Viverse phone.
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DISCLAIMER:Â
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.