Mon 27/03

Good Morning. Our Referral program is live. Please see the bottom of the letter for more details 😀 . In news today; Indian Railways is exploring blockchain technology, Euler hacker returns $100 Million, and Indian crypto revenue will surpass major economies in 2023

💥 Indian Railways Explores Blockchain Technology: The Indian Railways has adopted blockchain technology to revolutionize its operations and create phygital NFT certificates on the Polygon network. The National Academy of Indian Railways (NAIR) organized a workshop to educate railway officials on the potential benefits of blockchain and emerging technologies in the railway industry. One of the key issues discussed was the need for unified certificate validation at NAIR to accurately identify railway professionals' skills and accreditation. ChainCode Consulting developed phygital NFT certificates on the Polygon network to address this issue, which were distributed to the workshop attendees. The phygital NFT certificates are secure, traceable, reliable, tamper-proof, verifiable, inimitable, and sustainable. Polygon hailed the integration of blockchain in the Indian railway ecosystem as the beginning of a new era for the Indian Railways and an exciting step towards mass adoption of the technology.

India’s Crypto Revenue Expected to Reach $3.33 Billion in 2023: A recent analysis predicts that India's cryptocurrency revenue will reach $3.33 billion in 2023, with an estimated 156 million users adopting crypto. According to Statista, India is expected to surpass major countries like the US, the UK, Japan, and Russia in terms of crypto adoption this year. The platform's yearly revenue graph shows substantial growth in India's crypto revenue from $0.10 billion in 2017 to $2.49 billion in 2022. The anticipated revenue is expected to reach $5.34 billion in 2026 and $5.92 billion in 2027. The annual growth rate of Indian crypto revenue is projected to be 15.49%, indicating a definite increase in revenue on a yearly basis. On average, each Indian crypto user is expected to contribute $21.28 to the country's crypto segment revenue in 2023.

🚀 Nasdaq To Launch Crypto Custody Service For BTC & ETH In 2023: Bloomberg News has reported that Nasdaq Stock Exchange plans to introduce a crypto custody service by the end of Q2. The exchange announced its intention to establish a digital asset business in September 2022 and has been working on this venture since then. Nasdaq is currently in the process of obtaining a limited-purpose trust company charter from the New York Department of Financial Services for its new division. The exchange will initially provide custody services for the two largest cryptocurrencies, Bitcoin and Ethereum, and plans to extend its range of digital asset services in the future. Ira Auerbach, Nasdaq Digital Assets' Senior Vice President, and Head, stated that custody is the first step in its efforts to offer a broad range of digital asset services, including execution services for financial institutions as it expands its business.

📸 Euler Finance Hacker Returns $100 Million in Surprising Act: The Euler Finance hacker has made a surprising move by returning a significant amount of the stolen funds to the protocol. As per the data compiled by blockchain security firm BlockSec, the hacker has been returning the funds over the past 24 hours, including a recent repayment of 7,737 ETH, bringing the total returned to 58,737 ETH, equivalent to approximately $102 million. This development is unexpected given that the protocol suffered a flash loan attack earlier in the month, which resulted in the loss of approximately $200 million in digital assets. The return of the stolen funds was accompanied by an on-chain message from the hacker to Euler, expressing a willingness to come to an agreement and make things right for those affected.