Sat 01/07

Good Morning. Read our list of top 5 Indian web3 companies to look out for in 2023, Central govt. launches crypto awareness campaign, Mastercard partners with Polygon, and more to read today! Enjoy your weekend :-)

• Indians Moved Over 3.8 Billion Dollars To Foreign Exchanges Since Crypto Tax Rules: Indians moved more than $3.8 billion in trading volume from local to international crypto exchanges after the country announced stiff crypto tax rules last February, according to a research study by Esya Centre, a New Delhi-based technology policy think tank. A total of $3.85 billion was shifted from February through October, the study said. The government announced a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions on Feb. 1, 2022.

• Indian Government Launches Crypto Awareness Campaign: The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs. The campaign will highlight that cryptocurrencies are not legal in India and there are also deep risks involved in such assets. Any investment where the people are being promised lucrative and assured returns, there is an element of high risk.

• Top 5 Indian Web3 Companies To Look Out For In 2023:

  • Polygon: It is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more.

  • GuardianLink: A no-code NFT platform called GuardianLink enables entrepreneurs, professionals, and other creators to design their own NFTs.

  • KrypC: IBM and Microsoft have partnered with KrypC to develop smart contract applications for blockchain technology.

  • SoluLab: It provides solutions in web development, mobile app development, blockchain, AI, and the Internet of Things

  • Biconomy: It is a platform that enables blockchain developers to improve the transactional and onboarding capabilities of their Web3 projects.

• Mastercard Partners With Polygon To Launch Web3 Musician Accelerator Program: The firm announced the "Mastercard Artist Accelerator" program via a Jan. 7 blog post, outlining that from this spring, it will connect five emerging musicians from across the globe with mentors that will help them set up their brand in the Web3 music space. The artists will gain exclusive access to special events, music releases, and more. A first-of-its-kind curriculum will teach the artists how to build (and own) their brand through Web3 experiences like minting NFTs, representing themselves in virtual worlds, and establishing an engaged community.

• Shopify Merchants Can Now Sell Avalanche Nfts Through Their Online Stores: If any of Shopify’s millions of merchants want to sell NFTs, they don’t need to point customers to a dedicated marketplace like OpenSea or Magic Eden. Instead, they can mint and list NFTs through their existing storefront through one of Shopify’s blockchain apps. Thanks to Venly, those NFTs can now be minted on Avalanche.

• Cathie Wood’s Ark Enters 2023 With $5.7m Coinbase Stock Purchase: Cathie Wood, veteran investor and CEO of ARK Invest, remains bullish on the cryptocurrency industry and centralized exchanges (CEX) despite the bear market and the crypto crisis. On Jan. 5, ARK purchased 144,463 Coinbase (COIN) shares for allocation by its financial technology-focused fund, ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. At the time of writing, the purchase is worth $4.8 million, with COIN closing at $33.5 on Thursday.

Blockchain Developer At Quillaudits

What is ICO?: An Initial Coin Offering (ICO) is where developers of a cryptocurrency will release a set amount of tokens to crowdfund a project. This is similar to a company raising capital through an Initial Public Offering (IPO).