Sat 02/18

Good Morning. Government continues to have a strict stance on crypto, SEC charges Terra founder with fraud and Abu Dhabi is leaving no stone untouched in making sure that it becomes a crypto hub. Happy Weekend Folks!

Women’s IPL Teams Banned From Crypto Sponsorships And Ads: BCCI has implemented measures that prohibit women's cricket teams from receiving sponsorships and advertisements from digital currency businesses. The BCCI reportedly issued a 68-page advisory to Women's Premier League teams, stating that they cannot promote activities related to digital currencies, tobacco, and gambling organizations. The advisory also emphasizes that no franchisee is allowed to partner or associate with any digital currency-related entities, whether directly or indirectly.

CoinSwitch Will Provide Crypto Services Using Five Regional Languages: CoinSwitch has broadened its language capabilities in order to provide assistance to customers who speak five different regional languages. This expansion will allow for voice assistance, application explanations, and live chat to be available in Hindi, Kannada, Tamil, Bengali, and Marathi. The decision to expand was influenced by CoinSwitch's annual investor report, "India's Portfolio 2022," which revealed a rising trend of cryptocurrency adoption in tier-2 cities like Jaipur, Pune, and Patna. Experts agree that providing support in regional languages is crucial to improving user satisfaction and overall experience.

Abu Dhabi Has Launched A $2 Billion Program To Support Web3 Startups: Hub71, a technology ecosystem in Abu Dhabi, has initiated a $2 billion program to financially support startups in the Web3 and blockchain technology fields within the region. The initiative, called Hub71+ Digital Assets ecosystem, will offer startups opportunities to connect with various programs, potential investment partners, and corporate and government entities. The program will also assist startups in relocating to Abu Dhabi and will help promote their growth both in the Middle East and on a global scale.

Terra Founder Do Kwon

SEC Charges Terra Founder Do Kwon For Fraud: The US Securities and Exchange Commission (SEC) issued a statement today accusing Do Kwon, the founder and CEO of Terra, of committing fraud. The regulator claimed that Terraform Labs was involved in a fraudulent scheme worth billions of dollars related to crypto asset securities. Kwon allegedly utilized TerraUSD and Luna stablecoins to raise funds from investors by offering an "inter-connected suite" of crypto asset securities, which led to the charges filed against him. This purportedly began in April 2018.

Salsa Founders

Salsa, A Messaging Platform For Web3, Has Secured $2 Million In A Pre-seed Funding Round: Salsa, a messaging platform designed for Web3, has raised $2 million in a pre-seed funding round, which was led by IDEO CoLab VC and Inflection. The funding will be used to help Salsa expand its mobile app, which has recently been launched, to cater to brands seeking a crypto-native way to connect with their audiences. The app allows users to discover and engage with relevant individuals and brands. To access the app, users can log in using their wallet or decentralized ID, and the platform uses on-chain data to suggest shared interests between users, such as participation in a Web3 community or attendance at a recent event.