Circle and Grab Partner to Pilot Web3 App Integration

Crypto.com Gets AI UpgradeSingapore-headquartered Crypto.com has launched an updated service offering which pioneers further innovation through the use of artificial intelligence (AI).Adding an AI companionAnnouncing the addition on its website on Tuesday, the company outlined that it is “furthering its innovation pipeline by introducing its first-ever Artificial Intelligence (AI) powered-initiative, Amy.”An AI companion which is based on OpenAI’s ChatGPT, Amy has been added to help users learn about crypto and the crypto industry, with the ability to provide close to real time information relative to specific crypto projects and tokens. The objective of the company in adding the tool is to provide greater help and support to the average Crypto.com user.Beta phase roll-outWhile the innovation is grounded and driven by ChatGPT, it will be customized and further trained to provide more accurate and more relevant results based on the likely needs and queries of a typical Crypto.com service user.The feature has been launched as part of a beta phase offering. For the moment, customers will be restricted to its use relative to Crypto.com/Price , and that feature availability is being restricted to a group of select users for the time being.The company plans to broaden the AI-based offering over time, with the feature being rolled out on a scaled basis to additional Crypto.com users over a number of weeks. Crypto.com’s Executive Vice President of Product, Abhi Bisarya, said that “as with other businesses and sectors, we see incredible potential and opportunity in the convergence of AI with the crypto industry and our platform specifically.”Bisarya went on to add: “We are excited to be testing this emerging technology through our Amy pilot project. We are bullish on the innovation of AI in crypto, and we look forward to continuing to enhance the utility of Amy and deploy additional AI-powered capabilities.”AI surgeAI has captured the imagination of the broader public in recent months. Central to the surge in interest in the technology has been the roll-out of ChatGPT. The AI tool achieved an active user-base of 100 million in the space of just two months. To put that in perspective, it took Instagram two and a half years to achieve that metric. More recently, TikTok got there in nine months.Crypto.com is not alone in harnessing the power of AI to develop a higher quality product and service offering. At the beginning of March Changpeng Zhao (CZ), CEO of Binance, announced the launch of Bicasso, an AI-driven non-fungible token (NFT) platform.The tool allows users to harness AI to produce NFT-based digital art. By providing the AI innovation with descriptive prompts, the tool then generates an AI-infused artwork for the user.Additionally, last month the global crypto exchange launched Binance Sensei, an AI-driven learning tool that the company has integrated with its crypto and blockchain education platform, Binance Academy. The tool leverages AI to assist users in accessing the Binance Academy knowledge base.Photo by Markus Winkler on Unsplash

An industry advocacy body for crypto and Web3 in India had urged the Indian government to take action against nine offshore exchanges, prompting the government to issue show cause notices and block URLs recently. Native industry pushbackAccording to CoinDesk, the publication has seen a copy of a letter that was sent in mid-December by the Bharat Web3 Association (BWA), addressed to the Indian Finance Ministry’s Department of Revenue Secretary, Sanjay Malhotra. The letter was penned by BWA Chairman Dilip Chenoy. Chenoy has been in the role since March of last year having a number of years of leadership experience within Indian industry bodies under his belt, with time spent previously as Secretary General of the Indian Chambers of Commerce and Industry and as Chairman of the board of Sant Longowal Institute of Engineering and Technology. According to its LinkedIn profile, the BWA seeks to “advocate for the collaboration between the regulatory bodies and the Industry for creating awareness about the new age technology and the emerging [Web3/crypto] asset class.” ‘Show cause’ noticesIt emerged last week that India’s Financial Intelligence Unit (FIU) had issued “compliance show-cause” notices to a number of overseas crypto platforms who have otherwise been active within the Indian market. The FIU is a national body tasked with liaising with and providing information to enforcement agencies where suspected illicit transactions are concerned. The offshore exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex, have been given a two-week deadline to respond to the show cause notice. This notice questions why regulatory actions should not be taken against them, aiming to ensure compliance with the country's financial regulations. It’s understood that the BWA's letter requested a one-month grace period for offshore exchanges to register with the FIU. It remains unclear whether the government's actions were solely prompted by the BWA's letter or if it would have taken place independently. Notably, the BWA's letter aligns with the government's earlier mandate in March, requiring crypto businesses to register with the FIU and adhere to anti-money laundering processes under the Prevention of Money Laundering Act (PMLA). Since then, 31 domestic entities have registered with the FIU. Photo by Peter Glaser on UnsplashEnsuring a fair gameThe BWA's letter also proposes that offshore exchanges establish an Indian subsidiary, deposit the applicable tax deducted at source (TDS) from July 1, 2022 and face restrictions, including potential access blocks on mobile app stores and IP addresses, for non-compliance. While it's unclear if all these requests feature in the show cause notices, the BWA emphasizes the need for fair competition. Rajagopal Menon, Vice President of leading Indian crypto exchange WazirX, stressed that “all we are asking for is a level playing field." The BWA's letter also urges the government to grant Indian retailers a 30-day window to withdraw assets before implementing any restrictions. The fledgling BWA industry body recently celebrated its first anniversary with its founding member, CoinSwitch founder Ashish Singhal, stating that he got involved with the BWA “to help build an effective regulatory framework for Web3 and digital assets in India.” Singhal added that the BWA’s mission is “to help India realize its vision to be the leading digital economy.” 

Former FTX COO Finds New Role at Sino GlobalConstance Wang, previously known for her executive roles at FTX, has recently joined crypto venture capital firm Sino Global Capital.That’s according to sources Bloomberg cited in a recent report as being familiar with the matter. Wang held the role of Chief Operating Officer at FTX and was also the Co-Chief Executive Officer of FTX Digital Markets, the affiliate of the now-defunct crypto exchange, which was based in the Bahamas. Her responsibilities at FTX included overseeing global business expansion, token listings, and public relations and marketing.Following the collapse of FTX and its sister trading firm Alameda Research, Wang has reportedly spent a significant amount of time in China, according to an undisclosed source.Sino Global Capital, founded in 2015 by Beijing-based American investor Matthew Graham, had revealed its early investment in FTX after the exchange’s collapse. The management team stems from a background in consulting, Wall Street, private equity, government, and corporate spheres. A year prior, the venture capital firm launched a $200 million fund with FTX as a key investor. Sam Bankman-Fried, the Founder of FTX, expressed gratitude for Sino Global’s support, stating that they believed in the FTX vision from the beginning and assisted in making it a reality.Photo by Henry Kobutra on UnsplashLawsuitGraham was quite public in his support of FTX and Sam Bankman-Fried. He appeared frequently on podcasts, always explaining that the FTX founder was a genius. On investing in FTX and in projects in general, Graham stated repeatedly that Sino Global maintained a high level of due diligence. Most of the leading venture capital investors in FTX (including Sino Global) have been subject to class action lawsuits filed by creditors. It’s claimed that many of these investors didn’t simply invest capital but also got involved in actively marketing what turned out to be a fraud.In January, the court-appointed management team overseeing the FTX bankruptcy proceedings sought permission to subpoena Wang and other former executives of the company. Court filings indicate that Wang has not been accused of any wrongdoing in relation to the collapse of FTX or Alameda.Prior to her tenure at FTX, Wang briefly worked at the crypto exchange Huobi in Singapore as a Business Development Manager. She also spent two years as an analyst at Credit Suisse.New rolesIn recent months, other former FTX employees have also reappeared in new roles. Amy Wu, who left Lightspeed Venture Partners to lead FTX Ventures, announced her joining Menlo Ventures, one of the oldest venture firms in Silicon Valley. Brett Harrison, former President of FTX US until his sudden resignation in September 2022, has founded a startup with plans to provide a “GPT-4-powered trading algorithm code generator.”The transition of Constance Wang and her fellow FTX alumni into new positions at face value seems like a logical progression. However, all of the FTX c-suite executives remain under ongoing scrutiny. Having brought charges against Bankman-Fried, Caroline Ellison, and Nishad Singh some months ago, Southern District of New York (SDNY) Attorney Damian Williams stated clearly that more arrests would follow.