India Launches Crypto-Enabled Web Browser Initiative

WEMIX Listed on Crypto Exchange CoinDCX, Strengthening Presence in IndiaWEMIX, the utility coin of blockchain game platform WEMIX Play, has now been listed on India-based cryptocurrency exchange CoinDCX, according to a press release. WEMIX Play is operated by South Korean gaming company Wemade.Photo by Naveed Ahmed on UnsplashWEMIX/USDT & WEMIX/INREstablished in 2018, CoinDCX earned unicorn status two years ago, becoming the first Indian crypto exchange to accomplish this feat. With a current valuation of approximately $2.5 billion, CoinDCX offers trading support for over 80 cryptocurrencies and provides decentralized financial (DeFi) services to a customer base of 15 million global users. CoinDCX users can trade WEMIX against USDT and INR, where USDT stands for a stablecoin issued by crypto giant Tether and INR for Indian Rupee.WEMIX made its debut on the Indian market in February through its listing on Bitbns, another cryptocurrency exchange. The token’s addition to another trading platform in India indicates the growing presence of the WEMIX ecosystem in the region.India’s Web3 landscapeIndia is a prominent market for non-fungible tokens (NFTs) and blockchain technology. As of April, investments in the Indian Web3 ecosystem had reached $1.3 billion. The country also boasts the world’s third-largest talent pool for Web3 development. Currently, more than 450 Indian startups are making their mark on the global stage, demonstrating expertise in DeFi services, gaming, NFTs, and metaverses.Looking ahead, WEMIX aims to further expand its reach by pursuing listings on additional crypto exchanges. This strategy will enable gamers worldwide to trade the WEMIX token with their respective fiat currencies.

DeFiance Capital Secures Interim Victory in Dispute With 3ACSingapore’s DeFiance Capital, a Web3 and crypto investment firm, has notched up a small triumph in its ongoing $140 million legal clash with failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Sasun Bughdaryan on UnsplashFavorable rulingAccording to a statement provided via a Medium blog post by DeFiance Capital Founder and CEO Arthur Cheong on Tuesday, the High Court of Singapore has delivered a favorable ruling for the firm, endorsing its preference for jurisdiction in Singapore, rather than the British Virgin Islands, which had been advocated by 3AC.The tussle between 3AC and DeFiance Capital centers around the ownership of certain assets. The liquidators appointed by the British Virgin Islands Court, from Teneo, assert that these assets essentially belong to 3AC’s creditors. However, DeFiance Capital argues vehemently that these assets must be partitioned and returned to its stakeholders.Struggle over assets and jurisdictionAt the heart of the matter are assets totaling $115 million, encompassing digital currencies and non-fungible tokens (NFTs), which currently remain under the control of DeFiance Capital. Additionally, there are 69 SAFE (simple agreement for future equity)/SAFT (simple agreement for future tokens) agreements linked to 3AC. Although Teneo places the collective worth of these assets at roughly $141 million, DeFiance Capital’s estimation is more conservative, pegging it at around $120 million.Beyond asset ownership, jurisdiction has become a pivotal point of contention in the legal discourse. DeFiance Capital has steadfastly advocated for legal proceedings to take place in Singapore, where it operates, as opposed to the British Virgin Islands. The recent ruling from the High Court of Singapore lends support to this stance, challenging Teneo’s argument.DeFiance articulated its position, asserting: “Our position was that all the important witnesses and documents are in Singapore and the dispute ought to be heard by the Singapore Courts to ensure all relevant evidence would be available.”With the court’s decision aligning with DeFiance’s jurisdictional preference, the firm hopes that this development will pave the way for more substantive engagement between the parties, rather than being embroiled in procedural wrangling. The firm believes that this will allow the focus to shift towards addressing the core issues at hand.Business riftThe genesis of this legal saga dates back to 2020 when DeFiance was established as part of the 3AC group, operating autonomously under the stewardship of its founder, Arthur Cheong. The rift escalated in February 2022, when Cheong declined 3AC’s proposal to relocate to Dubai, eventually leading to the formation of two Singapore-based firms in May of that year.Furthermore, in the same month, DeFiance extended a loan of $35 million worth of USDC to 3AC, effectively becoming a creditor. Complications arose when 3AC’s founders transferred legal rights related to DeFiance Capital, a transaction that remained incomplete as 3AC filed for bankruptcy.In light of the ongoing dispute, 3AC asserted that DeFiance’s assets should be harnessed to settle its debts. However, DeFiance firmly stood its ground, upholding its ownership claims over the assets.With liquidators advocating for resolution in the British Virgin Islands — a move that DeFiance rejected due to its Singaporean management ties with 3AC — the stage was set for the legal clash that has now taken a notable turn with this recent court ruling.

Gemini to Invest $24M as Part of India Expansion PlansUS-headquartered crypto exchange platform Gemini is exploring further operational expansion abroad, turning its attention specifically right now to India.The company first forayed into the world’s most populous country back in April with the announcement of the imminent launch of an engineering center.Having tested the waters in the South Asian country, the crypto exchange has decided to broaden its presence in the nation, according to a blog post published to the firm’s website on Tuesday. With a capital influx of Rs. 200 crore ($24 million), the exchange will be growing its development center in Gurgaon, a city that serves as an integral part of India’s National Capital Region (NCR).Photo by Naveed Ahmed on Unsplash70-member Gurgaon teamGemini has already onboarded over 70 staff members to its Gurgaon team. The company is actively hiring for more roles to fill its internal verticals, including tech development, finance, and compliance. In the next two years, the exchange plans to invest up to Rs. 200 crore ($24 million) in its Gurgaon facility, demonstrating a significant commitment where the Indian market is concerned.In an official statement, the company stated:“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. We are delighted to build on that announcement and reveal that we have opened our office within the Cyber Hub at Campus Cyber Greens.”The business is looking to tap into India’s rich pool of engineering talent to bolster its ecosystem with fresh Web3 solutions, inclusive of resource allocation towards optimized platform security.Singapore expansionPravjit Tiwana had previously been welcomed on board as the CEO of Gemini’s Asia-Pacific (APAC) operations earlier this year. He was previously the global chief technology officer (CTO) at the crypto exchange. Alongside this expansion, the company’s previous announcement in June to expand operations in Singapore is a task that also falls within Tiwana’s remit. At the time, the firm expressed the view that the APAC market will be crucial in securing the next phase of growth for the enterprise.Gemini signaled back in June that it intended to expand its reach in the Middle East also by pursuing a trading license in the United Arab Emirates.“India is undoubtedly a leading global hub for entrepreneurship and technological development. We are thrilled to build Gemini’s presence in India as we continue on our mission to unlock the next era of financial, creative, and personal freedom with crypto and Web3 innovation,” Gemini’s blog added, praising the ‘Startup India’ initiative.Growing interest in Indian marketPreviously, other crypto platforms like Coinbase and Algorand have also shown interest in onboarding software talent from India onto their teams. Amid the backdrop of India coming closer to possibly getting a concrete set of crypto rules around December this year, other crypto firms have also stepped into the market.In June, Gibraltar-based crypto-friendly bank Xapo announced its entrance into the Indian market. The OKX crypto exchange based in Seychelles is also scheduling a full-fledged expansion into the country.