Technology

The best and worst of cryptocurrencies

This week saw two major events in the crypto world: one showcasing the best of what a group of smart, dedicated enthusiasts can achieve, and the other reminding the world of the more insidious crypto communities. Let’s dive into this.

Confluence : This week, a fundamental overhaul of Ethereum, the second most popular blockchain in the world and the powerhouse of Web3, finally took place. The merger, as it was dubbed, moved Ethereum to a much more energy efficient and scalable transaction verification system.

We explained the merger in detail last month, but in short, it was a software update that ended the Ethereum network’s dependence on the energy-intensive cryptocurrency mining process, cutting its electricity by 99.95%.

The transition, while ultimately successful, was far from a foregone conclusion due to its complexity and the scale of the Ethereum network, which is second only to the Bitcoin network.

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This explains why, when the merger was completed on Thursday at 00:13 ET, more than 41,000 people tuned in to YouTube’s “Ethereum Mainnet Merger View Party” as if it were some sort of cryptocurrency world championship.

Luna founder faces arrest While the merger was taking place, another major crypto story was unfolding in real time. Bloomberg reported that Terraform Labs founder Do Kwon — the man who invented the ill-fated terraUSD stablecoin and its sister token Luna — is facing an arrest warrant issued by a South Korean court for alleged capital market violations.

The warrant also lists the names of five other people. All six are in Singapore, prosecutors said.

We wrote about terraUSD and Luna in May, when their crash shook every existing crypto asset and triggered a cold crypto winter.

At its peak, the Terra-Luna ecosystem was valued at about $60 billion, and its rapid destruction led to investigations in South Korea and the United States. Bitcoin crashed to around $28,000 the week it crashed, at the time the lowest price since December 2020, wiping out all of the gains from the historic 2021 bull run.

While the number of cryptocurrency scams likely outnumbers the number of cryptocurrencies in existence, rarely if ever has a person been scammed, making Do Kwon’s upcoming arrest a big event. The ball is on your side, Singapore.

Written by Zaheer Merchant in Mumbai

The main news of our journalists

Byju FY21 results

parius

Byju’s audited earnings may be lower than expected: Beau Ravindran, co-founder and CEO of Byju’s edtech unicorn, briefed shareholders and board members of the discrepancy between its projected earnings and verified data, several sources told us Monday.

Byju losses reach Rs 4,588 crore in pending fiscal year 21 results: Byju’s, India’s most valuable startup, said its operating revenue for the fiscal year ending March 2021 (Fiscal Year 21) has been adjusted to Rs 2,280 crore despite suffering a massive loss of Rs 4,588 crore , which is about 18 times the Rs 262 crore loss reported in the report. previous financial year.

The two main changes that Deloitte requested from Byju’s were: Byju adjusted its fiscal year 21 unaudited earnings after its accounting firm Deloitte Haskins & Sells found two key changes.

e-commerce corner

Hookah Krishnamurti

E-commerce sales have risen since August, Flipkart Group CEO says: E-commerce sales have surged in recent weeks ahead of the holiday sales season after a relatively slow year of subdued growth, Flipkart Group CEO Kalyan Krishnamurthy told us as the online retailer prepares for its Big Billion Days flagship sale. day off on September 23rd.

Myntra is banking on global D2C brands to take advantage of the holiday season: Flipkart-owned Myntra is banking on international and consumer-facing (D2C) brands, as well as emerging categories such as Gen Z and teen fashion, to drive growth and give it a competitive edge in upcoming holiday season sales. new executive director. we.

Flipkart and Amazon gear up for a holiday battle: With only a few days left before their flagship holiday sales, Walmart’s dominant e-commerce marketplaces Amazon India and Flipkart are doing their best by launching new categories, lowering commissions and engaging merchants directly, several people familiar with the events told us. .

Financial Technology News

sachin bansal

“We need modern banks to build a developed economy”: Sachin Bansal, founder of financial services group Navi Technologies, hopes to obtain a banking license upon request from the Reserve Bank of India (RBI), he told us in an interview.

Sachin Bansal’s Navi receives approval from Sebi for Rs 3,350 crore IPO: Navi Technologies, led by Sachin Bansal, has received the green light from the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). Navi has filed a draft prospectus with Sebi for a Rs 3,350 crore IPO through a new share issue.

Cryptoverse

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Ethereum trading surged across Indian crypto exchanges ahead of the merger: Indian cryptocurrency exchanges are seeing an increase in trading volumes for Ethereum, the world’s second most valuable crypto asset, ahead of Ethereum’s switch to a less energy-intensive technology to run its blockchain.

Ethereum Merge Day lifts the curtain on the Indian Web3 community: The Indian Web3 community celebrated the successful completion of the Ethereum merger on Thursday, and “Happy Merge Day” has become a favorite greeting among stakeholders.

According to the co-founder of Binance, India is a key Web3 market: India, with its rapidly growing ecosystem of talented founders and developers, is a “key market” for Web3, said Yi He, co-founder of Binance, the world’s largest cryptocurrency exchange by volume.

WazirX says ED has unblocked his bank accounts: The Enforcement Administration (ED) has lifted the block on WazirX’s bank accounts, the cryptocurrency exchange said in a blog post on Monday.

Summary of ETtech Offers

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■ Edtech Upgrad acquired Centum Learning, a leader in enterprise learning solutions, in a share swap. Through this transaction, Bharti Enterprises Limited and its subsidiaries will join the upgrade limit table. Centum’s FY23 revenue is expected to be Rs 170 crore.

■ Google-backed DotPe, founded by PayU India co-founder Shailaz Nag, has raised Rs 434.5 crore (about $54.4 million) in funding led by Singapore-based sovereign wealth fund Temasek.

■ Sigmoid, a provider of data engineering and artificial intelligence (AI) solutions, announced on Thursday that it has raised $12 million in a combination of primary and secondary funding in its latest funding round from Sequoia CapitalIndia. In the current cycle, Sequoia has $19.3 million in Sigmoid. The startup will use the capital to develop its market offerings, expand shipping centers and meet the needs of new industries.

■ Procol procurement management software has raised Rs 51 crore in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital and Anchorage Capital.

■ Singapore-based Jungle Ventures will triple its investment team in India over the next six months, founding partner Amit Anand told us in an interview.

Summary of proposals

computer corner

in the darkness

Infosys says undeclared employees can be fired: Infosys has reminded its employees that part-time work — duplicating work — is a violation of its employee code of conduct. The move came just weeks after Wipro chairman Rishad Premji publicly expressed his opinion about the part-time job, calling it “outright fraud.”

Technology customers are looking to reduce IT service costs due to inflation: Experts told us that IT service providers are facing price pressure from large technology customers as inflationary pressures rise in the US and Europe.

Most of the young technicians hired at the start of Covid have changed jobs: Most of the entry-level employees and employees with less than five years of experience hired by Indian IT companies at the beginning of the Covid-19 pandemic have already changed jobs at least once.

IT informants are betting on agency work as employee turnover increases: Leading national IT service companies are increasingly turning to labor borrowing to meet their demand for talent in the face of high employee turnover and rising costs of additional recruitment in the face of talent shortages, especially for niche skills.

ET e-commerce index

We launched three indexes – ET Ecommerce, ET Ecommerce Profitable and ET Ecommerce Non-Profitable – to track the performance of newly listed technology companies. This is how they have lived so far.

ET eCommerce Tracking

In other news

SOP Evaluation Still Underway, Semiconductor Ministry Candidate Says

SOP evaluation is still ongoing, the department tells the semiconductor candidate: The government is still “evaluating” applications for financial incentives to set up semiconductor manufacturing units, he told ISMC Analog, a consortium of Israeli technology firm Tower Semiconductor and Gulf-based Next Orbit Ventures.

Executives continue to leave as Tesla’s interest in India wanes: More executives have left Tesla Inc as its business plans in India continue to face uncertainty, signaling the company’s declining interest in the Indian market, sources told us.

Online grocery platforms are experimenting with overnight delivery: Online grocery shopping platforms are looking to open up a new front: overnight delivery. Instamart, Swiggy’s grocery delivery arm, has extended groceries delivery times into the early hours of the morning starting in select markets – an industry first.

Foxconn is in talks with the government to replace batteries: Taiwanese contractor Foxconn is in dialogue with the Center about moving its battery replacement infrastructure to India amid growing sales of electric vehicles in urban metropolitan areas, officials familiar with the talks said.

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