Indian Web3 startups flock to pro-crypto Dubai

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26 NOVEMBER 2022 View in Browser

Hello,   In the recent months, Dubai has emerged as a hotspot for several Indian Web3 founders.   Crypto entrepreneurs see Dubai as a gateway to the Middle East and other regions of economic interest--especially emerging markets such as Africa, India, and SouthEast Asia that adopt crypto quicker than developed nations

Why?   Dubai adopted a pro-crypto stance amidst the COVID-19 pandemic.    As it opened its arms to crypto firms from around the globe, the likes of Binance, Bybit, Crypto.com, and several other big names set up offices in Dubai and/or acquired licences to operate in the city.   Licenses can also be issued across free zones in Dubai, and local policies include those related to NFT project formation, prop trading, developer licenses, and more.   Earlier this year, Dubai also set up The Dubai Virtual Assets Regulatory Authority (VARA), a regulatory body to oversee the development of virtual and digital assets segment through regulation, licensing, and governance.

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Are Indian exchanges a safer bet?

Since FTX’s bankruptcy filing, industry experts believe Indian customers have very slim chances of recovering their funds from the exchange as FTX was not licensed in India.    FTX allegedly used FTT to cover up losses made by its sister firm Alameda Research and used customer funds to bail out firms including Voyager and BlockFi.

What Indian exchanges are doing:   It is to minimise risks, CoinSwitch and CoinDCX do not offer exchange tokens.    The FTX crisis has also sparked discussion regarding a potential solution known as “proof of reserves”—a process of comparing on-chain assets held in reserve to off-chain liabilities.    In other words, it helps users to audit digital asset reserves held by a custodian on demand.   CoinDCX and CoinSwitch have recently published their Proof of Reserves reports.

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CoinSwitch launches multi-exchange trading

Indian crypto investment platform CoinSwitch this week announced the launch of CoinSwitch Pro, a multi-exchange trading platform.    Starting this week, Indian traders can use CoinSwitch Pro to trade BTC (Bitcoin), ETH (Ethereum), USDT, Doge, MATIC, and other crypto assets in Indian rupees across many exchanges with a single login.

Which exchanges are supported?   At present, CoinSwitchPro supports three Indian exchanges including CoinSwitch, CoinDCX, and WazirX. Traders can trade across exchanges and manage investments in a unified portfolio.   On collaborating with international crypto exchanges, the company said that it was too early to make any comments but has plans to broaden its network.

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CoinDCX publishes $129M Proof of Reserves report

Indian crypto exchange CoinDCX published a list of its on-chain and off-chain balances, as part of its Proof of Reserves report.    As per the balances on the Nansen dashboard, CoinDCX held over $129 million in crypto assets at the time of writing.

More on CoinDCX’s portfolio:   The company said its crypto balances and complete list of wallet addresses are available for public viewing and verification.   In its portfolio, CoinDCX holds over $68 million on Binance, through its spot trading and interest-earning services. Around $55.6 million is held in its own wallet, and around $5.8 million on Polygon staking pools.

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