Weekly Crypto Roundup: Ethereum Merger, Indian Fintech And A New Crypto Exchange

This week, the second-largest blockchain by market capitalization switched from the proof-of-work method for mining and processing transactions to the proof-of-stake model, claiming to reduce blockchain power consumption by over 99%. %.

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Ether claims its position on the sector

Ethereum builders hope a less energy-intensive blockchain will help them expand services and scale as needed, with less opposition from regulators and environmentalists.

While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the merger saw Ether drop over 8% to around $1,470.

Ethereum may come under further scrutiny in the future. A the wall street journal The report noted that US SEC Chairman Gary Gensler noted that proof-of-stake cryptocurrencies could be considered securities because investors often hope for profits while relying on the work of others. This could bring Ethereum to the attention of the SEC if the price of Ether suddenly increases after the merger.

India enters the top 5

Blockchain research platform Chainalysis’ 2022 Global Crypto Adoption Index places India among the top countries in terms of crypto adoption. The field was led by Vietnam, followed by the Philippines, Ukraine, India and the United States.

Pakistan, Brazil, Thailand, Russia and China took the next five spots, according to the Chainalysis report, which observed that emerging markets take most of the top spots in the index.

Ukraine and Russia have been soliciting crypto donations since Russia invaded the country in February 2022.

When giants unite

Traditional finance giants have come together to launch a new digital asset exchange called EDX Markets. The exchange is aimed at US retail and institutional investors.

EDX Markets is backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial. Other partners are expected over time. The technological infrastructure will be provided by the market operator MEMX.

“Customer safety and regulatory compliance are also core fundamentals for EDXM,” a press release reported Tuesday.

The CEO of EDX Markets is Jamil Nazarali, who was previously Global Head of Business Development at Citadel Securities.

While much of the crypto community prefers to trade on decentralized exchanges with fewer regulations, institutional investors often feel safer on exchanges backed by well-known venture capitalists who promise to comply with regulations.

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Weekly Crypto Roundup: Ethereum Merger, Indian Fintech And A New Crypto Exchange


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