Things we are reading today - October 22nd, 2024

Bitcoin hit a three-month high as the dollar strengthened, driven by rising odds of a Trump win in the upcoming U.S. election. Trump’s policies are expected to support high U.S. interest rates, boosting the dollar.

Major currencies like the yen and euro weakened, while Bitcoin rose 18% since October 10, benefiting from expectations of lighter cryptocurrency regulation under Trump. Markets are now focused on corporate earnings and U.S. election risks.

Gaurab Parija of Bandhan AMC stated that investors may move away from AIFs and PMSs if they fail to offer innovative products. He highlighted that a new asset class, approved by SEBI, would allow more flexibility, attract family offices, and offer higher returns with greater risk.

This new asset class, with a minimum investment of ₹10 lakh, aims to curb unregistered schemes and provide regulated, higher-risk strategies like long-short and inverse ETFs.

PhonePe has invested over Rs 2,800 crore in infrastructure, focusing on servers and data centers to enhance compliance with data localization and optimize costs. The company manages nearly 7 lakh cores across three data centers.

PhonePe’s annual report also revealed a 73% revenue growth to Rs 5,064 crore in FY24 and turning Adjusted PAT positive at Rs 197 crore. Additionally, AI-driven automation helped reduce customer support staff by 60% while managing a 40X surge in transactions over five years.

WazirX moved over $73 million in crypto to exchanges like Bybit and Kucoin after a $230 million security breach, according to CoinSwitch CEO Ashish Singhal. WazirX, facing $546.5 million in liabilities, is being sued by CoinSwitch to recover its funds.

WazirX lost 45% of its crypto assets in the breach and is restructuring under a court-approved moratorium. It aims to recover stolen assets and seek new capital while offering users quicker withdrawals.

https://www.business-standard.com/companies/start-ups/wazirx-moved-73-mn-in-crypto-to-other-exchanges-after-cyber-attack-124102101171_1.html

What are you reading today? Drop your suggestions here :point_down:t3:

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