coinswitch

ChainCatcher news, Indian cryptocurrency exchange CoinSwitch has announced the launch of a ₹6 billion ($69.9 million) WazirX hacker recovery fund.The company's recovery fund "CoinSwitch Cares" aims to assist WazirX users who suffered financial losses due to the alleged cyber attack in July 2024. As part of the initiative, CoinSwitch will distribute funds to affected users over the next two years, aiming to promote the Indian crypto ecosystem.

ChainCatcher news, Indian cryptocurrency exchange CoinSwitch announced on X day that it will take legal action against competitor WazirX to recover approximately $9.6 million in assets that have been trapped since WazirX suffered a $230 million cyber attack in July, during which WazirX lost about 45% of its funds.CoinSwitch stated that it had "no choice" but to take legal measures, as its efforts to recover these funds (which account for about 2% of its total assets) have been unsuccessful. WazirX is also facing potential asset freezes in India due to a petition submitted on August 3, requesting the National Company Law Tribunal to investigate possible fraud by the company.

ChainCatcher news, according to Bloomberg, the holding company of the Indian crypto exchange CoinSwitch, PeepalCo, has announced the launch of a stock trading application called Lemonn, which will initially offer stock trading and expand over time into areas such as mutual funds and derivatives. CoinSwitch and Lemonn will operate as independent businesses.It is reported that CoinSwitch was founded in 2017, supported by Andreessen Horowitz and Tiger Global, and restructured its business last December, creating PeepalCo as a holding company responsible for overseeing the cryptocurrency platform and other new initiatives such as wealth management applications.

ChainCatcher news, according to local media in India, Indian cryptocurrency exchange CoinSwitch has chosen to lay off 44 employees from its support team, citing a market downturn. The team currently has 82 members. A spokesperson stated, "The layoffs occurred three weeks ago and account for less than 7% of the total workforce." "As trading volumes increase, we will open new positions, and we will welcome back those affected employees."Previously, it was reported that its competitor CoinDCX laid off 12% of its staff due to the bear market and tax impacts. It is reported that India has imposed a 30% tax on cryptocurrency profits since February 1, 2022, and a more controversial 1% Tax Deducted at Source (TDS) on all transactions.

ChainCatcher news, according to Moneycontrol, India's crypto trading platform CoinSwitch's venture capital arm CoinSwitch Ventures has invested $25 million in 12 startups through its Web3 Discovery Fund, including PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap, primarily covering areas such as blockchain infrastructure, blockchain analytics, and real-world asset tokenization.Previous report, in August 2022, according to the Economic Times of India, CoinSwitch announced the launch of the Web3 investment fund Web3 Discovery Fund, with a size of $10 million, aimed at investing in and incubating over 100 early-stage startups in the Web3 space. The fund's investor partners include Tiger Global, Sequoia Capital, Coinbase Ventures, Ribbit Capital, and others. (Source link)

ChainCatcher news, according to Indian media Money Control, Indian cryptocurrency exchange CoinSwitch has released proof of reserves. As of January 6th, 10:30 AM Beijing time, the total asset value of its custodial wallets is approximately ₹9,339.2 million (about $112.99 million), accounting for 86.2% of all user assets under custody, with the exchange's total assets being approximately ₹1,496.2 million (about $18 million). (source link)