Blockchain
India FinTech Forum concludes IFTA 2021 with focus on financial inclusion and emerging technologies
India FinTech Forum’s IFTA 2021 saw 34 innovative product demos over 3 days with the felicitation of Stockal as Fintech Startup of the Year and IDfy as Fintech Scaleup of the Year. IFTA 2021 saw the participation of senior representatives from Gujarat International Finance Tec-City (GIFT City) and Tamil Nadu Government. It is the longest-running fintech event in India, and this was the 6th consecutive year of celebrating innovation in the Fintech sector.
Meet the most innovative companies in fintech
The 4-month assessment process culminated with recognising the most innovative companies in a number of fintech and allied fields from 800+ applications. The assessment framework was developed and managed by Deloitte, and Perfios felicitated the winners. Over 40 industry leaders were part of the eminent Jury and 50+ Speakers shared their valuable insights.
Past winners of IFTA include well-known names like Simpl, Capital Float, ZestMoney and Valocity Global, and have cumulatively raised over USD 3 billion in funding till date.
Winner at IFTA 2021 |
|
Fintech Startup of the Year |
Stockal |
Fintech Rising Stars (Runners-up to Fintech Startup of the Year) |
BukuWarung, AccuraScan, Money View |
Fintech Scaleup of the Year |
IDfy |
Fintech Leader of the Year |
Ravi Kumar, Co-Founder and CEO, Upstox |
Woman Leader in Fintech |
Aarti Ramakrishnan, Co-Founder and COO, Crayon Data |
Most Innovative Fintech Product |
Pine Labs |
Best Fintech Consumer Lender |
Paisabazaar |
Best Fintech Business Lender |
InCred |
Best International Fintech in India |
MODIFI |
Best FinTech Ecosystem Partner |
Grameen Impact Ventures |
Most Innovative Bank of the Year |
IDFC FIRST Bank |
Financial Inclusion Initiative of the Year |
Jai Kisan |
Excellence in Payments |
Mswipe Technologies |
Best Use of AI in Fintech |
Marsview.ai |
Most Innovative Blockchain or Crypto Product |
Whrrl |
Best Innovation in RegTech |
Signzy |
Best Innovation in Wealth Management |
Stockal |
Best Technology Company for Fintech Solutions |
Zeta |
Most Innovative Neo Bank |
Open Financial Technologies |
Excellence in InsureTech |
Digit Insurance |
The list of winners is available at: www.indiafintech.com
Enablers for fintech growth
Fintech’s growing importance can be seen from Prime Minister Shri Narendra Modi’s participation in the upcoming fintech InFinity Forum organized by IFSCA and launch of Tamil Nadu’s FinTech Policy by Chief Minister Shri M K Stalin. Mr. Sandip Shah, Head- IFSC Dept, GIFT City informed the IFTA audience that GIFT City is the only location today in India that has been recognised and notified as an International Financial Services Centre (IFSC).
Ms. Pooja Kulkarni, IAS, MD and CEO, Guidance Tamil Nadu elaborated on the multifarious initiatives being taken under the Fintech Policy for fintech companies including a Fintech Governing Council under the Chairmanship of the Honourable Minister of Industries, development of a Fintech City with built-up space of 1 million sq.ft in Chennai, Neo-TIDEL Parks in Tier II and III cities, power infrastructure, connectivity, cybersecurity, disaster recovery centre at Trichy, funding avenues and reduced compliance burden.
Drivers of fintech growth in India
Companies including PayU, CashRich, Perfios, Huobi Global, KUDOS Finance, TransUnion CIBIL and Miami Fintech came together to power discussions on the opportunities for upcoming technologies, challenges and way forward to capitalise on the next 2-3 years. Mr. Jitendra Gupta, Founder and CEO, Jupiter and Advisory Committee Member of India FinTech Forum noted, “The India Stack has been game changing alongside Aadhaar. Government initiatives and regulatory sandbox for fintechs have been very helpful. Availability of capital in a vibrant ecosystem is one of the key drivers of fintech growth.”
Fintech companies in India are riding the global innovation wave despite the pandemic. This is supported by the number of unicorns in India that are fintech companies. Mr. Rajesh Kumar, MD and CEO, TransUnion CIBIL had a very positive outlook for growth of fintech companies, and said, “This is a dynamically evolving ecosystem where collaboration, competition and convergence exist in equal measures. Fintech sector players must take into consideration a very strong focus on data security norms, privacy laws and strong governance framework in their quest for growth.”
Upcoming innovation in global payments
Ms. Praveena Rai, COO, NPCI, noted that global payment systems were traditionally offered by large monolith institutions with payment infrastructure in various countries but now we have popular country-specific payment systems also. There is a need to look at how these payment systems can start operating together so that a network of payment systems can get created. The recently announced plan from the RBI and MAS to link UPI and Singapore’s PayNow will be useful. She pointed out, “There is a need to look at those payment solutions that can operate in an offline manner.” Global payments is likely to be a very significant revenue pool for fintech companies, given the current high cost of international transactions, and potential to bring more efficiency, transparency, and speed to the same. Mr. Mohit Gopal, SVP at PayU cautioned that vanilla payment products tend to have very low margins, so it is important to find other products to get those margins.
Mr. Vincent Lau, MD – International Operations, Huobi Global spoke about recent global trends such as NFT, gaming and metaverse, and how cryptocurrencies could allow unbanked people to earn, invest and transact.
Mr. Ramgopal Subramani, COO, Perfios noted that India FinTech Forum’s IFTA continues to be one event where you get to know not only what is happening in India but also globally. He said that it was inspiring to know that the future is bright in the hands of the startups that presented their fintech innovation.
Mr. Sougata Basu, Founder, CashRich and Executive Committee Member of India FinTech Forum, said, “IFTA 2021 gave us an opportunity to see some amazing innovation done by fintech firms during the year in spite of the challenges caused by the pandemic. Several fintech companies have created solutions for true financial inclusion using the power of technology.”
Blockchain
Cardano Founder Says “Crypto Doesn’t Want To Set The World On Fire”
According to a report from Crypto Daily, the founder of Cardano, Charles Hoskinson, expressed a sentiment that the cryptocurrency industry does not aim to “set the world on fire.” This statement reflects a broader perspective on the role of cryptocurrency and blockchain technology in the global economy and society.
Hoskinson’s remark suggests that the cryptocurrency industry is not solely focused on disruptive or revolutionary change but rather on providing innovative solutions to existing challenges and improving upon traditional systems. This viewpoint underscores the belief that cryptocurrencies and blockchain technology can coexist and collaborate with established financial and technological infrastructures, rather than seeking to replace them entirely.
By emphasizing a collaborative approach, Hoskinson highlights the potential for cryptocurrencies like Cardano to complement existing financial systems and contribute to positive developments in various sectors. This includes areas such as finance, governance, healthcare, and supply chain management, where blockchain technology can offer enhanced security, transparency, and efficiency.
Overall, Hoskinson’s statement reflects a pragmatic and inclusive perspective on the role of cryptocurrency in society, emphasizing the importance of cooperation and collaboration in driving meaningful progress and innovation. As the cryptocurrency industry continues to evolve, this mindset is likely to shape its trajectory and impact on the broader economy and society.
Source: cryptodaily.co.uk
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Blockchain
Pantera Capital Targets $1 Billion for New ‘All-in-One’ Blockchain Fund Set for 2025 Launch
Pantera Capital aims to raise $1 billion for its new all-in-one blockchain fund, slated for launch in 2025, as reported by Bitcoin.com. This ambitious fundraising goal underscores Pantera’s confidence in the potential of blockchain technology and its commitment to supporting innovative projects in the space.
The new blockchain fund from Pantera Capital is designed to be a comprehensive investment vehicle, providing exposure to a wide range of blockchain-related assets and opportunities. By offering a diversified portfolio of investments, the fund aims to capitalize on the growth and development of the blockchain ecosystem while managing risk effectively.
Pantera Capital’s decision to launch a new blockchain fund reflects its bullish outlook on the long-term prospects of the blockchain industry. With increasing mainstream adoption and institutional interest in cryptocurrencies and blockchain technology, Pantera sees significant opportunities for growth and value creation in the coming years.
The $1 billion fundraising target for the new blockchain fund is indicative of Pantera’s confidence in its ability to attract capital from investors seeking exposure to the burgeoning blockchain market. As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to capitalize on the growing demand for blockchain-related investment opportunities.
Overall, the launch of Pantera Capital’s new all-in-one blockchain fund represents a significant development in the blockchain investment landscape, offering investors a comprehensive vehicle for gaining exposure to the rapidly evolving blockchain industry. As the fund prepares for its launch in 2025, it is poised to play a key role in shaping the future of blockchain investment and innovation.
Source: news.bitcoin.com
The post Pantera Capital Targets $1 Billion for New ‘All-in-One’ Blockchain Fund Set for 2025 Launch appeared first on HIPTHER Alerts.
Blockchain
Exverse debuts its token on Bybit ahead of the FPS game’s launch
Exverse, a free-to-play game bringing a fresh take on AAA first-person-shooters to Web3, announces the launch of its native $EXVG token on ByBit, a top-three crypto exchange by volume with over 20 million users. The ByBit launch will be followed by spot listings on the MEXC and Gate exchanges. Ahead of its full alpha launch in mid-May, Exverse hosted a soft-launch tournament for 5,000 early registrees on April 15 with cash rewards for top performers.
During the last bull run, Web3 games rose to prominence under the play-to-earn mechanism that made games like “Axie Infinity” so popular. As this model became widely replicated, many of these blockchain-based games prioritized the crypto elements at the expense of the actual game aspects. This trend could be seen in practice by many titles opting to undergo a token launch before even having a working demo, disincentivizing developers to build a quality game, and leaving users with no ecosystem or functioning game to play and spend or the native currency in.
With Exverse approaching its full launch, players can earn $EXVG by performing well while using the native token to enter matches, purchase premium items, and more. The $EXVG token builds on Exverse’s extensive beta and serves as the ecosystem’s currency while the game’s community witnessed a 20 percent growth in verified signups within a month. Supporting Exverse in their token launch are prominent launchpads and incubators that include Seedify, ChainGPT, and GameFi.
To build momentum for its upcoming alpha launch in mid-May, Exverse showcased its game by holding an exclusive deathmatch-style tournament for 5,000 early wait listers on April 15. The five-day tournament, which took place on the game’s ‘Battle Planet,’ gives players a chance to demonstrate their skills and win rewards via stablecoins and tokens. With $50,000 in total up for grabs, the top 100 performers earned at least $200. Top five finishers earnings were dispersed accordingly:
1st place: $4,000
2nd place: $2,000
3rd place: $1,500
4th and 5th place: $1,000
Built using Epic’s Unreal Engine 5, Exverse utilizes blockchain technology to strike a balance between enjoyable, realistic, and immersive real-time gameplay. The game prioritizes skill over pay-2-win mechanics, enabling players to earn rewards by staking tokens before a season’s kickoff. Top performers receive a share of profits from in-game NFTs such as cosmetics and skins.
To support the ecosystem’s development, expansion, and growth while rewarding the team and its early supporters, 400 million $EXVG will be minted.
“We are extremely excited about our token launch and proud to work with a great partner like ByBit to make it happen,” says Fei Ooi Hoong, CEO of Exverse. “We worked tirelessly to develop a diverse, engaging, and intuitive first-person shooter capable of revolutionizing how the public views blockchain-based gaming. Our talented team tapped into its background in traditional gaming to develop a rich and immersive gaming experience and then strategically implemented the NFT elements and in-game economics to enhance the user experience.”
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