Latest Crypto News: Web 3.0 Conference In New Delhi, DCG Hunts For Banks With SVB Collapse 

Here are some of the major developments from the world of crypto over the past few days 
Latest Crypto News: Web 3.0 Conference In New Delhi, DCG Hunts For Banks With SVB Collapse 

A conference was held in New Delhi over the weekend to discuss Web 3.0. The event, called “Namaste Web3” discussed India’s G-20 Presidency and opportunities in Web 3.0. 

The conference was attended by BJP national vice president Baijayant Panda, and former law minister Ravi Shankar Prasad. 

“Web 3.0 is important, but with a caution…come out of the shadow of crypto. I am a great supporter of Blockchain, but crypto is a different ballgame altogether. There are issues of financial sovereignty of India (in crypto),” said Prasad, who was a former IT minister. 

Prasad added that Web 3.0 needs to find its own ways to decouple from crypto. 

DCG Looks For New Partners After SVB Collapse 

Crypto conglomerate DCG is looking for new partners following the collapse of the three-most crypto friendly banks – Silvergate, Silicon Valley and Signature Bank – over the past couple of days, reported CoinDesk. 

Santander, HSBC Bank and Deutsche Bank are still willing to connect with crypto firms, CoinDesk reported, after recent failures in the US banking sector left crypto firms and tech start-ups stranded and hunting for new banking partners. 

DCG, which is the parent company of CoinDesk, has reached out to BlackRock, JPMorgan and Bank of America, the report added. The companies, however, did not respond to a Reuters request for comment regarding the report. 

Banks may put restrictions on services, such as brokerage and money market services, and the ability to wire money to third parties, specifically for the crypto firms 

Bitcoin Witnesses Liquidation After 2 Months, But Crosses $24,700 

Bitcoin, the largest cryptocurrency, was trading at just over $24,700 during the morning hours on Tuesday, in Asia. Retracting all losses from over the weekend and setting a three-week high, Bitcoin rose by 11 per cent. 

The positive development came as a surprise to traders who may have bet on falling prices after the twin collapse of the key crypto-friendly banks and USD Coin (USDC), a major Stablecoin.

Over $100 million worth of Bitcoin shorts, or bets against a spike in prices, was liquidated on Monday. This was the highest liquidated amount that the market has witnessed since January 14, 2023, when a Bitcoin spur caused $500 million in liquidation across several crypto futures. 

Related Stories

No stories found.
Outlook Business & Money