Charlie Shrem, the former CEO of BitInstant, shared his story of success and subsequent downfall in a recent episode of Cointelegraph's Crypto Stories. Shrem started his entrepreneurial journey by running a small e-commerce business that sold various products. It was during this time that he discovered Bitcoin and realized the limitations of the existing purchasing methods. This led him to start BitInstant, a company that allowed people to instantly buy or sell Bitcoin. As the company grew, so did the need for more funds to deposit into Mt. Gox, the exchange they used. Despite facing financial challenges, Shrem received capital injections from investors such as Roger Ver, Erik Voorhees, and the Winklevoss twins. BitInstant eventually became responsible for 30% of all Bitcoin transactions. However, Shrem's personal life suffered, and he left the Jewish community he belonged to. Shortly after, he was arrested and charged with money laundering for activities related to BitInstant. Shrem's story continues in Part 2. Read more AI-generated news on: https://app.chaingpt.org/news

2 Shiba Inu Investors Earn 113,824% Profit and Become Millionaires Two jobless brothers managed to convert a $7,900 investment in Shiba Inu into millions. Tommy, 38, and James, 42, from New York City, stepped into the SHIB market during its initial days in 2020. The brothers had lost their jobs during the COVID period. Nevertheless, this did not stop them from becoming millionaires. How Did the SHIB Investors Become Millionaires? A report from CNN Business revealed that a friend of the duo told them about Shiba Inu, highlighting that it was a spinoff version of Dogecoin. Since SHIB was trading at multiple zeros at that time, it was quite cheap and affordable. The brothers decided to invest $200 each, i.e., $400 in total. Their investment’s worth rose to $1,200 within a week, despite the macro uncertainty. Surprised by the 300% profits, the brothers then asked their mother and sister to lend money to buy additional SHIB tokens. The family had their own doubts about the investment. They lent $100 each for a start. The investment again doubled in a few days. That was when they decided to invest more in SHIB. The family arranged another $7,300 the same month and accumulated additional Shiba Inu tokens. The household invested a total of $7,900 into SHIB. They saw their investment first double and then reach $700,000. Within no time, it ballooned to $1 million. One of the brothers exclaimed, “The day it hit a million — my mom and sister, they didn’t think it was real.” In mid-May 2021, a few days before the flash crash, CNN Business confirmed the value of their investment by checking their coin wallet and transaction history. According to their report, the family’s initial stake of $7,900 was worth nearly $9 million. This marked a whopping 113,824% rise. #BinanceTournament #ShibaInuUpdate

ARK Invest, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, bought about $1.5 million of SoFi Technologies (SOFI) shares on Nov. 29, the day the latter announced its exit from crypto. On Nov. 29, ARK bought 200,275 SOFI shares to allocate to its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. The amount is worth $1.47 million, based on SOFI’s closing price on Nov. 29, or $7.35 a share, according to data from TradingView. ARK’s latest SOFI purchase came on the day SoFi Technologies officially announced its decision to terminate cryptocurrency services by Dec. 19, 2023. “After careful consideration, we’ve made the decision to discontinue our crypto services by the end of this year,” SoFi said, directing its customers to migrate their crypto holdings to the online crypto wallet Blockchain.com. ARK has been actively buying SoFi shares throughout the year, buying a total of 1,772,991 SOFI for ARKF so far. ARKF’s SoFi exposure is worth around $13 million at today’s prices. SoFi stock has seen some volatility in 2023, surging to $11.45 in July after starting the year at just $4.5. SoFi shares have been gradually declining since then, dropping below $7 in mid-November. SoFi Technologies (SOFI) shares’ year-to-date price chart. Source: TradingView In addition to buying SoFi, ARK has been actively buying Robinhood (HOOD) shares, bagging 221,759 HOOD on Nov. 29. Robinhood’s trading app allows one to buy and trade cryptocurrencies like Bitcoin in the United States. The platform officially announced plans to expand its business into the U.K. on Nov. 30, without mentioning whether cryptocurrency would be part of the offering. While buying SoFi and Robinhood, ARK has continued to sell the Coinbase (COIN) stock. On Nov. 29, ARK sold around 38,000 COIN shares from the ARKF ETF, totaling nearly $5 million. ARK did not immediately respond to Cointelegraph’s request for comment. Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Coinspeaker FTX Debt Recovery: Court Approves Sale of Grayscale Assets Worth $873M Now A Delaware bankruptcy court has granted FTX’s administrators permission to sell the defunct exchange’s trust assets. The approval comes about four weeks after the administrators filed a motion requesting the sale of the assets as part of their debt recovery efforts. FTX holds an estimated 32 million total shares in five Grayscale trusts and the Bitwise 10 Crypto Index Fund. Selling these will help creditors recover some more of their lost funds. Just a few weeks ago, the assets were worth $744 million. Now, the investment fund is worth roughly $873 million “The debtors are authorized, but not directed, to execute sales of the trust assets, in their reasonable business judgment,” the filing said. The court also granted crypto investment firm Galaxy permission to assist FTX in the sales of its trust assets. Following the court announcement, the FTX token (FTT) jumped by 8% to trade at $4.26 Progress of FTX Debt Recovery Efforts At the time FTX filed for bankruptcy, the total amount of customer assets misappropriated was about $8.7 billion. Under the leadership of John. J Ray III, FTX has been working to recover these assets. Mr Ray noted the bankruptcy situation was the ‘most challenging financial disaster’ he had seen. However, by September, about $6.9 billion of that shortfall had been recovered. This included a Bahamas real-estate portfolio, $3.4 billion in crypto, and some cash. “Together, the debtors and their creditors have created enormous value from a situation that easily could have been a near-total loss for customers,” Ray said. Going by this, the sale of the Grayscale and Bitwise investment funds will further help the debt recovery effort. Given the 17% appreciation in the asset value since the sale request was filed before the court, it is unclear if the administrators will immediately sell. This is even more important since the terms of the sale, as approved by the court, warrant maximizing their value while minimizing market disruptions. Former FTX CEO Awaits Sentencing Meanwhile, Sam Bankman-Fried, the former CEO of FTX, was found guilty of seven counts of fraud on November 2. He is facing a maximum sentence of 115 years in prison and will be sentenced on March 28, 2024. Until then, he is being held at the Brooklyn Metropolitan Detention Center, where he shares a cell with two other inmates: Juan Hernández, the former president of Honduras, and a former high-ranking Mexican police officer. next FTX Debt Recovery: Court Approves Sale of Grayscale Assets Worth $873M Now

In the rapidly evolving digital era, where artificial intelligence and technology giants dominate, understanding the intricacies of Data Businesses has become imperative. As these entities shape our daily experiences, from targeted advertisements to personalized news feeds, unraveling the dynamics of data-centric businesses is not just an academic pursuit but a necessity for informed policymaking and the promotion of competitive markets. Central tenets of modern data businesses In the realm of modern business, corporate giants differentiate themselves by being data-centric. The term “Data Businesses” encompasses two primary types: data-enabled and data-enhanced. Data-as-a-Service (DaaS) companies, a subset of data-enabled businesses, redefine economic models by making data their core product. This shift places data at the forefront of business operations, creating a paradigm where the utilization of data becomes pivotal for success. Fostering the growth of Data-as-a-Service entities The journey to establish a DaaS company is a multifaceted challenge. Initial investments in robust data infrastructure are substantial, demanding financial resources and technical expertise. The continuous evolution of data, highlighted by economist Hal Varian, is a defining characteristic of successful DaaS companies. Varian emphasizes the non-rivalrous nature of data, its initial increasing returns through advanced techniques like machine learning, and the importance of continuous improvement for success in data markets. The growth trajectory of DaaS companies is marked by a steady increase in value and influence. From the accumulation of enough data to offer viable products or services, these companies enter a phase of accelerated growth. This virtuous cycle enhances their market power over time, raising questions about market dominance and the implications for competition policy. The unique business model of DaaS companies poses challenges and opportunities for policymakers. Questions arise about the structuring of open-data initiatives and the focus on raw data availability versus the development of valuable data products. Antitrust concerns emerge in markets where a few dominant players naturally tend to emerge. The evolving perception of data as a valuable commodity challenges traditional views and calls for nuanced policies and regulations that acknowledge the intrinsic value of data in the digital economy. Delving deeper into the fabric of data markets Data’s unique characteristics challenge conventional theories and models, necessitating a fresh perspective on competition, market dominance, and value creation. As the distinction between DaaS and data-enhanced businesses blurs, understanding the subtleties of these markets becomes crucial. The rise of data-first companies not only reshapes industries but redefines economic and business models. This calls for ongoing research and analysis to fully comprehend and actively engage with these new economic forces. In this era of data-centric economics, a comprehensive and nuanced understanding of Data Businesses is vital. These entities are not merely reshaping industries; they are fundamentally altering how we perceive and interact with data. As we navigate this new age, staying informed and actively engaging with the evolving trends of data-first companies is imperative. The dynamics of these businesses are reshaping our world, urging us to explore and understand the intricacies that define the future of economic landscapes. How can policymakers strike a balance between fostering innovation and preventing monopolies in this data-centric era?

US-based generative AI startup Together Computer Inc. — commonly known as Together AI, has announced the successful closure of a $102.5 million Series A funding round. Founded in June 2022 by Vipul Ved Prakash, Together AI is working to help develop generative AI models by building an open-source infrastructure. The cloud-based platform aims to empower developers, enabling them to craft open and customizable AI models. According to the announcement, the influx of funds is earmarked for the expansion of Together’s cloud platform, which serves as a vital hub, allowing developers to create, fine-tune and deploy open and customizable AI models. Vipul Ved Prakash, the CEO of Together AI highlighted the company’s commitment to providing a platform that empowers startups and enterprises, liberating them from the constraints of a single vendor. “Startups and enterprises alike are looking to build a generative AI strategy for their business that is free from lock-in to a single vendor,” said Prakash in a blog post. “We believe generative AI is a platform technology, a new operating system for applications, and will have a long-range impact on human society. The AI ecosystem will consist of proprietary models and open models, and it’s incredibly important that this future has choices and options,” he added. The funding, led by Kleiner Perkins, with participation from prominent entities including Nvidia, Emergence Capital, NEA, Prosperity 7, Greycroft, 137 Ventures and notable seed investors such as Lux Capital, Definition Capital, Long Journey Ventures, SCB10x, SV Angel, Factory and Scott Banister. Together AI’s Quest for Speed and Efficiency The funding will propel Together AI toward its goal of creating “the fastest cloud platform for generative AI applications,” according to Together AI CEO Prakash. This development showcases the increasing appetite of venture capital firms for generative AI startups, as demonstrated by significant funding rounds for industry players like OpenAI, AI21 Labs, Anthropic, Cohere, Perplexity AI and Writer. The platform facilitates various aspects of AI model development, from training to fine-tuning and production deployment. One of its key promises is scalability at more cost-effective rates compared to major cloud vendors like Amazon Web Services, Microsoft and Google. Prakash was the former founder of Topsy Labs and later became an Apple alumnus. He now leads Together AI alongside co-founders Ce Zhang, Percy Liang, and Chris Re, with a collective vision to establish an open-source infrastructure platform, along with models and services accessible to any organization seeking to embed AI into their applications. Prakash also highlighted the startup’s significant cost reductions for large language models engaged in interactive inference workloads. He emphasized optimization across the stack, utilizing thousands of GPUs in secure facilities, virtualization software, scheduling tools, and model optimizations to substantially reduce operating costs. Furthermore, the startup offers Custom Models, a consulting service aimed at assisting companies in designing and building customized AI models for specific workloads. This service is particularly advantageous for organizations lacking extensive AI expertise. The post Together AI Raises Over $102 Million to Propel Open-Source Generative AI appeared first on Metaverse Post.

Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to climb above the $38,000 mark early Thursday. Popular altcoins — including the likes of Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) — landed in the greens across the board. The SEI token, which was the biggest gainer on Wednesday, turned out to be the biggest loser today morning, with a 24-hour dip of over 12 percent. IOTA, on the other hand, became the biggest gainer, with a 24-hour jump of nearly 43 percent. The global crypto market cap stood at $1.43 trillion at the time of writing, registering a 24-hour jump of 0.08 percent.Bitcoin (BTC) Price TodayBitcoin price stood at $38,061.35, registering a 24-hour gain of 0.41 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 33.30 lakh.Home Business Cryptocurrency Cryptocurrency Price Today: Bitcoin Rises Above $38,000, IOTA Gains Nearly 43%Cryptocurrency Price Today: Bitcoin Rises Above $38,000, IOTA Gains Nearly 43%Cryptocurrency price on November 30 quick take: The global market cap stood at $1.43 trillion.Cryptocurrency Price Today: Bitcoin Rises Above $38,000, IOTA Gains Nearly 43%Bitcoin price stood at $38,061.35 on Thursday. ( Image Source : fabrikasimf/Freepik )NEXTPREVBitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to climb above the $38,000 mark early Thursday. Popular altcoins — including the likes of Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) — landed in the greens across the board. The SEI token, which was the biggest gainer on Wednesday, turned out to be the biggest loser today morning, with a 24-hour dip of over 12 percent. IOTA, on the other hand, became the biggest gainer, with a 24-hour jump of nearly 43 percent. The global crypto market cap stood at $1.43 trillion at the time of writing, registering a 24-hour jump of 0.08 percent.Bitcoin (BTC) Price TodayBitcoin price stood at $38,061.35, registering a 24-hour gain of 0.41 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 33.30 lakh.Ethereum (ETH) Price TodayETH price stood at $2,041.37, marking a 24-hour dip of 0.49 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.78 lakh.Dogecoin (DOGE) Price TodayDOGE registered a 24-hour gain of 1.39 percent, as per CoinMarketCap data, currently priced at $0.08177. As per WazirX, Dogecoin price in India stood at Rs 7.10.Litecoin (LTC) Price TodayLitecoin saw a 24-hour jump of 0.38 percent. At the time of writing, it was trading at $70. LTC price in India stood at Rs 6,125.20.Ripple (XRP) Price TodayXRP price stood at $0.6091, seeing a 24-hour dip of 0.52 percent. As per WazirX, Ripple price stood at Rs 52.80.Solana (SOL) Price TodaySolana price stood at $60.67, marking a 24-hour jump of 3.41 percent. As per WazirX, SOL price in India stood at Rs 5,249. Top Crypto Gainers Today (November 30)As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:IOTA (IOTA)Price: $0.248624-hour gain: 42.94 percentInjective (INJ)Price: $17.7924-hour gain: 7.58 percentTHORChain (RUNE)Price: $6.4524-hour gain: 6.03 percentKuCoin Token (KCS) Price: $8.2224-hour gain: 4.27 percentTerra Classic (LUNC)Price: $0.000122824-hour gain: 4.19 percentTop Crypto Losers Today (November 30)As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:Sei (SEI) Price: $0.24624-hour loss: 12.79 percentUniswap (UNI)Price: $5.9924-hour loss: 5.45 percentKlaytn (KLAY)Price: $0.190624-hour loss: 5.12 percentBlur (BLUR)Price: $0.509924-hour loss: 4.80 percentAxie Infinity (AXS)Price: $6.4224-hour loss: 3.96 percentWhat Crypto Exchanges Are Saying About Current Market ScenarioMudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin's trading activity has centred around the $37,800 level in the last 24 hours, aligning with Swiss asset manager Pando Asset's application to enter the Bitcoin Spot ETF competition in the US as the 13th participant. The addition of another established global player enhances the prospects of a favourable decision on the spot ETF. To maintain its positive momentum, Bitcoin will need to breach the resistance at the $38,100 level or risk finding support around the $37,700 level. Meanwhile, Ethereum remains above the $2,000 level.”Rajagopal Menon, Vice President, WazirX, said, “Bitcoin stands resilient amidst market fluctuations and currently holds a market cap of $740.47 billion, with a dominance of 49.7 percent. Notably, Bitcoin's current price is approximately $37,800, showcasing its sustained strength and growing adoption as a reliable store of value. Altcoins demonstrate diverse movements, underscoring the need for vigilance in this dynamic crypto landscape."Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The current Bitcoin (BTC/USD) technical outlook on a 4-hour chart indicates key levels to monitor. The pivot point at $37,161 establishes a baseline, while immediate resistance is observed at $38,684. Further resistance lies at $39,933 and $41,395, serving as potential targets for bullish momentum. Solid support is evident at $35,912, with additional cushions at $34,419 and $33,140. The Relative Strength Index (RSI) at 60 suggests a tempered bullish sentiment, and the Moving Average Convergence Divergence (MACD) at 93.89 hints at a cooling bullish trend. Bitcoin's price above the 50-Day Exponential Moving Average (EMA) of $37,333 supports a short-term bullish narrative, with an ascending triangle pattern suggesting potential upward movement upon breaching the $38,000 resistance. In summary, the trend remains bullish above $37,333, with the short-term forecast eyeing a test of $38,684 resistance. Market dynamics and sentiment will likely influence the narrative in the coming days.”Shivam Thakral, CEO of BuyUcoin, said, “The crypto market remained flat over the past 24 hours with BTC and ETH trading at $37,889.93 and $2,036.21 respectively. The possibility of a rate cut by the Fed will keep the market sentiment positive as any rate cut may spark economic activity and cheer the global financial markets in the long term. As we approach the end of this year, 2024 looks promising with sustained growth for the digital asset market.” CoinDCX Research Team noted, "BTC retraced from the $38,000 resistance level following the Wall Street open on November 29, influenced by better-than-expected U.S. gross domestic product (GDP) figures. Despite the prior push above $38,000, BTC fluctuated around that level and eventually dropped after the release of U.S. macro data. Currently, BTC is hovering near that resistance level."

Amazon Web Services (AWS) has once again solidified its position as a cloud computing and AI pioneer, unveiling a suite of groundbreaking products at re:Invent 2023. The event, a focal point for the latest technology and innovation, saw AWS CEO Adam Selipsky take the stage, highlighting the company’s strides in generative AI and advanced computing solutions. A standout announcement was the introduction of Amazon Q, a generative AI-powered assistant designed specifically for business applications. This revolutionary tool enables users to engage in natural language conversations, generate content, and connect to various enterprise systems, including data and code repositories. It represents a significant leap in making AI more accessible and functional in professional settings. Amazon Q emphasizes data security and privacy, integral for business operations, setting it apart from other AI tools in the market. Hardware innovations: Graviton4 and WorkSpaces Thin Client AWS revealed the Graviton4 processor in hardware, touted as the most energy-efficient chip the company has produced. It boasts a 50% increase in cores and a 75% memory enhancement over its predecessor, the Graviton3. The Graviton4 is designed to accelerate AI-powered workloads, offering substantial improvements in performance for databases, web applications, and large Java applications. Parallel to this, AWS introduced the Amazon WorkSpaces Thin Client, a device aimed at providing secure and straightforward virtual desktop access. With a starting price of $195, the Thin Client is optimized for AWS Cloud, marking the company’s first foray into adapting consumer devices for business customers. This move caters to the growing need for remote and hybrid work solutions across various industries. Expanding the cloud and AI horizon AWS didn’t stop at AI and hardware. The company announced a series of enhancements to its cloud and AI services. This includes Amazon S3 Express One Zone, a high-performance storage class delivering the fastest object storage in the cloud, and Guardrails for Amazon Bedrock, providing robust AI security tailored to business applications. Another significant addition is the AWS Trainium2 chips, designed to expedite the training of generative AI models. These chips promise up to four times faster training than their predecessors and support ultra-scale EC2 UltraClusters. This development is a testament to AWS’s commitment to advancing machine learning capabilities. Furthermore, AWS revamped its flagship AI platform, Bedrock, with new features like fine-tuning capabilities. This allows businesses to customize foundation models with their data, creating more accurate and domain-specific applications. Serverless innovations and enhanced partner support AWS also unveiled three new serverless innovations, enhancing its database and analytics offerings. These include Amazon Aurora Limitless Database, a serverless option for Amazon ElastiCache, and a new Amazon Redshift Serverless capability. These innovations underscore AWS’s dedication to simplifying data management and scaling, allowing customers to focus more on innovation and less on infrastructure. In a significant move to empower its partners, AWS is now offering them the same diagnostic tools used by AWS support engineers. This initiative aims to enhance the partners’ ability to support customers effectively, marking a significant step in AWS’s partner ecosystem development. AWS’s announcements at re:Invent 2023 represent a blend of innovation and practicality, addressing the evolving needs of businesses in the cloud computing and AI arenas. With these new products and services, AWS reinforces its leadership in the tech industry and sets a new standard for what businesses can expect from cloud services and AI capabilities. The event has undoubtedly set a high bar for the future of cloud computing and artificial intelligence, with AWS at the helm, driving transformation and progress.

In an ever-evolving digital landscape, where ransomware attacks grow more sophisticated, artificial intelligence (AI) has emerged as a crucial tool in cyber defense. George Kurtz, CEO of CrowdStrike, recently discussed the pivotal role of AI in identifying and combating these threats with CNBC’s Jim Cramer. Unlike traditional methods reliant on recognizing previously encountered threats, AI-driven approaches can detect novel ransomware, providing a more proactive defense strategy. Kurtz highlighted the efficiency of AI in identifying unique ransomware signatures, a significant step away from older, signature-based technologies. This shift is crucial as ransomware attacks become more prevalent and costly, with the average ransom event reaching $8.5 million, a staggering increase from just a month prior. The Double-Edged Sword of AI in Cybersecurity While AI has fortified cybersecurity measures for companies like CrowdStrike, it also presents a paradox. The advent of “Dark AI” tools, such as FraudGPT, has armed cybercriminals with sophisticated means to launch attacks with minimal technical knowledge. This development represents a significant challenge in cybersecurity, as malicious actors can now execute complex attacks more easily. This duality underscores the need for continuous innovation in cybersecurity strategies. As AI tools become more accessible, the line between defender and attacker blurs, necessitating advanced and adaptive security measures. Adapting to Regulatory Changes and Human Factors Kurtz also emphasized the crucial role of identity verification in preventing cybercrime. He pointed out that human error often remains the weakest link in cybersecurity, a factor that CrowdStrike’s technology addresses by introducing additional identity challenges to potential intruders. Furthermore, the cybersecurity landscape is not just shaped by technological advancements but also by regulatory changes. The recent mandate by the Securities and Exchange Commission, requiring publicly-traded companies to report breaches within four days, has prompted a reassessment of cybersecurity protocols. This development has increased business for cybersecurity firms as companies strive to comply with the new regulations. Staying Ahead in the Cybersecurity Race In conclusion, the battle against cyber threats is increasingly complex, with AI playing a dual role as both a shield and a weapon. The challenge for cybersecurity firms like CrowdStrike is to stay ahead of cybercriminals and navigate the evolving regulatory landscape and human vulnerabilities within organizations. As the digital world continues to evolve, so must the strategies to protect it.

Key Points: SoFi is exiting the crypto sector due to increased scrutiny by banking regulators, requiring customers to liquidate or transfer their crypto accounts to Blockchain.com by Dec. 19. SoFi initially entered the crypto sector in 2019 but crypto has been a non-material part of its business, leading to the decision to exit the sector. SoFi crypto exit due to increased scrutiny by banking regulators has caused their customer to liquidate or transfer their crypto accounts to Blockchain.com by Dec. 19. SoFi Crypto Exit: Customers Now Urged To Move Funds By Dec. 19 According to Bloomberg, SoFi is exiting the crypto sector due to increased scrutiny by banking regulators. Customers were informed that they need to liquidate their crypto accounts or transfer them to Blockchain.com. SoFi, originally a student-lending refinancing company, expanded its services and received a bank charter earlier this year. The approval of the charter was conditional on either receiving necessary regulatory approvals for its crypto business or exiting the digital asset sector. The Federal Reserve has been increasing scrutiny of lenders' involvement in digital assets, and in January, expressed concerns about the volatile asset class. SoFi initially entered the crypto sector in 2019 and was a high-profile participant, but crypto has been a non-material part of its business. SoFi Crypto Exit: Customers Forced to Liquidate or Transfer Existing SoFi customers will have to move their crypto holdings to Blockchain.com by December 19th, or their balances will be liquidated. Terms of the agreement with Blockchain.com were not disclosed, but SoFi will also refer its members to other crypto partners next year. Blockchain.com, which operates a crypto exchange and popular crypto wallets, recently closed a $110 million funding round. It has created 87 million wallets and facilitates a significant portion of Bitcoin network transactions. SoFi's decision to exit the crypto sector comes as banking regulators increase scrutiny in the industry. DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Blockchain protocol Algorand (ALGO) has expanded its footprint in India by securing new partnerships with NASSCOM, India's trade body and chamber of commerce for the tech industry, TiE Bangalore, a global venture supporting entrepreneurs, and the Mann Deshi Foundation which supports India's first rural bank for women. Earlier this year, the Algorand Foundation branched into India with its initiative called AlgoBharat. The word Bharat represents the nation of India. At the time, Algorand partnered with Self Employed Women’s Association (SEWA) to support women-led enterprises building blockchain solutions and with Jawaharlal Nehru Technological University and the Indian School of Business to launch faculty development programs. It will now build out the Web3 capabilities of youngsters under NASSCOM's FutureSkills Prime skilling hub and develop a blockchain-based credit scorecard and identity system for Mann Deshi Foundation's women entrepreneurs, Algorand Foundation's CEO Staci Warden and India Country Head Anil Kakani told CoinDesk in an interview. "In just a year, our strategic collaborations and innovative blockchain solutions with key players (in India) have pioneered financial inclusion, with the potential for impacting millions of lives in underserved communities," Warden said. The blockchain protocol has also landed a new collaboration with TiE Bangalore, a global venture supporting entrepreneurs, to provide educational initiatives to support the Indian Web3 ecosystem. Kakani said we are working on two types of partnerships – organizational to deepen India's Web3 foundation including broadening the developer base and then partnerships to build use cases. "We are not going to regulators with recommendations but we are waiting for (India's) central bank digital currency (CBDC) to happen," Kakani told CoinDesk. "We want to see how we can build on that but as a protocol, our heavy focus is real-world utility." Algorand's earlier partnership with T-Hub to simply support startups will now include the launch of "Startup Labs," a program that will offer mentorship for 20 Web3 startups. T-hub is a tech incubator led by the Telangana government, a state in south India. With SEWA, Algorand has launched a pilot to help women earn high-value carbon credits through data it will collect via a blockchain-based solution. Read More: India’s Crypto Industry Finally Sees Lawmakers Engaging