Analyzing the standing of Indian crypto market with 5ire case study
— Study, Exchanges, Indian, Crypto, Standing, 5ire, Current, Analyzing, Cryptocurrencies, Market — 1 min read
An Indian blockchain company 5ire, recently raised $100 million in a Series A round of funding from UK-based Sram and Mram. The company with a $1.5 billion valuation has suddenly emerged as the latest addition to the Unicorns in India. According to Chainalysis, the country’s cryptocurrency market grew by more than 600% in the 12 months leading up to June 2021. The 2022 Union Budget declaration of the 30% tax on revenue from cryptocurrencies and other virtual digital assets appears to have had a detrimental impact on the interest of Indian retail investors. 5ire plans to replace the current mechanism with the SPoS, or Sustainable Proof of Stake consensus algorithm that provides high levels of security and efficiency never attained by neither PoW nor PoS. Source