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Get latest articles and stories on Business at LatestLY. NamasteyNFT Bengaluru 2022, India s first much-awaited Web3 mega summit is set to take place on 14th-15th May at a one-of-a-kind, free-to-enter event to be held at the Bangalore International Exhibition Center. Business News | NamasteyNFT All Set to Host Mega Summit on 14th and 15th May in Bengaluru, Visit for an Immersive Metaverse Experience.
WazirX to launch decentralised exchange next month
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WazirX cofounder Nischal Shetty
India’s largest cryptocurrency exchange by volume, WazirX, is on an advanced stage to launch a decentralised exchange of its own, cofounder Nischal Shetty said.
Unlike a centralised setup, where an exchange is the custodian of a customer’s cryptocurrency and controls who can or cannot open an account on it, a decentralised exchange operates without an intermediary organisation for clearing transactions. The trades are executed on self-executing smart contracts.
It is like building software where peer-to-peer crypto trades can be facilitated, Shetty told ET.
The decentralised exchange is currently undergoing tests and will be launched next month.
Fear, uncertainty and doubt reign in Indian cryptoverse
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The Indian crypto universe is in a FUD.
Fear, Uncertainty and Doubt (FUD) took over Indian investors in crypto assets on Wednesday as Bitcoin, the world’s most valuable and best-known crypto token, posted its biggest single-day fall in nearly a year.
After Tesla Inc’s founder Elon Musk said last Thursday that the electric vehicles maker would longer accept Bitcoins, the token fell from a peak of $57,000 last week to about $32,000 at one point on Wednesday before clawing back to around $39,000. China’s move to ban its financial institutions and payment companies from providing crypto transaction services also had a detrimental effect.