News linked to both this project and an event.
CoinDCX stated that platform futures trading has resumed normal operations across all markets. However, as a precaution, trading for SOPH, ERA, GTC, and LA remains in Reduce-Only mode for INR and USDT trading pairs. CoinDCX noted that, in light of the earlier incident involving global liquidity providers, the platform's risk management team will continue to monitor these tokens to guard against potential market manipulation and abnormal volatility.
Mochatrade has announced a cumulative total of $5.56 million in funding, with the seed round led by CoinFund and participation from Coinbase Ventures and others; its $690,000 pre-seed round received support from Y Combinator and Pioneer Fund. The platform targets traders in India, supports INR deposits via UPI, and allows users to go long or short with leverage on the stock prices of U.S. equities such as Nvidia, Tesla, and Apple without holding the actual shares or opening a U.S. securities account. The platform is currently in beta testing, with more than 20,000 people on its waitlist, and is expected to launch publicly in the coming weeks. The funding will be used for trading technology development and user growth, and the platform plans to launch U.S. stock options, more tradable assets, and social trading features in the future. There are currently no plans to issue a token.
Coinbase released a monthly review on July 1, stating that in the first half of the year, it advanced its product layout around the strategy of "every asset, every market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that the tokenized stocks are 1:1 backed shares of US companies, expected to include dividends, on-chain trading, holding, and redemption functions, and are not available to US persons. Coinbase also noted that its pre-IPO perpetual contracts will start with SpaceX and then expand to OpenAI and Anthropic, and will offer crypto options through integration with Deribit. Coinbase CEO Brian Armstrong said on July 3 that Coinbase is one of the companies with the highest level of AI application globally. Coinbase also stated that it has launched a direct INR on-ramp in India, become the official deployer of the USDC treasury wallet for Hyperliquid, partnered with Ethena across over $50 billion in assets, and mentioned transferring approximately $4.4 billion USDC to the Hyperliquid deployer. (Bitcoin.com News).
USDT supply is tightening in India, with the local stablecoin premium rising above 8.5%, up from the usual 3% to 4%. On Saturday, USDT was quoted at 102.88 Indian rupees, compared to the USD/INR closing rate of 94.65 on Friday.According to the report, the decline in USDT inflows and concerns over further slowdown stem from the Enforcement Directorate's crackdown on a 250-billion Indian rupee transfer of funds via virtual digital assets. Purushottam Anand, founder of Crypto Legal, stated that the recent price increase may partly reflect a risk premium driven by regulatory uncertainty. (economictimes)