China News Official TheBitTimes.com

Major Indian crypto exchange CoinSwitch has laid off some members of its customer support team amid uncertain crypto regulation and stringent crypto taxation. CoinSwitch, a crypto exchange backed by Andreessen Horowitz and Coinbase Ventures, has axed 44 employees from the company’s customer support team following a reduction in customer queries, according to local news outlet Moneycontrol.  A CoinSwitch spokesperson who spoke to Moneycontrol described the layoff as right-sizing, stating that the affected members voluntarily resigned after speaking with their managers.  “We right-sized our customer support team <…> This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month.” CoinSwitch spokesperson The spokesperson said the company is ready to take the impacted employees back once volumes grow and new positions are available. Meanwhile, the ...

This decision has implications for users who utilize bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche blockchains. Binance cryptocurrency exchange has announced it is ceasing its support of deposit and withdrawal services for a range of Multichain-bridged tokens, effective from July 7, 2023.  Binance has officially stated in its blog that the tokens impacted by the decision are Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy.Finance (BIFI) via Fantom Network, SuperVerse (SUPER) via BNB Smart Chain, Travala (AVA) via Ethereum Network, Spell Token (SPELL) via Avalanche C-Chain, Alpaca Finance (ALPACA) via Fantom Network and Harvest Finance (FARM) via BNB Smart Chain. This news comes after deposits for various Multichain-bridged tokens were earlier suspended on May 25, 2023, following days of stalled transactions that sparked uncertainty surrounding the Multichain protocol. This decision to now cease support has impl...

This is the first time an EU Member State will use blockchain technology for bank and insurance guarantees, according to Algorand. Layer-1 blockchain platform Algorand has been chosen as the public blockchain to support an “innovative digital guarantees platform” to be used in Italy's banking and insurance markets. The Algorand- support ed platform is expected to be launched in early 2023. According to Algorand’s Dec. 13 announcement, this is the first time an EU Member State will use Blockchain Technology for bank and insurance guarantee s. A bank guarantee is when a lending institution promises to cover a loss if a borrower defaults on a loan. It's an alternative to providing a security bond or a deposit to a supplier or vendor. An insurance guarantee is similar but is offered by an insurance company rather than a bank.  Algorand said that blockchain technology was ideally suited for the "Digital Sureties" platform because of its fast, efficient, low-cost, and sc...