Bitcoin Daily: CoinDCX Plans To Go Public
CoinDCX, India’s first cryptocurrency unicorn, will pursue an initial public offering (IPO) when cleared by government regulators, Bloomberg reported.
Co-founder Neeraj Khandelwal said the sale of shares could be a key point for the company, giving legitimacy to the industry in the same way the Coinbase IPO did earlier this year, according to the report.
“Likewise, we want to build a similar level of confidence with an IPO of CoinDCX,” he said, according to the report.
In other news, the Bank of Russia reported that there are 350 billion Russian rubles (roughly $ 5 billion) of crypto changing hands over the course of a year, according to the bank’s report. Financial Stability Report.
“According to various estimates, Russian investors are among the most active participants in the cryptocurrency market,” said a summary of the report.
The risks of crypto to Russia’s financial stability are low as the country is still mostly isolated in terms of a traditional financial system, according to the summary. But the risks could increase with the growing popularity of digital currencies.
Finally, after setbacks, bitcoin is regaining some momentum due to the new omicron variant of COVID-19, CoinDesk reported.
The value of the largest cryptocurrency stood at around $ 57,300 on Monday (November 29), an increase of 7.3% from the previous low of $ 53,359 on Sunday night (November 28).
This follows the events of Friday (November 26), in which bitcoin and risky assets were down due to news that omicron could potentially escape vaccines, according to the report. Additionally, the World Health Organization (WHO) wrote that Omicron is a “variant of concern.”
In addition, a speech by Federal Reserve Chairman Jerome Powell scheduled for Tuesday, November 30, could promise unlimited support if the pandemic worsens again.
Bitcoin buyers were doing better on Monday as reports surfaced that patients with a variant of omicron in South Africa have so far shown mild symptoms, according to the report.