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Tag: India

  • Polygon (MATIC) the beginning of Indian dominance in crypto sphere?

    Polygon (MATIC) the beginning of Indian dominance in crypto sphere?

    Polygon (MATIC) may have started seeing some positive momentum after a hard crash. The market crash has caused cryptocurrencies to fall as much as 50% from their all-time high. Even established and high-market cap coins have succumbed to the strong bearish sentiment in the market. However, one thing is for sure the bear market cannot last forever and price growth is imminent after bear markets. Polygon (MATIC) may be one of the few cryptocurrencies that are witnessing some possible reversal of the price movements. At the time of writing, Polygon crypto stands at a price level of $1.17. The price had been increasing in the past twenty-four hours while the daily trading volume is also positive.

    India is cited as the country to host the next Silicon Valley. The country has an abundance of programmers and developers; however, Indians were absent from the cryptocurrency sphere. The ban on cryptocurrencies by the Reserve Bank of India may have had a vital role to play in this absence. But as the cryptocurrency adoption and acceptance boomed, first in the 2017 bull run and now in the 2021 bull run, cryptocurrencies reached nearly every corner of the world.

    Indian developers debut into the crypto sphere with Polygon (MATIC). Originally called Matic Network, the cryptocurrency is a layer-1 scaling solution for Ethereum. The network aims to enhance the capabilities of Ethereum and boost the adoption of cryptocurrencies. Polygon is also compatible with Ethereum which makes it an attractive alternative amidst soaring gas fees and scalability issues on Ethereum.

    The cryptocurrency has quickly climbed the market ranks standing at eighteenth in terms of capitalization. The potential of the network has been realized by many. There had been an influx of yield farmers to the Polygon network. It had also surpassed Ethereum in terms of the number of daily transactions.

  • TikTok Owner ByteDance Decides To Spend Billions In Singapore Amid US Ban Orders

    ByteDance, a Chinese multinational company, and owner of video-sharing app TikTok is currently striving to establish its foothold in Singapore as the company is planning to expand its business in Asia. ByteDance is planning to spend several billion dollars and has decided to add hundreds of jobs in the coming three years.

    Sources disclosed that the company also has applied for a license to run a digital bank. The investment decision came soon after the ByteDance is forced to sell its TikTok operations in the US or it will get banned. President Donald Trump said on Thursday that he will not extend the fast-approaching deadline he set for ByteDance to sell its TikTok Operations or have it banned.

    Earlier in July, Trump announced that he will ban TikTok operations in the US. He declared in an executive order that there is valid evidence that ByteDance might take actions that are dangerous for the national security of the US. ByteDance is also planning to establish a data center in Singapore. People familiar with the matter disclosed that the operations of ByteDance Inc, in Singapore, include TikTok and Lark, an enterprise software business.

    The Beijing-based company is continuously striving to establish its business deeper into Asia after facing difficulties in India, the US, and the UK. In India, TikTok is among the hundred Chinese-made apps that are banned in India for security reasons. In the US, TikTok has already received the deadline to sell its operations, or otherwise, it will be banned.

    UK government has imposed restrictions on the activities of TikTok. PM Boris’s chief of staff Eddie Lister has earlier revealed by conducting a review that TikTok doesn’t cause a big security threat but may still ask the government to stops the company from moving users’ data out of the country.

    ByteDance has recently announced 200 new jobs in Singapore for positions in everything from payments to e-commerce and data privacy. Singapore is a highly attractive place for the tech firm and many companies are looking forward to work from there to address the Southeast Asian markets needs.