<h2>Indian Crypto Giant Steps in to Aid WazirX Users</h2>CoinSwitch, one of India’s leading cryptocurrency exchanges, has unveiled a $70 million recovery fund aimed at supporting users affected by the&nbsp;<a href="https://coin360.com/news/wazirx-234m-hack">2024 WazirX hack</a>. The initiative, branded as “CoinSwitch Cares,” represents a significant effort to address the aftermath of an alleged cyberattack that resulted in the loss of $235 million from&nbsp;<a href="https://coin360.com/coin/wazirx-wrx">WazirX</a> accounts. The recovery fund, valued at 600 crore Indian rupees, will be distributed over the next two years, with CoinSwitch positioning itself as a lifeline for impacted users while simultaneously expanding its customer base.<div class="raw-html-embed"><blockquote class="twitter-tweet">Announcing <a href="https://twitter.com/hashtag/CoinSwitchCares?src=hash&amp;ref_src=twsrc%5Etfw">#CoinSwitchCares</a> - a 600 Crore recovery fund for WazirX users. CoinSwitch Cares is a 600 crore recovery program to help WazirX users who lost money due to the alleged cyber attack of July 2024. With this two-year program, we want to help affected users recoup… <a href="https://t.co/Ql0TG25ztu">pic.twitter.com/Ql0TG25ztu</a>— CoinSwitch: India's Simplest Crypto App (@CoinSwitch) <a href="https://twitter.com/CoinSwitch/status/1876492480931401823?ref_src=twsrc%5Etfw">January 7, 2025</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The recovery program, announced on January 7 via X (formerly Twitter), is open to WazirX users who can provide proof of their losses. Affected individuals must submit loss statements and any additional evidence requested by CoinSwitch to qualify for compensation. The exchange plans to distribute the funds through a combination of sign-up bonuses, revenue sharing, and referral incentives. However, while users can sell cryptocurrency and withdraw funds in rupees, direct crypto withdrawals are currently unavailable on the platform.CoinSwitch co-founder Ashish Singhal highlighted the company’s commitment to funding the program entirely from its own cash reserves, showcasing the exchange’s financial stability. “We have about five years of runway from where we sit. The current bull run has only strengthened our position,” Singhal stated, emphasizing the company’s readiness to invest in bolstering India’s crypto ecosystem. CoinSwitch’s cash reserves will sustain the two-year recovery initiative, ensuring adequate resources to assist approximately four million WazirX users.The plan also incorporates a meticulous process for verifying and calculating user claims. Once WazirX resumes crypto withdrawals, CoinSwitch intends to validate user losses by analyzing balance statements and other relevant data. This approach aims to provide clarity and fairness in compensating affected individuals. Singhal noted that having access to precise records of assets under management will simplify the calculation of rewards and distribution of funds.The timing of the announcement aligns with ongoing controversies surrounding WazirX’s alleged negligence leading up to the hack. The breach, which occurred in July 2024, has been marred by disputes between WazirX and its custody provider, Liminal. Liminal has accused WazirX of relying on compromised devices, further intensifying scrutiny over the platform’s security practices. The fallout has left millions of users stranded, prompting CoinSwitch to step in as a stabilizing force within the Indian crypto landscape.CoinSwitch, founded in 2017, has grown into a prominent player in the global crypto industry, boasting 20 million registered users. Backed by influential investors such as Andreessen Horowitz, Tiger Global,&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a> Ventures, and Peak XV Partners, the exchange has consistently demonstrated its ability to navigate volatile market conditions. By addressing the needs of WazirX users, CoinSwitch aims to fortify its reputation as a reliable and customer-centric platform, reinforcing trust within the broader crypto community.This article has been refined and enhanced by ChatGPT.

Mosaic robot distributing rupee tokens at vibrant pastel Indian bazaar

Mosaic robot distributing rupee tokens at vibrant pastel Indian bazaar_11zon.webp

CoinSwitch Announces $70 Million Recovery Fund for WazirX Hack Victims

<h2>Regulatory Approval Sets the Stage for Strategic Growth</h2>Backpack Exchange has&nbsp;<a href="https://twitter.com/Backpack/status/1876549869055431010">secured</a> a significant foothold in the European cryptocurrency market with its $32.7 million acquisition of&nbsp;<a href="https://coin360.com/coin/ftx-token-ftt">FTX</a> EU, the European arm of the defunct FTX platform. The deal, approved by both the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC), grants Backpack EU access to FTX EU's MiFID II license. This regulatory framework enables the exchange to offer compliant crypto derivatives across Europe, positioning it as a key player in the region’s evolving crypto landscape.<figure class="image"><img alt="tweet_1876549869055431010_20250108_021652_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1876549869055431010_20250108_021652_via_10015_io_11zon_cc3794c909.jpg"></figure>The acquisition aligns seamlessly with the EU’s newly introduced Markets in Crypto-Assets Regulation (MiCA), which has tightened compliance requirements for crypto services since its implementation on December 30, 2024. While other exchanges have scaled back operations in response to MiCA, Backpack Exchange is moving against the tide, leveraging this regulatory clarity to solidify its market presence. The CEO of Backpack Exchange, Armani Ferrante, described this expansion as a calculated move to dominate the regulated&nbsp;<a href="https://coin360.com/glossary/understanding-crypto-perpetual-futures">perpetual</a>&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> trading market in the EU, a significant niche left underserved due to mounting regulatory pressures on offshore exchanges.The launch of Backpack EU is slated for Q1 2025, with a phased rollout of trading products, including spot, margin, and futures trading. The initial focus, however, will be on returning EURO-denominated customer funds linked to FTX EU accounts. Customers will be required to register with Backpack EU using the same email credentials associated with their FTX EU claims to facilitate the repayment process. It’s important to note that these repayments will exclusively cover claims related to FTX EU, excluding liabilities tied to other FTX entities.FTX EU’s repayment amounts are currently under determination by the bankruptcy court, but Backpack Exchange has assured swift and secure processing as a top priority. This approach is seen as an effort to restore trust in the digital asset industry, which has faced scrutiny following FTX’s collapse. The broader reorganization of FTX, announced on January 3, 2025, underscores this shift. As part of the reorganization plan, payments to Convenience Class creditors with claims under $50,000 are being disbursed, with initial phases managed by&nbsp;<a href="https://coin360.com/exchange/kraken">Kraken</a> and BitGo. Total distributions are projected between $14.7 billion and $16.5 billion, potentially returning 118% of affected customers' original investments.The deal highlights the growing importance of regulatory compliance in maintaining operational viability in Europe. While the introduction of MiCA has fostered a structured market environment, it has also caused notable shifts, such as the delisting of certain tokens, including&nbsp;<a href="https://coin360.com/coin/tether-usdt">Tether</a>’s&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a>, from EU markets. These regulatory shifts have created both challenges and opportunities, with Backpack Exchange clearly opting to capitalize on the latter. Speculation suggests that funds distributed to FTX creditors may eventually re-enter the crypto market, potentially igniting bullish trends and adding momentum to Backpack EU’s market debut.This article has been refined and enhanced by ChatGPT.

Faceless robot controls trading console, detailed futuristic trading hub

Faceless robot controls trading console, detailed futuristic trading hub_11zon.webp

Backpack Exchange Expands into EU with $32.7 Million FTX EU Acquisition

<h2>Stablecoin Innovation Anchors Ripple’s Market Position</h2><a href="https://coin360.com/coin/xrp-xrp">Ripple</a>’s partnership with&nbsp;<a href="https://coin360.com/coin/chainlink-link">Chainlink</a> marks a pivotal moment in&nbsp;<a href="https://ripple.com/ripple-press/ripple-adopts-the-chainlink-standard-to-further-rippleusd-utility-and-access-in-defi/">advancing the adoption</a> of RLUSD, Ripple's stablecoin introduced in December 2024. Designed to maintain a 1:1 peg with the U.S. dollar, RLUSD is set to benefit from Chainlink's industry-leading price feeds, ensuring the delivery of verifiable and high-quality on-chain pricing data. This collaboration aligns with Ripple's broader goal of embedding RLUSD deeper into decentralized finance (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>) ecosystems. By tapping into Chainlink's unified standard, developers gain a seamless framework for integrating RLUSD across trading, lending, and other DeFi applications.Johann Eid, Chief Business Officer at Chainlink Labs, underscored the transformative potential of on-chain data, stating that reliable data infrastructure accelerates the adoption of tokenized assets like&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a>. Ripple’s Senior Vice President Jack McDonald echoed this sentiment, emphasizing the role of trusted data in securing RLUSD's stability and bolstering its utility in decentralized markets. The stablecoin currently boasts a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> of $53.09 million and a 24-hour trading volume of $21.8 million, underlining its growing traction since its launch on the&nbsp;<a href="https://coin360.com/coin/xrp-xrp">XRP</a> Ledger and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> blockchain.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>XRP Gains Ground in South Korea’s Crypto Market</h2>South Korea's crypto landscape continues to amplify XRP's prominence, with a recent&nbsp;<a href="https://www.news1.kr/finance/blockchain-fintech/5647875">News1 survey</a> of 5,220 South Korean investors ranking XRP as the second most preferred cryptocurrency, surpassing Ethereum and trailing only&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>. The survey highlights XRP's enduring popularity in the region, rooted in its ICO-era foothold since 2017. Retail trading activities remain a significant driver of this demand, with&nbsp;<a href="https://coin360.com/exchange/upbit">Upbit</a>, South Korea's largest crypto exchange, often recording substantial XRP inflows amid heightened buying pressure.Institutional interest in XRP is poised for expansion as well. Leading asset managers, including Bitwise and WisdomTree, are pursuing regulatory approval for XRP Exchange-Traded Funds (ETFs), signaling potential institutional adoption under the pro-crypto direction of new U.S. SEC leadership. Should an XRP ETF materialize, it would introduce regulated exposure to the asset, strengthening its appeal among institutional investors.Ripple’s ecosystem strategy further consolidates XRP's market position. The synergy between RLUSD and XRP enhances Ripple’s competitive edge, particularly in cross-border payments and DeFi markets. By intertwining RLUSD's stable value proposition with XRP's liquidity, Ripple positions itself as a formidable contender against Ethereum, especially in global payment solutions and decentralized financial applications.This article has been refined and enhanced by ChatGPT.

Robot jumping across DeFi platforms with floating tokens nearby

Robot jumping across DeFi platforms with floating tokens nearby_11zon.webp

Ripple’s Strategic Collaboration with Chainlink Spurs RLUSD Growth

<h2>Crypto Gains Momentum with Record-High Adoption and Infrastructure Growth</h2>As cryptocurrency continues to evolve,&nbsp;<a href="https://a16zcrypto.com/posts/article/5-metrics-to-watch-2025/">a16z crypto</a> has pinpointed five key metrics that reveal how the industry is shaping up for a transformative 2025. Following a banner year in 2024, which saw record adoption, technological strides, and regulatory breakthroughs, these indicators provide a closer look at where blockchain is heading and how it’s impacting the world.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>1. Mobile Wallet Adoption Hits 35 Million Active Users</h2><figure class="image"><img alt="mobile-wallet-users.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/mobile_wallet_users_e025954b6b.webp"></figure>The rise of mobile&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> users tells a story of increasing accessibility and adoption. More than 35 million people are now actively using wallets like&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a> Wallet,&nbsp;<a href="https://coin360.com/review/metamask">MetaMask</a>, and&nbsp;<a href="https://coin360.com/coin/trust-wallet-token-twt">Trust Wallet</a>, while newer players such as&nbsp;<a href="https://coin360.com/review/phantom">Phantom</a> and World App are gaining traction. This growth highlights significant progress in making blockchain technology user-friendly, bringing it closer to the seamless experiences people expect from traditional apps.&nbsp;Developers are focusing on creating wallets that strike a balance between ease of use, security, and privacy, and with blockchain infrastructure now capable of supporting hundreds of millions of users, the door is wide open for a new wave of crypto adoption. What’s clear is that passive holders of cryptocurrency are starting to become active participants.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>2. Stablecoins Lead in Real-World Applications</h2><figure class="image"><img alt="adjusted-stablecoin-tx-volume.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/adjusted_stablecoin_tx_volume_35dd7c92c0.webp"></figure>Stablecoins have proven their worth as a practical tool in the crypto world and beyond. With transaction fees plummeting in 2024,&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a> have become an efficient way to send money across borders, make everyday purchases, and hold value in inflation-stricken economies.&nbsp;Visa has even introduced a methodology to separate organic stablecoin transactions from bot-driven activity, adding transparency to how these digital currencies are used. As businesses increasingly accept stablecoins for payments, their role in the global economy is expected to expand, cementing them as one of the most widely used applications of blockchain.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>3. ETPs Bring Crypto Closer to Institutional Portfolios</h2><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth_net_flows_imageonline_co_merged_3e5c917caf.webp" alt="eth-net-flows-imageonline.co-merged.webp">Exchange-traded products (ETPs) for&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> marked a turning point in 2024, giving both institutional and retail investors easier access to cryptocurrency. The influx of net flows into these products—515,000&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> and 611,000&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> so far, worth $110 billion and $13 billion respectively—underscores the growing interest.&nbsp;Big names in finance, including Goldman Sachs and JPMorgan, are starting to offer these products to clients, signaling a broader acceptance of crypto as a legitimate asset class. The ETP approval not only opens new avenues for investors but also demonstrates the maturing infrastructure of the crypto market.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>4. DEX Usage Climbs as DeFi Gains Ground</h2><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dex_to_cex_volume_57a9a683b7.webp" alt="dex-to-cex-volume.webp">Decentralized exchanges (DEXs) are steadily gaining ground, capturing an increasing share of trading volume compared to centralized exchanges (CEXs). DEXs now account for roughly 11% of all spot trading, with their popularity driven by high-throughput networks like&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> and Coinbase’s Base.&nbsp;As more people embrace decentralized finance (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>), the shift away from centralized platforms reflects a broader push toward the core principles of blockchain technology. With more consumer-facing applications on the horizon, DEXs are set to become even more integral to the crypto trading landscape.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>5. Blockspace Demand Highlights Blockchain Activity</h2><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/transaction_fees_e42212dae0.webp" alt="transaction-fees.webp">Another metric to watch closely is blockspace demand, which measures blockchain activity through transaction fees. For the first time, Solana outpaced Ethereum in fee collection, despite its significantly lower costs per transaction. Sending&nbsp;<a href="https://coin360.com/coin/usd-coin-usdc">USDC</a> on Solana costs less than a cent, compared to $5 on Ethereum, yet Solana’s overall fee revenue reflects high transaction volumes.This development highlights the balance between making blockchain affordable for users and maintaining high levels of activity. As blockspace demand grows, it will be a key indicator of blockchain’s economic value and its ability to facilitate meaningful activity.From rising user adoption to evolving financial tools and increasing transaction volumes, they paint a clear picture of a space that’s not only growing but maturing. With its continued progress, cryptocurrency is proving that it’s no longer just a niche—it’s a foundational part of the global financial system.This article has been refined and enhanced by ChatGPT.

Robot juggling crypto icons for all five metrics

Robot juggling crypto icons for all five metrics_11zon.webp

A16z Crypto Outlines 5 Metrics Set to Define Crypto’s Trajectory in 2025

<h2>Strive Asset Management Files for Strive Bitcoin Bond ETF, Targeting Institutional Investors</h2>Strive Asset Management, co-founded by Vivek Ramaswamy, has officially&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1592900/000159290024002726/strivebitcoinbondetf485a.htm">filed an application</a> with the SEC for the Strive Bitcoin Bond ETF, a novel investment vehicle focused on bonds issued by companies primarily engaged in Bitcoin purchases, including MicroStrategy. This ETF is innovative as it will utilize derivatives such as swaps and options to optimize its investment strategy, enhancing its appeal to institutional investors. With a growing interest in Bitcoin, MicroStrategy recently acquired 1,070 BTC, showcasing its robust engagement in the cryptocurrency space. The filing aligns with a broader trend of corporations increasingly adopting Bitcoin as part of their treasury strategy, creating a conducive environment for this ETF's potential success.&nbsp;Market participants are currently awaiting the SEC's decision on the application, as approval could catalyze significant institutional investment and demand for Bitcoin, potentially driving up its price. Additional market dynamics, such as Ramaswamy's political ties, a possible Donald Trump election win, and overall rising cryptocurrency adoption, further amplify speculative optimism surrounding Bitcoin's price trajectory. This move reflects a crucial development in the intersection of traditional finance and digital assets, indicating a strategic shift towards integrating cryptocurrencies into mainstream investment portfolios.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Calamos Launches CBOJ ETF Offering 100% Downside Protection for Bitcoin Investors</h2>Calamos Investments is&nbsp;<a href="https://www.prnewswire.com/news-releases/calamos-to-launch-worlds-first-100-downside-protected-bitcoin-etf---cboj-302342717.html">set to launch</a> the CBOJ, an innovative Bitcoin exchange-traded fund (ETF) offering 100% downside protection, scheduled to debut on the Chicago Board Options Exchange (CBOE) on January 22, 2025. This ETF aims to address the historically high volatility of Bitcoin by combining US Treasury bonds with options linked to the CBOE Bitcoin US ETF Index, providing a transparent and regulated investment vehicle. CBOJ builds upon the firm's successful Structured Protection ETF series, which introduced similar downside mechanisms for stock indices. With an annual reset feature, CBOJ will provide investors with a new cap on potential gains each year while guaranteeing full protection against declines over the next 12 months.&nbsp;Calamos aims to meet the growing demand from advisors, institutions, and cautious investors who seek to participate in Bitcoin's growth potential without facing significant risks. The ETF's structure allows exposure to Bitcoin without direct ownership, making it particularly attractive to risk-averse investors concerned about price volatility. As the market for derivatives-based Bitcoin ETFs expands, industry observers anticipate that more firms will follow Calamos's approach in rolling out protective solutions for cautious investors, setting a precedent in the crypto investment landscape.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Phoenix Group Launches 50 MW Bitcoin Mining Facility in North Dakota</h2>Phoenix Group has made significant strides in its expansion into the US market by&nbsp;<a href="https://www.agbi.com/finance/2025/01/uaes-phoenix-group-opens-us-crypto-mining-facility/?data=7ew23cry019pto652hwnews76r12">launching</a> a 50 MW Bitcoin mining facility in North Dakota, which adds over 2.7 exahashes to its processing capacity. This project, completed in just five months, showcases the company's efficiency in executing complex undertakings. The North Dakota site represents an important development following the establishment of a 25 MW facility in South Carolina, reinforcing the US's strategic role in the company's growth plans. Reza Nedjatian, CEO of Global Mining Operations, emphasized that the US is a pivotal hub for mining activities.&nbsp;Phoenix Group, the largest crypto mining operator in the MENA region, raised $370 million through its IPO on the Abu Dhabi Securities Exchange, with demand exceeding forecasts by 180 times. With an ambition to enhance its global presence, the company is considering a Nasdaq listing in 2025. The dual focus on sustainability and advanced technology underscores Phoenix Group's commitment to maximizing energy efficiency and performance. This North Dakota project marks a critical phase in the company's strategy to scale operations and solidify its leadership in the fast-evolving blockchain industry, particularly as crypto adoption surges in the United States.This article has been refined and enhanced by ChatGPT.

Robot drills Bitcoin cavern, showcasing energy-efficient crypto mining operations

Ripple’s Strategic Collaboration with Chainlink Spurs RLUSD Growth

Stablecoin Innovation Anchors Ripple’s Market Position

XRP Gains Ground in South Korea’s Crypto Market

Latest News @Coin360

CoinSwitch Announces $70 Million Recovery Fund for WazirX Hack Victims

Backpack Exchange Expands into EU with $32.7 Million FTX EU Acquisition

Ripple’s Strategic Collaboration with Chainlink Spurs RLUSD Growth

A16z Crypto Outlines 5 Metrics Set to Define Crypto’s Trajectory in 2025

Bitcoin Bonds, Protective ETFs, and Mining: 2025's Crypto Investment Revolution