Startup news and updates: Daily roundup (October 2, 2021)

YourStory presents this daily roundup of the latest startup news and updates from the Indian startup ecosystem and beyond. Here's the roundup for Saturday, October 2, 2021.
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Hackers stole cryptocurrency from at least 6,000 customers: Coinbase

Hackers stole from the accounts of at least 6,000 customers of Coinbase Global Inc, according to a breach notification letter sent by the cryptocurrency exchange to affected customers.

According to a copy of the letter posted on the website of California's Attorney General, the hack took place between March and May 20 this year.

Matrix-backed OfBusiness raises $200M led by Tiger Global Management (Funding)

Ofbusiness, a technology-enabled B2B commerce and financial services platform, on Friday announced that it has raised $200 million in Series F led by Tiger Global Management, with participation from existing investors Matrix Partners India, SoftBank Vision Fund 2, and Falcon Edge Capital, at a valuation topping $3 billion.

The current fundraise is aimed at establishing its presence in newer domains with several acquisitions, alliances, and joint ventures in the pipeline.

RBI's new rules on auto debit take effect; payments to be done after authentication

With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services, including recharge and utility bill as the additional factor of authentication (AFA) becomes mandatory from Friday, October 1.

On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021.

Rapid growth and increasing adoption of crypto assets pose financial stability, challenges: IMF

The rapid growth of the crypto ecosystem presents new opportunities, the IMF has said but also cautioned that the digital currency assets pose financial stability challenges.

Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.

Employment increases by 8.5M in September: CMIE

Employment increased by 8.5 million in September, led by the salaried jobs category, as the unemployment rate declined to 6.9 percent during the month, the Centre for Monitoring Indian Economy (CMIE) said on Friday.

"Jobs increased by 8.5 million during the month. The unemployment rate declined from 8.3 percent in August to 6.9 percent in September, the highest in 20 months or since the Covid-19 shock in March 2020," CMIE's MD and CEO Mahesh Vyas said in his analysis.

India, UAE free trade pact holds huge potential to boost trade, investment: Piyush Goyal

The proposed free trade agreement between India and the UAE holds huge potential for both the countries to boost trade and investment, and the investors here are "very" positive about doing business in the Indian market, Union Minister Piyush Goyal said on Friday.

Last month, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA).

Piyush Goyal

Over 2M Indian accounts banned in August, reveals WhatsApp's monthly compliance report

About two million Indian accounts were banned by WhatsApp, while 420 grievance reports were received by the messaging platform in August, according to its compliance report.

In its latest report released on Tuesday, WhatsApp said 20,70,000 Indian accounts were banned on WhatsApp during the said period. An Indian account is identified via a +91 phone number, it added.