Decoding Web3 for 2023

The implosion of the once $32 billion crypto exchange FTX has shattered investor trust in cryptocurrencies. And, regulations for the industry are on the horizon.

Decoding Web3 for 2023

Friday December 23, 2022,

4 min Read

Startup troubles have reached cricket.

Two main sponsors of the Indian cricket team—edtech major BYJU'S and esports company Mobile Premier League (MPL)—now want to terminate their agreements with the BCCI.

Earlier this year, fintech giant Paytm too transferred its sponsorship rights to Mastercard.

In other news, here’s a map that compares the population of each Indian state with countries.

Meanwhile, Ola Electric will start publicly rolling out its much-awaited MoveOS 3, a software upgrade for its e-scooters. 

ICYMI: Gizmodo lists the ‘best old stuff’ that made headlines this year.

Spoiler alert: The oldest fossil is 233,000 years old. 

In today’s newsletter, we will talk about 

  • Decoding Web3 trends for 2023
  • Will UHI be healthcare’s UPI?
  • A guide for SME IPOs

Here’s your trivia for today: Who won the first Nobel Prize for Medicine?


Decoding Web3 for 2023


The implosion of the once $32 billion crypto exchange FTX has shattered investor trust in cryptocurrencies.  And, regulations for the industry are on the horizon. 

Indian and global Web3 stakeholders are now not asking for regulating decentralised networks; instead, they are pushing for stronger regulations for centralised crypto players, which are prone to misuse of funds by the few who control them.

The aftermath:

  • In India, all crypto tokens are regulated as Virtual Digital Assets (VDAs), and crypto income is taxed at 30%.
  • Leading Indian exchanges such as CoinDCX and CoinSwitch have diversified into new products (such as a DeFi app and multi-exchange trading platform, respectively).
  • According to Aniket Jindal, Co-founder at Biconomy, the drive for usable UX and mass adoption of Web3 will continue despite the market downturn.


Will UHI be healthcare’s UPI?


India is looking to replicate the success of the Unified Payments Interface (UPI) in fintech with the Ayushman Bharat Digital Mission (or the ABDM) in healthcare.

A key project of Prime Minister Narendra Modi’s government, the ABDM aims to be a health information superhighway that consensually connects everyone associated with the user’s care. 

An ambitious plan:

  • UHI is envisioned as an interoperable digital health network that will enable patients to book and avail of health services through any application of their choice. 
  • Driefcase is the first patient-side app to be fully integrated into ABDM. It not only facilitates the creation of a government-issued Ayushman Bharat Health Account (ABHA) address but also manages consents for the movement of records and links existing records into ABDM. 
  • About 1,100 applications are currently in the sandbox for ABDM integration. Of these, about 70 have integrated so far. 


A guide for SME IPOs


Initial Public Offering (IPO) has been a buzzword for the last two years thanks to startups, as 2021 and 2022 saw 15 companies get listed on the public exchanges. Experts believe that in the year ahead, many small and medium enterprises will chart their public foray.

But what does it mean to get started on an IPO journey? Industry veterans weigh in.

On the line:

  • Amit Kumar, Founder of MSMEx, expects around 200 SMEs to plan a public foray this year. 
  • SMEs operate with limited funds, making the availability of working capital a challenge. IPO gives these businesses much-needed capital access, turbocharging their growth.
  • Apart from subscription challenges, these businesses must brace themselves to be under the scanner post-IPO.

News & updates

  • Breakthrough: Japan approved one of the world’s first blood test kits to detect signs of Alzheimer’s disease, paving way for a simpler and speedier diagnosis of the brain-wasting ailment for which a blockbuster therapy is finally on the horizon.
  • Weakened: The Swedish economy will enter a deeper, more long-lasting recession next year than previously forecast as soaring energy prices drive up inflation, hitting households and businesses, said the country's finance ministry.
  • Knock-offs: Amazon may be responsible for the sale of counterfeit Louboutin shoes on its store, the EU’s top court has said, in a judgement that observers have said will embolden brands frustrated with the volume of knock-off goods sold on the ecommerce giant’s store.

Who won the first Nobel Prize for Medicine?

Answer: German physiologist Emil von Behring in 1901 for his work on serum therapy and the development of a vaccine against diphtheria.

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