RBI begins pilot of retail digital rupee
Read about this week's developments, news, and trends in the web3 ecosystem.
RBI begins retail CBDC pilot
The Reserve Bank of India (RBI) has begun its first pilot for its retail digital rupee (e₹-R).
It is in the form of a digital token that represents legal tender, stated the RBI, and would have the same face value as paper currency.
The Central Bank will distribute this digital rupee through intermediaries like banks.
In its concept note, the RBI revealed that its version of the Central Bank Digital Currency (CBDC) would be of two types, retail and wholesale.
The retail CBDC can be used by all private sector, non-financial consumers, and businesses while wholesale CBDC will have restricted access to select financial institutions.
Users can conduct transactions using CBDC through a digital wallet powered by banking partners.
BlockFi files for bankruptcy amidst FTX crypto contagion
Earlier this week, BlockFi and eight of its subsidiaries filed for bankruptcy in a New Jersey district court, making it the latest casualty of the crypto contagion spreading on the back of FTX's sudden collapse.
BlockFi indicated that it will continue operations.
The bankruptcy filing came after several days of speculation on its financial health, with many suspecting it was heading for bankruptcy.
The crypto lender is reportedly also downsizing its workforce.
BlockFi's Chapter 11 bankruptcy filing revealed it is indebted to over 100,000 creditors. In the filing, it listed the US Securities and Exchange Commission (SEC) as one of its creditors, with a $30 million claim.
Lumos Labs reveals hackathon winners
Lumos Labs, the Singapore-based web3 innovation management company, revealed the winners of its multi-chain hackathon, BUIDL for Web3 Hack 2022.
The hackathon commenced in September, and saw over 7,700 developers across all levels of proficiency registering for it, Lumos Labs claimed.
The finalists now stand to win funding from sponsors such as Polygon, Aeternity, Internet Computer, Tezos, Arcana Network, Fluence Network, Router Protocol, Revise Network, Komet, Assetmantle, and Tatum.
The winning projects spanned 14 tracks across NFTs, metaverse, gaming, DeFi, DApps, and more.
Foundership: A launch camp for Web3 startups
Launched by Santosh Panda and Bimlesh Gundurao, Foundership helps early-stage Indian Web3 startups with mentorship and get discovered by marquee venture capitalists and angel investors like Hashed, Blume Ventures, Gemba Capital, Paradigm Shift Capital, and Nischal Shetty (Founder of WazirX and Shardeum), among others.
The idea to set up Foundership came in January, after Santosh and Bimlesh had been offering pro bono services to Web3 startups.
Foundership features a three-week incubation programme called 0xCamp. Here, selected Web3 projects can pick from several networking opportunities, masterclasses and guided sessions with coaches.
Any Web3 company with a minimum viable product (MVP) and early traction can apply.
Edited by Teja Lele