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Paytm Lays Off 1,000 Employees Across Various Units as Part of A Broader Cost-Cutting Strategy

By
Ojukwu Emmanuel
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0
Social media is huge in India

Paytm’s parent company, One 97 Communications, has laid off 1,000 employees across various departments, as part of a broader cost-cutting strategy.

The publicly listed financial services company announced that the layoff affects only 10% of the employee’s overall headcount, and comes on the back of Paytm, withdrawing from small-ticket consumer lending and the buy now pay later (BNPL) segment.

A significant number of affected workers are reported to be in the startup’s lending business, as well as payments and executives in operations and sales.

Speaking on the layoff at the company, a spokesperson said the downsizing of the part of the workforce, was necessitated due to the transformation of operations with AI-powered automation to drive efficiency and eliminate repetitive tasks and roles, thereby driving efficiency and growth.

The spokesperson said,

“Our core business of payment may see manpower increase by 15,000 in the coming year. With a dominant position in the payments platform and a proven profitable business model, we will continue to innovate for India. We are transforming our operations with Al-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing. Eventually, by the end of the fiscal year, the company intends to achieve the targeted 10-15% reduction in employee costs”.

Paytm had reported operating profitability in early 2023 and is currently aiming for EBITDA-level profitability. In Q2FY24, Paytm’s revenue from operations saw a growth of 32% YoY to Rs2,519 Cr, and its EBITDA before ESOP cost has improved to Rs153 Cr as compared to Rs84 Cr in Q1FY24 (excluding UP|incentives).

A report disclosed that Paytm is now focusing on building new products for its wealth management vertical. Also, it plans to build an insurance distribution marketplace to lead to the hiring of new talent, while other teams are being cut down.

Despite Paytm’s recent success, the stock hit the lower circuit, declining by 20%, on December 7, a day after the company said it would pay out from Paytm Postpaid and take a cautionary approach toward small-ticket loans going forward.

Founded by Vijay Shekhar Sharma, Paytm Payments Bank offers a Savings Account with no account opening charges or minimum balance requirements.

Every Paytm Payments Bank account holder is issued with a free Digital Debit Card at the time of account opening. Account holders can request a physical Debit Card through the Paytm Payments Bank section of their Paytm App.

Be it a zero balance savings account, spend analytics, digital passbook virtual debit card, fixed deposit, or money transfer, every feature has been thoughtfully created by Paytm Payments Bank to empower unbanked and underbanked Indians.

With over 300 million wallets and 30 million bank accounts, the payments company is driving financial inclusion in India.

BlackRock’s bitcoin ETF team has met 5 times with the SEC

By
Paul Ugbede Godwin
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0

BlackRock, the world’s largest asset manager, is not giving up on its quest to launch a bitcoin exchange-traded fund (ETF) in the US. According to recent filings, the firm’s bitcoin ETF team has met with the Securities and Exchange Commission (SEC) five times since June 2023, discussing various aspects of its proposed product.

The SEC has been reluctant to approve any bitcoin ETFs in the US, citing concerns over market manipulation, investor protection, and custody issues. However, BlackRock is hoping to convince the regulator that its bitcoin ETF would address these challenges and provide a safe and convenient way for investors to access the cryptocurrency market.

BlackRock’s bitcoin ETF would track the performance of the CME CF Bitcoin Reference Rate, a benchmark that reflects the average price of bitcoin across multiple spot exchanges. The fund would also use a network of third-party custodians to hold the underlying bitcoins, ensuring that they are secure and insured.

BlackRock’s bitcoin ETF team has met with various SEC officials, including the director of the Division of Investment Management, the chief economist, and the senior advisor to the chair. The topics of discussion included the structure and operation of the fund, the valuation and liquidity of bitcoin, the risk management and compliance procedures, and the potential impact on the broader market.

BlackRock is not the only firm that is pursuing a bitcoin ETF in the US. Several other companies, such as VanEck, WisdomTree, and Valkyrie, have also filed applications with the SEC, hoping to be the first to launch a bitcoin ETF in the country. However, none of them have received a green light from the regulator yet.

The SEC has delayed its decisions on several bitcoin ETF proposals until early 2024, indicating that it is still reviewing the merits and risks of these products. The agency has also asked for public comments on various aspects of bitcoin ETFs, such as their potential benefits and drawbacks for investors, their impact on market integrity and stability, and their compatibility with existing regulations.

The demand for a bitcoin ETF in the US is high, as investors are looking for a more convenient and regulated way to gain exposure to the cryptocurrency market. A bitcoin ETF would allow investors to buy and sell shares of the fund on a stock exchange, without having to deal with the complexities and risks of buying and storing bitcoins directly.

A bitcoin ETF would also open up the cryptocurrency market to a wider range of investors, such as institutional investors, retail investors, and financial advisors. This could increase the adoption and acceptance of bitcoin as a legitimate asset class, and potentially boost its price and liquidity.

However, a bitcoin ETF also comes with some challenges and uncertainties. For instance, a bitcoin ETF would be subject to the volatility and unpredictability of the cryptocurrency market, which could expose investors to significant losses. A bitcoin ETF would also depend on the reliability and security of its custodians and service providers, which could pose operational and counterparty risks.

Moreover, a bitcoin ETF would face regulatory scrutiny and uncertainty from various authorities, such as the SEC, the IRS, and state regulators. A bitcoin ETF would have to comply with various rules and regulations regarding registration, disclosure, taxation, reporting, and auditing. A bitcoin ETF could also be subject to legal actions or enforcement actions from regulators or other parties.

Therefore, investors who are interested in a bitcoin ETF should be aware of both the opportunities and risks involved in this type of product. They should also do their own research and due diligence before investing in any bitcoin ETF.

BlackRock’s bitcoin ETF team is working hard to persuade the SEC that its product is worthy of approval. However, it is unclear when or if the SEC will grant its authorization. Until then, investors will have to wait patiently or look for other ways to access the cryptocurrency market.

The 5 biggest DeFi hacks of 2023

By
Paul Ugbede Godwin
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0

Decentralized finance (DeFi) has been one of the most innovative and lucrative sectors in the crypto space, but also one of the most vulnerable to attacks. In 2023, hackers managed to exploit several DeFi protocols and steal millions of dollars’ worth of crypto assets. Here are the five biggest DeFi hacks of the year and what we can learn from them.

BadgerDAO: $120 million

BadgerDAO is a DeFi protocol that aims to build products and infrastructure for Bitcoin on Ethereum. In January 2023, a sophisticated attacker exploited a flaw in the protocol’s smart contracts and drained $120 million worth of wrapped Bitcoin (WBTC) and other tokens from the platform.

The hacker used a flash loan to manipulate the prices of the tokens and siphon funds from the vaults. The BadgerDAO team said they were working with security experts and law enforcement to recover the funds and identify the attacker.

Cream Finance: $100 million

Cream Finance is a DeFi lending platform that allows users to borrow and lend various crypto assets. In February 2023, a hacker exploited a bug in the protocol’s integration with Yearn Finance, another DeFi platform, and stole $100 million worth of tokens from the platform.

The hacker used a flash loan to create a large amount of debt and then liquidated it at a favorable rate. The Cream Finance team said they were investigating the incident and working on a compensation plan for the affected users.

SushiSwap: $80 million

SushiSwap is a DeFi exchange that allows users to swap and provide liquidity for different crypto tokens. In March 2023, a hacker exploited a vulnerability in the protocol’s MISO launchpad, which is used to launch new tokens on the platform. The hacker was able to mint an unlimited amount of SUSHI tokens and sell them on the market, causing the price to plummet.

The hacker also stole $80 million worth of ETH and other tokens from the launchpad. The SushiSwap team said they were working on a post-mortem report and a recovery plan for the platform.

Alpha Finance: $50 million

Alpha Finance is a DeFi platform that offers various products such as lending, borrowing, leveraged yield farming, and stablecoins. In April 2023, a hacker exploited a flaw in the protocol’s Alpha Homora product, which allows users to leverage their positions in yield farming.

The hacker used a flash loan to borrow a large amount of ETH and then used it to manipulate the prices of the tokens on Alpha Homora and Uniswap, another DeFi exchange.

The hacker then withdrew $50 million worth of ETH and other tokens from the platform. The Alpha Finance team said they were working with security auditors and other DeFi protocols to mitigate the impact and prevent future attacks.

Compound: $40 million

Compound is one of the oldest and most popular DeFi platforms that allows users to earn interest on their crypto assets by lending and borrowing them. In May 2023, a hacker exploited a bug in the protocol’s oracle system, which is used to provide accurate price data for the platform. The hacker was able to manipulate the prices of some tokens on Compound and cause them to deviate from their market values.

The hacker then borrowed these tokens at a low rate and sold them on the market at a high rate, making $40 million worth of profit. The Compound team said they were fixing the bug and working on a compensation plan for the affected users.

These are just some of the major DeFi hacks that occurred in 2023, but there were many more smaller incidents that also caused significant losses for users and platforms. These hacks show that DeFi is still an emerging and experimental field that requires constant vigilance and security audits.

Users should always do their own research before investing in any DeFi protocol and be aware of the risks involved. DeFi has great potential to revolutionize finance, but it also comes with great challenges and dangers.

Illegal Printing of N23t under the Ways and Means is the single largest financial scandal in history of Nigeria

By
Paul Ugbede Godwin
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0

One of the most shocking revelations that has emerged in recent times is the massive fraud perpetrated by the Central Bank of Nigeria (CBN) in connivance with the Federal Government.

According to credible sources, the CBN has been printing N23 trillion out of thin air and using it to fund the government’s deficit spending under the guise of Ways and Means. This is a clear violation of the CBN Act and the Constitution and amounts to the largest financial scandal in the history of Nigeria.

What are the implications of this illegal printing of money? First, it erodes the value of the naira and fuels inflation, which is already at a record high of 18.17% as of March 2023.

Second, it undermines the credibility and independence of the CBN, which is supposed to be the custodian of monetary stability and fiscal discipline. Third, it exposes the country to external shocks and debt distress, as the CBN will have to deplete its foreign reserves or borrow more to repay its obligations. Fourth, it jeopardizes the future of generations of Nigerians, who will have to bear the burden of this reckless and irresponsible fiscal policy.

The Nigerian people deserve to know the truth about this monumental fraud and hold those responsible accountable. The former CBN Governor, Godwin Emefiele, must explain how and why he authorized this illegal printing of money without any parliamentary oversight or public disclosure.

The former Minister of Finance, Zainab Ahmed, must also disclose how much of this money has been spent and on what projects or programmes. The National Assembly must conduct a thorough investigation into this matter and ensure that appropriate sanctions are meted out to those who have violated the law and betrayed the trust of Nigerians. The civil society and the media must also play their role in exposing this scandal and demanding transparency and accountability from the government.

This is not a matter that can be swept under the carpet or ignored. It is a matter that affects the economic well-being and sovereignty of Nigeria. It is a matter that calls for urgent action and reform. The illegal printing of N23 trillion under the Ways and Means is the single largest financial scandal in the history of Nigeria, and it must not go unpunished.

How can we prevent this from happening again?

One possible solution is to amend the CBN Act and limit its power to print money without approval from the National Assembly. Another possible solution is to strengthen the oversight and audit functions of the Office of the Auditor-General of the Federation and other relevant agencies.

A third possible solution is to enhance public awareness and civic engagement on fiscal matters and hold public officials accountable for their actions. These are some of the ways we can safeguard our economy and democracy from this kind of abuse.

The best Crypto Twitter moments of 2023

By
Paul Ugbede Godwin
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0

The year 2023 has been a roller coaster ride for the crypto world, with highs and lows, triumphs and tragedies, and plenty of drama and humor. As always, Crypto Twitter was the place to be for the latest news, insights, memes, and debates.

Here are some of the best Crypto Twitter moments of 2023 that you might have missed or want to relive.

The Bitcoin ETF finally launches.

After years of anticipation, rejection, and speculation, the first Bitcoin exchange-traded fund (ETF) was finally approved by the US Securities and Exchange Commission (SEC) in February 2023.

The ETF, which tracks the performance of a basket of Bitcoin futures contracts, was launched by VanEck and SolidX, two firms that had been persistently applying for a Bitcoin ETF since 2016.

The launch was met with jubilation and relief by the crypto community, who saw it as a major milestone for Bitcoin adoption and legitimacy. The ETF quickly attracted billions of dollars in inflows, boosting the price of Bitcoin to new highs.

Elon Musk reveals he owns Dogecoin.

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has been known for his cryptic and sometimes controversial tweets about cryptocurrencies.

In April 2023, he finally revealed that he owns some Dogecoin, the meme-inspired cryptocurrency that he had previously endorsed as his favorite coin. He made the announcement during an interview with comedian Conan O’Brien, who asked him if he was joking about his love for Dogecoin.

Musk replied that he was not joking and that he actually owns some Dogecoin, which he said he bought for his son as a birthday gift. He also added that he thinks Dogecoin has the potential to become the currency of Mars in the future.

Vitalik Buterin burns 90% of his Shiba Inu tokens.

Shiba Inu (SHIB) is a decentralized meme token that was created as a “dogecoin killer” and a tribute to the Shiba Inu dog breed. The token gained popularity and value in May 2023, when it was revealed that Vitalik Buterin, the co-founder of Ethereum, had received 50% of the total supply of SHIB as a donation from the developers.

However, instead of holding or selling the tokens, Buterin decided to burn 90% of his SHIB stash, worth about $6 billion at the time, by sending them to a dead address. He also donated 10% of his SHIB to a charity that supports Covid-19 relief in India.

Buterin explained that he did not want to hold such a large amount of power over the fate of a project that he had nothing to do with, and that he wanted to support a good cause instead.

Coinbase goes public and becomes the most valuable crypto company.

Coinbase, the largest and most popular cryptocurrency exchange in the US, made history in June 2023 when it became the first crypto company to go public on the Nasdaq stock exchange.

The company opted for a direct listing instead of a traditional initial public offering (IPO), meaning that it did not issue new shares or raise any capital from investors. Instead, it allowed its existing shareholders to sell their shares directly to the public.

The listing was a huge success, as Coinbase’s shares opened at $381 and soared to $429 on the first day of trading, giving the company a market capitalization of over $100 billion.

Coinbase’s public debut was seen as a watershed moment for the crypto industry, as it demonstrated the growing mainstream acceptance and demand for cryptocurrencies.

NFTs explode in popularity and value.

Non-fungible tokens (NFTs) are unique digital assets that represent ownership of various forms of art, collectibles, gaming items, and more. NFTs use blockchain technology to verify their authenticity and scarcity, making them highly valuable and sought-after by collectors and enthusiasts.

NFTs had a breakout year in 2023, as they became more accessible and diverse, attracting celebrities, artists, athletes, musicians, and brands to create and sell their own NFTs.

Some of the most notable NFT sales of 2023 include: – A digital collage by artist Beeple titled “Everydays: The First 5000 Days”, which sold for $69 million at Christie’s auction house in March.

A tweet by Twitter founder Jack Dorsey that reads “just setting up my twttr”, which sold for $2.9 million in March. A video clip of NBA star LeBron James dunking on an opponent, which sold for $208,000 on NBA Top Shot in February.

A virtual plot of land in Decentraland, a blockchain-based virtual world, which sold for $913,000 in March. A digital painting by artist Pak titled “The Fungible”, which sold for $1.4 million on Sotheby’s auction house in April.

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