Connect with us

Cryptocurrency

INTERVIEW: Here’s how SolRazr plans to do for Solana what Alchemy did for Ethereum with $1.5 million in its pocket

Published

on

  • SolRazr, a crypto startup based in India, plans to build the very first developer ecosystem around the Solana blockchain.
  • In its seed funding round, the venture platform raised $ 1.5 million from investors such as Moonrock Capital, Ascensive Assets and Morningstar Ventures.
  • In an exclusive interview with Business Insider India, the co-founders explain how they plan to take Solana-based decentralized applications (DApps) to the next level by creating a university, hiring new talent and driving sales.

Solana could be the next big “smart contract” blockchain, with tokens nearly quadrupling in August. Investors can pump money, but developers who drive innovation and develop use cases are few and far between – the venture platform SolRazr, based in India’s Silicon Valley, plans to change the status quo.

The startup just raised $ 1.5 million in seed funding to build the world’s first developer ecosystem for Solana. The company will take on projects built on top of the Solana blockchain and help them raise capital, provide them with developer tools and get them off the ground.

“It’s a bit like alchemy for Ethereum,” one of the co-founders, Sreekant Kalapur, told Business Insider India in an exclusive interview. US-based Alchemy is helping emerging businesses build reliable DApps by providing the “basic building blocks” to unlock the potential of Solana’s biggest competitor, the Ethereum blockchain.


“Solana is not only cheaper than Ethereum, it is also faster … We are definitely optimistic about Solana.”

Sreekant Kalapur, co-founder of SolRazr, told Business Insider

The funding was led by blockchain advisory firm Moonrock Capital, Ascensive Assets, and Morningstar Ventures. Angel investors like Sam Kazemian of Frax Finance, a decentralized stablecoin cryptocurrency protocol, and the inventor of flash credit, Leo Cheng, also attended. The startup was able to gain a total of 14 supporters. In building an ecosystem around Solana, the company’s first step will be to found a university within the next few weeks. “We plan to bring in developers and experts to teach programmers about the Solana blockchain. This will help developers learn Rust quickly and deploy Solana programs faster, ”said Vijay Kalangi, the other co-founder of SolRazr.

SolRazr’s Solana University

The company plans to establish a university – Solana University – to educate and train developers on the Solana blockchain. “There is no shortage of talent in India. We have some very good engineers, ”explained Kalangi.

The company plans to bring in experts on Solana to teach, raise awareness, and provide inspiration for those looking to get started or just improve their game.

“Developers who have worked on Solana are rare. Not many people know how to program in RUST, the programming language used to create DApps on the Solana blockchain. “

Sreekant Kalapur, co-founder of SolRazr, told Business Insider

Put the “soul” in Solana DApps to promote the acceptance and sale of crypto

A portion of the $ 1.5 million startup capital will be used for SolRazr to hire additional developers, bring in community managers, and bring in business development experts.

“We want to focus on design-first applications. And we want to provide developer tools that make it possible to write the code in plain English and that are easy to interact with, ”said Kalangi.

His main complaint right now is that many DApps are clunky and far from being user-friendly. The focus on design ensures that the Solana-based DApps come first in user order, which in turn drives adoption.

Because of this, public selling is another important role that they have in mind. While the bigger goal goes beyond money, its importance is undeniable, especially since raising capital as a launch pad is part of SolRazr’s dictation.

SolRazr jumps on NFTs and is careful with DeFis

The startup is still in the process of finalizing the projects it wants to fund under its umbrella, but three major categories it is focusing on are decentralized finance (DeFi), NFTs, and Web 3.0.



An NFT-focused solution is most likely top of their list, according to the founders. However, negotiations are still ongoing. And while the DeFi space is an attractive opportunity, SolRazr is taking it step by step as India is still in the regulatory gray area when it comes to crypto.

Solana quadrupled in August

There are currently over 400 projects in the Solana ecosystem worldwide – from decentralized exchanges (DEXs) like LunaDEX to digital games like Stardust. The cryptocurrency made headlines with its massive jump in value over the past month. The value quadrupled in August and, in addition to the hype surrounding NFTs, reached a market capitalization of $ 30 billion. Platforms such as OpenSea as well as projects such as CryptoPunks, Mutant Apes and others achieved record values.

Even when the crypto market collapsed on September 7th – as “Bitcoin Day” to mark the celebration of El Salvador, the first country in the world to declare Bitcoin legal tender – Solana was one of the few that survived.

As of 10:30 a.m. Indian Standard Time (IST), Solana is trading at $ 207.33 after recovering from the small hit in the take of about 2% during the dip to 20% in the green. And its market cap is a whopping $ 61.33 billion – the sixth largest player in the crypto market according to CoinMarketCap.

SEE ALSO:
While Bitcoin has been bombed, the following has remained in the green

Remember, remember September 7th – Bitcoin, El Salvador, and the crypto drop


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

1 in every 10 Irish investors hold cryptocurrency: Competition and Consumer Protection Commission survey

Published

on

The Irish Competition and Consumer Protection Commission (CCPC) poll, published on September 16, revealed important facets of investment trends among the masses. CCPC is the legal body for promoting compliance and enforcement of consumer competition and protection laws in Ireland.
The survey came to the following results:
Previous

Next

  • Information medium:
    • 62 percent of the 1,000 people surveyed used the Internet to obtain information about investments. The resources used by these people include online banking or investment websites, financial news websites, blogs, and social media platforms.
    • 38 percent sought advice from a bank or a financial advisor.

  • Investment form:
    • More than half, 56 percent of investors, prefer online investments.
    • Online investment options are more popular among those under 35.
      • In the under 35 age group, 36 percent preferred to use a trading platform or a mobile app such as XTB or Etoro
      • 29 percent of this age group use an online financial service provider like Revoult.
      • 22 percent of them preferred to invest through a bank or investment company.
      • 10 percent preferred brokers or agents.
  • Popular investment options:
    • For 1 in 5 people, stocks are the most popular investment option.
    • The second most popular investment option is government or corporate bonds, which are preferred by 12 percent of Irish investors.
    • 11 percent of investors held digital assets and a quarter of young Irish citizens speculated in cryptocurrencies.
      • The survey shows that more than 1 in 10 Irish investors have invested in one or more crypto assets.
      • Cryptocurrency investors in the 25 to 34 age bracket have grown to 25 percent. This group of investors is most open to savings in bitcoins or other digital coins.
  • Investment motivation:
    • 79 percent invested in order to achieve better returns for their money in the long term
    • 46 percent invested due to the current low interest rates.
      • In this 46 percent, 51 percent men invested more than 38 percent women because of low interest rates.
    • 26 percent invested in personal satisfaction
      • 47 percent of them were under 35 who invested in experiments.

Based on the results of the survey, Gráinne Griffin, Director of Communications at CCPC, concluded that Irish citizens switch online both when it comes to investing and looking for information about investing. The survey clearly indicates a transition to digitized investment, especially among the younger Irish population, Griffin said.
For the latest crypto news, investment tips, and real-time price updates, follow our Cryptocurrency page.

Continue Reading

Cryptocurrency

Cryptocurrency: Here’s How the Top 5 Coins Have Performed Since April 2021

Published

on

Cryptocurrencies have got off to a slow start this year, largely due to an order from the Reserve Bank of India (RBI) to banks telling them not to trade crypto. Cryptocurrency trading accelerated after the Supreme Court lifted the RBI ban in March and allowed coins such as Bitcoin, Ethereum, Dogecoin, and others to be traded. Since then, several online exchanges such as CoinSwitch Kuber and CoinDCX have flourished. But investing in these virtual assets requires due diligence given the extreme volatility of most cryptocurrencies. One way to do this is to look at the historical dates of these coins.

How cryptocurrencies have behaved in the past few weeks and months can give an idea of ​​their potential in the near future and whether a person should invest now or wait.

This is how the top 5 digital coins have behaved since the beginning of this financial year (as of April 1):

Bitcoin

Bitcoin is the oldest cryptocurrency in the world. Since its introduction in 2009, it has remained an undisputed leader in the cryptocurrency market. It was Rs. 42 lakh on April 1st of that year, but by the end of May, when the market collapsed massively due to a Chinese crackdown on mining, it had hit a low of Rs. 22 lakh. However, Bitcoin has recovered. On September 17th it was Rs. 37 lakhs.

ether

Experts say this is the only virtual currency that has a chance to challenge Bitcoin’s dominance, but it is far from realizing its true potential. At the beginning of this fiscal year, Ethereum was trading at Rs. 1.40 lakh. It broke the Rs. 2 lakh barrier by early August. This was the time when the Ethereum blockchain had the big London upgrade. Since then, it has grown in value continuously. As of September 17, at the time of writing, it was Rs. 2.76 lakhs.

Cardano

Launched in 2017, Cardano is a relatively new cryptocurrency coin that has skipped the line to find its place in the top 5. Billed as a third-generation blockchain (Bitcoin and Ethereum are the first and second generation, respectively), Cardano achieved a return of almost 150 percent in just one month. On July 20, it was trading at Rs. 79.71 but by August it had peaked at Rs. 191.41. It saw further gains over the next few weeks, hitting an all-time high of Rs. 227 earlier this month. But profits have since started to decline. On September 17, at the time of writing, it was Rs. 187.82.

Tether

Tether is a stablecoin pegged to the US dollar. As the first coin, it is the most popular stablecoin. Since it is pegged to the dollar, meaning that each Tether coin should be backed by actual dollars in Tether Limited’s reserves, it is very stable compared to other cryptocurrencies. If this stability is predictable, it also limits the ability to grow wealth quickly. It stayed within the Rs. 73–75 this fiscal year. It was about Rs. 77 on 09/17.

Ripple

It is the fifth ranked cryptocurrency in terms of market capitalization. Technically, Ripple is not a cryptocurrency. It facilitates open source payments and XRP is the cryptocurrency that runs on this network. The price has doubled from Rs since April 1st. 41 to Rs. 80 now. But it hasn’t seen a rally similar to what it did in late 2017, which hit its all-time high of Rs 242 in early January 2018. At the time of writing, it was Rs. 84.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Continue Reading

Cryptocurrency

financial: Cryptocurrency Hyper Fund under government scanner

Published

on

NEW DELHI: The government is closely monitoring the cryptocurrency in the market based outside of the country after alerting that the authorities responsible for investigating financial fraud are watching a company called Hyper Fund.

Sources said Hyper Fund, a DEFI from the Hyper Tech Group, recently got under the radar. The group claims to have launched the Hyperfonds to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.

However, according to the company’s website, it is run by Ryan Xu, however, using the Multi-Level Marketing (MLM) model, Hyper Fund has attracted investors with higher returns and such offers, a common practice with Ponzi programs that have alerted authorities first place.

According to sources, complaints against such funds are piling up in several states. In India, the RBI, the Union Finance Ministry and SEBI had warned against trading in cryptocurrencies. The RBI plans to launch India’s official digital currency – E rupee – shortly.

The Treasury Department has made it clear that virtual currencies are not legal tender either. Therefore, VCs are not currencies. The RBI has also made it clear that it has not granted any company / company a license / authorization to operate or trade in Bitcoin or a virtual currency.

In June 2018, Amit Bhardwaj and his brother Vivek Bhardwaj were arrested by Pune police at Delhi Airport in connection with an alleged pyramid scheme. Bhardwaj, started his own Bitcoin mining operation and reportedly defrauded more than 8,000 people across the country for Rs 2,000 crore.

He has filed a complaint with the Delhi Police Department’s special cell alleging that he received a blackmail call and was asked to pay protection money on September 6, 2021 in exchange for promised higher returns.

UK regulators have issued warnings about such funds, and the Financial Conduct Authority (FCA) has issued warnings for both hyper-funds and fund advisers.

On its website, first published March 23, 2021 and later updated on August 31, the FCA said, “We believe this company may offer, advertise or sell financial services or products in the UK without our approval Any financial service or product required in the UK must be authorized or registered by us. This company is not authorized by us and is aimed at individuals in the UK. ”

She warns investors against such a fund and goes on to say, “You do not have access to the Financial Ombudsman Service or are protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if something goes wrong . ”

The website used by these companies under the FCA is http://thehyperfund.online, https://thehyperfund.com/

Decentralized finance offering (DEFI) via blockchain technology from HyperTech Group, which is said to be based in Hong Kong, sources said Indian regulators and agencies have started monitoring the situation.

Following actions by financial regulators such as the US Security and Exchange Commission and the UK Financial Conduct Authority, Indian regulators and enforcement agencies have started overseeing investments in Hyper Fund – a decentralized financial offering powered by blockchain technology from the HyperTech Group.

Financial regulators around the world recognize the fact that Ponzi program organizers often use the latest innovations, technologies, products, or growth industries to attract investors and promise high returns on their program. Potential investors are often less skeptical of an investment opportunity when they judge something new, new or “current”. On its website, Hyper Fund claims to be “the strongest rocket in blockchain funding”.

Continue Reading
Advertisement

Trending