CZ STEPS DOWN FROM BINANCE 😱

Welcome 🙏to Joint #33 ! We are sure to give you some insights about this week's weekly updates too🥳 keep reading!

This week was really happening and yes aapko ni idea…but worry not! Web3 Stash Hai na😇. I hope you know reading this will bring you closer to your Crush👀

Let's start by having a look at BTC and ETH 👀

Abhi let's dive into some good web3 news and trust me it's fun keep reading😭😭🤌🏻 Today we have rolled 🙌the following topics for you all -

1. CZ steps down from Binance 😱

2. Bhutan's secret crypto Mining🚀

3. Blockchain in Indian Banks⭐️

😱CZ STEPS DOWN FROM BINANCE😱

Founder, CEO of Binance, the world's largest cryptocurrency exchange Changpeng Zhao, or CZ, as he is fondly known by crypto enthusiasts.🤌

He has stepped down from his role after pleading guilty to breaking US anti-money laundering laws😱

Zhao agreed to a $4.3 billion💰 settlement deal in a Seattle court on November 21, including a personal payout of $50 million.🤌🤌😭😭

This is among the largest corporate penalties in the United States' history.📢🥲

Binance will pay out $1.81 billion 🤝within a timeline of 15 months, followed by another $2.51 billion💡 forfeiture as part of the deal!👀

Zhao dipped his toes into crypto in 2013 during a friendly poker game with investor Ron Cao and BTC China CEO Bobby Lee in Shanghai.🙌👥

During the match both of Zhao's fellow players urged him to put 10 percent of his net worth into Bitcoin, he reportedly did his research and then sold his apartment for Bitcoin. DAMN🤌🤌😭😭

He also worked at crypto companies OKCoin ✅️and Blockchain.info🤔 before starting his own venture.

The company's name is a portmanteau of binary and finance. Zhao reportedly has his company's logo tattooed on his arm.💯💯

Binance swiftly grew into the largest cryptocurrency exchange in the world and made Zhao the richest person in the sector🎯💯🚀💰. Over the years he has also joined in the ranks of the world's wealthiest🥳

Mr Zhao will continue to have a majority stake in Binance and🫂 serve as a resource for “consultation on historical areas of the business."🔒✅️

 🚀Bhutan's secret crypto Mining 🚀

Dozens of shipping containers lie hidden behind a hillside south of Thimphu📢, the Himalayan capital of Bhutan, one of the world’s most isolated nations.🤔🤔 

Inside, millions of dollars of bitcoin mining ⚒️machines work unceasingly to amass the valuable currency that now fascinates the country’s monarch — and his kingdom🚀💯

Bhutan has been quietly transformed into a crypto hub with its government dedicating land, funding and energy 🤝🎯to operations like these, which it hopes will avert a looming economic crisis👀

But Bhutanese officials have never disclosed the location or scope of these facilities. And when it became the first country to have founded a sovereign bitcoin mine 🔒🥳approximately four years ago, only few outside of Bhutan knew!

Its government only began commenting on its digital asset investments earlier this year🙌, which were exposed by the bankruptcies of fallen crypto lenders BlockFi and Celsius, with whom it had banked significant holdings☠️☠️🔻

1 mining facility was built near Dochula Pass, an area that holds cultural and political significance for its 108 memorial shrines ⭐️ dedicated to fallen Bhutanese soldiers👥

Planet Labs and Google Earth satellite imagery indicate that earthmoving began on the site in 2020✅️ with construction appearing to have finished in late 2022.✅️🚀

Second mine is located near Trongsa, a town east of Thimphu and ancestral seat of the current Wangchuck dynasty🌐🔗

A third is situated in the heavily forested district of Dagana, near a middle school that caters to children in the rural community🙏🤌

Bhutan’s appetite for blockchain-based solutions seems undimmed by any challenges. Earlier this month, on the king and queen’s 12th wedding anniversary, it unveiled an experimental decentralized digital identity app.🧠🎉

👉🏻Blockchain in Indian Banks👈🏻

The initiatives of some Indian banks in exploring blockchain technology :

ICICI Bank: ICICI Bank has been a pioneer in experimenting with blockchain for various use cases. They have engaged in pilot projects, including a successful test of cross-border remittances 🤝using blockchain technology. 🔗

This initiative aimed to enhance the speed and efficiency of international money transfers💰

🌐💸Axis Bank: Axis Bank has been part of consortiums exploring blockchain applications. They have actively participated in projects related to supply chain financing🔗, leveraging blockchain's transparency and traceability features to streamline processes in collaboration with other entities in the supply chain.💡

 🔄🏭Yes Bank: Yes Bank has shown interest in blockchain for supply chain financing. They have explored solutions to digitize and secure the supply chain process, reducing risks and improving overall efficiency.🚀🙌

 🌐💼HDFC Bank: HDFC Bank has focused on blockchain applications for trade finance. Their exploration has included initiatives to digitize trade documents and transactions,⭐️ potentially reducing the time and complexity associated with international trade

💼🌍Kotak Mahindra Bank: Kotak Mahindra Bank has been part of discussions related to blockchain adoption in the financial sector. While specific details may vary, the bank has indicated an interest in exploring blockchain for its potential to enhance security and efficiency across various financial processes. 🔐💻

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