Many of the top India-focused VCs who had enthusiastically backed crypto companies just last year have since pivoted decisively into other industries, according to people familiar with the matter. The unfavorable climate, previously cited by Binance as grounds for its own caution over Indian expansion, has made venture capital firms dramatically wary of exposure to the embattled sector, said people familiar with the matter. India’s intensifying regulatory crackdown on cryptocurrencies has cast a chill over local investors once eager to back the country’s crypto startups. Coinbase later stopped onboarding new customers in India. New Delhi-based think tank Esya reported early this year that the local taxation rule had forced many Indian traders to use foreign platforms including Binance and Coinbase. Indian lawmakers have consistently praised Prime Minister Narendra Modi's leadership for protecting the Indian citizens from the frauds engulfing the crypto market and dramatic fall in asset prices. India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction. Nasiru's profound expertise enriches the newsroom, ensuring a nuanced understanding of the complex tapestry of international affairs.The 97% plunge in trading volume comes as WazirX faces mounting regulatory pressure from Indian authorities that have left the country’s once-burgeoning crypto sector fighting for survival. Backed by robust academic credentials and a vast journalistic journey, he offers razor-sharp analysis and in-depth insights into global occurrences. macOS Sonoma is now available as a free software update, bringing a rich set of new features to the Mac that make work and play even more powerful. Hailing from Nigeria, Nasiru Eneji Abdulrasheed stands as a distinguished political scientist and a seasoned journalist for BNN Nigeria. Though Figma remains independent for now, the market is rife with speculation that other major players, like Microsoft, could potentially make a bid for Figma in the future. Concerns were previously raised about potential increases in service costs, reminiscent of Adobe’s current pricing model for Photoshop. The termination of the merger has been met with widespread relief on the internet, where users expressed gladness over Adobe not gaining further control over the design tool industry, given its existing dominance in other design areas. The Taylor Swift concert film is available to watch at most video-on-demand platforms, including: Right now, the film is only available to rent. Choosing the latter, Adobe decided to call off the deal rather than divest, agreeing to pay Figma a hefty $1 billion reverse termination fee, as stipulated by the US Securities and Exchange Commission (SEC). Regulatory Hurdles and the Termination FeeĪfter intense investigation, the CMA issued an ultimatum: Adobe must sell off Figma’s main product, Figma Design, or face a block on the acquisition. Adobe’s attempt to catch up with cloud-first, collaborative tools like Figma and Canva has been unsuccessful, and the company was seen likely to invest in bolstering their Firefly AI suite. The failure of Adobe’s own UI design platform, Adobe XD, had ignited their interest in Figma. The data said 653,000 people have experienced homelessness in 2023. Adobe’s Unsuccessful Foray into UI Design The report said theres been a 12 increase from the beginning of 2023. Initially announced in September 2022, the colossal $20 billion deal had been under relentless scrutiny from the EU’s European Commission and the UK’s Competition and Market Authority (CMA) over concerns of creating a near-monopoly in the design software market and potentially stifling innovation. Adobe Abandons $20 Billion Figma Acquisition Amid EU Regulatory PressureĪdobe’s audacious bid to acquire Figma, the cutting-edge design app, has been abruptly derailed due to stringent regulatory pressure from the European Union.
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