News related to
near

The island administration of Tenerife has begun negotiations to sell 97 units of Bitcoin originally acquired by the research institute Institute of Technology and Renewable Energies in 2012 for €10,000. The potential sale—valued at around US$10 million—would represent a gain of nearly 1,000-times the procurement cost.

Under the oversight of councillor Juan José Martínez, ITER had purchased the bitcoins as part of an exploratory project to understand blockchain system dynamics rather than as a speculative investment. He emphasised that the holding “was one of the many investigations carried out … to experiment with different technological systems”.

Despite the modest initial outlay, the Council’s ability to monetise the asset has been complicated by regulatory and logistical hurdles. Martínez confirmed that discussions are ongoing with a Spanish financial institution authorised by the Bank of Spain and the National Securities Market Commission to ensure the sale meets regulatory compliance.

The delay in disposal stems in part from the nature of cryptocurrencies in public-sector portfolios. The Council attempted earlier sales but encountered banks unwilling to engage due to volatility risk and regulatory uncertainty. ITER officials were also unable to access the wallet for eight years owing to administrative inertia.

Market estimates suggest the 97 bitcoins are valued at approximately €10–11 million based on current trading prices, implying a gain of around 99,900 per cent relative to the original investment.

The Council plans to reinvest any proceeds into its research and innovation agenda, aligning with ITER’s evolving focus on quantum technologies and other advanced systems. Martínez said the logical next step is to channel the enhanced value into the institute’s core mission.

Observers note that while the transaction is small in global cryptocurrency terms, it signals growing institutionalisation of digital-asset holdings outside the private sector. Analyst Fernando Molina of Blockworks remarked that the sale could draw attention to the potential for public-administration bitcoin portfolios and the regulatory barriers they face.

The operational path to execution remains complex. The buyer remains undisclosed and must satisfy both Spanish financial-sector licensing and anti-money-laundering requirements. Because banks in Spain rarely accept bitcoin deposits, entities that facilitate the transaction must possess the requisite licences. The Council is navigating Spanish administrative processes that govern public-sector asset sales and digital-asset compliance.

Sector experts caution that while the gain is remarkable, cryptocurrencies held by public institutions carry unique risks. Price volatility, custody challenges, and regulatory oversight create additional burdens for an asset class still considered nascent. The Council’s case offers a rare example of such holdings being monetised by a sub-national government.

A groundbreaking partnership has emerged between Ripple Labs, Mastercard Incorporated, WebBank and Gemini Trust Company to pilot the use of Ripple’s U. S. dollar-backed stablecoin, RLUSD, for credit-card settlement on the XRP Ledger network. The announcement, made at Ripple’s annual Swell 2025 event, signals a key move by a mainstream payments network to integrate blockchain-based tools into legacy infrastructure.

Under the terms of the pilot, Card issuer WebBank—partnering via Gemini’s credit-card programme—will explore settling Mastercard-network transactions using RLUSD on the XRPL. The goal is to streamline settlement flows between merchants and issuers, compressing what now often takes days into near-real-time settlement through blockchain rails, while preserving regulatory compliance and consumer protection.

Ripple noted that RLUSD has already surpassed a circulation threshold of $1 billion, and is issued under the oversight of the New York Department of Financial Services with reserves held in cash and short-term U. S. Treasuries. Mastercard described the collaboration as part of its broader strategy to integrate regulated digital assets. “Through our partnerships with Ripple, Gemini and WebBank, we’re using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream,” said Sherri Haymond, Mastercard’s Global Head of Digital Commercialisation.

The partnership unfolds amid growing attention on stablecoins as institutional settlement tools rather than niche digital-asset instruments. Mastercard’s previous statements reflect cautious optimism: its Chief Product Officer, Jorn Lambert, has said that despite the potential of stablecoin technology, adoption demands “a seamless and predictable user experience, reach and wide distribution” beyond the technological narrative alone.

Industry analysts note that if scaled, this model could challenge entrenched settlement processes such as those using ACH and SWIFT and cut both transactional cost and latency—especially for cross-border commerce. Ripple executives suggest that the pilot is a demonstration of how stablecoins can function within regulated frameworks rather than as adversarial alternatives.

Nonetheless, key caveats remain. The pilot requires regulatory clearance before full onboarding begins, and adoption by issuers and merchants at scale remains to be proven. Some banks and payment networks continue to view stablecoins with caution, given ongoing questions about trust, custody, interoperability and how legacy infrastructure will migrate. As an example, Mastercard has publicly noted stablecoins still have “a long way to go” before becoming everyday payment tools.

This initiative builds on Ripple’s broader institutional push, which included a reported $500 million funding round at a $40 billion valuation, intended to fuel growth in custody, stablecoins and institutional payments infrastructure. The XRPL platform, which underpins XRP and is designed for low-cost, high-speed settlement and tokenisation, is central to the experiment.

For cardholders, the consumer experience may remain unchanged—swipe a card—but behind the scenes, settlement flows could shift dramatically. For merchants and issuers, the promise lies in reduced settlement risk, faster liquidity and improved traceability. For regulators and infrastructure providers, the test will show whether a hybrid bridge between legacy finance and blockchain can scale without undermining compliance or stability.

By TN Ashok NEW  YORK:When the polls closed at 9 p.m. on Tuesday, November 4, 2025, it took less than 40 minutes for the Associated Press to call the race. Zohran Mamdani, a 34-year-old democratic socialist and state assemblyman from Queens, had accomplished what many considered impossible just a year earlier: he defeated Andrew Cuomo—twice—to […]

The article The Mamdani Moment: A Political Earthquake In America’s Largest City appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The Abu Dhabi Investment Authority has secured a 4.7 per cent stake in the initial public offering of India’s investment-platform operator Groww, acquiring approximately 14 million shares via its India subsidiary Monsoon for 1.4 billion rupees. The investment was made through two separate transactions ahead of Groww’s IPO, in which 298.45 million equity shares were earmarked for institutional investors.

Groww’s anchor book raised 29.8 billion rupees from 102 institutional investors ahead of its public offer, which opens on 4 November and aims for a valuation of around US$754 million. The Government of Singapore committed 1.39 billion rupees in the anchor round for a 4.68 per cent stake.

The depth of anchor demand underlines strong institutional confidence in the Bengaluru-based company. The anchor tranche accounted for five out of the six largest global sovereign-wealth funds involved, and domestic mutual funds took nearly half of the allotted 29.84 million shares in the anchor raise at a unit price of ₹100. Groww’s parent, Billionbrains Garage Ventures, will deploy fresh issue proceeds for cloud-infrastructure upgrades, brand building and margin-trading facility expansion.

Groww faces a turning point as it transitions beyond core broking. In the quarter ended June 2025, broking revenue accounted for 79.5 per cent of total revenues, down from 87.4 per cent a year earlier, as the company ramps enrollment in commodities, bonds and margin-trading services. With strong backing from marquee institutional players, Groww appears to be counting on growth in wealth-management, lending and derivatives to justify its IPO valuation.

The involvement of ADIA gives Groww not only capital but credibility in the public markets. For the Abu Dhabi fund, the deal provides further exposure to India’s dynamic fintech ecosystem as it continues to expand its footprint through Asia-focused growth equity deals. The participation of the Government of Singapore and multiple global asset managers reinforces the message that the Indian retail-investment rally still commands global attention.

Crypto markets experienced a sharp upheaval as the price of Bitcoin slid below the US $100,000 mark for the first time in approximately six months, while Ethereum plunged to levels near US $3,000. As a result, leveraged positions totalling around US $2 billion were liquidated within a 24-hour period.

The downturn began when Bitcoin fell to about US $99,000, triggering a cascade of forced unwinds in futures and perpetual contracts. According to data providers, more than 80 per cent of these losses stemmed from long bets, amounting to approximately US $1.6 billion. Ethereum’s drop—exceeding 20 per cent over two days—added nearly US $1 billion in liquidations in the same timeframe. The broader crypto market capitalisation slipped to roughly US $3.4 trillion, marking its lowest level in four months.

Analysts point to a confluence of factors driving the sell-off. The Federal Reserve’s cautious comments about future policy signalled the end of easy money for risk assets and prompted a rise in the US dollar index and treasury yields—both typically adverse for cryptocurrencies. Weakening institutional demand compounded the problem, as cumulative outflows from spot Bitcoin exchange-traded funds and related vehicles exceeded US $1.3 billion in the days leading to the crash. Algorithm-driven trades amplified the move: Bitcoin breached its 200-day exponential moving average near US $109,800 and touched technical support around US $100,000, triggering automated sell orders.

The liquidation event has wider implications for investor sentiment and the structure of the crypto market. The so-called Fear & Greed index plunged into the “extreme fear” zone, while open interest in perpetual futures contracts dropped as many leveraged players exited. On-chain metrics show historic wallets transferring tens of thousands of Bitcoin to exchanges, signalling profit taking by long-term holders. Yet some argue the correction could serve as a cleansing phase for the market: by flushing out excessive leverage, the environment may become healthier for the next leg of the cycle.

Despite the turbulence, there are signs that structural demand remains intact. Large-scale buyers such as MicroStrategy continue to accumulate Bitcoin—its holdings now exceed 641,000 BTC. Meanwhile, infrastructure-oriented developments in decentralised physical infrastructure networks and the convergence of blockchain with artificial intelligence are still attracting investor interest. Nevertheless, the immediate path forward is fraught. Analysts now identify a failure to hold US $100,000 for Bitcoin as potentially opening a decline toward the US $92,000–US $94,000 range. For Ethereum, a slide toward US $2,700–US $2,800 is on the radar if momentum fails to stabilise around current levels.

Etihad Airways has unveiled four new routes from its Abu Dhabi hub, linking the UAE capital with networks in North Africa and Asia in a major push to cement its global connectivity. The airline announced flights to Tunis, Hanoi, Chiang Mai and Hong Kong, opening up additional access across Africa and Asia. According to the carrier, these launches account for nearly 45 per cent of the UAE’s aviation growth this year.

The new North African route to Tunis flies three times a week starting 1 November, while the Vietnamese capital Hanoi will receive six weekly flights from 2 November. Chiang Mai in northern Thailand is added with four weekly services from 3 November, and Hong Kong is re-connected via five weekly flights also from 3 November under a renewed codeshare with Hong Kong Airlines. The carrier now serves more than 85 destinations globally.

Chief Executive Officer Antonoaldo Neves described the destinations as “each adding their own character” to the network, underscoring the airline’s aim to diversify its route map and bolster Abu Dhabi’s role as a travel and trade gateway. The move is timed to support the emirate’s broader economic pivot, complementing efforts in tourism, business and infrastructure.

The four-route addition forms part of Etihad’s strategic expansion alongside investments in both fleet and operational capabilities. The carrier has been ramping up use of its long-range Airbus A321LR and Boeing 787 aircraft, enabling direct links to previously unserved or underserved markets. The Tunis launch marks an enhanced North African footprint from Abu Dhabi, while Vietnam and Thailand reflect deeper penetration into Southeast Asia’s growing outbound travel markets. The Hong Kong entry is particularly significant given its status as a major financial and regional hub.

For travellers and partners the implications extend beyond new city-pairs. The enhanced network encourages greater inbound tourism into the UAE and provides domestic and international travellers increased flexibility via the Abu Dhabi hub. Industry analysts say the expansion underscores the carrier’s growing ambition to rival other Gulf-based airlines in forging east-west connectivity. It also aligns with Abu Dhabi’s Vision 2030 agenda, which includes boosting the emirate’s role as a global gateway.

Commercially, the airline’s published figures indicate that it expects the four new routes to contribute thousands of new seats in its system, aiding load-factor optimisation and revenue growth. The timing of launches over consecutive days signals a deliberate push to generate momentum across the network rather than incremental additions. Stakeholders within the regional aviation ecosystem view the move as one that may stimulate competitive responses from other carriers operating in similar markets.

While the expansion has drawn praise for its scale and ambition, there are strategic and operational considerations. Rapid rollout of new routes requires careful yield management, cost containment on long-haul sectors, and the calibration of frequency to ensure sustainable load factors. The North African route to Tunis, for example, hinges on demand that may fluctuate with seasonal tourism and business activity. Similarly, competition in the Thailand and Vietnam sectors remains intense with regional low-cost and full-service carriers vying for market share. The Hong Kong route will need to navigate the evolving regional regulatory and air-freight environment, especially given Hong Kong’s role in both tourism and cargo flows.

Fintech firm Ripple has announced the acquisition of wallet-and-custody specialist Palisade, aiming to accelerate its institutional digital-asset services by seamlessly combining bank-grade custodial infrastructure with wallet-as-a-service capabilities.

The deal positions Ripple to serve not just banks but fintech players, crypto-native firms and large corporates that require both long-term vaulting and high-speed transaction flows. Palisade brings features such as Multi-Party Computation key-management, zero-trust architecture, fast wallet provisioning, multi-chain support and decentralised-finance integration. According to Ripple President Monica Long the acquisition creates an “end-to-end provider for every institutional need, from long-term storage to real-time global payments and treasury management.”

Ripple’s custody solution already supports major institutions including Absa Bank, BBVA, DBS and Société Générale – FORGE, enabling a secure vault model that offers tamper-proof audit trails and cryptographic controls. Palisade will extend reach into wallets and payment rails, enabling use-cases such as on- and off-ramps, subscription billing, sweeping funds across accounts and real-time treasury operations.

Industry analysts note the move reflects a broader trend: as large companies move from observing digital-asset infrastructure toward building internal treasury and payments capabilities, they require turnkey, compliant solutions rather than in-house key-management or bespoke setups. The acquisition addresses that demand by marrying payments infrastructure and custody under one roof.

However, the deal comes amid a tougher market environment. While Ripple expands its institutional stack, its native token, XRP, continues to face downward pressure — trading below key moving averages and amid broader crypto-asset market liquidity stress. That contrast raises questions about whether infrastructure gains will translate into near-term revenue growth. Furthermore, regulatory and licensing complexity remains a challenge. Palisade is European-licensed, which helps fill a gap in Ripple’s footprint, but regulatory regimes in real-world-asset tokenisation and stablecoin flows remain evolving and unpredictable.

The acquisition forms part of a flurry of moves by Ripple this year: following its purchase of prime broker Hidden Road, stablecoin payments firm Rail and treasury-software provider GTreasury, the company has pledged more than US$4 billion in strategic investments and acquisitions. Integration of Palisade’s wallet-as-a-service platform into Ripple Payments will allow for new offerings such as instant wallet creation at scale, multi-chain asset support, and alignment of corporate treasury with digital-asset flows.

Nasdaq has issued a formal letter of reprimand to TON Strategy, citing a breach of listing rules after the company raised equity and used nearly half its privately raised funds to acquire a large holding in Toncoin without obtaining required shareholder approval. According to the regulatory filing, the company’s issuance of new common stock and warrants during a private investment in public equity transaction in August exceeded the 20 per cent threshold of outstanding shares that triggers an approval requirement.

The issuer, formerly known as Verb Technology and re-branded earlier this year to become a listed vehicle focused on digital asset treasury strategy, announced a $558 million PIPE closed on 7 August. The company disclosed that approximately 48.78 per cent of those proceeds were used to purchase Toncoin.

Nasdaq’s notice pointed out the omission of shareholder approval, which is required when share issuances exceed thresholds designed to protect existing investors and maintain transparency. The exchange concluded that while the misstep was a violation, it did not appear to reflect intentional avoidance of rules and therefore did not recommend delisting the company’s securities.

Toncoin’s market price reacted sharply, declining more than 5 per cent to around $2.165 following the notice, and trading volumes surged, which analysts interpreted as heightened investor concern about governance risks in crypto-linked public-company structures.

In a briefing, TON Strategy CEO Veronika Kapustina had warned that the nascent model of publicly traded cryptocurrency treasury firms could be showing “early indications of a bubble”, pointing to rising valuation and risk of complacency in transparency.

The leadership change within TON Strategy also drew attention: on the closing date of the PIPE, the firm appointed Manuel Stotz, former president of the TON Foundation, as Executive Chairman. The combination of leadership transition, major token purchase, and share issuance without vote has raised questions around alignment of interests and governance framework.

Market observers say the incident underscores a broader trend where public companies are adapting treasury models that hold large cryptocurrency positions, creating novel intersections of asset-class risk, corporate finance and regulatory oversight. Each of these linkages raises fresh scrutiny as traditional exchanges apply inspection regimes developed for conventional equity markets. One analyst commented that “crypto treasury firms now face the same listing rigour as any industrial company, but with far less precedent to guide them”.

For TON Strategy and its shareholders, immediate focus will be on how the company responds within the 45-day window typically afforded by Nasdaq to submit a corrective plan. The notice does not affect the company’s listing status so long as it meets other requirements, but revisions may include retroactive shareholder approval or altered future financing protocols.

The rupee edged towards a sharp low as the central bank escalated its defence of the currency amid growing external headwinds. The domestic currency traded around 88.80 to the U. S. dollar, nearing its record low despite official efforts to stem the slide.

The Reserve Bank of India expanded its short-dollar forward positions by about US$6 billion in September, bringing the total to roughly US$59.4 billion, signalling increased dollar sales to defend the rupee.
The rupee had already recorded five straight months of decline before stabilising briefly in October, only to come under renewed pressure. Analysts point to surging gold imports, foreign-portfolio investor withdrawals and uncertainty around U. S. tariffs as key drivers of dollar outflows.

Market participants note that the rupee’s ability to hold above the 88.80 mark depends heavily on the central bank’s resolve. One currency strategist at the Australia and New Zealand Banking Group remarked that the central bank may not allow a significant breach of the 89-per-dollar level unless India’s economic fundamentals deteriorate further.

The rupee’s slide contrasts with other emerging-Asian peers, most of which posted gains of over 3 per cent this year while India’s currency was down about 3.6 per cent. Importer demand for dollars and robust non-deliverable-forward flows remain persistent drags. The central bank made small daily interventions via state-run banks, but these were smaller in scale than the large dollar sales seen in the prior month.

In one high-impact intervention, the Reserve Bank of India sold between US$3 billion to US$5 billion across spot and offshore markets, according to trade-desk estimates. That move pushed the rupee up by nearly 1 per cent on the day, its largest single-day gain in four months. The central bank has declined to comment publicly on the precise quantum of intervention.

The central bank is also placing a premium on managing volatility. Despite the dollar’s global strength and broader weakness in Asian currencies, the rupee has been constrained to a narrow trading band around the 88.80 level. Its ten-day realised volatility has fallen beneath 2 per cent and implied volatilities through one month are near their yearly lows. Some market participants caution that this subdued volatility could undermine hedging activity and leave firms vulnerable if a shock hits.

The rupee’s vulnerability arises in part because the U. S. dollar remains elevated, and the Federal Reserve has signalled that it does not expect to cut interest rates as soon as markets hoped, strengthening the greenback and reducing relief for the rupee. At the same time, India’s trade position remains under pressure as high gold-import volumes and elevated oil prices increase dollar demand.

Against this backdrop, India’s sovereign-bond market is showing signs of life. Foreign investors have ramped up purchases of long-dated government debt following the central bank’s display of defensive resolve. Some analysts suggest that migration back into Indian bonds reflects renewed confidence in rupee-denominated assets. Yet this hope is tempered by the possibility that tighter liquidity—stemming in part from currency-market interventions—could weigh on bond markets and corporate funding costs.

By Nantoo Banerjee   The majority government-owned Life Insurance Corporation of India’s detailed rebuttal to The Washington Post report claiming that the government directed LIC to invest $3.9 billion in the Adani group seems to lack the punch. A comparison of the lately sprouted Adani Group with some of India’s age-old business conglomerates such as […]

The article Adani Group’s Striking Rise Since 2014 Sparks Global Speculation appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Bengaluru is set to become a linchpin in global chip manufacturing as the India Cellular and Electronics Association and the Global Semiconductor Alliance formally announced a strategic alliance aimed at deepening the country’s role in global semiconductor value chains. The agreement, unveiled at a joint press conference co-organised with the India Semiconductor Leadership Roundtable, marks a significant push to integrate local design, manufacturing and packaging capabilities with global technology networks.

ICEA chairman Pankaj Mohindroo described the industry as standing at “an inflection point” and said the partnership with the GSA represented “a strategic step towards positioning India as a vital node in global semiconductor value chains, where design, manufacturing and innovation converge.” Meanwhile, GSA chief executive Jodi Shelton noted the collaboration with ICEA and the India Semiconductor Mission reflected “a shared commitment to connect India’s dynamic innovation with the global semiconductor ecosystem.” Under the terms of the alliance, the two bodies will co-host the India Semiconductor Leadership Summit in 2026, providing a forum where global fabless firms, design innovators and equipment suppliers will engage with emerging Indian fab and OSAT capacity.

The partnership is underpinned by India’s policy drive under the ISM. The government has approved an outlay of ₹76,000 crore to build semiconductor and display manufacturing ecosystems, and around ten projects with investment commitments of nearly ₹1.6 lakh crore have already been sanctioned. The alliance signals a concerted push not only to attract foreign capital but also to nurture domestic design champions and bridge the gap between India’s expanding electronics ecosystem and global supply chains.

Industry analysts highlight India’s strengths: a growing engineering talent pool, improving infrastructure and a policy regime increasingly supportive of semiconductor manufacturing. ICEA points to electronics output in India having reached USD 150 billion, with exports expected to surpass USD 50 billion. The doubling of the Electronic Component Manufacturing Scheme budget underscores the emphasis on scaling manufacturing capacity.

Nevertheless, challenges remain. Global semiconductor value chains remain highly concentrated, especially in fabrication and advanced node manufacturing. To catch up, India will need to address constraints including high capital intensity, access to specialised equipment, materials, technology transfer regimes and workforce readiness for advanced manufacturing operations. There is also the task of aligning timelines: large-scale chip fabrication plants typically take multiple years to commission and ramp. The broader global context matters too — recent supply-chain disruptions, geostrategic tensions and export controls complicate efforts for any aspiring hub.

Despite these hurdles, the ICEA-GSA partnership reflects a strategic recognition that design capabilities, ecosystem linkages, and global connectivity will matter as much as fabrication. By positioning India as a design-to-manufacturing platform and emphasising cross-border collaboration, the alliance aims to raise the country’s profile in the semiconductor supply chain beyond simply being a site for assembly. Industry figures emphasise this direction: Dr Randhir Thakur, chair of ICEA’s Semiconductor Leadership Forum and managing director & chief executive of Tata Electronics, described the partnership as poised to bring “the global and Indian semiconductor ecosystems closer, delivering unique value to customers, design companies, manufacturers and suppliers.”

On the global front, the GSA brings nearly three decades of experience connecting semiconductor leaders worldwide; its network includes chip-design firms, fabs, equipment vendors and global platforms like Google, Amazon and Tesla. Shelton remarked that the aim is for India to become a site where global design houses can work, test and scale—and thereby feed into the broader manufacturing and packaging ecosystem. GSA’s commitment to including India in its annual global executive events underscores the intent to shine a spotlight on India’s semiconductor ambitions.