This week in crypto, we witnessed bold moves redefining the blockchain landscape. From a historic Bitcoin purchase by an Indian company to regulatory wins for Ripple’s stablecoin and Solana’s rise as a developer hub, the world of crypto continues to evolve rapidly. Let’s dive into the highlights!
Jetking Becomes India’s First Public Company to Embrace Bitcoin
In a groundbreaking move, Jetking Infotrain, a 77-year-old Indian tech company, became the first publicly traded company in India to adopt Bitcoin (BTC) as a treasury asset. The company purchased 12 BTC worth approximately $1.2 million, making Bitcoin more than 26% of its $4.5 million market capitalization.
Jetking’s decision signals a significant shift in how Indian companies view cryptocurrency. Bitcoin is now the company’s primary reserve asset, aligning with a growing global trend among tech firms. Following the announcement, Jetking’s stock price surged by 20%, marking a five-year high and cementing its place as a pioneer in the Indian crypto space.
While Jetking’s move is bold, it underscores the challenges faced by Indian companies in adopting crypto. Unlike countries like the U.S., where companies like MicroStrategy and Tesla have embraced Bitcoin, India lacks a clear regulatory framework for cryptocurrencies. The 30% tax on crypto gains and prior government crackdowns create an uncertain environment, potentially deterring others from following suit.
Jetking’s success has put the spotlight on India’s slow progress in crypto regulation. This move could nudge policymakers toward more favorable crypto policies, allowing Indian companies to compete in the global blockchain ecosystem. However, until clearer guidelines emerge, Jetking’s trailblazing example might remain an exception rather than the norm.
Ripple’s RLUSD Stablecoin Approved by NYDFS
Ripple is set to launch Ripple USD (RLUSD), its new stablecoin, after securing approval from the New York State Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse announced on December 11 that the stablecoin would go live soon.
Ripple’s RLUSD enters a market dominated by Tether (USDT), which holds a $141 billion market cap, while new entrants like PayPal’s PYUSD have struggled to gain traction. Incentives such as higher annual percentage yields (APY) could be key to RLUSD’s success.
Ripple’s commitment to regulatory compliance could give RLUSD an advantage in building trust among users and investors. However, the crowded market and competition from other stablecoins, like Ethena’s USDe (offering an APY of 27%), mean Ripple will need to innovate to attract and retain users.
Solana Surpasses Ethereum in Developer Onboarding
For the first time since 2016, Solana has outpaced Ethereum in new developer adoption. A report by Electric Capital revealed that 7,625 developers joined Solana’s ecosystem in 2024, an 83% increase from last year, compared to Ethereum’s 6,456 new developers. Solana’s rise is attributed to its low transaction costs (as low as $0.003), fast processing speeds, and user-friendly architecture. The Solana Virtual Machine (SVM) also offers advanced capabilities, making it a preferred choice over Ethereum’s EVM.
The report highlighted that Asia now leads in developer share, overtaking North America. While the U.S. still hosts 19% of global crypto developers, its share has declined due to regulatory challenges, pushing talent toward regions with more favorable crypto environments. Solana’s success in attracting developers could lead to a surge in innovative projects on its platform. However, Ethereum remains the leader in overall developer activity, particularly in major markets like the U.S. and Canada.
Trump-Linked DeFi Project Buys Big in Crypto
World Liberty Financial (WLFI), a DeFi project linked to the Trump family, made waves by purchasing $12 million USDC worth of assets, including ETH, AAVE, and LINK, on December 11.
Investment Breakdown
- $10 million USDC was spent on ETH at an average price of $3,801.
- $1 million USDC each went toward AAVE ($297.8) and LINK ($24.2).
The purchases have already paid off, with ETH up 3.5%, AAVE up 19%, and LINK up 2% following the transactions.
WLFI is also on the verge of securing approval for a customized version of Aave v3, enabling new lending and borrowing markets. In return, AaveDAO would receive 20% of the fees and 7% of WLFI’s circulating token supply. Despite a slow start, the WLFI token sale has raised $66.5 million, bolstered by a $30 million investment from Tron founder Justin Sun, who has joined as an advisor. However, the sale remains far from its $300 million target, reflecting the challenges faced by new DeFi projects in a competitive market.
What’s Next?
This week’s developments, from Jetking’s Bitcoin purchase to Ripple’s stablecoin launch and Solana’s developer surge, highlight how innovation continues to shape the crypto landscape, even in the face of regulatory challenges.
The upcoming leadership change at the U.S. SEC, with Paul Atkins replacing Gary Gensler, could bring much-needed clarity to crypto policies. This shift might pave the way for long-awaited spot Bitcoin ETFs, boosting market confidence.
Stay tuned for more updates as the crypto world evolves!
