CoinSwitch, an Indian crypto-investing platform, now supports and answers customer queries in five regional languages. Customers can avail voice assistance, app explainers and live chat in Hindi, Kannada, Tamil, Bengali, and Marathi.
The growing adoption of crypto in tier-2 cities like Jaipur, Pune, and Patna prompted us to launch the initiative, CoinSwitch said in a statement. “To empower our users to make wise investment decisions … to make money equal for all, we have to speak in the language of our users. We will continue to invest in capacity-building to provide our users with a seamless experience and guide them through their investment journey—in crypto and beyond," said Vimal Sagar Tiwari, Co-Founder and Chief Operating Officer of CoinSwitch.
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The company informed that adding regional languages in the support system decreased overall customer queries by 20 per cent. CoinSwitch aims to improve the customer experience and reduce queries by another 40 per cent.
US SEC Proposes Rule To Extend Crypto Crackdown
United States Securities Exchange Commission (SEC) proposed a rule increases requirement on asset managers to invest customers’ money in cryptocurrencies.
The move comes amidst the Wall Street regulator’s efforts to rein in on the crypto industry following trading platform FTX’s collapse.
The proposal suggests to expand the types of assets that investment advisers, such as hedge funds and pension funds, are required to hold using qualified custodians, Wall Street Journal reported.
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It is noted in the proposal that certain features of cryptocurrencies may make them difficult to safeguard in accordance with the rules. Consequently, asset managers will be limited in their ability to handle their customers' crypto assets, but investors who manage their own portfolios will not be subject to any new requirements.
SEC Chair Gary Gensler has repeatedly said that legalities to keep customers’ assets safe in the event of a bankruptcy, is incompatible with crypto firms’ custody practices. Gensler is of the view that some crypto trading platforms offering custody services are not actual “qualified custodians.”
CoinTelegraph cited SEC as saying, a qualified custodian is generally a federal or state-chartered bank or savings association, trust company, a registered broker-dealer, a registered futures commission merchant or a foreign financial institution.
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Independent Examiner Would Mean More Risk: FTX Bankruptcy Judge
The court hearing the FTX Bankruptcy case said the appointment of an independent examiner, “would create an increased risk of further loss through inadvertent disclosures or hacking.”
The judge who is overseeing the case denied a motion from the US Trustee to appoint an examiner. A number of concerns have been raised by him regarding security and cost in independent examination. He echoed arguments made by attorneys representing FTX, the creditors committee, and the joint provisional liquidators last week.
“It is important to keep in mind that while we talk about the cost of an investigation being borne by the debtors, we are actually talking about the cost being borne by the creditors,” he said. “Every dollar spent in these cases on administrative expenses is $1 less to the creditors,” he added.
