Jignesh Shah, the creator, and promoter of 63Moons Technologies and a fan of Bollywood lines sent this Salman Khan one-liner in a cryptic WhatsApp message to his close friends and well-wishers in October of this year. The letter was followed by a phone conversation, and in less than 10 minutes, Shah received a commitment for more than 150 crores for his new organization, which wants to establish an ecosystem in India for blockchain technology and cryptocurrencies. On Monday, 63Moons Technologies announced the debut of CryptoTV, CryptoWire (two crypto and blockchain-related news and analysis providers), and Crypto University, which will teach about the blockchain ecosystem in partnership with worldwide B’schools such as MIT, Bassel, and IIT in India.
According to individuals close to Shah, he has determined never to return to the exchange area since Financial Technologies (the former name of 63Moons Technologies) was compelled to divest its holdings in Multi Commodity Exchange (MCX) and another stock exchange in the aftermath of the NSEL debacle. The Supreme Court (SC) gave 63Moons Technologies a new lease on life in its May 2019 decision, announcing that the Forwards Market Commission (the former commodity markets regulator that was merged with SEBI) was trying to cater to ‘private interests of a group of traders/investors’ strikingly different from public interest in suggesting the merger of 63Moons with NSEL.
Recently on December 3, 63Moons said in a stock market announcement that its subsidiary Tickerplant had raised 81 crore by selling 27 crore shares to investors at a price of 3 apiece. Ticker plant is an old company in the group that offered stock exchange quotes and data to brokers. It also dabbled with wire news services, which it later sold to a major wire news agency. Following the news of its entry into the frenzy of blockchain and crypto currencies, 63Moons’ share price was stuck in a 5% upper circuit and was trading at 127.90 on the BSE and NSE on Monday. As the group came under pressure, the group’s popularity plummeted from a high of 1000 in 2012 to a low of 50 in 2013. 63Moons has a market value of 589 crores on Monday.
Since Tickerplant’s notification to stock exchanges, it has been assumed that 63Moons would unveil its own crypto exchange or currency, but nobody really knows what the group’s plans are for the period, and Shah has told his senior management that he will not be engaged in day-to-day operational processes, according to sources. This week, the government will introduce a bill in Parliament to explain its strategy for regulating blockchain and cryptocurrency trade in India. According to unconfirmed press sources, the government may select SEBI as a regulator for crypto trading platforms.