American Crypto banks to Perform Both Crypto and Traditional Banking Function; Indian PM’s vision of techade: Tech Market Roundup

Here are some quick tech catch for you so that you stay updated with the latest crypto and tech news

Good morning Tech Fam, here's a quick tech update for you to catch on:

What's new today: The Federal Reserve releases new guidelines for  American crypto banks; Elon Musk teases his own social media site amid legal feud with Twitter.

Fast-Trach Insights: Indian PM Modi says India's 'techade' is here; tech giant Google is inviting Nest product owners to join the testing phase for a new design of its Home app.

The Federal Reserve released formal guidelines to oversee the process by which "institutions offering new types of financial products or with novel charters" could be granted so-called "master accounts," a key financial status that allows for direct payments with, and access to, the Fed. All federally-chartered banks possess a master account.

Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be in even worse financial straits than previously signaled. A new court filing Monday from Kirkland & Ellis, a law firm the crypto lender hired to lead its restructuring efforts, included financial projections that Celsius will run out of cash by October. The filing, submitted to the U.S. Bankruptcy Court for the Southern District of New York in advance of an upcoming hearing, also stated that the crypto lender holds US$2.8 billion less in crypto than it owes to depositors.

Elon Musk is known for his frequent cryptic posts on Twitter that force his fans to scratch their heads. He has done it again, and this time, the Tesla CEO hinted at building a new social media platform amid a bitter legal battle with Twitter. To be fair, this isn't the first time Musk teased something similar.

Prime Minister Narendra Modi, during his Independence Day speech on August 15, said that India's 'techade' is here with extensive development of 5G technology and chip manufacturing. He said that the government is successfully bringing a revolution to the grassroots with the help of the Digital India initiative.

Tech giant Google is inviting Nest product owners to join the testing phase for a new design of its Home app, an online listing reveals, suggesting that users may soon see a revamped experience on the service. As spotted by a Reddit user, the company is "recruiting for a group of highly engaged testers that are willing to help Google Nest test an unreleased product," reports Android Central.