Schlagwort: crypto business

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Thailand’s Kasikorn Bank acquires majority stake in Satang crypto exchange

  • Kasikorn Bank has acquired a 97% stake in Thailand-based cryptocurrency exchange Satang.
  • The bank’s deal is reportedly worth 3.705 billion Thai baht ($102.8 million).
  • Satang will rebrand to Orbix.

Kasikorn Bank, Thailand’s second largest bank, has reportedly acquired a 97% stake in Satang crypto exchange. The deal was completed via Kasikorn Bank’s subsidiary Unita Capital and involved 3.705 billion Thai baht ($102.8 million) worth of shares in Satang’s parent company.

Wu Blockchain highlighted the crypto news in a post on X on Monday, citing CoinDesk.

Satang to rebrand to Orbix

The Satang Corporation, founded in 2017 and one of the major digital asset exchanges in Thailand, offers trading for more than 45 cryptocurrencies. Details show that the platform’s customer base is over 1 million.

Per a local media report published early Monday, the deal’s completion will see Satang re-brand to Orbix, with three subsidiaries namely: Orbix Custodian, Orbix and Orbix Technology. 

Kasikorn, also known as K-Bank, recently received a crypto exchange operator license and has launched a $100 million fund for Web3, fintech, and artificial intelligence (AI).

K-Bank’s move sees it join other leading financial giants in Thailand in the push into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy behemoth that recently partnered with Binance to expand the global crypto exchange’s services in the country.

The post Thailand’s Kasikorn Bank acquires majority stake in Satang crypto exchange appeared first on CoinJournal.

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Bitcoin price to hit $125k by end of 2024: Matrixport

  • Bitcoin (BTC) could rally to a high of $125k in late 2024 amid institutional adoption, Matrixport said in report.
  • The crypto services provider’s Bitcoin price prediction comes amid BTC’s surge to $35k.
  • Spot Bitcoin ETF approval could be one of the catalysts of the bull market.

Bitcoin’s jump to above $35,000 this week came amid the crypto market’s latest spot Bitcoin ETF anticipation. This has the flagship cryptocurrecy looking at potentially printing the first consecutive weekly green candle since late July/early August when it went on to hit lows of $24,900 in September.

BTC has notably retreated from the $35k level and is battling to strengthen above $33.5k as of Friday afternoon, October 27.

What could drive Bitcoin price to $125k?

While some analysts say the crypto could look to retest key support levels, crypto services platform Matrixport says in a new Bitcoin price prediction that the benchmark cryptocurrency could soar to $125,000 by the end of next year.

The platform said in its latest research report that with Bitcoin in its fifth bull market, soaring institutional interest and potential price catalysts such as spot ETF could prove key to price gains.

“Bitcoin’s 5th BullMarket is underway, defined by institutional interest and a soaring price trajectory. This cycle began on June 22, 2023, with a new one-year high, historically leading to impressive returns. The target? $125,000 by December 2024,” the firm highlighted in a post on X.

The bullish perspective is down to Bitcoin’s growth as an asset class, with investors now looking at the cryptocurrency much more like they view traditional safe-haven assets like Gold and Treasury bonds. Institutional investors are buying Bitcoin as part of diversifying their portfolios.

BTC at current prices could therefore end up being a huge bargain given the expected influx of institutional money. For investors likely to think of a better entry point, Matrixport analysts say that price was $17k.

“Our analysis indicates that the optimal entry point was in October 2022, when Bitcoin traded at just $17,000. The narrative is now centered around institutional adoption and asset diversification,” they added.

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Standard Chartered-backed Zodia Markets gets VASP registration in Ireland

  • Zodia Markets is a Standard Chartered-backed digital asset exchange and brokerage platform.
  • The company has announced its registration as a Virtual Asset Service Provider (VASP) by Ireland’s central bank.
  • Zodia is looking to position itself for European expansion amid the upcoming MiCA laws.

Zodia Markets, a digital asset exchange backed by Standard Chartered, is now registered as a Virtual Asset Service Provider (VASP) in Ireland.

An announcement by the company on Friday stated that the VASP approval was granted to Zodia Markets (Ireland) Limited by the Central Bank of Ireland (CBI). This follows similar registrations by the Abu Dhabi Global Markets (ADGM) and the UK’s Financial Conduct Authority (FCA) – in September 2023 and in July 2022 respectively.

Ireland is a burgeoning crypto market

Zodia Markets’ registration in Ireland means the company now has regulatory approval in the EU, with this allowing it to expand its services in Europe, including crypto exchange and OTC trading. 

The milestone also aligns the platform with the upcoming implementation of EU’s comprehensive crypto laws, the Markets in CryptoAssets Regulation (MiCA) that’s expected to go into effect in the second half of 2024.

“VASP registration is an exciting development for Zodia Markets, and we’re delighted to be part of the burgeoning Irish digital assets ecosystem. The registration will act as a launchpad for the business to enter the EU, a market where we see significant opportunity and demand for our offering, and it paves the way for future MiCA authorisation when the regulations are implemented,” Michael Walsh, CEO of Zodia Markets Ireland, said.

Ireland continues to attract crypto companies amid the industry’s recognition of a supportive regulatory environment.

Coinbase, which has regulatory approval as an e-money institution and VASP in the country, recently announced that it had selected Ireland as its European hub. The US-based crypto giant first hinted at this move in 2020. 

Another major crypto company registered in the country is Kraken, which has CIB approval as an e-money provider.

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Virtual Asset Management Bill introduced in the Taiwan parliament

  • The Bill focuses on customer protection, regulatory obligations, and industry self-regulation.
  • Major crypto exchanges in Taiwan had previously formed the Taiwan Virtual Asset Platform and Transaction Business Association.
  • Taiwan’s Financial Supervisory Commission (FSC) also recently issued industry guidelines for VASPs.

In a recent move to enhance oversight and customer protection in the cryptocurrency industry, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan, on October 25, 2023.

The bill aims to establish clear guidelines for virtual asset service providers (VASPs) while fostering industry growth.

Key provisions of the bill

The 30-page bill outlines several important provisions:

  • Customer Protection: The bill emphasizes the need for better customer protection within the cryptocurrency industry. It requires virtual asset service providers to separate customer funds from their reserve funds, ensuring transparency and security.
  • Regulatory Obligations: VASPs are expected to establish internal control and audit systems to maintain compliance. Joining the local trade association is also encouraged to foster industry self-regulation.
  • Stablecoins and Advertising: Notably, the bill does not mandate stablecoin issuers to maintain a 1:1 reserve ratio, showing flexibility in this aspect of regulation. Additionally, the rules for advertising are to be determined by the competent authority, granting flexibility in marketing activities.
  • Licensing and Fines: VASPs operating without a license face fines ranging from 2 million to 20 million Taiwanese dollars. Existing market players have a six-month window to obtain the required license after the bill becomes law.

Prior attempts by industry participants to self-regulate

The introduction of the Virtual Asset Management Bill closely follows the creation of the Taiwan Virtual Asset Platform and Transaction Business Association, which represents a collaborative effort by major cryptocurrency exchanges in Taiwan.

MaiCoin, BitoGroup, Ace Exchange, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito joined forces to support the cryptocurrency industry and engage with regulators. The association was created with the aim of guiding the industry, setting standards, and building consensus.

In September 2023, Taiwan’s Financial Supervisory Commission (FSC) issued industry guidelines for VASPs, restricting foreign VASPs from operating in Taiwan without obtaining necessary approvals from the regulator.

The FSC’s move underscored the government’s commitment to providing regulatory clarity.

Binance’s registration application in Taiwan

Binance, one of the world’s largest cryptocurrency exchanges, sought registration in Taiwan, signalling its willingness to comply with local regulations. Binance had previously operated in the country through a local entity, Binance International Limited Taiwan Branch (Seychelles).

These developments collectively reflect Taiwan’s evolving approach to cryptocurrency regulation, aiming to balance industry growth with necessary oversight and customer protection. The cryptocurrency industry’s landscape in Taiwan continues to evolve, seeing that Circle, BitoGroup, and Taiwan FamilyMart recently partnered to launch ‘Points-to-Crypto’ service in the country.

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FLOKI launches real-world asset tokenization platform TokenFi, token surges 29.01%

  • FLOKI token price has surged by 29.01% surge in the last 24 hours.
  • The price gain is attributed to the launch of TokenFi, a real-world asset tokenization platform.
  • TokenFi empowers users to tokenize real-world assets without coding skills.

In a significant move that is reverberating through the cryptocurrency world, the FLOKI token has experienced a remarkable 29.01% surge in its price over the past 24 hours. This sudden boost in value is directly attributed to the launch of TokenFi, a novel platform dedicated to real-world asset (RWA) tokenization.

TokenFi, introduced by the Floki development team, marks a pivotal shift for the once-meme coin project, positioning it as a formidable contender in the decentralized finance (DeFi) ecosystem.

Revolutionizing RWA tokenization using TokenFi

TokenFi is designed to facilitate the tokenization of real-world assets without requiring users to possess coding skills.

This groundbreaking platform empowers users to launch various cryptocurrencies and raises funds from the Floki community. Furthermore, it establishes connections with exchanges and market makers to ensure liquidity while offering the opportunity to create tokens representing real-world assets that are not classified as securities.

The cryptocurrency industry is now on the precipice of a vast opportunity. As developers envision, the tokenization industry is projected to reach a staggering $16 trillion by the year 2030. Indeed, even major institutional investors like BlackRock, managing assets worth $10 trillion, have shown unwavering belief in the potential of this industry, dubbing it “the next evolution in markets.”

Real-world asset tokenization a trillion-dollar opportunity

Real-world asset (RWA) tokenization refers to the digitization of physical assets such as real estate or vehicles, making them accessible within the realm of decentralized finance (DeFi) applications. Industry analysts have aptly labelled this as a “trillion-dollar opportunity” due to its potential to democratize global asset trading and investment, previously constrained by complex regulatory and financial laws.

TokenFi’s deployment will commence on five prominent blockchain networks, including Ethereum, BNB Chain, opBNB, Base, and Arbitrum. With plans for further expansion, this platform aims to attract users with incentives for protocol usage, creating a self-sustaining ecosystem.

FLOKI token staking

For FLOKI token holders, there’s an added incentive. Users can earn the reward token, TOKEN, by staking their FLOKI tokens for durations ranging from 3 months to 4 years. This mechanism is expected to reduce the circulating supply of FLOKI tokens and increase their intrinsic value, thereby further contributing to the ecosystem’s growth.

TokenFi’s ambitious mission to capitalize on the booming RWA tokenization market signifies the increasing prominence of blockchain technology in reshaping global finance.

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