Ministry of Science and ICT to hold conference to explore future of Web3

Bitfinex Turkiye Facilitates Zero-Cost Deposits via VakıfBank PartnershipIn a strategic move to bolster its presence in Turkey, cryptocurrency trading platform Bitfinex has introduced a seamless and cost-free method for Turkish customers to deposit Turkish lira directly into their accounts.According to a press release published by the company on Thursday, this integration comes as a result of collaboration between Bitfinex Turkiye and VakıfBank, Turkey’s second largest bank in terms of asset size, and a significant player in the Turkish banking sector.Photo by Meg Jerrard on UnsplashExpanding market accessBitfinex’s Chief Technology Officer, Paolo Ardoino, emphasized the user-centric benefits of this partnership. He stated that Turkish customers can now deposit lira effortlessly and economically, streamlining their access to the cryptocurrency market.This development could potentially aid Bitfinex in expanding its operations within Turkey, which stands as one of the largest markets for leading global crypto exchange Binance. Ardoino stated that the move facilitates “the ability to deposit [lira] seamlessly and cost-effectively.” Additionally, Ardoino maintained that market access was being enabled “by integrating with VakıfBank,” and that “[Bitfinex] is making it easier” for customers to participate.Collaborating with the crypto sectorFounded in the 1950s, VakıfBank has 935 brick-and-mortar branches, a network of over 4,000 ATMs and almost one million point-of-sale (POS) terminals in use. This latest partnership is not the first touch point for the bank when it comes to the crypto sector. It has a similar deal in place with Istanbul-based crypto platform, CoinTR. In that instance, CoinTR customers can deposit or withdraw Turkish lira to or from their CoinTR accounts via VakifBank instantly, 24/7 and with zero fees.The bank has also participated in a blockchain-based trade finance initiative, the Turkish Trade Chain Project. In a press release published by the bank last year, it expressed the belief “that blockchain technology will make data sharing more transparent, traceable, verifiable and controllable by reducing the communication traffic between parties in the foreign trade process that requires many documents.”Partnering with TradFiBy aligning its services with a traditional financial institution, Bitfinex joins the ranks of other industry players like Fidelity, BlackRock, and PayPal, which have demonstrated increasing openness to cryptocurrencies despite the ongoing bear market.Turkey has proven to be an important market for cryptocurrencies like Bitcoin and USDT, the US dollar stablecoin issued by Bitfinex’s sister company, Tether. Runaway inflation in recent years has led to an outsized interest in decentralized money in the country.Bitfinex’s business in Turkey has not been without its hiccups. Earlier this year, a Wall Street Journal report alleged that Bitfinex Turkiye user accounts had been implicated in terrorist financing. One particular account was alleged to have been used for money laundering purposes by the armed wing of Palestinian militant group, Hamas.This latest initiative follows Bitfinex’s recent announcement of the launch of Bitfinex P2P, a peer-to-peer exchange catering to clients in Argentina, Venezuela, and Colombia. With such expansions and collaborations, the cryptocurrency sector continues to evolve, demonstrating resilience and adaptability in the face of bear market conditions and regulatory challenges.

Bgin Blockchain Limited, a crypto mining equipment manufacturer headquartered in Singapore, filed documentation last Friday with the Securities and Exchange Commission (SEC) with a view towards launching an initial public offering (IPO) in the U.S. The Feb. 21 filing, a Form F-1 registration statement, outlines that the company wishes to go forward with the IPO after the effective date of the filing has been established. Bgin identified itself as an “emerging growth company.”  The registration statement was filed on behalf of Bgin by Hunter Taubman Fischer & Li LLC, in conjunction with the underwriters represented by Robinson & Cole LLP. It proposes to offer the U.S. investing public 59.54 million Class A ordinary shares and 15.69 million Class B shares. As part of its plan, Class A shares would be listed on the Nasdaq stock exchange using “BGIN” as the ticker symbol.Photo by Leslie Lopez Holder on Unsplash$50 million raiseIn a statement published on Renaissance Capital's website, the independent investment bank outlined that Bgin is seeking to raise $50 million in capital through the IPO.  It’s understood that funds raised by way of the IPO will be utilized to ramp up research and development efforts. The bookrunners, responsible for managing the IPO, are Chardan Capital Markets and The Benchmark Company. As yet, no information has been provided with regard to how Bgin will price its share offering. Renaissance described Bgin as a digital asset technology company “with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies.”  The company, founded in 2019, focuses on the design, manufacture and distribution of mining equipment relative to Kaspa (KAS), Alephium (ALPH) and Radiant (RXD) blockchain networks. Bgin supplies 8nm and 12nm ASIC chips dedicated to these alternative blockchain networks, which all depend on the use of a proof-of-work (PoW) consensus mechanism. Additionally, Bgin mines cryptocurrency itself while providing a hosting service for crypto mining, with facilities in the U.S. and Hong Kong. It hosts 4,020 mining rigs for customers, with 3,330 of these located within facilities in Iowa and Nebraska.  Across various subsidiaries Bgin manages 33,862 active mining rigs in the U.S. within its own mining operations. And additional 12,000 non-operational rigs are currently in storage facilities in the U.S. and Hong Kong. Over a 12-month period ending on June 30, 2024, the company recorded revenues of $392 million. In 2023, the firm recorded sales of 68,000 mining rigs. In H1 2024, the company sold over 47,000 mining machines. The filing disclosed that the company’s Hong Kong subsidiary was responsible for considerable crypto mining facilities in mainland China prior to China deeming the activity to be illegal in 2021. Providing full disclosure in the lead-up to its IPO, the firm warned that it continued to operate crypto mining facilities in China for a number of months in violation of that law. It identifies this item as a risk factor as potentially, the firm could be penalized and fined.

Fasset becomes sixth crypto firm to secure VARA licenseFasset FZE, a digital asset brokerage based in Dubai in the United Arab Emirates (UAE), has successfully obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).This achievement, evidenced by a listing on VARA’s website on Wednesday, marks the culmination of VARA’s approval process, granting Fasset the authorization to provide broker-dealer services through its Web3-based financial services platform to a broad spectrum of clients, including both retail and institutional investors.Fasset, with a focus on practical applications of digital assets underpinned by blockchain technology, offers a range of services encompassing stable cryptocurrencies, tokenized commodities, precious metals and fiat currencies.Photo by Hongbin on UnsplashInvestcorp fundingSimultaneous with securing the VARA license, Fasset announced an upcoming investment from global investment manager Investcorp ahead of its Series B funding round, although the exact funding amount remains undisclosed. In 2022 the firm raised $22 million in Series A funding. With plans for a beta launch scheduled for this month and a full roll-out in January 2024, the startup is attempting to make an impact on the market.Mohammad Raafi Hossain, the CEO of Fasset, underscored the strategic importance of the VARA license in advancing the company’s mission to facilitate access to digital assets in emerging markets. In a post published on Thursday via the company’s LinkedIn account, Hossain outlined that this approval plays a crucial role in Fasset’s global licensing strategy, enabling seamless asset transfers across high-traffic remittance corridors, particularly from the Gulf Cooperation Council countries to Asia.Targeting emerging marketsHossain remarked:“Fasset’s focus on enabling people across emerging markets to access to digital assets is bolstered with this permission from VARA in UAE. As one of the most progressive regulatory frameworks in the world, the VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkiye through blockchain.”The countries Hossain mentioned are precisely the markets that the firm is attempting to target. In August the firm launched an app which allows users to buy, sell and swap various cryptocurrencies with those markets in mind. Earlier in the year, Fasset had partnered with Mastercard in an effort to expand its service and product offering in IndonesiaWorking towards compliant frameworksFasset has been proactive in engaging with regulatory bodies, dating back to its establishment in 2019. The fledgling firm is now reaping the benefits of following that approach of regulatory compliance. The founding team’s prior collaboration with the UAE Prime Minister’s Office in crypto regulation laid the groundwork for compliant frameworks, something that is seen by officials as essential to the UAE’s technological progress.Dubai’s emergence as a key player in the cryptocurrency industry is evident, with an increasing number of crypto companies setting their sights on the Middle East, particularly Dubai, as a potential hub. In the month of November alone, five distinct entities, including CFI, GCEX, HEX, Crypto.com and Ripple, secured authorization from Dubai for crypto operations, showcasing the growing prominence of the region.