Infinite Block Launches Ethereum Staking Service for Corporations

Asian Countries Dominate Chainalysis’ 2023 Global Crypto Adoption IndexBlockchain analytics firm Chainalysis has just unveiled an excerpt of its “2023 Global Crypto Adoption Index,” revealing that Asian nations are top of the class in terms of the pace of crypto adoption.The report extract published to the Chainalysis website brings into focus the remarkable strides made by a number of Asian countries, emerging as the front-runners in driving grassroots cryptocurrency adoption.The index showcases the dominance of regions like Central and South Asia, along with the broader Oceania regions. Astonishingly, six of the top 10 countries on the index hail from this part of the world.Photo by Louis Hansel on UnsplashIndia takes top spotIndia, in particular, shines as the torchbearer of cryptocurrency adoption in the region, securing its position as the largest cryptocurrency market. It not only leads the way in grassroots adoption but has also ascended to become the second-largest crypto market globally in terms of raw estimated transaction volume, eclipsing even some major global economies.It’s interesting that India should find itself in this position when you consider that a number of measures have been taken that could have been expected to dampen adoption. The Indian authorities introduced a 30% tax on capital gains earned through the sale of digital assets, as well as a 1% tax on Tax Deducted at Source (TDS) for all crypto transactions.Last month, Indian crypto exchange CoinDCX specifically cited these tax burdens, combined with the recent bear market, as being contributing factors in its decision to cut its workforce by 12%. Another excerpt of the Chainalysis report explicitly refers to these measures and their potential to retard cryptocurrency use.Adoption despite bear marketDespite a temporary downturn in worldwide grassroots cryptocurrency adoption, Chainalysis’ research finds that these developing Asian nations, have not only weathered the storm brought about by the recent bear market but have thrived, with their total grassroots adoption surpassing the levels of Q3 2020, just before the most recent bull market.Other countries featuring in the top ten include Vietnam (third), the Philippines (sixth), Indonesia (seventh), Pakistan (eighth), and Thailand (tenth). China, Turkey, Bangladesh, and Japan then feature within the top twenty.This data holds promise for the cryptocurrency landscape in the Asian region. Many of these nations are lower middle-income (LMI) countries that typically exhibit burgeoning industries and populations, collectively representing more than 40% of the global population. Chainalysis suggests that if these countries shape the future, cryptocurrencies are poised to play an indispensable role in shaping the global financial ecosystem.Institutional adoptionThe excerpt from the report also hints at the burgeoning trend of institutional adoption in high-income countries, even in the face of a lingering bear market. This suggests a potential dual-directional adoption scenario, where cryptocurrencies cater to the needs of users from both affluent and developing nations, bringing together a diverse spectrum of economic backgrounds.The report takes an optimistic outlook, stating:“Grassroots crypto adoption isn’t about which countries have the highest raw transaction volumes. . . . Instead, we want to highlight the countries where average, everyday people are embracing crypto the most.”“If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future.”

Jingdong Coinlink Technology Hong Kong Limited, a branch of JD Technology Group, has declared its intention to launch a stablecoin tied 1:1 to the Hong Kong dollar (HKD). Despite its status as a sandbox participant under the Hong Kong Monetary Authority (HKMA), Jingdong Coinlink has clarified that this does not imply endorsement or licensure for stablecoin issuance. The company aims to offer this blockchain-based stablecoin as a solution for businesses seeking efficient, cost-effective and secure payment methods.Photo by Ben Cheung on PexelsThe proposed stablecoin promises redemption on a 1:1 basis, supported by reserves of “highly liquid, highly-trusted assets” held in licensed financial institutions. Furthermore, Jingdong Coinlink commits to ongoing cooperation with global regulatory bodies to ensure compliance with existing and future legal frameworks. Cryptocurrency developments in Hong KongThis announcement comes amidst a series of significant cryptocurrency-related activities in Hong Kong. On July 23, CSOP Asset Management launched Asia’s first Bitcoin futures inverse product, following their successful Bitcoin Futures ETF in December 2022. Additionally, the cryptocurrency exchange HKX recently retracted its application for a license from the HK Securities and Futures Commission (SFC), advising users to withdraw their crypto assets. This withdrawal adds to the growing list of 12 other platforms that have either pulled back their license applications or had them returned by regulatory authorities. 

Japan’s GMO Coin Announces Special SGB Airdrop for XRP HoldersGMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has unveiled a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.Photo by Kanchanara on UnsplashSGB token distributionThe distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have held XRP in their GMO Coin accounts at 09:00 on December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0045, according to Malaysian cryptocurrency data aggregator CoinGecko.GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.Ripple’s mixed fortunesThis development comes in the wake of a roller-coaster year for XRP holders. Ripple’s native token experienced substantial price fluctuations in response to various developments and events.One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm obtained in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.Earlier this month, Ripple struck a deal with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group, to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.Songbird networkThe Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems, and StateConnector.GMO Financial Holdings, the parent company behind GMO Coin, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform’s willingness to reward its customers and foster engagement within the crypto community.