Blockchain Meat Marketplace MOOxMOO Achieves $30m in Distribution Volume

Hong Kong’s OSL crypto exchange receives $91M boostBC Technology Group, the owner of the licensed OSL exchange, has secured a HK$710 million ($90.9 million) investment from BGX.Photo by Precondo CA on UnsplashBringing clarity to BitgetX market withdrawalBGX is reportedly associated with Seychelles-incorporated crypto exchange Bitget. The investment, which was announced via statements published by both BC Technology Group and BGX on their respective websites on Tuesday, brings further clarity to the rationale behind Bitget’s recent decision to withdraw its BitgetX platform from the Hong Kong market.BitgetX was believed to be working towards crypto licensing in Hong Kong. Its decision on Monday to stop pursuing a virtual asset trading platform (VATP) license and withdraw from the market entirely had been perceived as a weakness of the regulatory regimen in Hong Kong. However, it now appears that it was just clearing the way for involvement in crypto trading brought about through its investment in OSL, an entity that has already acquired a trading license within the Chinese autonomous territory.BGX has entered into an agreement to acquire a 29.97% stake in BC Technology, OSL's parent company, pending shareholder approval. According to an announcement, BGX CEO Patrick Pan Zhiyong is set to become one of two new executive directors as part of this investment. Pan, concurrently serving as the CEO of BitgetX, will also oversee the transition as Bitget steps back from the market, scheduling its platform closure for Dec. 13.Sale rumors deniedReports emerged in October that BC Technology Group was considering the sale of OSL based on a $128 million valuation. Contrary to those reports, BC Technology vehemently denied any intentions to sell OSL, emphasizing its commitment to maintaining the exchange’s operations. The company dismissed such speculation as “factually inaccurate and highly misleading,” underscoring its dedication to navigating the evolving crypto landscape.Bitget, responding to inquiries from the South China Morning Post (SCMP), asserted its independence from BGX, stating that it is “an independent entity” with no legal or commercial connections to the crypto firm.BGX is incorporated in the Cayman Islands and wholly owned by Liu Shuai, the founder of Shenzhen Qianhai Junchuang Fund Management and Singaporean crypto fund Foresight Ventures. Liu’s investment portfolio includes Bitget, as well as U.S. crypto media group The Block, which was acquired by Foresight Ventures, according to reports earlier this week.The incorporation of BGX into BC Technology’s ecosystem introduces a dynamic player with diverse investments across the crypto space. Against the backdrop of Hong Kong’s changing regulatory landscape, with the introduction of a mandatory licensing scheme last year, BC Technology’s OSL was the first exchange to obtain a voluntary license from the Securities and Futures Commission (SFC) in 2020. The asset management division of the company received a trading license in May of this year. In August, OSL, along with HashKey, received approval from the SFC to upgrade their licenses, allowing them to serve retail investors.The evolving regulatory environment reflects Hong Kong’s ambition to position itself as a crypto hub, attracting both institutional and retail participants. While that endeavor is not without its challenges, the city hasn’t been adversely affected by BitgetX's withdrawal from the market, given this related investment in OSL.

OKX Burns $244M $OKB in Record Exchange Token Supply CutSeychelles-headquartered OKX, the world’s second largest cryptocurrency exchange, has conducted its largest-ever burn of its exchange token, $OKB, according to on-chain data.Approximately 5.5 million OKB tokens, equivalent to around $244 million, were removed from circulation. This record-breaking burn represents a significant milestone for OKX, surpassing the previous burns conducted since the monthly program’s inception.The burn was valued at approximately $258 million when calculated based on a 90-day average price, as reported by OKX. Chinese reporter Colin Wu highlighted that this burn marked another significant milestone in terms of the value of OKB tokens burned.Taking to Twitter on Thursday, Wu wrote: “The OKX exchange carried out the 20th OKB repurchase and burning on June 8, with a total of about 5.5 million OKB, or about 244 million US dollars, which once again set a new record for the value of OKB burning. OKX previously stated that it will burn OKX according to the seasonal market and operating performance, but has not disclosed the specific rules.”Photo by Jens Mahnke on PexelsBuy-Back & Burn program$OKB is described by OKX as a “global utility token issued by the OKX Blockchain Foundation,” offering holders various benefits such as discounts and exclusive access. The global exchange initiated the first Buy-Back & Burn program in May 2019. Since then, it has burned a total of 64,042,314.70 tokens as part of that ongoing burning process. Despite this significant development, the price of OKB has remained relatively stable, experiencing a slight increase of 0.29% on OKX. At the time of publication, the token was trading at a unit price of $44.97.Exchange token concernExchange tokens have recently garnered attention following the United States Securities and Exchange Commission’s (SEC) lawsuit against global crypto exchange Binance. The SEC has levied charges related to the sale of unregistered securities, resulting in a steep decline of nearly 15% in the value of Binance’s exchange token, BNB, over the past week.That scrutiny is likely to have followed the collapse of Bahamas-based cryptocurrency exchange FTX in November. At that time, it became apparent that the exchange was using its exchange token, $FTT, to prop up the business. FTX had issued $FTT tokens and used them as collateral, a dangerous act given that exchange tokens have no real-world asset backing and limited token utility.As the crypto market continues to face regulatory scrutiny and legal challenges, the burn of $OKB by OKX stands as a noteworthy event within the industry. The burn not only reduces the supply of $OKB tokens but also underscores OKX’s commitment to managing and enhancing the value of its exchange token. Market participants will undoubtedly monitor the implications of this burn and how it may influence OKB’s future performance in the evolving cryptocurrency landscape.Exchanges like OKX are likely to carefully manage the supply levels of exchange tokens, given market perceptions in relation to the extent of the utility of such tokens, the scrutiny of regulators, and the problems caused in over-extending supply in the case of other exchanges in the past.

Grab Turns to Web3 With Crypto Wallet IntegrationGrab, the Singapore-headquartered Asian ride-hailing firm with a user base of 180 million people, is integrating a crypto wallet into its platform.That’s according to Chinese crypto reporter Colin Wu. Wu tweeted out news of the development on Thursday, including screenshots which he had obtained that provide further detail relative to Grab’s Web3 wallet.Often dubbed the “Uber of Southeast Asia,” Grab’s foray into Web3 technology could reshape how the region engages with cryptocurrencies. This move, initially available in Singapore, aligns with the city-state’s reputation as a fintech leader and developing crypto hub, suggesting it may serve as a testing ground for Grab’s crypto integration.Photo by Afif Ramdhasuma on UnsplashPolygon wallet integrationOne pivotal aspect of this integration is Grab’s support for the Polygon wallet, a layer-2 scaling solution for Ethereum. Known for its speed and low transaction fees, Polygon aids Grab’s venture into crypto, as these characteristics feed into its practicality for everyday crypto transactions. This strategic choice aims to make cryptocurrencies more accessible and usable for the masses.Venturing beyond paymentsIt seems like Grab’s ambitions extend beyond basic cryptocurrency payments. It is also setting the stage for users to explore non-fungible tokens (NFTs) and blockchain technology. The company has provided guidance content for wallets and NFTs which would suggest that Grab’s vision goes beyond mere transactions and that it sees the potential for NFTs in terms of transforming digital ownership and other such use cases.The Web3 wallet stands out in terms of user experience. Unlike traditional crypto wallets that are reliant on private keys, Grab employs a PIN password system. This simplifies the crypto experience. This is of particular importance when it comes to trying to find ways to bring Web3 and crypto into everyday use by the mass market.Additionally, Grab introduces an account recovery system based on questions and answers, in an effort to strike a balance between security and convenience.MAS collaborationAs part of the firm’s journey into Web3, it has been collaborating with the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator. Together, they’ve explored digital assets, central bank digital currencies, and innovative payment systems, and it also indicates that the company is working towards including a Web3 offering while remaining in regulatory compliance.According to the company’s Q2, 2023 results, Grab records an average of 34.9 million monthly transactions.By integrating a user-friendly crypto wallet, supporting Polygon, and exploring NFTs, it appears that Grab is aiming to empower its massive user base to participate in the digital asset revolution. With Singapore as the initial launchpad, Grab’s Web3 journey holds the potential to influence how the entire region embraces cryptocurrencies.In simplifying crypto access, supporting innovative technologies like Polygon, and educating users about NFTs and blockchain, the Singaporean firm is paving the way for a more inclusive and decentralized financial future in the region.