CoinDCX Expands Okto Wallet’s Global Reach with Transak Integration

Oobit, the mobile crypto payment app based in Singapore, has raised $25 million in a series A funding round with the assistance of leading stablecoin issuer Tether. Funding global expansionThe company aims to broaden its reach across Asia, the Middle East and Latin America, with a strategic focus on bringing its platform to more mainstream users. While the company’s primary markets currently lie within the European Union and the UK, Oobit will be targeting the Asia Pacific (APAC) region and specific jurisdictions such as the United Arab Emirates (UAE), Canada and Australia. This expansion aligns with the company's goal of accelerating the development of a Web3 gateway. The funding round was led by Tether alongside Anatoly Yakovenko, co-founder of Solana Labs. Additionally, Germany’s 468 Capital, a technology investment firm, and Hong Kong-headquartered CMCC Global joined as contributors. CMCC invested through its $100 million Titan Fund, which it established last year to support blockchain startups in the Asian region.Photo by micheile henderson on UnsplashEnabling users to spend cryptoOobit's mobile payment app allows consumers to make purchases using cryptocurrencies, while merchants receive payments in fiat currency. The tap-and-pay feature enhances accessibility, enabling users to pay at any point of sale accepting Visa or MasterCard funds from their Oobit wallet. Furthermore, Oobit facilitates the direct purchase of bitcoin, ether and more than 35 other popular cryptocurrencies within its app. Tether CEO Paolo Ardoino expressed support for Oobit's development, emphasizing a shared vision for driving widespread cryptocurrency adoption globally. Oobit's co-founder and CEO, Amram Adar, highlighted the funding round as a pivotal moment, propelling the company forward in its mission to offer a straightforward way to pay with digital assets worldwide. Introducing non-custodial paymentsThe company plans to extend its capabilities to third-party wallets, transitioning into a non-custodial crypto payments app. This move will allow payments to and from external e-wallets, bridging the gap between Web3 and real-world spending. A company spokeswoman stated via email:"We have several partnerships in the pipeline that will be announced in the coming months," hinting at Oobit's commitment to ongoing collaboration and expansion. Oobit's vision is to empower crypto holders to Tap & Pay at over 100 million retailers globally, accepting Visa and MasterCard. Merchants can seamlessly embrace digital assets as a form of payment, and customers can conveniently use their digital assets for transactions. Future updates to Oobit will enable customers to make crypto payments, ensuring merchants receive fiat currency in return, mirroring the simplicity of credit card transactions. The native cryptocurrency of Oobit is the OBT token through which the platform rewards its growing community and ecosystem. The token is used for transaction fees and payments. The OBT token is currently trading at $0.0992, according to CoinMarketCap data. With the backing of industry leaders and a user-centric focus, Oobit is attempting to position itself to make significant strides in its mission to facilitate frictionless transactions and promote the adoption of cryptocurrencies on a global scale.

Japanese Firm Exec Underscores User Experience and Collaboration in Web3Hiroshi Tsuruoka, the Chief Operating Officer (COO) of UNCHAIN, a Japanese company specializing in Web3 entertainment services, recently underscored the significance of unique experiences and collaboration in the Web3 space. He shared these insights during his conversation with Webmaster Forum, a platform offered by Japanese web content provider Impress Corporation.UNCHAIN, Tsuruoka’s employer, aims to assist companies in entering the Web3 sphere and developing entertainment services that offer users a secure and enjoyable experience. The company provides comprehensive support, including planning, development, and marketing, tailored specifically for the Web3 environment.Photo by Shubham’s Web3 on UnsplashImportance of content qualityDuring the interview, Tsuruoka said that Web3 seems to have lost some of its previous popularity in Japan. Initially, the market experienced rapid growth driven by highly speculative products like NFT artworks and Play to Earn (P2E) games, which attracted participation from many Japanese companies. However, the subsequent downturn of global projects prompted the Japanese blockchain industry to reassess its strategy, recognizing the paramount importance of content quality.Meaningful experiencesAccording to Tsuruoka, the appeal of blockchain games extends beyond their profit potential, deriving more from the unique, enjoyable experiences they offer. He believes that gamers find it meaningful when they play a pivotal role in expanding the gaming market and giving rise to new gaming cultures. Moreover, the incorporation of NFTs in games allows users to retain ownership of their in-game items even if a company discontinues its service, fostering a deeper emotional connection between users and their virtual possessions.This emerging trend fosters a culture of creation, where users, operators, and creators come together in a collaborative space to generate secondary creations and new services. Users delight in actively contributing to this ecosystem and helping it grow.Tsuruoka recognizes that decentralization presents both advantages and challenges. On one hand, it offers individuals greater freedom. However, it also places the full responsibility of data management on the users themselves, in contrast to a centralized environment where the game provider handles data management.Tsuruoka advises against placing excessive emphasis on speculation and financial gain when discussing Web3. Instead, he encourages companies to prioritize delivering meaningful and valuable experiences to users. Tsuruoka believes that emotional experiences, such as owning a distinctive avatar through digital assets, hold tremendous potential in the Web3 realm.Web2 success firstHe asserts that no Web3 project can guarantee success without proving its worth in the Web2 space. Services that proved valuable in Web2 could experience significant growth when combined with Web3 elements.Strong relationshipsTsuruoka highlights the importance of establishing strong relationships between companies and users in the Web3 environment. While platforms like Discord can facilitate these relationships, it is crucial to strategically design user engagement, motivation, and enjoyment before launching a service. Effective community management in the Web3 space requires deep user engagement, which entails ongoing and intensive communication between operators and users.Tsuruoka emphasized the need to heed user feedback. Regardless of the service type, incorporating user opinions and collaborating with them can result in significant community and project growth, with corresponding increases in asset values. He added that this is not limited to the Web3 domain.

Crypto Exchange Bithumb’s Operator Closing BusinessesBithumb Korea, the operator of a major South Korean cryptocurrency exchange, has been streamlining its businesses in response to its ongoing struggle to generate profits.Photo by Tim Mossholder on PexelsAccording to a report by local news outlet Business Watch, Bithumb Systems, a tech solution subsidiary of Bithumb Korea, has recently ceased operations. Bithumb System was launched in March of last year with the aim of advancing blockchain and exchange technology. However, due to the decline in the crypto industry and challenges in profitability, the company had to undergo liquidation.An official from Bithumb Korea explained that the decision to close its tech solution arm was made in order to prioritize improving the competence of the exchange amidst the changing landscape of domestic and foreign markets.Other affiliates of Bithumb Korea are also facing difficulties. For instance, Bithumb Live, an e-commerce platform jointly established by Bithumb Korea and content production firm Bucket Studio, has been on hiatus since October last year. The platform incurred a net loss of 10 billion KRW ($7.75 million). Bithumb Korea, holding 37.5% of Bithumb Live’s shares, invested 6 billion KRW ($4.65 million) into the platform in 2021. Bithumb Korea recognizes these investment losses using the equity method.Additionally, Bithumb META, despite raising the highest amount of funds among its sister affiliates, has encountered challenges in making much progress since its establishment last year. Its NFT marketplace, Naemo Market, is still without a mobile application, and the introduction of its metaverse platform is still pending. Although Bithumb META managed to attract 9 billion KRW in investments last March from esteemed companies such as LG CNS, CJ OliveNetworks, and SK Square, it incurred a loss of 7 billion KRW ($5.4 million) in 2022.Furthermore, earlier this month, it was reported that the exchange closed its research center due to a decline in trading volume, despite its importance in assisting investors to make better-informed decisions.A representative from Bithumb stated that the company is actively seeking new sources of revenue through its mobile Wallet platform operator, Rotonda, and Bithumb META. However, given the market slowdown, Bithumb is now compelled to prioritize enhancing the competence of the exchange.