KDIC Seizes Crypto from Debtors Linked to Losses at Financial Firms

Moomoo adds more cowbell with MAS license approvalMoomoo Financial Singapore has received in-principle approval for a major payment institution license from local regulator and central bank the Monetary Authority of Singapore.Photo by Zhu Hongzhi on UnsplashFirst stepThe milestone marks the firm’s first step on its journey towards full regulatory approval in the city-state. According to a report by The Straits Times, the company announced its licensing achievement on Wednesday, which makes it the first digital broker of its kind in Singapore to attain this initial licensing accreditation.With in-principle approval under its belt, Moomoo will work towards extending its crypto services to both retail and institutional investors within the country. The firm had been working towards licensing approval since May 2021 when it submitted its initial licensing application to the regulator.Currently, over a dozen firms covering various crypto-related trading activities, have obtained full licenses for digital payment token services in Singapore. In Moomoo’s case, the business markets itself as an all-in-one trading platform which includes a financial information app. Trading on the app is offered on a commission-free basis.Part of Moomoo’s strategy involves the promotion of financial inclusion, unlocking it through the use of innovative technologies. It’s with that intention that it is leaning heavily upon the use of artificial intelligence and big data, while incorporating a crypto trading product offering. Moomoo Singapore CEO Gavin Chia spoke to that approach recently, stating:“We will continue leveraging technology to deliver a unique investing experience, empowering investors to build their knowledge and refine their portfolios for a financially secure tomorrow, starting today.”Tencent backingIn light of this latest licensing success, Chia acknowledged the rising interest in digital payment token trading on their platform. Moomoo Singapore, a subsidiary of Nasdaq-listed Futu Holdings, was established in March 2021. Futu Holdings, in turn, is backed by Chinese tech giant Tencent, and it has positioned Moomoo Financial Singapore to play a significant role in the evolving cryptocurrency landscape within the region.Alongside Moomoo, Futu promotes its Futubull trading platform through its Chinese hub in Hong Kong. Last month, it emerged that subsidiary company PantherTrade, a Hong Kong-based entity, is in the process of preparing a license application in the Chinese autonomous territory.Singapore’s crypto potentialMoomoo Financial Singapore’s acquisition of in-principle approval is in anticipation of Singapore becoming a major cryptocurrency hub in Asia. This growth is attributed to the MAS’s efforts in establishing Singapore as a digital asset hub. Singapore’s crypto-friendly environment is demonstrated by a significant surge in cryptocurrency and blockchain investments, reaching $1.2 billion in 2022 compared to $109.75 million in 2020, according to Statista.In a survey conducted by Swiss crypto bank Sygnum involving more than 150 global institutional investors, those in Singapore showcased a tendency to view cryptocurrencies as a long-term investment. Additionally, Moomoo Financial Singapore highlighted a report by PwC Singapore and the Singapore Fintech Association, suggesting that the payments industry seems to be the most developed area within Singapore’s fintech landscape.As Singapore continues to embrace cryptocurrencies and blockchain, Moomoo Financial Singapore’s pending license adds to the expanding ecosystem, signaling a growing recognition of the importance of digital assets in the financial sector.

Singapore-headquartered Bitcoin mining company Bitdeer has outlined a roadmap of chip development which will culminate in the introduction of its most energy efficient mining chip to date, the “SEAL04” chip. According to a press release published by the company on June 6, the company outlined that it wanted to be transparent in demonstrating its plans over the short to medium term in terms of research and development and technological advancement.Photo by Michael Förtsch on UnsplashIterative progressionThe starting point for its roadmap is the SEAL01 chip, which the company introduced in Q1 2024. That mining chip was engineered using a four-nanometer process technology. It was developed in collaboration with a semiconductor fabricator albeit that the company has not disclosed the identity of that fabricator. That chip weighed in at 18.1 Joules/Terahash (J/TH). The SEAL01 represents the company’s first release relative to its SEALMINER technology.  Bitdeer feels that providing guidelines for technology releases will better inform market participants, and that’s important given that uncertainty creates a major difficulty for those operating in the Bitcoin mining space.  With that, Bitdeer is projecting a Q3 2024 release for its SEAL02 miner, which will clock up between 15 and 16.5J/TH. SEAL03 is scheduled for Q4 2024, with an efficiency boost taking it to between 11 and 12J/TH. Finally, the SEAL04 is scheduled for release in Q2 2025. That chip is expected to have an energy efficiency range as low as 5.5-6J/TH. The two most critical factors for Bitcoin miners to stay competitive include the cost of energy and the level of energy efficiency achieved by the mining equipment that is being used. It’s believed that the roadmap will help in managing miners’ expectations relative to technological advancement.  Gearing up for a post-halving mining environmentTo develop the SEALMINER equipment series, Bitdeer outlined last March that it had “assembled an international team of professional engineers specializing in chip design, firmware, and hardware engineering.” At that time, the company suggested that the new range of mining equipment would allow it to assist the Bitcoin mining community “in seizing opportunities following the 2024 halving event.” Alongside its chip development roadmap, the company came to the industry’s attention earlier this week with stablecoin issuer Tether acquiring a 25% stake in the Singaporean mining equipment developer, according to a filing with the U.S. Securities and Exchange Commission (SEC). This acquisition makes Tether the second-largest shareholder in Bitdeer, behind Victory Courage Ltd., which is registered to Bitdeer CEO Jihan Wu. Wu, who co-founded Bitdeer and served as CEO of ASIC manufacturer Bitmain previously, was appointed as CEO of Bitdeer in January. The appointment was made so that Wu could oversee what was expected to be a period of rapid growth at the company. In the June 6 SEC filing, Tether Holdings Limited disclosed control over 23,587,360 BTDR shares. This significant increase in holdings stems from a private placement deal closed with Bitdeer last week, enabling the Bitcoin miner to secure $100 million in financing. The deal also includes a warrant allowing Tether to purchase up to 5,000,000 additional shares at $10.00 each over the course of the next year. Bitdeer plans to use the raised funds to expand its data centers, develop ASIC-based mining rigs and support other general corporate purposes.  

WEMIX PLAY Adds Four More Games to Its LineupSouth Korean gaming publisher Wemade has taken a stride by signing contracts with four distinct gaming developers to integrate their games onto WEMIX PLAY, Wemade’s blockchain gaming platform. This news arrives merely a week after the onboarding of the preceding three games.Photo by Sean Do on UnsplashTank battle gameAmong the additions is “Tank Battle Heroes: World War,” developed by T-Bull S.A., a mobile game developer based in Poland. Its forthcoming contribution stands out as a 3D multiplayer tank battle game, featuring realistic snowy and desert environments. Gamers will enjoy Tank Battle Heroes by defending their territory and conquering rival territories.Action RPGJoining the roster is “Wind of Chaos,” an action role-playing game designed by Altwolf Software, a company hailing from Belarus. In “Wind of Chaos,” players immerse themselves as pirates, opting for individual or group endeavors in their quest to destroy enemy ships and engage in adrenaline-inducing battles.3D artillery gameHong Kong’s tech enterprise, HK Pharos Tech, is set to introduce “TNT Bomb Commando,” a 3D artillery game. The game’s appeal lies in the extensive customization options for characters, enabling gamers to personalize in-game avatars with over 100 costumes.Strategy puzzle RPGAnother notable addition is The First Hunter, a strategy puzzle RPG that is currently under development by Korean gaming company Captains. Rooted in the narrative of an online novel of the same name, The First Hunter offers gamers a unique universe to explore. Engaging in battles to collect a wide range of characters and nurture their growth is a central facet of the gameplay experience.