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Bithumb Introduces Crypto Data Service Amid Fight for ProfitabilityBithumb, one of the major cryptocurrency exchanges in South Korea, has announced the launch of a new service called Insight, aimed at providing real-time data and analytics about crypto trading. This strategic step is seen as part of Bithumb’s response to address its recent profitability challenges.Market patterns and trendsThe service, as reported by local news agency Yonhap News, leverages customers’ data to deliver market patterns in real time. By utilizing Insight, users can gain access to information such as the top three most-searched cryptos, rankings of price growth over specific periods, and price trends of major cryptos.In addition to these features, Bithumb offers insights into the trading behavior of the largest investors on the platform by showcasing the types and proportions of cryptocurrencies they purchased on the previous day. This functionality enables ordinary investors to gain a glimpse into the strategies employed by these influential players.Bithumb provides indicators that identify cryptos experiencing upward momentum or reaching their lowest points. Users can also access other data, including Bitcoin dominance, which indicates Bitcoin’s market capitalization relative to the overall crypto market cap. Additionally, the service presents information regarding the volatility of recently listed cryptos and those that have been flagged by the exchange as potentially concerning.Photo by Алекс Арцибашев on UnsplashDesktop and Android firstThe service is accessible today starting from 11:00 AM (Korea Standard Time) on desktop and Android. The iOS version is set to be released at a later time.Recent strugglesThe Korean crypto exchange’s move comes after Bithumb Korea, the exchange’s operator, has embarked on streamlining its businesses. Due to difficulties in generating profits, Bithumb Korea shut down its tech solution subsidiary Bithumb Systems, which was responsible for developing blockchain and exchange technology.Prior to that, the Bithumb exchange had closed its research center due to a decline in trading volume, even though the facility had significant value in aiding investors to make more knowledgeable choices.

Laos to Prioritize Blockchain for Digital TransformationThe Laotian government, under the leadership of Prime Minister Sonexay Siphandone, recently hosted the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in Vientiane, the country’s capital. The conference, held on Friday, brought together blockchain experts and leaders from various economic departments in the country, indicating the government’s prioritization of blockchain technology for its digital transformation efforts.Photo by Molydar SOUAMA on UnsplashMetaBank cooperation agreementIn an effort to promote digital transformation within Laos, the Laotian government has signed a cooperation agreement with Singapore’s MetaBank. Software company MetaBank describes itself as a “digital civilization accelerator empowered by blockchain.”A report from MetaBank sheds light on the main focus of the conference. The key objective was to expedite Laos’ digital transformation by harnessing the potential of digital technology. The concept of Blockchain 4.0 was introduced, highlighting the importance of open collaboration and positioning Laos as both a catalyst and a beneficiary of the emerging global digital landscape.In a press release published on Monday, MetaBank Founder and Chairman Frank Sui said that blockchain technology can help developing countries like Laos to “overtake on a bend.” Laotian Minister of Technology, Boveingkham Vongdara, suggested that blockchain technology is needed to transform production and service methods.In line with this vision, MetaBank and the Laotian Ministry of Technology plan to establish a blockchain research and development center that will support the Blockchain 4.0 initiative in Laos. This center will serve as a hub for innovative blockchain projects and contribute to the country’s technological advancements.Leveraging digital technologyThe conference outlined several goals for the development of Laos’ digital economy. These goals include leveraging digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, foster sustainable economic growth, improve living standards, and enhance international competitiveness in the short term.Furthermore, the event proposed the establishment of a Blockchain Technology Transformation Committee, which would be responsible for ensuring legal compliance and drafting legislation relevant to the digital economy.During the conference, Prime Minister Siphandone stressed the importance of integrating blockchain technology into various government processes and utilizing it extensively for administrative management and public services. He emphasized that embracing blockchain technology is vital for the successful implementation of Laos’ ninth five-year plan, which aims to drive national, economic, and social development.Laos, situated in Southeast Asia, has recently taken significant strides in adopting blockchain and digital technology. In February, the country’s central bank signed a memorandum of understanding with Japanese financial software firm Soramitsu to launch a proof-of-concept project for a central bank digital currency (CBDC).The project involves the creation of a digital currency called DLak, which will be exchanged with commercial banks for fiat currency and used for real-time transactions through a QR code and an accompanying app. This initiative aims to address the delays previously experienced in digital transactions within Laos, which could take up to a month to clear.With the establishment of this Blockchain 4.0 initiative and the planned research and development center, Laos is positioning itself to make further progress in its digital transformation journey.

Japanese consumer electronics conglomerate company Sony appears to be gearing up for a cryptocurrency exchange relaunch following its acquisition of WhaleFin. That’s according to a press release published by Japanese public relations company PR Times. Last year, Sony bought Amber Group, a Singapore-headquartered digital asset and crypto financial services firm, which operates crypto exchange WhaleFin. It now appears that the company plans to revamp the local trading platform.  S.BLOX crypto exchangeAmber Group has been renamed to S.BLOX Co. A statement from WhaleFin confirmed the name change. The rebranding has occurred following the acquisition in August 2023 of Amber Group by Quetta Web, a wholly-owned subsidiary of Sony Group Corporation. It also outlined plans to upgrade the service in terms of user experience through a user interface (UI) design refresh. Furthermore, the service plans on releasing new applications going forward.  Part of the strategy is to leverage Sony Group businesses in order to further bootstrap the crypto exchange. Using this approach, the company believes that it can create new added value in cryptocurrency trading services.  The precise launch date of the renewed WhaleFin crypto exchange has yet to be announced. S.BLOX is registered with the Kanto Local Finance Bureau of the Ministry of Finance. Furthermore, it’s a member of the Japan Virtual and Crypto Assets Exchange Association (JVCEA), which oversees cryptocurrency trading within the Japanese jurisdiction from a regulatory and compliance perspective. The exchange business is understood to have a current capitalization of 1,708,179,531 yen (around $10.5 million).Photo by James Feaver on UnsplashWeb3 focusSony has made a concerted effort to expand its activity in the Web3 space. In March 2023, the company filed a patent that aims to enable players of Sony gaming products to access interactive Web3 gameplay. That application will focus on the use use of NFTs. A month earlier, Sony Network Communications, its internet provider division, partnered with the Astar blockchain development team in order to create an incubation program for startups who are working on decentralized autonomous organizations (DAOs) and NFT-based innovation. The same subsidiary partnered with Japanese blockchain firm Startale Labs last September in order to build Sony’s own public blockchain network. The CEO and founder of Startale Labs, Sota Watanabe, took to the X social media platform on July 1, clarifying that Startale’s external director will be heading up Sony’s new crypto exchange. While Sony has dipped its toe in the water previously relative to Web3 projects, this latest development will see it become more deeply involved in the crypto and Web3 space.  Amber Japan was bought out by crypto finance firm Amber Group in 2022 when it was known at that time as DeCurret. Last year, Bloomberg reported that Amber Group was working towards selling off the enterprise due to difficulties in navigating the strict regulatory environment it encountered within the Japanese market. In a related development, it emerged last month that leading Japanese crypto exchange bitFlyer had acquired FTX Japan, the Japanese subsidiary company of the failed global crypto exchange business.