Bybit Suspends UK Services Due to New Marketing Regulations

BLOX, the Malaysian Web3 firm, has forged a strategic partnership with AsiaPay, a payment processor and gateway solution provider in Asia, focused on crypto payments. Memorandum of understanding (MOU)According to a recently published press release, the collaboration has been formalized through a memorandum of understanding (MOU) and aims to collectively explore and develop cryptocurrency digital payment solutions tailored for the Malaysian market. As global consumers increasingly gravitate towards the most frictionless payment methods, cryptocurrencies are gaining significant traction. However, the seamless integration of cryptocurrencies into day-to-day transactions requires the support of adept payment service providers.Photo by Esmonde Yong on UnsplashStablecoin potentialDespite the burgeoning popularity of cryptocurrencies, the inherent volatility in their prices poses a considerable challenge. To address this challenge, stablecoins have emerged as a viable solution. The adoption of stablecoins has gained momentum, particularly in the business-to-business (B2B) segment, where the efficiency of blockchain-based payments and instant settlement can be harnessed without being hampered by the uncertainties of price fluctuations. It is within the area of stablecoins that BLOX can lend support, given that the entity is responsible for the first Malaysian ringgit-denominated stablecoin (MYRC). Ethan Chung, CEO and Co-Founder of BLOX, expressed enthusiasm about the partnership, stating:“I’m excited to announce our partnership with AsiaPay, enabling Malaysian merchants to effortlessly accept crypto payments without the need for technical expertise. Empowering businesses, simplifying transactions.” Regulatory sandboxThe crypto payment exploration, which will be undertaken by the two companies, is being enabled under the auspices of a regulatory sandbox environment provided by Malaysian central bank Bank Negara Malaysia. Loo Tak Kheong, Country Head and Director at AsiaPay Malaysia, emphasized the added value this collaboration brings to their payment solutions. He said:“At AsiaPay, we provide payment acceptance solutions with multi-currency, multi-lingual, multi-card, and multi-channeled payment capabilities, which we believe by adding an additional payment method via crypto, will further enhance the value-add service to our Merchants and Partners in the payments ecosystem.” AsiaPay operates throughout the Asian region, headquartered in Hong Kong but with a local corporate entity also established to serve the Malaysian market. Malaysia has shown interest in harnessing blockchain for the purposes of international trade and payments. Last year the Southeast Asian country’s Prime Minister had expressed interest in decreasing its dependency on use of the U.S. dollar. Under the guidance of the country’s central bank, Malaysian banks have explored the use of blockchain for the purpose of trade finance. The country had expressed interest in a central bank digital currency (CBDC) in a financial sector blueprint it had previously published, mapping a way forward from 2022 to 2026. The same document deems decentralized cryptocurrencies like bitcoin to be “non-backed digital assets.” Previously the country’s deputy finance minister had said, “cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations.” This strategic alliance between BLOX and AsiaPay reflects the ongoing evolution of payment systems, positioning both companies at the forefront of the exploration of crypto-as-a-payment means in Malaysia.

ClayStack, the crypto liquid staking platform, has made a strategic move into the Ethereum restaking arena through EigenLayer, providing users with reward points in anticipation of its upcoming token launch.Photo by Kanchanara on Unsplash‘Redefining the staking landscape’The Singaporean platform describes its mission as redefining “the staking landscape by helping users unlock the underlying value of their crypto assets, and we are doing this by building a decentralized cross-chain liquid staking protocol.” In its efforts to deliver on that mission, it appears that the crypto startup is set to convert its Ethereum liquid staking token, csETH, into a liquid restaking token, leveraging the Ethereum restaking protocol offered by EigenLayer. Eigenlayer enables restaked sidechains, through which ETH restakers can participate in Ethereum-centric consensus protocols. Reward pointsIn an announcement on Tuesday, ClayStack revealed its plan to offer reward points to users participating in Ethereum restaking, with a 1:1 ratio for redemption when the platform's token is launched. Each clay point earned will be redeemable for one clay token during the token launch. Notably, the platform distinguishes itself by offering a 1:1 redemption system, setting it apart from other points programs. Founder and CEO Mohak Agarwal explained how the project is adopting EigenLayer's protocol for this new service. Agarwal had teased that the project had something new to offer in the pipeline when taking to social media last week, writing:”We are entering into a new era where staking will become more dynamic, accessible, and rewarding for the entire DeFi community.” Currently, ClayStack accepts native ETH for direct restaking on EigenLayer. Agarwal confirmed to The Block that other liquid staking tokens, such as Lido staked ether (stETH) and Rocket Pool ether (rETH), will be integrated into the platform in the coming days. He emphasized that these tokens will be directly deposited on EigenLayer, streamlining the restaking process. Growing interest in restakingEthereum restaking has gained significant traction since EigenLayer's launch in June of the previous year, with a total value locked (TVL) in smart contracts reaching approximately $1.7 billion. Renzo Protocol recently entered the Ethereum restaking space via EigenLayer, securing a $3.2 million seed funding round. Despite being in beta, Renzo has already achieved a TVL exceeding $116 million. ClayStack's TVL currently stands at around $2.25 million, having initially launched liquid staking for Polygon's MATIC token in 2022. Following that, the platform introduced Ethereum liquid staking in September. However, the latest move marks a shift in focus towards Ethereum restaking due to challenges faced on the Polygon network. Agarwal outlined the reward structure, stating that 20 clay points will be allocated per ETH per week, with rates subject to change every Monday but generally remaining constant throughout the week. There are no minimum or maximum points for individual users, although there is a weekly total cap for all users combined, which refreshes at the beginning of each week.

Finger Labs Embarks on Web3 Content Distribution Project through NFT Marketplace XclusiveFinger Labs, the blockchain subsidiary of South Korean digital marketing giant FSN, announced today the launch of a Web3 content distribution project through its non-fungible token (NFT) marketplace Xclusive, according to local news outlet Newsis.Photo by GR Stocks on UnsplashBTS-inspired dramaTo make this project a reality, Finger Labs has joined forces with CRB Media in a strategic partnership aimed at enhancing content publishing, promotion, and distribution. Their first collaboration is a drama series called “YOUTH,” which draws inspiration from BTS’ album “The Most Beautiful Moment in Life: Young Forever.” The partnership between the two entities will allow Finger Labs to gain access to CRB Media’s copyrighted content materials and design resources required for effective marketing.NFT marketplaceXclusive, launched as a beta service last year, serves as a secondary market for NFTs and a launch pad for a wide variety of projects, contributing to the expansion of the NFT sector. In preparation for Xclusive’s official introduction, Finger Labs has been diligently working on developing user-friendly functions to fuel the growth of the Web3 ecosystem. The company explained that the Web3 content distribution project represents a major milestone in the expansion of innovative businesses.Sharing revenuesFinger Labs looks forward to addressing issues faced by traditional content distribution platforms, especially in the wake of the rise of over-the-top (OTT) media services. By leveraging blockchain technology, the Web3 content distribution system will introduce decentralization, enabling network participants to claim their share of revenues. The system will pave the way for decentralized content consumption practices like trading or lending of video access rights, which will be unveiled when the first content YOUTH goes live.Kim Dong-hoon, CEO of Finger Labs, emphasized that the surge in popularity of OTT platforms has presented challenges for content distributors. In response, Finger Labs aims to utilize new technologies to reshape content distribution, nurturing a new cultural landscape. Kim expressed excitement over their first collaboration, YOUTH, whose global recognition will provide momentum to the company’s initiative.