Bitfinex Turkiye Facilitates Zero-Cost Deposits via VakıfBank Partnership

Singapore Regulator Awards CMS License to AsiaNextAsiaNext, a joint venture between Tokyo-based financial services company SBI Digital Asset Holdings and Switzerland’s SIX Group AG, has received regulatory approval for its institutional-grade digital asset exchange in Singapore. The Monetary Authority of Singapore (MAS) granted AsiaNext an in-principle approval for a Capital Markets Services (CMS) license, marking a significant milestone for the company.Photo by Davis Sánchez on PexelsTaking to LinkedIn last week, the firm said that the achievement is a testament to the efforts it has made in terms of rigorous regulatory compliance. With this CMS license, AsiaNext is poised to become a trusted digital asset exchange catering specifically to institutional investors in Asia and globally. The joint venture, which was finalized in September 2021, brings together the expertise and networks of SBI Digital Asset Holdings and SIX Group AG to meet the growing demand for trading public and private digital assets.Singapore-based joint ventureChong Kok Kee, appointed as the CEO of AsiaNext in March 2022, and Neil Thomas, serving as the Chief Commercial Officer, lead the team. Their combined experience in the financial industry positions AsiaNext to deliver a comprehensive suite of services that meet the rigorous standards of institutional investors.The primary goal of AsiaNext is to bridge the gap between traditional finance and the digital asset space. Chong emphasized the importance of a secure, transparent, and compliant platform that instills confidence in market participants during an interview with Hubbis in 2022. The exchange aims to provide integrated listing, trading, and post-trade services for various digital assets, including digital payment tokens.AsiaNext recognizes the increasing demand for trading digital assets among institutional investors. To address this demand, the joint venture will leverage the extensive networks and expertise of SBI Digital Asset Holdings in Asia and SIX Digital Exchange in Switzerland and Europe. Both partners have already demonstrated their leadership in global digital asset markets through investments, issuances, and initiatives.By securing the CMS license, AsiaNext, which is based in Singapore, has taken a crucial step towards becoming a trusted platform for institutional investors in Singapore and beyond.SBI partnershipsFor its part, SBI has favored joint ventures and partnerships when it comes to its increasing involvement in the digital assets space. It has entered into a joint venture with Zodia Custody, a digital assets custodian which has been spun up by UK-based financial services giant Standard Chartered, to take on the Japanese market. Additionally, it has increased its shareholding in the custodian in recent months.Its crypto exchange subsidiary, SBI VC Trade, recently formed a partnership with the project team behind the XDC Network blockchain with a view towards making inroads into the Japanese market.AsiaNext is now focused on preparing for the launch of its digital asset exchange, which is scheduled to commence later in 2023. Having now established itself on a firm regulatory footing, and the support of its strategic partners, AsiaNext appears to be well-positioned in meeting the evolving needs of institutional investors in the Asian region.

Bitget Achieves 20M Users With Wallet Integration Driving Trading VolumeSeychelles-based cryptocurrency derivatives exchange, Bitget, has experienced remarkable growth in the first half of 2023 surpassing 20 million users, driven by the successful integration of its recently acquired self-custodial wallet service, now renamed Bitget Wallet.Photo by Mike Hindle on UnsplashTop four exchangeThe wallet integration has propelled Bitget into the ranks of the four largest cryptocurrency exchanges by trading volume.According to a second-quarter report by Beijing-headquartered crypto research firm TokenInsight, the top four exchanges collectively account for 85% of the total market trading volume. Binance dominates the market with a 52% share, followed by OKX (15.13%), Bybit (10.6%), and Bitget (8.1%), securing its position among the industry’s leading players.$60 billion spot trading volumeBitget’s Q2 report, released on July 18, revealed that the platform’s spot trading volume surpassed $60 billion, with futures trading reaching a staggering $606 billion. Notably, research by blockchain analytics firm Nansen showcased Bitget as the only exchange to witness an increase in futures trading volumes in the six months following the collapse of FTX.The exchange attributes part of its impressive Q2 performance to the introduction of copy trading, a feature enabling users to emulate the trading strategies of select traders. This innovation proved highly successful, attracting 29,700 new elite traders and 169,800 followers, generating $33 million in profits by mid-2023.Bitget, aligning with leading exchanges like Binance, has released its proof-of-reserves to assure users that it maintains reserves exceeding 100% of all assets on the platform, including Bitcoin (BTC), Ether, Tether, and USD Coin. At the time of publication, the exchange’s current reserve ratio, calculated by dividing the platform’s assets by users’ assets, stood at an impressive 223%. According to that data, the crypto platform is claiming a debt-free status for the business.Regional expansionAs part of its expansion strategy, Bitget has obtained virtual asset service provider registration in Poland and Lithuania in 2023, solidifying its presence in Europe. Additionally, the exchange has announced plans to establish a hub for its operations in that region.Last week, it announced that it was also targeting the Middle East and North Africa (MENA) as part of its expansion plans. To support that effort, it has opened an office in Dubai in the United Arab Emirates (UAE) and hired 60 employees with plans on hiring up to 60 more over the course of the next two years.Crypto loans have been an area that has seen major failures within the sector over the last couple of years. However, this isn’t holding Bitget back from getting involved. Earlier this month, it announced the launch of its crypto loans product, which is aimed at market participants who are seeking alternative funding solutions, backed by digital assets.With Bitget’s rebranding efforts following the BitKeep acquisition and its exceptional growth in user numbers and trading volumes, the exchange is making a concerted effort to position itself so as to effect a global expansion strategy. As the market evolves further, it will be interesting to see how the crypto trading market settles, given that there are now a number of firms in the space actively vying for that business.

Bybit Powers Trading Tools via ChatGPT IntegrationDubai-headquartered crypto spot and derivatives trading platform Bybit is set to revolutionize the trading experience for its users with the integration of artificial intelligence (AI) through ChatGPT. By leveraging OpenAI’s renowned chatbot, Bybit aims to provide innovative trading tools and metrics to cryptocurrency traders.Photo by Markus Spiske on UnsplashToolsGPTThe newly introduced ToolsGPT by Bybit combines the machine learning capabilities of ChatGPT with the exchange’s market data, offering users a comprehensive set of features. Traders will now have access to technical analysis, price data, and metrics, all generated through AI technology. ToolsGPT will also provide personalized responses to individual inquiries, catering to the unique needs of each trader.Bybit’s AI-powered offering is designed to provide insights and predictions for various cryptocurrency trading scenarios. By analyzing market data for multiple cryptocurrencies, ToolsGPT can identify price trends and utilize technical indicators to forecast future market movements. This service is accessible to traders of all experience levels, allowing them to make more informed decisions based on historical and real-time market data.Bybit announced the availability of the AI-powered trading tools via a blog post published to its website on Thursday and via Twitter. Ben Zhou, CEO of Bybit, emphasized the innovative integration of ChatGPT and its role in empowering traders with advanced tools and insights. By leveraging historical and real-time market data, as well as AI-generated advice, traders can gain a comprehensive understanding of market dynamics to make better-informed decisions.Exchange AI integrationsBybit joins other cryptocurrency exchanges in exploring the potential of ChatGPT. Crypto.com introduced its own user assistant powered by ChatGPT, named Amy, in May. Binance also integrated OpenAI’s chatbot into its Binance Academy platform, providing users with responses sourced from a database of articles and information on the broader Web3 ecosystem.Additionally, OKX has integrated EndoTech’s AI tools to analyze market volatility and identify trading opportunities. This move reflects the growing recognition within the cryptocurrency industry of AI’s potential to enhance trading strategies and improve overall user experiences.Solana Labs also joined the AI revolution by launching a ChatGPT-powered plugin. This plugin enables users to check wallet balances, conduct transfers of Solana-native tokens, and trade non-fungible tokens (NFTs) seamlessly.It’s been a busy couple of months for the company. Last month, Bybit announced the extension of its service offering to include crypto lending. Also in May, it achieved “in principle” approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to trade in the country. In April, it publicized that it had chosen Dubai as the company’s global headquarters. In an effort to further establish roots in the United Arab Emirates (UAE), earlier this month it founded a blockchain scholarship program in conjunction with the American University of Sharjah (AUS).As the cryptocurrency industry continues to evolve, the integration of AI technology holds great promise for enabling more effective and informed trading strategies. That’s something that Bybit Advisor Anndy Lian underscored at the Brand Launchpad Event held in Vietnam last month. With Bybit’s integration of ChatGPT, traders can expect an enhanced trading experience through the use of AI-powered tools and insights.