Daegu Recruits First Cohort of Youth Blockchain Startup School

Bitget Launches Blockchain4Youth ProjectSeychelles-headquartered crypto derivatives trading platform, Bitget, announced on Thursday the launch of a new corporate social responsibility (CSR) project. The initiative seizes upon an opportunity to execute on a public good while at the same time, benefiting the future prospects of the business itself alongside the overarching crypto space.Blockchain4Youth is a new initiative from the crypto business with the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space. ” With this goal, the trading platform believes that a blockchain future can be created.Photo by Jill Wellington on PexelYouth key to crypto adoptionWhile this is a CSR project, it’s easy to interpret it as a win/win. The future success of crypto lies with the younger demographic. They are the ones who are digitally native. They’re the ones that can more easily identify with truly digital money and digitally decentralized systems.Bitget seems to get this according to the statement it issued: “Bitget believes that a blockchain-based future is essential to building better products and tools to help people advance crypto adoption. The platform will be relying on the young generation to promote such ideas and will help them become proactive leaders.”This is telling as it demonstrates firstly that the Seychelles-based platform understands that the younger demographic represents its future customers. But it also clarifies that Bitget understands that future products need to be purpose built to meet the specific needs of that younger demographic.46% of millennials own cryptoIt appears that Bitget’s initiative is further motivated off the back of recent research it carried out. Released last month, that research study reveals that 46% of Millennial respondents said they owned cryptocurrencies, compared to 25% of Gen X-ers, 21% of Gen Z, and just 8% of Baby Boomers.The depth of the study extended to 255,000 survey responses received from respondents distributed across 26 countries, including places as diverse as the United States, Japan, China, Nigeria, Germany, Indonesia, and elsewhere. The study achieved responses per country of at least 10,000 respondents.The research also uncovered that “related statistics compiled on attitudes towards the regulation of digital assets indicate that each successive generation is more likely to factor in the attitudes of electoral candidates towards crypto regulation when casting their vote.”One of the study’s key findings is the following: “By 2030, all Gen Z members will be adults and the spread of blockchain technology by that time could lead to an increase in the percentage of cryptocurrency adopters across all generations. As such, the chances of the growth in acceptance of cryptocurrencies in the coming years are very high.”Broader industry involvementBitget intends to extend involvement in its Blockchain4Youth project beyond the company, with participation coming from other blockchain firms. The press release sets out that “the platform will also collaborate with other leading blockchain firms to incubate innovative projects by young entrepreneurs and host U30 (Under the age of 30) hackathons to identify the most promising ones.”The crypto derivatives platform is kicking things off later this month through a series of campus lectures in Thailand, Vietnam, and Taiwan covering the topic of Web3. As well as being open to collaborating with industry peers, the company also wants educators to take an active role in the initiative.

Deputy Prime Minister and Minister for Finance Lawrence Wong is slated to unveil the Singapore 2024 Budget Statement on Feb. 16. As Singapore prepares for the unveiling of its 2024 Budget, the city-state’s Web3 community is amplifying its call for crucial government backing. That’s according to a recent report by The Straits Times. The plea from Singaporean firms revolves around two pivotal areas: one, nurturing a proficient talent pool well-versed in blockchain technology; and, in addition to that, having a strength and depth in cybersecurity, so as to fortify defenses against cyber threats.Photo by David Pardo Bernal on UnsplashUrgent need for Web3 talentSome time ago, stakeholders in Singapore set out their stall in terms of the ambition of firmly establishing the city-state as a global hub for Web3 development. It’s off to a good start with many notable crypto and Web3 companies having established themselves in Singapore. However, broadening that industry hub to the fullest extent will involve overcoming the significant hurdles hindering the growth trajectory of Singapore’s Web3 sector. Top of the list is the scarcity of skilled professionals in the blockchain domain. Danny Lim, a core contributor at MarginX, a decentralized exchange, stressed the pressing demand for seasoned developers. Lim underscored the necessity of supporting Web2 developers transitioning into Web3 realms, especially those grappling with job displacement, to solidify Singapore’s status as a nucleus for groundbreaking blockchain ventures. Elaine Zhu, the general manager of the Asian division of blockchain infrastructure firm Parity Technologies, emphasized the critical need for blockchain education, expressing apprehension over the dwindling influx of new developers. In citing a recent report by crypto-focused venture capital firm Electric Capital which quantified developer activity across Web3, Zhu noted that the number of experienced developers in Singapore remains healthy. However, the report found that the number of newly qualified developers dropped by 52 percent last year. Bolstering cyber defensesAdditionally, the industry is clamoring for fortified cyber defenses to shield against the escalating threat landscape targeting digital assets. This focus on security underscores the broader challenge of ensuring the secure proliferation of Web3 technologies and digital currencies within Singapore’s technological ecosystem. A report by Singapore-based blockchain security firm Beosin last year found that exit scams are a growing concern in the crypto-sphere. At the end of last month, the Singapore Police Force, alongside the Cyber Security Agency of Singapore (CSA), issued an advisory in order to raise awareness regarding crypto-centric cyber attacks. Ong Chengyi, representing Chainalysis, hailed Web3 as pivotal for long-term growth and advocated for sustained governmental support to enhance the sector’s capability in mitigating risks using advanced technological solutions. Ong remarked:“We hope to see more public-private collaboration to bolster Singapore’s defences against crypto crime and cyber threats more generally, through the utilization of data and technology.” Angela Ang of TRM Labs echoed that sentiment, emphasizing the imperative for heightened regulatory support to nurture the expansion of digital assets. Ang stated:“To deliver clarity to businesses at scale, whether it’s through licensing decisions or implementation guidance, the Government must invest in both human capital and technology throughout the regulatory process.” 

Matrixport Bullish Despite Bitcoin’s Price StandoffThe crypto market, with a total capitalization of around $1.08 trillion, finds itself in a tense state of anticipation towards October, which has been historically the most robust month for Bitcoin with average returns of over 20%, according to Singapore-based digital assets ecosystem firm Matrixport.Photo by Dmytro Demidko on UnsplashTechnical strugglesMeanwhile, Bitcoin (BTC) has been unable to breach the $27,400 mark, facing formidable resistance and failing to surpass its 50-day moving average. From a purely technical standpoint, the situation for Bitcoin appears bearish. The corrective rebound in BTC has concluded, with prices falling below key moving averages and short-term oversold conditions correcting themselves.This technical analysis reflects the cautious stance adopted by financial markets globally ahead of pivotal monetary policy decisions in countries like the US, Switzerland, the UK, and Japan.Mining difficulty increaseAnother notable development in the world of Bitcoin is the recent 5.48% increase in mining difficulty, bringing it to 57.12 T. This surge in mining difficulty is indicative of the ongoing robustness of the Bitcoin network, with the 7-day moving average reaching a substantial 423.4 EH/s, as reported by Glassnode.The leading cryptocurrency has a number of challenges and regulatory uncertainties that it must wrestle with currently.The regulatory issues at leading global crypto exchange Binance represent one of those challenges. Trading volumes on the Binance exchange have plummeted by 57% over the past week, driven by users seeking refuge on platforms yet to be subjected to regulatory crackdowns. Meanwhile, a court decision opted against ordering Binance’s US unit to provide the Securities and Exchange Commission (SEC) in the United States with further customer fund information, encouraging collaboration between the parties.Spot Bitcoin exchange-traded funds (ETFs) are another area where the market anticipates a resurgence in the cryptocurrency space, driven by a wave of applications to launch spot Bitcoin ETFs. This development, according to Matrixport, has the potential to be a catalyst for Bitcoin’s growth should a spot BTC ETF be approved. The leading digital currency’s market dominance is currently approaching 50%.Meanwhile, the announcement of a new Bitcoin fund by Laser Digital Asset Management, a subsidiary of Japan’s largest investment bank and brokerage group, Nomura, has been interpreted as bullish news. Laser Digital has introduced a Bitcoin fund targeting long-term institutional investments, further demonstrating the growing institutional interest in cryptocurrencies.Further good news has emerged via Citigroup in the United States, which has launched Citi Token. The offering leverages blockchain technology and smart contracts for business-to-business payments and trade finance, reinforcing the adoption of blockchain within the financial industry.Divergent PredictionsAlthough Matrixport’s outlook is bullish, it comes amidst a backdrop of regulatory developments and technical challenges, with analysts offering contrasting outlooks for Bitcoin’s future. Matrixport projects a bullish fourth quarter for Bitcoin, citing historical trends of strong performance during this period. It anticipates potential gains of up to $37,000 by year-end.Mike Novogratz, the Founder of crypto-focused financial services firm Galaxy Digital, envisions Bitcoin reaching $500,000 by 2024, fueled by increased adoption and maturation of the crypto market.