Boyaa Interactive Greenlights $5 Million Investment in Bitcoin and Ether

Turkish Lira emerges as dominant fiat trading pair on BinanceThe Turkish Lira (TRY) claimed the top spot as the most influential fiat trading pair on Binance throughout the month of September, as per the latest research from the leading cryptocurrency exchange.Photo by PublicDomainPictures on Pixabay75% of all fiat volumeAccording to a report by Cointelegraph on Friday, despite being the fourth-largest crypto market globally in terms of transaction volume, following the United States, India and the United Kingdom, the Turkish Lira commanded a staggering 75% of all fiat volume in early September. This surge in the TRY trading pair is attributed to a recent influx of crypto investors into the Turkish market.In its analysis last month, crypto market data provider Kaiko put Turkish Lira dominance at 81% on Binance. Kaiko also pointed to growth in the volume of the Brazilian Real on Binance, while dominance of the British Pound and the Euro were fading.It’s important to note that the disproportionate level of lira-based fiat volume on the Binance exchange may also have come about due to difficulties Binance has had in recent months in keeping various fiat on and off-ramps open. In June Binance US suspended USD deposits while pausing fiat withdrawals.It has also faced disruption when it comes to Euro payments, withdrawals and deposits. In May Binance Australia users experienced difficulties relative to AUD deposits and withdrawals following a decision to terminate the availability of PayID services to Australian account holders.27% new crypto sector participantsBinance’s research revealed that 27% of participants in Turkey initiated their crypto investment journey within the past year, with 8% joining in the last six months alone. Most respondents indicated holding up to $175 (5,000 TRY) in cryptocurrencies, expressing a strong inclination towards investing in real estate.The profitability factor emerged as a significant motivator for Turkey’s interest in crypto, with ease of monitoring, no minimum threshold, and low transaction costs standing out as key drivers for new investors. However, the inherent risks associated with crypto investments contribute to the hesitancy observed among many Turkish investors.The evolving landscape of crypto adoption in Turkey is evident in the statistics, showing a substantial increase from 16% to 40% over the last three years. Chainalysis’ Global Crypto Adoption Index 2023 ranks Turkey at 12th place. Moreover, the country received humanitarian aid in the form of cryptocurrency during the 2023 earthquake, underscoring the growing integration of digital assets in various aspects of Turkish society.Protecting long-term wealthA report by KuCoin earlier this year identified a marked increase in crypto investors in Turkey. It found that one of the main motivations for the pursuit of crypto investments in Turkey was the desire to create long-term wealth. Recent years have seen the Turkish sovereign currency suffer from runaway inflation. Recent data put the year-on-year inflation rate at 59%.It’s likely that the ongoing loss of buying power of the Turkish Lira is a key motivator for Turkish citizens in choosing to onboard into crypto, in an effort to safeguard their savings and wealth.

North Gyeongsang Province Recruits Youth for Metaverse Content CompetitionNorth Gyeongsang Province has announced that it is recruiting participants for the Youth Metaverse Content Development Competition, which will provide young people with an opportunity to showcase their ideas and technical skills in the metaverse.Photo by GuerrillaBuzz on UnsplashThe competition is part of the Youth Metaverse Creation Festival, which aims to push young individuals to participate directly in policymaking, prepare for their crucial role in the oncoming metaverse era, and strengthen their digital capabilities.Participation requirementsParticipants are required to complete an assignment in the form of their choice related to fields that the youth are interested in. Young people from high schoolers up to those aged 34 are eligible to participate. Both Korean nationals and foreigners are invited to sign up either individually or as a team.Eight teams will be selected in the first round of document evaluation this month. Afterward, a second round of presentations will take place in October to choose the three final participating teams.Winning rewardsThe first round of selected teams will receive 3 million KRW (approximately $2,300) for their assignment and a head-mounted display, among other benefits. The finalists will not only be awarded 6 million KRW but also be given the chance to participate in various startup support programs throughout North Gyeongsang Province through expert consultations.

Cango, Inc., a Shanghai-headquartered Bitcoin mining business which is publicly listed on the New York Stock Exchange (NYSE: CANG), provided a mining operations update on Aug. 5, disclosing a significant increase in its crypto production.Photo by Dmytro Demidko on Unsplash45% increase in outputThe update outlined that in June, the firm mined 450 BTC, while holding 3,879.2 BTC, with a deployed hashrate of 32 EH/s. The figures for July show a considerable uptick, with 650.5 BTC having been mined. That Bitcoin was retained, bringing the firm’s overall Bitcoin treasury holding to 4,529.7 BTC, with a deployed hashrate of 50 EH/s. Cango CEO Paul Yu outlined that the firm had added 18 EH/s in hashpower towards the end of June. This additional capacity accounted for the increased output experienced for the month of July, representing a 45% increase month-on-month. Yu stated: “This strong performance not only demonstrates our commitment to execution but also fuels our ambition to accelerate future production.” The Cango CEO added that a new and experienced management team is now in place, and with that, Cango is focusing on working towards transitioning to “a more diversified and resilient portfolio of mining sites and energy infrastructure." Cango isn’t the only company in the Bitcoin mining sector to up its production. Cipher Mining, an American miner with facilities in Texas, also published an update, indicating that it produced 214 BTC in July with a hashrate of around 20.4 EH/s, up 21.43% month-on-month. Cipher outlined that Black Pearl Phase I, the initial 150 MW tranche of its Black Pearl facility, came on stream last month, accounting for the increased output. Unlike Cango, Cipher sold 52 BTC as part of what it described as “its regular treasury management process.” In this respect, Cango bucked a trend in comparison with its industry peers. CryptoQuant reported that miners became significant sellers of Bitcoin in July, depositing 16,000 BTC to exchanges as of July 18.Ranked by BitcoinTreasuries.net in order of Bitcoin held, Cango now holds 18th place among corporations holding BTC.Originally an automotive transaction service platform operating within the Chinese market, Cango announced a new departure last November, with the signing of agreements to buy $400 million in crypto mining equipment from a number of vendors, including Bitmain. With crypto mining a banned activity in China, the company has deployed its mining operations at various locations across North America, South America, the Middle East and East Africa. By January, the company was being referred to as a “Bitcoin mining powerhouse.” At that time, the company’s Communications Director, Juliet Ye, told CoinDesk that the firm’s entry into the Bitcoin mining sector had surprised people, given that “nobody has ever heard of Cango before.” By April, Cango had sold its legacy auto-financing business for $352 million to a firm linked to Bitmain affiliate, Antalpha, allowing it to focus exclusively on mining. The company’s stock has surged 180% over the course of the last 12 months. Ye said that the Chinese firm’s pivot to Bitcoin mining has created a buzz around the company that had been absent previously.