Xsolla and Crypto.com Collaborate on Gaming Industry Payment Solution

Bitget Targets MENA Business ExpansionBitget, the Seychelles-based cryptocurrency derivatives exchange, is setting its sights on the Middle East and North Africa (MENA) as the region emerges as a fast-growing crypto hub.The firm announced its expansion plans via a press release which was published on Thursday. With countries like the United Arab Emirates (UAE) and Bahrain embracing crypto, more exchanges are taking notice and entering the market. Bitget has now joined the ranks of a series of crypto companies seeking to establish a foothold in the region.Photo by Kyle Glenn on UnsplashIncreasing crypto adoption and interestCiting the region’s impressive crypto adoption rate, which accounted for 9.2% of global transactions between 2021 and 2022, Bitget is capitalizing on the growing interest in digital assets. The UAE alone experienced a remarkable 400% increase in registered crypto businesses over two years, driving a surge in global digital asset trading by 10%. Moreover, blockchain-related educational programs have tripled in the region, which contributes to 8% of the overall mining hash rate. All of these are creating a favorable environment for Bitget’s expansion.Dubai officeTo support its entry into the Middle East, Bitget has opened an office in the heart of Dubai and has already hired 60 new employees for various mid and back-office positions. The company aims to scale its Middle East team further, with plans to hire 30 to 60 more professionals over the next two years.Bitget is not alone in recognizing the potential of the Middle Eastern market. Bybit, another major cryptocurrency exchange, recently obtained local licenses to operate in the digital assets space in the UAE, having moved its global headquarters to Dubai in April.OKX, one of the largest exchanges by volume, also received a Minimal Viable Product (MVP) Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA). Binance is also eyeing the Middle East, with Binance Dubai poised to become the primary focus for the company’s development efforts, given regulatory challenges in Europe and the US.Global expansion strategyBitget’s expansion into the Middle East is part of its broader global scaling strategy. The company has already registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, and it launched a localized Turkish website earlier this year.Founded in 2018, Bitget boasts a user base of over 8 million users across more than 100 countries, offering copy trading services. The company’s move to the Middle East showcases its determination to tap into new markets and solidify its position as a global player in the cryptocurrency exchange landscape.There’s been a lot going on at Bitget in recent months, in addition to these regional expansion plans. In May the company announced a corporate social responsibility project named “Blockchain4Youth,” cleverly identifying the importance of connecting with the younger demographic which is far more likely to drive crypto and blockchain adoption.Earlier this month it launched a crypto loans product offering while last week it provided transparency via its proof of reserves initiative, demonstrating a 223% level of reserves and outlining that the company is debt free.

SK Planet and Milk Partners to Propel Blockchain Ecosystem DevelopmentSouth Korean tech company SK Planet announced today a partnership with Milk Partners, the operator of MiL.k, a blockchain-based reward points platform, in order to foster the UPTN blockchain ecosystem. That’s according to a report by local news outlet Edaily. This alliance comes after conglomerate SK Group’s affiliate recently launched its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Karolina Grabowska on PexelsSK Planet’s NFT initiativeRoad to Rich is an initiative within OK Cashbag, SK Planet’s popular reward points system. In an effort to promote this initiative, the two companies will organize a Road to Rich event on the MiL.k app this month and enable users to exchange between OK Cashbag points and MiL.k points later this year.Milk Partners’ tech contributionMilk Partners’ parent company, Keyinside, has contributed to the development of SK Planet’s blockchain platform UPTN and has been involved in OK Cashbag’s NFT project, providing business consulting and technology development. UPTN, built on the Avalanche network’s subnet, made its debut through OK Cashbag’s NFT initiative, and a dedicated wallet based on UPTN was recently launched.Kim Kyo-soo, the head of the customer experience division at SK Planet, said that the company plans to build the UPTN ecosystem where customers can enjoy various services, including membership benefits, concert tickets, and shopping.Milk Partners CEO Cho Jung-min expressed enthusiasm about the synergies that can be achieved by participating as a major partner in the blockchain project spearheaded by Korea’s major corporate. He added that the two sides will work together to offer valuable and beneficial services to users.

Singapore-headquartered crypto exchange platform Crypto.com has boosted its standing amongst its peers by achieving the largest spot crypto trading volume for the month of July where USD-supported exchanges are concerned. According to data published by The Block, the exchange platform achieved $68.85 billion in spot trading volume among USD-supported exchanges in July out of an overall total of $178.84 billion. American exchange platform Coinbase was next in the rankings, with a July trading volume total of $63.97 billion.Photo by Alexander Grey on UnsplashInstitutional client boost It’s understood that the uptick in trading volume experienced by the exchange platform is as a consequence of an increase in the number of institutional clients using Crypto.com’s trading services.  Giuseppe Giuliani, the managing director of Crypto.com, told Cointelegraph that more institutional clients are using the platform due to an improved product offering, together with stronger market conditions. Giuliani stated: “This growth has been primarily driven by the acquisition of new clients on the platform, both large institutions and advanced retail traders, and is being supported by stronger market conditions in 2024.” Giuliani told The Block that growth on the platform has played out over the medium term, stating:  "We have seen incremental market share growth month on month over the last 18 months.” Driving Bitcoin unit price Institutional adoption has been a developing theme in 2024. Some analysts have pointed to its importance in the attainment of an ever higher Bitcoin unit price. Crypto market analyst Willy Woo has suggested recently that a 3% allocation by institutions could lead to a Bitcoin unit price of $700,000. In its most recent quarterly report, global investment bank Canaccord Genuity outlined that there is growing institutional adoption relative to spot Bitcoin exchange-traded funds (ETFs). The launch of spot Ethereum ETF products in the U.S. last month is also understood to have helped towards an improved monthly trading volume for Crypto.com. Giuliani stated: “In the week of July 21 during which Ether ETF was launched, we have seen double-digit growth in our exchange’s Ether spot and perpetual volume week-on-week, building on consecutive weeks of robust volume growth.” Furthermore, the exchange platform claims to have seen increased interest and market participation from TradFi firms. Growing through licensing and sponsorship Crypto.com has attempted to further its market impact worldwide, including in Hong Kong, having applied for a trading license in the Chinese autonomous territory in February, and succeeding in that endeavor more recently according to subsequent reports. It received a license from the UK’s Financial Conduct Authority (FCA) in 2022, with the FCA awarding the company a further license, an Electronic Money Institution (EMI) license, in 2023. High profile sports sponsorships is another marketing strategy the firm has pursued in recent years. The company has claimed to be reaping the rewards of these deals, which it has made in Formula 1 (F1) motor racing and the Ultimate Fighting Championship (UFC).