Hana Bank Enables Korean Art Collectors to Prove Ownership with NFTs

A recent survey by Turkish crypto exchange Paribu reveals that 99% of Turkish investors are now familiar with digital assets, a significant rise from just 16% in 2020. Digital assets have emerged as the third most popular investment choice in Turkey, overtaking traditional options like real estate. Investors are now nearly twice as likely to consider digital assets over stocks or mutual funds, a trend seen across other Asian nations, where younger investors are favoring crypto over more conventional investments. In Indonesia, for example, digital asset investors reached 20 million this year, far surpassing the 12 million who trade on the country’s stock exchange. In the U.S., a recent Bank of America survey reported a similar trend, with younger investors increasingly gravitating toward digital assets.Photo by Burak Karaduman on PexelsHigh returns and future potential drive interest in digital assetsThe survey shows that Turkish investors are primarily attracted to digital assets for their high return potential, while some view them as the future of finance. Other motivations include fast transaction capabilities, as well as benefits like censorship resistance. According to Paribu’s spokesperson, Nergis Nurcan Karababa, crypto assets may experience higher adoption rates than traditional financial products, as more individuals anticipate mainstream usage of digital assets in the near future. Security a top priority for Turkish investorsSecurity remains a paramount concern for Turkish investors, particularly given the history of hacks and fraud targeting local exchanges. Paribu’s survey, which polled over 2,000 residents and 541 active traders, found that most Turkish investors demand a strong security system from their trading platforms. In recent years, Turkish exchanges have been targeted by hackers, with high-profile breaches impacting investor confidence. In June, an attack on BtcTurk, the country’s largest exchange, reportedly led to a $55 million loss from multiple hot wallets. An earlier collapse of the Thodex exchange in 2021 saw the disappearance of investor funds valued by Chainalysis at $2.6 billion, although local prosecutors cited a lower figure. Thodex’s founder was sentenced to over 11,000 years in prison, underscoring the severity of crypto-related financial crimes in Turkey. Rise in preference for local exchangesDespite security incidents, Turkish investors increasingly favor local exchanges, with 78% indicating a preference for Turkey-based platforms in 2024, up from 63% last year. This trend aligns with a global shift towards domestic exchanges as investors seek platforms regulated by local authorities, providing easier avenues for legal recourse. The collapse of international platforms like FTX has accelerated this trend, and countries such as Nigeria, India and Indonesia have issued new licenses exclusively for local exchanges, restricting foreign entities from operating within their borders. Turkey’s leading position in the MENA crypto marketTurkey ranks as the largest digital asset market in the Middle East and North Africa (MENA) region and is 11th globally in terms of adoption, according to Chainalysis. Between June 2023 and June 2024, Turkey received $137 billion in digital assets, placing it seventh worldwide for total transaction volume. This growing market highlights Turkey’s role as a key player in the global crypto landscape, as well as the increasing integration of digital assets into mainstream financial activities among Turkish investors. 

At the World Trade Organization’s (WTO) 13th Ministerial Conference (MC-13) in Abu Dhabi, a consortium of major global institutions including distributed ledger project IOTA came together to ink a landmark pact aimed at enhancing digital trade, including the tokenization of real-world assets. The agreement, termed the Teaming Agreement, signifies a collective effort to propel digital trade forward, emphasizing the creation of an open, non-profit and inclusive digital infrastructure for trade data sharing. The initiative involves IOTA’s recently-formed Abu Dhabi-based IOTA Ecosystem DLT Foundation.Photo by Belinda Fewings on UnsplashCapital pledgeThe Foundation has pledged an investment of $10 million towards early-stage startups focusing on digital trade and the tokenization of real-world assets (RWAs). These investments, to be unveiled publicly over the next few weeks, will support TradeTech or trade finance technology ventures and provide assistance to startups utilizing IOTA through an accelerator program. The signatories to the Teaming Agreement include esteemed organizations such as the World Economic Forum (WEF), the Institute of Export and International Trade, the Tony Blair Institute for Global Change (TBI), the IOTA Foundation, TradeMark Africa and the Global Alliance for Trade Facilitation (GATF). This collaboration brings together a diverse range of expertise and resources, blending tech and trade proficiency to streamline supply chains and customs procedures. More efficient cross-border tradeThe primary objective of the agreement is to foster collaboration and information sharing across global supply chains, with the aim of reducing barriers and enhancing inclusivity in international trade. By leveraging digital infrastructures, the coalition aims to minimize the time and cost associated with cross-border trade, thus promoting greater participation in global commerce. The timing of this agreement is particularly pertinent, given the multitude of challenges facing global supply chains. Threats such as attacks on shipping routes and the potential rise of protectionist policies underscore the necessity for enhanced information sharing and cooperation across trade networks. Trade Logistics Information Pipeline (TLIP)At the core of this initiative lies the Trade Logistics Information Pipeline (TLIP), a public global trade infrastructure developed by TradeMark Africa in collaboration with the IOTA Foundation. Leveraging open-source technology, TLIP facilitates seamless information exchange in international trade, promoting transparency and inclusivity while empowering participants to retain control over their data. The implementation of TLIP is expected to address challenges such as document loss, information discrepancies and fraud, thereby fostering a more efficient and secure global trade ecosystem. Commenting on the development, IOTA Co-Founder Dominic Schiener stated:"By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field." In a separate positive development for the IOTA project on Feb. 29, Jelle Millenaar, the co-founder of Impierce Technologies and a former IOTA software engineer, outlined that his company intends to develop a digital identity wallet on top of the IOTA Identity framework. The intention is to build a wallet that is compliant with digital identity regulation within the European Union.

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.