Animoca Brands Holding $3.4B in Cash and Reserves

Bitget Launches $100M Crypto Ecosystem FundSeychelles-based crypto exchange Bitget has launched its EmpowerX Fund, a $100 million initiative unveiled during Bitget’s fifth-anniversary summit in Singapore on Tuesday.Photo by micheile henderson on UnsplashStrategic investmentThe firm expanded on the finer details of the fund at the summit event and also by way of a press release published to PR Newswire. The primary goal of the initiative is to enrich the platform’s ecosystem by strategically investing in various sectors, including regional exchanges, data analytics firms, and media organizations.Bitget’s approach via this new fund is grounded in diversification to meet the ever-evolving needs of its 20 million global customers. The exchange envisions creating a comprehensive trading ecosystem that encompasses trading, investment, research, DeFi, and media.Gracy Chen, the Managing Director of Bitget, emphasized that the cryptocurrency exchange sector is in a constant state of evolution and with that, the firm has a forward-looking vision that extends beyond the present. Chen stated:“The CEX landscape is continually evolving amid influences of tightened regulations, rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, meager [sic] and acquisition will happen in the following months. Our vision goes beyond the present.”She added: “With the launch of the Bitget EmpowerX Fund, we take another major step in our mission to develop Bitget into a truly comprehensive platform for all needs. Through strategic, targeted investments that foster long-term growth, we aim to continually expand our ecosystem of services to better serve the evolving needs of users. We also want to empower other people in our industry, because a rising tide lifts all boats.”Broader investment trendBitget’s EmpowerX Fund is part of a broader trend of strategic investments and expansion. In April, the exchange introduced the $100 million Web3 Fund, which focuses on supporting projects based in Asia and partnering with global venture capital firms, including Foresight Ventures, SevenX Ventures, and Gitcoin Fund.As part of that initiative, the firm invested $20 million in Sei Labs, the developers of the layer one Sei blockchain. The strategic direction being taken by Bitget extends beyond digital assets, as Bitget allocated $30 million to invest in the BitKeep multi-chain wallet, which subsequently underwent a rebranding as Bitget Wallet. This investment marked a significant milestone in Bitget’s journey toward embracing decentralized strategies.Diversifying service offeringTo better cater to the evolving needs of its users, Bitget has diversified its service offerings. In addition to traditional trading, the platform has ventured into the realm of crypto loans, a bold move given the difficulties experienced in 2022 by crypto lending firms like Celsius, BlockFi, Hodlnaut, Vauld, and Voyager Digital, who all ended up in bankruptcy.The company has taken a further step towards diversification on Tuesday, announcing the launch of its Bitget Wealth Management product. The firm claims that the product is targeted to meet the needs of high-net-worth individuals and institutions, offering to assist them in optimizing their financial portfolios.Bitget has also adapted to a changing regulatory landscape recently, stepping up its compliance in terms of Know Your Customer (KYC) measures.

Crypto emerges as topic in Indonesian election campaignAs Indonesia gears up for its upcoming presidential election, the country’s crypto market has become a focal point for political discourse. Gibran Rakabuming Raka, a vice presidential candidate and the eldest son of President Joko Widodo, recently unveiled his plans to foster expertise in blockchain and crypto within the Southeast Asian nation.Chosen as the running mate for presidential candidate Prabowo Subianto, the 36-year-old politician aims to elevate tech education in Indonesia, opening avenues for the younger generation, particularly in the realm of digital assets. According to a report by Indonesian online news portal detikNews, while speaking at a political gathering on Dec. 10, Gibran asserted:“We are preparing blockchain experts, we are preparing cyber security experts, we are preparing crypto experts.”Photo by Nick Agus Arya on UnsplashCrypto potentialIndonesia has emerged as being ahead of the curve in terms of crypto adoption, ranking seventh on Chainalysis’ 2023 global crypto adoption index. With an estimated 18 million crypto investors, the country boasts a robust industry association that also functions as a self-regulatory body.Local news media reported in October that the Southeast Asian country has seen a 10.1% year-on-year increase in the number of crypto investors. At the time, Tirta Karma Senjaya, Head of the Commodity Futures Trading Regulatory Agency, said, "Growth in the number of crypto investors in Indonesia continues to increase, but investors are still looking for the right time to buy crypto.”Private sector entities have also identified the raw potential. In the same month, Web3 consulting firm Tiger Research, in partnership with South Korean crypto data platform Xangle, produced a report which identified significant potential for the development of Indonesia’s Web3 market. There are over 30 crypto exchanges operating in the country, acting as the primary channel through which growth in crypto is propelled in Indonesia.Capitalizing on crypto interestThe government, under President Widodo, has actively sought to capitalize on this crypto enthusiasm, going as far as establishing a local “stock market” dedicated to crypto assets.Gibran’s proactive stance on crypto education aligns with his broader vision of positioning Indonesia at the forefront of the global digital revolution. The country’s rapidly growing tech landscape and crypto adoption make it an opportune space for fostering expertise in these cutting-edge technologies.As the presidential election approaches, Gibran’s commitment to cultivating a pool of crypto experts underscores the potential influence of the crypto industry in shaping Indonesia’s economic future.An international topicCrypto is increasingly becoming an important topic in elections globally. In the United States, many of the presidential candidates, particularly within the Republican Party, have publicly expressed their interest in crypto and blockchain. Yesterday, Ripple CEO Brad Garlinghouse took to the X social media platform on the subject, stating:”Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage.“With Indonesia’s election frontrunners, Prabowo and Gibran, expressing interest in the sector, it remains to be seen how this focus on crypto will resonate in the upcoming political debate on Feb. 4.

Chinese Nationals Detained in Crypto Mining Clampdown in LibyaAuthorities in Libya have detained 50 Chinese nationals suspected of involvement in an illicit crypto mining operation in Zliten, a city located 160 kilometers east of the Libyan capital of Tripoli.The attorney general’s office in Libya made the announcement on Friday, revealing that the individuals were caught operating a cryptocurrency mining farm within an abandoned iron factory.Photo by Dmitry Demidko on UnsplashMining operation dismantledPhotos and videos released by the office of Attorney General Siddiq Al-Sour showcased the dismantling process of the extensive mining systems discovered in Zliten.This is not the first instance of Chinese miners being detained for crypto mining activities in the North African country. The development follows the recent arrest of ten other Chinese nationals in the city of Misrata on the Mediterranean coast, as well as at two sites within the capital, Tripoli. The individuals were apprehended on Wednesday while being caught “red-handed” with numerous powerful equipment used for intricate proof of work (PoW) mining calculations. The mining rigs were subsequently confiscated by the attorney general’s office.Mining banDespite the official ban on cryptocurrency mining in the country, Libya has witnessed a high prevalence of such activities, with the nation recording the highest percentage of cryptocurrency mining across the African continent in 2021. It is estimated that Libya accounted for approximately 0.6 percent of global Bitcoin production during that year.Libya’s appeal as a destination for cryptocurrency mining stems from its low electricity costs, which stand at a remarkably low rate of $0.004 per kilowatt hour. This cost is approximately 40 times cheaper than in the United States, making Libya an attractive location for miners.While energy may be cheap, the increased demand for electricity that crypto mining brings puts a strain on what was an already vulnerable power grid in the country. That has resulted in frequent and lengthy power blackouts, particularly during the summer months.A lack of oversight has also encouraged an influx of Chinese miners, albeit with these recent arrests, it appears that the Libyan authorities are stepping up the level of oversight and enforcement. The vast majority of Bitcoin miners were based in China up until a mining ban was enforced in 2021.Global issueThat event led to an exodus of miners internationally. Some established themselves legally in the United States and elsewhere. The first casualty of illegal mining was Kazakhstan. The sudden arrival of miners led to its power grid coming under pressure. As a consequence, the Central Asian country clamped down on the activity, and later regulated it.In response to these illegal activities, Libyan authorities have intensified their efforts to combat cryptocurrency mining operations. They are conducting investigations into alleged mining sites in Tripoli and Misrata, aiming to curtail these activities and mitigate the strain on the country’s electricity infrastructure.The recent arrests highlight the ongoing challenges associated with illegal mining activities in jurisdictions globally where cheap energy can be exploited, giving rise to the need for enhanced regulatory measures to address these issues.