Bhutan Partners With Bitdeer on Crypto Mining Fund

The trading volume of South Korean cryptocurrency exchange Bithumb exceeded that of its competitor Upbit as of 10:30 a.m. UTC on Wednesday, as reported by the local news outlet Etnews, which cited data from CoinMarketCap. This shift occurred for the first time in four years. According to CoinMarketCap, as of the specified time, Bithumb's 24-hour trading volume reached KRW 4.93 trillion (approximately $3.8 billion), surpassing Upbit, which recorded a volume of KRW 4.37 trillion. Until 2019, Bithumb was the leading exchange in Korea. However, it ceded its top position to Upbit, which gained a competitive edge through its collaboration with the internet-only bank, Kbank.Photo by Pierre Borthiry - Peiobty on UnsplashZero trading fees and new crypto listingsEarlier in the year, Bithumb initiated a strategic plan with the objective of boosting its trading volume in order to increase its market share in the domestic market to 25%. To achieve this goal, the exchange implemented several key initiatives. One of the significant steps taken was the elimination of trading fees, aimed at attracting more users and increasing transaction volumes. Additionally, Bithumb broadened its cryptocurrency offerings by listing prominent cryptocurrencies such as Tether (USDT) and WEMIX.Questioned sustainability of strategiesIn anticipation of crypto winter giving way to crypto spring, trading platforms are gearing up for more intense competition to increase their market shares. However, there are concerns about the sustainability of strategies like implementing zero trading fees. Critics argue that such policies, while they may temporarily shift market shares, are unlikely to be successful in the long term. This skepticism is largely due to the fact that cryptocurrency exchanges heavily rely on trading fees as a primary source of revenue.  An industry expert has pointed out that unless the cryptocurrency exchanges currently lagging behind develop innovative, paradigm-shifting strategies capable of significantly impacting the market landscape, there's a high likelihood that the ranking order will revert to the previously established, entrenched market order.  In fact, at the time of this publication, Upbit upended Bithumb in 24-hour trading volume, recording KRW 4.4 trillion compared to Bithumb's KRW 3.2 trillion. This data underscores Upbit's strong position in the market, illustrating its continued dominance.

GroundX releases membership NFT for JND Studios’ character figures on Klip DropsGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, has teamed up with JND Studios — the only hyper-realistic figure maker in South Korea — to drop a membership non-fungible token (NFT) collection on Klip Drops, its digital art curation gallery and NFT platform, according to an official announcement on Monday (local time).Photo by Choong Deng Xiang on UnsplashExclusive accessJND Studios’ figures are known for being hard to acquire, as they are often made in small batches that sell out quickly. Owners of the membership NFT will get the exclusive opportunity to be the first to purchase products from the company’s K-Star Figures lineup, which features figures of popular characters from South Korean movies and dramas. This will allow the NFT owners to secure the items before their official release without the risk of them selling out prematurely.The first character from the lineup — actor Choi Min-sik as Oh Dae-su from the critically acclaimed film “Oldboy” — will be gifted to customers who purchase the NFT. The product is valued at KRW 3 million (approximately $2,300), according to JND Studios. A figure of actress Kim Hye-soo as the iconic Madam Jung from the movie “Tazza” will also be unveiled early next year.The sales period for the NFT drop will run until Jan. 3 with a limited quantity available for purchase. Buyers can link their Klip wallet on the JND Studios website, verify the NFTs they own, and then purchase the K-Stars membership NFT to get their hands on the upcoming K-Star Figures.Spearheading NFT integrationGroundX is leveraging Klip Drops to promote the widespread adoption of NFTs by implementing them in diverse sectors, such as art, retail and culture, where they can be used as membership vouchers, tickets or even coupons.

WOO Network Repurchases Shares in 3AC SettlementWOO Network, a Taiwan-based liquidity provider, has reached a settlement with Teneo, the liquidator of bankrupt Singapore hedge fund Three Arrows Capital (3AC).The settlement involves the repurchase of shares and tokens acquired by 3AC during WOO’s Series A fundraising round in November 2021. This resolution brings finality to 3AC's contentious involvement with the Taiwanese firm.Photo by Joss Woodhead on UnsplashClosing out 3AC involvementOn Wednesday WOO announced the share and token repurchase via a blog post published to its website, signaling the resolution of its dealings with Three Arrows Capital and, consequently, bringing an end to the uncertainties that had enveloped their partnership.In addition to this, a total of 20 million WOO tokens, valued at over $3 million, were repurchased and sent to a burn address to ensure they couldn’t be accessed by anyone. 3AC had not only acquired equity but also 25 million WOO tokens, with the remaining set to vest over the next 12 months.Jack Tan, Co-Founder of WOO Network, emphasized the significance of resolving the 3AC-related issues. Tan commended the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate. Tan also welcomed the opportunity to move on from the 3AC entanglement, stating:“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”Equally WOO Network community members are happy with the outcome, with one stating on X (formerly Twitter): “This is a huge win for the project and its community.”By repurchasing these shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, paving the way for a more focused growth trajectory in the upcoming year. Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments in recent times, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.According to data from CoinGecko at the time of publication, the WOO Network token price experienced an increase of 1.45% over the past 24 hours, settling at $0.1709, with its trading volume increasing by 2.8% to $8.79 million. However, over the past 30 days, the crypto token has recorded gains of nearly 10.8%, indicating resilience and a positive outlook as it navigates the evolving landscape of the digital asset market.This development, along with the cryptocurrency’s recent performance, underscores the potential for growth and renewed promise within the WOO Network ecosystem. More clarity has been brought to the future of the business as a consequence of bringing finality to this contentious issue.