Kazakhstan sets sights on 2024 expansion amid CBDC pilot success

Bithumb Shuts Down Crypto Research Center Amid Trading Volume SlumpBithumb, a cryptocurrency exchange based in South Korea, is shutting down its research center less than a year after its launch, according to a report by news agency Newsis. The closure is seen as a strategic move to enhance business performance in response to the recent decline in trading volume.Photo by Kelly Sikkema on UnsplashCostly research centersEstablished on June 8 last year, the Bithumb Economic Research Institute is reportedly ceasing operations tomorrow. Research centers are often perceived as costly endeavors, particularly when the company is experiencing poor financial performance. In the traditional financial sector, small and medium-sized securities firms typically prioritize restructuring their research divisions when dealing with profitability challenges.Relevance of research hubsAn official from a Korean cryptocurrency exchange told Newsis that research centers can be a financial burden during times of low trading volumes and subpar performance. Nonetheless, the official underscored the need to furnish investors with refined information through these research hubs, encouraging exchanges to cultivate an environment conducive to informed decision-making based on high-quality data.Since its inception, Bithumb’s research organization has published 55 reports aimed at forecasting cryptocurrency market trends using comprehensive macroeconomic and crypto data analysis. These reports have contributed to drawing investors to the sector.Global restructuring trendThe wave of workforce reductions in the crypto industry isn’t isolated to South Korea; it’s a global phenomenon. Chinese reporter Colin Wu, known for his crypto news platform Wu Blockchain, shared via Twitter that Binance, the world’s largest cryptocurrency exchange, is planning to lay off roughly 20% of its staff, totaling about 8,000 employees.In response to these concerns, Binance CEO Changpeng Zhao, also known as CZ, wrote a tweet yesterday. According to CZ, employee layoffs are a weekly occurrence within the company, based on considerations such as alignment with corporate culture. As an example, he mentioned the remote work environment and how it may not be suitable for everyone. However, CZ reassured that Binance remains engaged in hiring, with a focus on enriching its talent pool.

Checkout.com Partnership Sees Alchemy Pay Extend Global ReachAlchemy Pay, a leading Singapore-headquartered fiat-crypto payment gateway, has announced a major collaboration with Checkout.com, a renowned payment processor serving global digital businesses.The partnership, announced by Alchemy Pay via a blog article published on Friday, allows the firm to seamlessly integrate Checkout.com’s Visa and Mastercard channels into its on and off-ramps, enabling effortless transactions between fiat currency and cryptocurrency worldwide. Furthermore, Alchemy Pay’s NFT Checkout product is also set to incorporate these channels in the near future, expanding the reach of the payment gateway even further.Photo by Jonas Leupe on UnsplashVisa and Mastercard integrationThe company claims that the integration of Visa and Mastercard payment rails via Checkout.com enables it to achieve one of the highest payment acceptance rates in the industry. This seamless integration allows users to easily buy and sell digital assets through Visa and Mastercard using the Alchemy Pay Ramp and NFT Checkout.Checkout.com is a leading global payments solution provider catering specifically to large global enterprise merchants, handling massive transaction volumes daily. In 2021 alone, the company processed hundreds of billions of dollars in payments. Its esteemed clientele includes major names such as Netflix, Farfetch, Grab, Sony, Pizza Hut, and Shein.As a premier payment processor, Checkout.com further strengthens its position by providing crucial support to prominent players in the crypto industry, including Circle and Kucoin, among others. The company’s offerings include higher global acceptance rates, enhanced conversion rates, reduced charge-backs, and comprehensive global coverage through a streamlined entry point.Bridging crypto and fiat economiesBy eliminating obstacles to widespread crypto and NFT service adoption, Checkout.com’s smooth conversion process aligns perfectly with Alchemy Pay’s mission of bridging the gap between fiat and crypto economies on a global scale.Digital assets don’t exist in a vacuum. The history of this new asset class is short, having emerged within a world where we have all engaged with a conventional finance system which continues to hold most of the wealth that exists. It’s vital therefore, that services like Alchemy’s broaden the ability to on and off ramp between crypto and fiat if we are to encourage ever greater participation in the crypto economy.Alchemy Pay has been actively pursuing collaborations with renowned global acquirers and payment processors to streamline its on and off-ramp processes. In April the company announced a collaboration that would see it enable domestic transfer payments in India via India’s Unified Payments Interface (UPI) system to effect crypto purchases. Earlier that month, it secured $10 million in funding from market maker DWF Labs, with the funding earmarked towards expanding the business within the South Korean market.Leveraging its payment channels, Alchemy Pay has successfully connected to key markets worldwide, enhancing its capabilities in global coverage and licensing, while also reducing transaction and operating costs.In addition to strategic partnerships, Alchemy Pay has an impressive track record of securing licenses in various countries and regions, including the United States, Canada, Indonesia, and Lithuania.

The South Korean government has begun the process of selling its stake in NXC, the largest shareholder of Nexon, a video game company originally founded in South Korea and now headquartered in Japan. According to the Seoul Economic Daily, which cited industry sources, the Ministry of Economy and Finance began a public sale process on June 30 for its shares in NXC. These shares were received as payment for inheritance tax from the family of Nexon’s late founder, Kim Jung-ju. In February 2023, Kim’s widow, Yoo Jung-hyun—who also serves as chair of the board at NXC—along with other family members, transferred 851,968 NXC shares to the government to settle the inheritance tax liability.Photo by Kelly Sikkema on UnsplashEarlier failed sale attemptsThe government’s latest attempt to sell the shares follows two previous efforts that failed, primarily due to high asking prices at the time. The current estimated value of the shares stands at 4.7 trillion won (approximately $3.47 billion), reflecting a 20% premium over their net value due to the rights associated with company control. However, the shares are expected to sell at a lower price, since acquiring them would not lead to actual control of the company—Kim’s surviving family still holds a majority stake in NXC. Industry insiders view Chinese tech giant Tencent as a strong contender to purchase the shares. However, Tencent recently denied reports from last month that claimed it had approached Kim’s surviving family to discuss a possible acquisition of Nexon. The company had also expressed interest in acquiring Nexon back in 2019 but ultimately did not take part in the bidding process. According to Chosun Ilbo, a Tencent acquisition is being viewed as a possibility, as the Shenzhen-based firm continues efforts to secure overseas intellectual property. One industry source noted that Tencent tends to invest in Korean game developers every three to four years. The source also mentioned that Tencent had approached Korean venture capital analysts specializing in gaming last year to gather information for a potential acquisition shortlist. If Tencent were to purchase all of the government-held NXC shares, it would become the second-largest shareholder in the company. Given its ongoing investments in the Korean gaming sector, the source said it is likely Tencent will participate in the sale process organized by the government. Nexon’s blockchain pushNotably, Nexon has been expanding its presence in the cryptocurrency space. According to data from Bitcoin Treasuries, the company holds 1,717 Bitcoin (BTC), acquired at an average price of $58,226 per coin. Beyond its BTC investment, Nexon is actively exploring blockchain technology through its Web3 IP-expansion project, NEXPACE.  This initiative features the MapleStory Universe ecosystem, along with MapleStory N, a PC-based massively multiplayer online role-playing game (MMORPG) that incorporates blockchain technology. Both projects are powered by the NXPC token. MapleStory was originally developed by Wizet Studio in 2003 and became part of Nexon when the company acquired the studio the following year.