NEOPIN and Finschia Foundation to jointly launch Finschia’s first decentralized exchange

Oman’s Crypto Mining Expansion Signals Further Economic DiversificationOman has recently unveiled a state-of-the-art digital asset mining facility, as it continues in its quest to diversify its economy beyond oil exports.$150 million facilityThis cutting-edge mining facility was recently inaugurated, valued at around 135 million Omani rials, approximately $150 million, as a result of collaboration between Exahertz, an Omani company, and Moonwalk Systems, a Dubai-based blockchain solutions firm.Situated within the Salalah Free Zone, a hub that offers tax benefits to corporate entities, the facility is powered by mining hardware provided by leading Chinese mining equipment manufacturer Bitmain Technologies and is primed to house 2,000 machines, making for an 11-megawatt facility.Photo by Anusree Mohan on UnsplashExpansion plansSam Ferdows, the CEO of Moonwalk Systems, hailed the project, emphasizing the company’s dedication to expanding the facility’s capacity. Ferdows shared that plans are already in motion to increase the mining operation’s capacity to accommodate 15,000 miner units by October, with aspirations to expand to multiple cities. Recognizing the importance of corporate social responsibility relative to sustainability, Moonwalk Systems aims to train citizens through dedicated programs, further promoting the growth of the digital asset sector.Engineer Said Hamoud, Oman’s Minister of Transport, Communications, and Information Technology, who led the inauguration of the project, underscored its significance as a pivotal step in the nation’s digital transformation. He expressed confidence that the new mining facility would contribute to Oman’s growing digital economy.Second mining projectThis marks Oman’s second major move into the cryptocurrency mining space within nine months. Back in November 2022, the country inaugurated its first mining facility with a price tag of approximately $389 million. The combined investment in these ventures totals $740 million, which aligns with the broader regional push toward embracing the opportunities presented by blockchain and Web3 technologies.In the Middle East, several governments are actively investing in blockchain-related infrastructure. The United Arab Emirates, a neighbor to Oman, has notably begun to accept applications from Web3-related companies. The Virtual Assets Regulatory Authority (VARA), the local regulator in Dubai, has rolled out comprehensive regulatory directives that govern licensing requirements, company operations, and compliance.Oman, for its part, is not just focusing on infrastructure. It is also addressing regulatory aspects by requiring registered digital asset firms to establish a presence within the country. Evidence of those efforts emerged earlier this month when the Omani regulator, the Capital Market Authority (CMA), invited public feedback on a consultation paper that feeds into the development of a virtual asset regulatory framework in Oman. This versatile approach suggests that the Sultanate is making a conscious commitment to fostering a thriving blockchain ecosystem within the country.As Oman attempts to position itself as a regional blockchain hub, it recognizes the transformative power of cryptocurrencies and blockchain technology in propelling its economy forward. On that basis, the Middle Eastern country is making a resolute pivot from its oil-based past to a blockchain-enabled future.

StraitsX, a Singapore-headquartered digital asset infrastructure provider, has partnered with global payments firm Visa and Hong Kong-based RedotPay to enable the Hong Kong firm in launching a crypto credit card product offering. The partnership combines Visa’s global payments network with StraitsX’s facilitation as a means of accessing that network. Meanwhile, RedotPay’s proprietary real-time conversion technology enables users to spend crypto using the card on goods and services priced in fiat currency.Photo by Markus Winkler on UnsplashVisa BIN sponsorshipStraitsX published details of the development on its blog on Feb. 11. The company is authorized by Visa to act as a Visa BIN (Bank Identification Number) sponsor. Essentially, it acts as the conduit through which RedotPay is enabled to issue its crypto credit card. By leveraging StraitsX’s BIN sponsorship, RedotPay has cut through the complexity and cost that would be involved in trying to gain principal membership of the Visa network. Furthermore, as a BIN sponsor, StraitsX will handle compliance and security. The card offering allows holders to make purchases using crypto through the global network of merchants that accept Visa payments. Jason Tay, head of commercial at StraitsX, described the partnership as “a game changer for everyday retail use cases,” on the basis that the new card issuance will enable users to leverage their digital assets with ease in respect of daily transactions. Both companies emphasized that the partnership has led to a product offering that bridges the gap between digital assets and conventional commerce. Tay said that it “will transform how consumers interact with cryptocurrencies in the retail space." He added: "By combining our technology with Visa's vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.” Targeting the unbanked & crypto usersRedotPay CEO and co-founder Michael Gao said that the collaboration marked a significant step forward in the company’s mission to make crypto payments accessible and user-friendly, while contributing towards the mass adoption of cryptocurrencies within payment systems. “Our users will enjoy the flexibility of spending their digital assets just like traditional currency,” he added. It’s understood that the product offering targets crypto users primarily in Singapore. Adeline Kim, Visa’s country manager for Singapore and Brunei, highlighted the potential of the card offering, given that over 35% of digital asset owners in Singapore use them for retail purchases. That data emerged via a Visa study which was completed in 2023. The same study found that close to six in 10 consumers in Singapore are aware of digital assets.  While this marks the official launch of the product, RedotPay soft-launched the card in late 2024. StraitsX has been influential in enabling other crypto-related payments systems in Asia. Last December it assisted Thailand’s Kasikornbank (KBank) in rolling out a Thai baht to Singaporean dollar cross-border payments solution implicating the use of stablecoins. The company received Major Payments Institution (MPI) licenses from the Monetary Authority of Singapore in July 2024.

WEMIX Listed on Crypto Exchange CoinDCX, Strengthening Presence in IndiaWEMIX, the utility coin of blockchain game platform WEMIX Play, has now been listed on India-based cryptocurrency exchange CoinDCX, according to a press release. WEMIX Play is operated by South Korean gaming company Wemade.Photo by Naveed Ahmed on UnsplashWEMIX/USDT & WEMIX/INREstablished in 2018, CoinDCX earned unicorn status two years ago, becoming the first Indian crypto exchange to accomplish this feat. With a current valuation of approximately $2.5 billion, CoinDCX offers trading support for over 80 cryptocurrencies and provides decentralized financial (DeFi) services to a customer base of 15 million global users. CoinDCX users can trade WEMIX against USDT and INR, where USDT stands for a stablecoin issued by crypto giant Tether and INR for Indian Rupee.WEMIX made its debut on the Indian market in February through its listing on Bitbns, another cryptocurrency exchange. The token’s addition to another trading platform in India indicates the growing presence of the WEMIX ecosystem in the region.India’s Web3 landscapeIndia is a prominent market for non-fungible tokens (NFTs) and blockchain technology. As of April, investments in the Indian Web3 ecosystem had reached $1.3 billion. The country also boasts the world’s third-largest talent pool for Web3 development. Currently, more than 450 Indian startups are making their mark on the global stage, demonstrating expertise in DeFi services, gaming, NFTs, and metaverses.Looking ahead, WEMIX aims to further expand its reach by pursuing listings on additional crypto exchanges. This strategy will enable gamers worldwide to trade the WEMIX token with their respective fiat currencies.