SBI and Saudi Aramco to explore digital asset business partnerships

Bullish Emerges as a Bidder for Bankrupt FTX ExchangeBullish, a Gibraltar-based crypto exchange with strong ties to Asia, has emerged as a prominent bidder for the bankrupt trading platform FTX, which filed for bankruptcy protection in November last year.Photo by Kelly Sikkema on UnsplashValuable customer baseUp until that point, FTX was a thriving player in the cryptocurrency market. However, it is now in the process of seeking new ownership or financial restructuring to resurrect its operations. In a report published on Tuesday, The Block outlined that according to sources familiar with the situation, Bullish is eager to acquire FTX primarily for its valuable customer base.The news follows the filing of a stakeholder brief to the bankruptcy court in Delaware in the United States by the FTX Debtor on Monday. The brief outlined that the Debtor, led by new CEO John Ray, has reached out to more than 75 bidders to evaluate the potential relaunch of the FTX exchange business.Bullish aims to leverage FTX’s existing user network, intending to convert as many of them as possible into Bullish customers. However, it’s worth noting that this complex negotiation process may face challenges and uncertainties along the way.Asian connectionsAlthough it’s incorporated and registered in Gibraltar, only 4% of the company’s staff are Gibraltar-based. Meanwhile, the firm has offices in Singapore and Hong Kong with those locations accounting for 49% of the company’s overall workforce, according to LinkedIn data. Back in November the firm confirmed that it wasn’t one of the many crypto businesses with exposure to the FTX collapse.Bullish was founded by Brendan Blumer, with Bloomer currently acting as the exchange’s Chairman. Blumer previously founded Block.one, the developer behind the EOS blockchain. He also successfully founded and later exited Okay.com, Hong Kong’s largest digital property agency.Other Asia-centric players in the crypto sector had expressed interest in buying the FTX business (or parts of the business) earlier in the year. These included Singapore’s BSQ Capital and Gamepay, India’s CoinDCX, Japan’s 5G networks developer Docomo and e-commerce giant Rakuten, and Hong Kong’s OKC Holdings.Tribe Capital interestThe Block article also outlines that US-based Tribe Capital is another significant bidder in the running. Tribe Capital had FTX within its venture portfolio prior to the exchange’s downfall and subsequent bankruptcy at the close of the previous year. It had also appeared on the list of 363 sales parties back in June, and prior to that still, it had expressed its interest in buying the business.To establish a clear timeline for its business restructuring efforts, the estate has set a deadline for new bids, which falls on September 24. The FTX estate is still at an early stage in trying to resuscitate the business. Even if it’s successful in that endeavor, it’s not expected that a new business will emerge until Q2 2024 at the earliest.Separately, a criminal prosecution against FTX Founder Sam Bankman-Fried is progressing with a trial scheduled to take place in New York in October. Presently Bankman-Fried is incarcerated in a New York City jail while he awaits trial, having been found to have breached his bail conditions on the grounds of witness tampering.

eToro, M2 secure licenses bolstering UAE crypto developmenteToro, the retail and social trading platform, has successfully secured a coveted license from the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE). Additionally, virtual asset firm M2 has become a fully regulated Multilateral Trading Facility (MTF) and custodian through the ADGM.Photo by Mitul Grover on UnsplasheToro global expansionIn eToro’s case, the Financial Services Permission (FSP) license empowers it to operate as a broker in securities, derivatives and crypto assets within the UAE. The firm announced its regulatory success on Monday, the first day of Abu Dhabi Finance Week.eToro’s foray into the UAE market is part of its broader global expansion plan. With an eye on the potential of the UAE’s investor base, eToro seeks to extend its business beyond just providing trading opportunities. The company is committed to fostering financial education and encouraging community engagement among its users in the region.The latest issuance of a full license by the ADGM is the culmination of an initial in-principle authorization obtained over a year ago, showcasing a deliberate approach to regulatory compliance. eToro Founder and CEO Yoni Assia commented on the development in a press release, stating:“The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.”M2 primed to onboard retail and institutional clientsSimultaneously, cryptocurrency exchange M2 has also been recognized by the ADGM, earning the status of a fully regulated Multilateral Trading Facility and custodian. M2 is now permitted by this license to serve both retail and institutional clients in the UAE, offering services such as crypto custody, UAE dirham-based Bitcoin and Ethereum trading and on/off-ramp services for the dirham (AED).Stefan Kimmel, CEO of M2, considers the timing of this license as particularly advantageous, coinciding with a renewed positive sentiment among investors. M2’s range of services in the UAE market is designed for diverse client groups, addressing the needs of both retail and institutional investors.Official platform launchIn rolling out its service offering in Abu Dhabi, the trading and custodial services platform has partnered with Abu Dhabi Commercial Bank (ADCB). Commencing this week, both retail and institutional clients within the UAE can now register on the M2 platform.The firm will offer custody and trading of digital assets while also extending yield-bearing products of up to 10.5% on BTC and ETH.The strategic geographical location, business-friendly environment and forward-thinking regulatory approach make the UAE an attractive destination for international crypto players seeking operational licenses. Earlier this month, the ADGM’s registration authority introduced comprehensive regulations, particularly focusing on Web3 organizations. The regulatory framework has focused in particular on distributed ledger technology (DLT)-oriented foundations and decentralized autonomous organizations (DAOs).The successful acquisition of ADGM licenses by eToro and M2 marks a significant milestone for both entities. As these platforms introduce their innovative services to the region, the UAE is poised to play a central role in shaping the future of cryptocurrency.

Seychelles-incorporated crypto exchange platform Bitget recently released findings from a study on Bitcoin's upcoming halving, revealing that the vast majority of surveyed investors predict bitcoin will achieve a new all-time high (ATH) in 2024. Separately, other market commentators and analysts appear to be bullish on bitcoin ahead of the scheduled cut in Bitcoin mining rewards.Photo by Kanchanara on Unsplash84% anticipate new bitcoin ATHThe study, based on anonymized data from 9,748 participants worldwide, focused on investor perceptions surrounding the halving's impact on their investment decisions. 84% of participants anticipate a new ATH for bitcoin during the next bull run, with only East Europe showing a percentage lower than 80%. Over 50% predict bitcoin's price to be between $30,000 and $60,000 by the time the halving occurs in April. Meanwhile, 30% foresee the bitcoin unit price going higher than $60,000. Off the back of the data that has arisen via the study, Bitget managing director Gracy Chen suggested that it is indicative that 2024 will be a significant year for the bitcoin market. Crypto investment plansApproximately 70% express plans to increase their crypto investments, with the highest conviction in the Middle East and North Africa (MENA) and East Europe regions. Western European investors are characterized as "short-term cautious" and "long-term optimistic." In addition to the Bitget study, many market commentators appear to have arrived at a similar conclusion. In July of last year, Standard Chartered Bank forecasted a 2024 unit price for bitcoin of $120,000. The bank reaffirmed that view last month, going further still in stating that by 2025, it expected bitcoin to reach a price of $200,000, largely due to capital inflows into spot bitcoin exchange-traded funds (ETFs), which were approved in the United States in January. Broader market sentimentTaking to social media on Monday, crypto analyst Charles Edwards of Capriole Investments proposed a potential 500% price return for bitcoin if a bullish halving pattern plays out. Edwards envisions bitcoin reaching $280,000 in 2025. Like Standard Chartered, he cites the January bitcoin ETF launch as the driving force, likening it to a "second halving." He argues that major technological developments have historically seen quicker rates of adoption. Crypto trading analyst Michaël van de Poppe predicts a pre-halving surge to $48,000 and an eventual breakout toward an all-time high in Q3/Q4 of 2024. The next Bitcoin halving is expected in April 2024, historically associated with increased scarcity and subsequent price surges. Pseudonymous macroeconomist @Micro2Macr0 took to the X social media platform on Monday, stating:"Only 2.5 months till the #Bitcoin #Halving. The world is getting more unstable and you have the greatest hedge ever invented sitting in front of you. What are you waiting for?"  Meanwhile, "British HODL" warned that recent developments may result in a break from previous trading patterns. He stated:"Everyone says 12 months after the halving the shock starts for #Bitcoin price. . . . I think there is a high likelihood that the ETF’s change the cycle you’re expecting. Be aware of that.”