Binance Japan now fully operational

Bakkt, an American digital asset custodian and trading firm, has acquired a stake in Marusho Hotta, a Japanese textile firm, as part of a new crypto treasury strategy which the company adopted recently. The firm, which was established in 2018 and is 55% owned by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE), published a statement on its website on Aug. 6, outlining that it had acquired a 30% stake in Marusho Hotta. The textile firm, a publicly-listed company on the Tokyo Stock Exchange (TSE: 8105), is both a manufacturer and distributor of yarn and bedding, as well as Japanese and Western clothing.Photo by 🇸🇮 Janko Ferlič on Unsplash‘bitcoin.jp’As a result of the transaction, Bakkt International President Phillip Lord will become CEO of Marusho Hotta, and the company will be renamed as “bitcoin.jp.” Akshay Naheta, co-CEO of Bakkt, commented on the development, stating: "Japan's regulatory environment creates an ideal platform for a Bitcoin-centered growth business. We look forward to working with MHT's team to integrate Bitcoin into their operating and financial model and to establish MHT as a leading Bitcoin treasury company." Back in June, it emerged that Bakkt was working towards raising $1 billion from investors, providing the first indication that the firm was moving towards pursuing a crypto treasury strategy. A filing lodged with the Securities and Exchange Commission (SEC) at the time stated:“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources, subject to the limitation set forth in our Investment Policy.” The company went on to outline that the timing and magnitude of any such crypto purchases would depend upon market conditions at the time, capital market receptivity, the firm’s business performance and other strategic considerations. Given the credentials within traditional finance of the company’s owners, the arrival of Bakkt in 2018 was seen as a significant event within the crypto sector. However, the firm’s journey has not been an easy one. It started out by trying to appeal to retail users and bring about real-world use of cryptocurrency. It established an app and a partnership with Starbucks, which looked to bring crypto into mainstream use in terms of everyday payments.However, that partnership fizzled out and in 2024 a filing lodged by the company with the SEC revealed that the company’s position was challenging, with it warning that it “might not be able to continue as a going concern.” When the business first launched, it aspired to bring Bitcoin to 401(k) retirement accounts in the U.S. It may have been ahead of its time in that regard as it had to contend with Donald Trump’s first term as president when he wasn’t particularly pro-crypto and a distinctly anti-crypto Biden administration immediately afterwards. It is only now, seven years after the founding of Bakkt, that the current Trump administration is finally moving to allow crypto investment to form part of 401(k) plans. More recently the firm had concentrated on catering to the needs of institutional investors but faced further turmoil earlier this year when it lost two customers who allegedly made up 73% of Bakkt’s revenue.

Miracle Play and HAVAH team up to expand Web3 ecosystemWeb3 e-sports tournament platform Miracle Play has signed a business agreement with the interchain platform HAVAH to exchange technologies and build a joint ecosystem, according to an official announcement on Miracle Play’s Medium page on Monday (KST).“With our interchain technology, we expect to play a pivotal role in the expansion and organic interoperability of the Web3 e-sports ecosystem, and we will actively cooperate with Miracle Play in building a leading ecosystem and infrastructure,” said Lim Young-kwang, CEO of HAVAH.Photo by Mateo on UnsplashNavigating the interchain landscape and blockchain gamingLaunched in January, HAVAH is an L1 interchain platform that allows users to freely move their digital assets across multiple blockchains. It features multiple decentralized applications (dApps) such as HAVAH Wallet and HAVAH Scan, and houses some 500,000 users.Miracle Play uses smart contract technology to ensure that anyone and everyone can hold various types of gaming tournaments in the form of PC, mobile and console games. It is currently in the open beta phase, with a cumulative participation rate of about 30,000 players. Although it is only supported on Polygon as of now, it will eventually be available on a total of nine major networks including Avalanche, XPLA, Solana and more, to facilitate cross-network gaming tournaments.Collaborative synergyThe two companies plan to collaborate on multiple fronts. Miracle Play will adopt HAVAH’s various mechanisms including the Mitter Protocol, which will allow the platform to implement one-click bridging services on the Miracle Play website and mobile app; as well as its interchain mechanism to bring multi-chain services to Miracle Play.HAVAH also aims to provide technical support for distributing and utilizing in-game rewards across networks on Miracle Play. Miracle Play tournaments will also be available via GameFi dApps in HAVAH’s ecosystem.“We will continue to work with companies in various fields to strengthen the interconnection of the blockchain ecosystem and expand the base of WEB3 Esport by making it conveniently accessible to everyone,” said Kim Hyun, CEO of Miracle Play.

OKX Ventures, the investment arm of the well-known crypto exchange and Web3 technology company OKX, has recently disclosed a strategic investment in Singapore’s Orbiter Finance. Developing ZK-proof technologyThe investment marks a significant step forward in advancing the evolution of blockchain infrastructure, given that Orbiter Finance has achieved recognition for its innovation in the process of developing its zero-knowledge (ZK) technology-based omni-chain rollup on the Ethereum network. This initiative goes beyond Orbiter Finance's initial role as an asset cross-rollup bridge. Over the last two years, Orbiter has processed over 12 million transactions with a total transaction volume surpassing $7.8 billion. The protocol has amassed a user base of over three million and cultivated a community exceeding 700,000 users and enthusiasts.Photo by Shubham Dhage on UnsplashOrbiter Rollup announcementAccording to a series of posts on the X social media platform over the course of the weekend, the project is gearing up to launch a ZK-tech-based instant omni-chain rollup on Ethereum. A standout feature of the protocol is the integration of ZK Simplified Payment Verification (SPV) to authenticate Layer 2 transactions on the mainnet and combat fraudulent re-layers via the Ethereum Virtual Machine (EVM).  This development introduces a secure, efficient, low-cost and rapid communication mechanism for Ethereum, with the added security benefits of ZK-SPV enabling Orbiter Finance to grant complete access to the "Maker" role. This marks a significant milestone in achieving decentralization within blockchain infrastructure. Dora Yue, founder of OKX Ventures, expressed enthusiasm about spearheading the strategic investment in Orbiter Finance. She highlighted the protocol's ability to overcome traditional bridge limitations, specifically in terms of speed, and its crucial role in enhancing the efficiency of cross-chaining between various Layer 2s and the Ethereum mainnet. Other investors in the project include Redpoint China, Hash Global and Skyland Ventures. Supporting 19 networksCurrently supporting over 19 Layer 2 rollups and a multitude of native Ethereum assets, Orbiter Finance is positioning itself as a vital infrastructure component for the Layer 2 ecosystem. Yue commended the team's ongoing commitment to product upgrades and their dedication to ensuring a more decentralized and trustless foundation for the Layer 2 ecosystem's growth in 2024. With an initial capital commitment of $100 million, OKX Ventures is focused on exploring and supporting the best global blockchain projects, fostering cutting-edge technology innovation, and investing in projects that provide long-term structural value. The venture aims to nurture innovative companies by offering global resources and leveraging historical experience in the blockchain industry. Orbiter Finance also maintains an openness to incorporating additional networks. It has established strategic partnerships with key players such as Arbitrum, Optimism, Polygon, Linea, zkSync, Base, Starknet, Scroll, Manta Network and others. In this manner, it has solidified its position in the ecosystem. Notably, the protocol announced a collaborative strategic partnership with Ingonyama earlier this month, taking a step forward in advancing ZKP acceleration. Ingonyama is a next-generation semiconductor company specializing in ZK-proof technology. With that, it is actively exploring the integration of ICICLE, a GPU library for zero-knowledge acceleration, into Orbiter's ZKP system through multiple meetings and code-sharing initiatives.