BIONES partners with Bithumb Burrito Wallet for integrated service development

Phoenix Group strikes $380M deal with MicroBTPhoenix Group, a Dubai-headquartered Bitcoin (BTC) mining company, has sealed a $380 million deal with Chinese mining equipment manufacturer, MicroBT.The deal comes just days after Phoenix’s stock made its debut on the Abu Dhabi Securities Exchange (ADX). The miner announced on Thursday that it would promptly receive mining equipment valued at $136 million, with an additional option for equipment worth $246 million.Phoenix asserts that this transaction stands as the most substantial order for MicroBT’s Whatsminer equipment in the past two years. Whatsminer is a brand of mining hardware and chip design which has been developed by MicroBT.Photo by Traxer on UnsplashGreen mining equipmentAs outlined in a press release published by the company, the Middle East-based miner is taking a step towards sustainability by incorporating hydro-cooling miners, a collaborative effort with MicroBT aimed at establishing world-class high-performance computing (HPC) data centers. The move highlights Phoenix Group’s interest in pursuing eco-friendly crypto-mining practices, something that will help to position the company as a leader in furthering efficient and responsible mining solutions.Munaf Ali, co-founder of Phoenix Group, emphasized the significance of partnering with MicroBT and advancing hydro-cooling technologies in achieving the company’s vision for sustainable and innovative mining operations. Ali stated:“Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”While Phoenix did not disclose further specifics about the type of mining machines it is acquiring, the move signifies a broader trend among mining companies making substantial investments in cutting-edge hardware. Texas-based Bitcoin miner Riot Platforms recently spent $290 million to acquire over 66,000 mining machines from MicroBT.GCC distribution agreementPhoenix has an ongoing business relationship with MicroBT. In November 2022 the firm signed a deal with MicroBT that enabled it to act as a distributor of MicroBT’s Whatsminer brand of mining equipment. Under the terms of that partnership, Phoenix distributes Whatsminer products across Gulf Cooperation Council (GCC) countries such as the United Arab Emirates (UAE), Oman, Saudi Arabia, Bahrain, Qatar and Oman.Phoenix Group’s recent accomplishments extend beyond hardware acquisitions. Following its historic debut on the ADX on Tuesday, where it raised $370 million from its initial public offering in November, the company has experienced positive market performance.Data from ADX’s website reveals that Phoenix Group’s stock has propelled its market capitalization to over $4 billion (15.1 billion AED) within the first two days of trading. The initial public offering (IPO) price of 1.50 dirhams had been set earlier this week. Immediately, the shares increased by 50% to 2.25 dirhams.Bijan Alizadehfard, co-founder and group CEO of Phoenix Group, expressed the company’s success on the ADX as a catalyst for forging significant partnerships with major mining firms like MicroBT. Alizadehfard highlighted that the listing has bolstered the company’s capabilities in the blockchain and cryptocurrency sector, contributing to its ongoing advancements in the industry.

Philippines breaks new ground in first-ever tokenized bonds saleThe Philippines is set to offer the country’s first tokenized treasury bonds, a novel way of issuing debt securities using blockchain technology.Photo by Mara Rivera on Unsplash$179 million tokenized bond issuanceAccording to a report by Bloomberg on Thursday, the Bureau of the Treasury announced that it will issue 10 billion pesos ($179 million) of one-year tokenized bonds next Monday after canceling the conventional auction scheduled for the same day. The bonds will be issued by the Development Bank of the Philippines, a state-owned entity, together with the Land Bank of the Philippines.The tokenized bonds will be sold to institutional investors at a minimum denomination of 10 million pesos, with increments of 1 million pesos. The bonds will have a one-year validity, maturing in November 2024. The treasury bond interest rate has yet to be determined and will be confirmed on the date of issuance.Deputy Treasurer Erwin Sta said that the government is exploring the potential of tokenizing real-world assets and bonds and will “continue to study the technology and test how far we can take it.”Tokenization is the process of converting physical or digital assets into digital tokens that can be stored, transferred and traded on a blockchain network. Tokenization can offer several benefits, such as lower costs, faster transactions, greater transparency and enhanced security.Asian surge in tokenizationThe Philippines is not the only Asian country that is experimenting with tokenized bonds. This latest bond tokenization project follows hot on the heels of a similar move in Singapore. Earlier this week, British banking conglomerate Standard Chartered, through its Singapore-based fintech investment subsidiary SC Ventures, unveiled a new platform called Libeara. Libeara is gearing up to offer the first-ever tokenized Singapore-dollar government bond fund.In February, Hong Kong issued $100 million of tokenized green bonds under its Green Bond Programme, using Goldman Sachs’ tokenization protocol. The tokenized green bonds, a first-of-its-kind issuance, have a one-year validity and aim to support environmental projects in the region.Authorities in Singapore have also launched a series of pilots on tokenizing real-world assets in collaboration with JPMorgan, DBS Bank, BNY Mellon and Apollo, an investment firm. The pilots will test the feasibility and efficiency of tokenizing assets such as equities, bonds and funds. The United Arab Emirates (UAE) partnered with HSBC to conduct the tokenization of bonds as well.The tokenization of real-world assets is not limited to Asia. Israel’s Tel Aviv stock exchange completed a proof-of-concept for tokenizing fiat and government bonds, demonstrating the potential of blockchain technology to transform the capital markets.The tokenization of real-world assets using blockchain technology is a growing trend among governments and financial institutions. According to the Boston Consulting Group, tokenized assets could reach a market capitalization of $16 trillion by 2030. By issuing tokenized bonds, the Philippines is joining the ranks of the pioneers in this field, opening up new possibilities and opportunities for the crypto industry and the economy as a whole.

Former SoftBank Executive Launches Stablecoin in Abu DhabiAkshay Naheta, a former executive from SoftBank, known for his involvement in some of the firm’s most significant deals, is embarking on a new venture in Abu Dhabi, focusing on stablecoins.Photo by Mathilde Cureau on UnsplashDRAM Trust partnershipThe 42-year-old financier has established Distributed Technologies Research (DTR) within Abu Dhabi’s international financial free zone. The firm has partnered with Hong Kong-based DRAM Trust, an entity with connections to a pool of high-net-worth individuals.Together, the firms aim to tap into the stablecoin market, which analysts at Bernstein predict will surge more than twenty-fold, reaching $2.8 trillion within the next five years. While the vast majority of stablecoins are pegged to the US dollar, DRAM coins will have backing from the United Arab Emirates dirham.Targeting high-inflation countriesThis peg to a relatively stable currency like the dirham offers greater security for individuals residing in high-inflation countries like Turkey, Egypt, and Pakistan. Additionally, it presents an alternative to the SWIFT system. While the dirham currently plays a minor role in the global economy, it has recently gained prominence as a petro-currency.“Our main focus is the unbanked and under-banked in these nations,” Naheta explained in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this,” he added.Naheta previously worked as a trader at Deutsche Bank. He had played a central role in some of SoftBank’s most notable deals during his tenure. Notably, he pitched the sale of chip designer Arm to semiconductor giant Nvidia. He also led a $4 billion investment in Nvidia in 2017, generating a $3 billion profit.Since his departure from SoftBank last year, Naheta has been actively involved in various fintech projects, with the UAE serving as his base of operations.Growing stablecoin circulationStablecoins have been in existence for nearly a decade. However, their primary use has been for trading purposes to facilitate the movement of digital assets between exchanges, and their adoption in consumer payments has been limited. Currently, there are approximately $124 billion worth of stablecoins in circulation, with Tether’s USDT being the largest, followed by the Circle-issued USDC.Supporters of stablecoins view them as a superior means of achieving cost-effective and instant money transfers and payments. Nevertheless, they have encountered resistance from central banks worldwide, which are actively developing their own central bank digital currencies (CBDCs).DRAM coins will be accessible on decentralized automated market makers, including Uniswap, Sushiswap, and Pancakeswap. Additionally, the team plans to collaborate with centralized exchanges in the near future, as revealed by Naheta.UAE ‘the new Switzerland’The former SoftBank executive anticipates significant demand for DRAM coins in the UAE, where a sizable expatriate population resides. Furthermore, the country is situated close to several high-inflation nations in Africa, the Middle East, and Asia.“I’m extremely bullish on the UAE,” Naheta stated. “It’s the new Switzerland — geopolitically neutral, a great transportation hub and a top tourism destination.”