Conference in Pohang City attracts young metaverse enthusiasts

Bitkub Addresses Market Conditions Thru Job CutsBitkub Capital Group, the parent company of Thailand’s largest digital asset exchange Bitkub Online, has made adjustments to its workforce and employee benefits in an effort to manage costs during challenging economic conditions.Photo by Braden Jarvis on Unsplash5.5% staff reductionAccording to a statement released on Wednesday, approximately 5.5% of personnel within the Bitkub Capital Group have been let go, while around 2% of staff at Bitkub Online were also affected.Contrary to reports in local media suggesting that half of the company’s employees were terminated in late June, Bitkub Capital Group clarified that the reduction in workforce was relatively small compared to the overall number of employees in the group.Change in employee benefitsThe company did not provide specific details about the changes in employee benefits, only stating that one perk had been removed. The decision to implement these measures stems from the current economic downturn and the need to manage costs effectively, Bitkub explained.Bitkub Capital recorded a net profit of 1.3 billion baht ($37.49 million) in 2022, marking the second consecutive year of profitability for the company. However, net profit declined by 39% compared to the previous year, falling from 2.1 billion baht in 2021. Expenses also surged from 117 million baht in 2021 to 394 million baht in 2022.Bitkub Capital Group encompasses various entities in addition to the crypto exchange, including Bitkub Ventures (the venture capital arm), Bitkub Labs (also known as Bitkub Academy, the education arm), Bitkub Blockchain Technology (a consulting company focused on blockchain), and Bitkub Infinity (a portfolio management service provider).Bitkub Online, the crypto exchange unit, reported a profit of 341 million baht for the financial year ending on December 31, 2022, representing an 86% decline compared to the previous year. Total revenues for 2022 amounted to 2.8 billion baht, which marked a significant decrease of 48% compared to its peak performance in 2021 when it generated 5.5 billion baht in revenue.In a separate development, Asphere International, a game publisher listed on the Bangkok Stock Exchange, recently acquired a 9.22% stake in Bitkub Online for 600 million baht, valuing the startup at 6.5 billion baht.Broader regional trendThe downsizing at Bitkub reflects a broader trend among technology companies in the region. In June, aCommerce, a local e-commerce enabler, laid off at least 20 employees citing similar economic challenges. The same month, Grab, the Singapore-based ride-hailing and food delivery giant, announced a significant round of layoffs, with 1,000 employees, including the Thailand team, being let go.Bitkub’s decision to adjust its workforce and streamline employee benefits is a response to the economic headwinds it faces. It’s not the company’s first setback. Last year, Thailand’s Securities and Exchange Commission (SEC) penalized the firm’s CTO, Samret Wajanasathain, on the basis of insider trading.The cyclical nature of the digital asset exchange business means that Bitkub can seek to weather this storm and benefit from the upside once market conditions inevitably become more favorable in the not too distant future.

Bithumb celebrates 10th anniversary with a commitment to changeBithumb, South Korea’s major fiat-to-cryptocurrency exchange, celebrated its 10th anniversary on Wednesday (local time), as per a report by local news agency Newsis.Photo by Adi Goldstein on UnsplashFoundation for the marginalizedTo celebrate this occasion, the platform has set up a foundation with a budget of KRW 10 billion (approximately $7.6 million). The foundation is dedicated to addressing the challenges faced by marginalized individuals in the community.Bithumb has also introduced a new slogan, “Deep change for customers,” reflecting the exchange’s commitment to transformation, its top core value.Demonstrating such efforts, the platform has implemented a zero-trading fee policy for all supported cryptocurrencies since October. This policy will remain in effect until further notice. In response to this competitive move, other players in the market followed suit. Later in the same month, Korbit introduced fee-free trading for all types of tokens, and Gopax removed trading fees for four major cryptocurrencies: BTC, ETH, XRP and USDC.IPO planned in 2025Furthermore, Bithumb is striving to go public on the Korean stock market, a move partly driven by criticisms of inadequate governance transparency. The virtual asset service provider aims to conduct an initial public offering (IPO) in the second half of 2025. Through this IPO, Bithumb intends to demonstrate its corporate transparency and strengthen its position as a trustworthy exchange.Identifying and fostering young entrepreneurs is another initiative Bithumb is spearheading. The crypto exchange is processing applications from aspiring business owners for its support program. These applicants will be assessed based on their creativity and the feasibility of their business models without any restriction on the type of business area they are involved in. For this purpose, Bithumb has allocated KRW 30 billion to support startups that have been operational for less than three years.User engagement eventsA customer engagement event called the “10 Bitcoin 1/N challenge” is also underway for Bithumb users. Participants in this event will have the opportunity to equally share a total of 10 BTC. To join, customers need to send the message “Happy 10th birthday, Bithumb” to Bithumb’s KakaoTalk channel. Upon successfully sending this message, customers will receive a coupon code. After receiving a coupon code, they must apply it on the Bithumb app. The distribution of rewards is set for Dec. 11.In addition, Bithumb is set to airdrop cryptocurrencies worth up to KRW 1 million to users who have been inactive for an extended period. To participate, these users simply need to log into the Bithumb app and enter the MISS-YOU coupon code. This promotional event will last from Dec. 6 to 12, with the airdrop occurring on Dec. 18.Lee Jae-won, CEO of Bithumb, remarked that Bithumb’s 10-year journey mirrors the rapid growth and evolution of the cryptocurrency market. He emphasized that the exchange believes growth stems from embracing new challenges and transformative efforts. Lee added that Bithumb is determined to implement authentic changes to better serve its customers.

Major Japanese securities firms are moving deeper into the cryptocurrency market, underscoring the rapidly evolving nature of Japan’s financial sector. According to DL News, citing Nikkei, Nomura Holdings, Daiwa Securities Group, and SMBC Nikko Securities are exploring plans to launch their own crypto exchanges as Japan edges closer to regulatory approval of crypto exchange-traded funds (ETFs).Photo by Jakub Żerdzicki on UnsplashETFs could spur demandNomura is expected to lead its effort through Laser Digital, its Swiss-based crypto subsidiary, and plans to pursue a domestic exchange license and launch its service by year-end. The move comes after Laser Digital trimmed its crypto positions following third-quarter losses. Despite the setback, Nomura has reiterated its long-term commitment to digital assets. SMBC Nikko Securities, meanwhile, has established a dedicated decentralized finance (DeFi) unit to assess new business opportunities in blockchain-based financial services.  The firms are positioning themselves ahead of what they expect to be a surge in demand if Tokyo lifts restrictions on crypto ETFs. Japan is reportedly working toward approving such products by 2028. In preparation, the Financial Services Agency is considering classifying digital assets as eligible for inclusion in investment trusts—a key step toward broader institutional adoption. Institutional appetite is already building. A November Nikkei survey found that six major firms—including SBI, Nomura, and Daiwa—are developing crypto investment offerings in expectation of eventual approval by the Tokyo Stock Exchange. The 2028 rollout hinges in part on tax reform. The government is weighing a shift from the current progressive tax regime, which can impose rates of up to 55% on crypto gains, to a flat 20% rate—aligning digital assets with the taxation of traditional equities. Authorities find that a two-year buffer is needed to ensure exchanges and oversight bodies can implement the new rules effectively. SBI to acquire Singapore’s CoinhakoIn parallel, SBI Holdings is expanding its regional footprint. The financial services group announced that its Singapore-based subsidiary, SBI Ventures Asset, has signed a letter of intent with Coinhako to pursue a majority acquisition of the virtual asset service provider. The two sides aim to combine their capabilities to deliver integrated services spanning traditional finance and digital assets for both retail and institutional clients. Details of the proposed capital injection and share purchases from Coinhako’s existing shareholders remain under negotiation and subject to regulatory approval. Amid the industry’s expansion, traditional finance is increasingly weighing stablecoins against Bitcoin. According to The Crypto Basic, Lee Hardman, a currency analyst at Japan’s MUFG Bank, said that stablecoins may prove more effective than Bitcoin as a medium of exchange, a unit of account, and a store of value. Their price stability has been cited as a key advantage, as reduced volatility lowers transaction risk for merchants and consumers.