CarrieVerse secures investment from JB Financial Group and Ecrux Venture Partners

Antpool overtakes Foundry as largest bitcoin mining poolAntpool, a Singapore-headquartered open access mining pool that supports ten cryptocurrencies, has recently surpassed Foundry USA to become the foremost bitcoin mining pool in terms of monthly blocks mined.That’s according to a report published by TheMinerMag, a bitcoin mining industry publication run by New York public relations firm BlocksBridge Consulting.This development indicates a shift in bitcoin mining pool dynamics since January 2022. According to Bitcoin network data, Antpool mined 1,219 blocks in November, slightly edging out Foundry USA’s 1,216 blocks. The total rewards for Antpool’s miner clients reached 8,672 BTC, excluding the 83.6 BTC designated for refunds.Photo by Norman Wozny on UnsplashBitmain affiliateAntPool is an affiliate company of leading crypto mining equipment manufacturer, Bitmain. This surge in Antpool’s hashrate aligns with Bitmain’s substantial importation of over 4,800 metric tons of Antminer S19XP and S19XP Hydro to its U.S. subsidiary in Georgia between June and November. These imports have contributed to an estimated total hashrate exceeding 37 EH/s. The exact activation status of Bitmain’s imported hashrate and whether it is utilized for its own purposes, remains unclear.Foundry USA had previously held the leading position in mining pools since early 2022, benefiting from the rise of North American mining operations following China’s crackdown in 2021. While Antpool consistently secured the second position, its hashrate began closing the gap on Foundry USA around June this year.China vs. U.S. competitive dynamicThe two companies dominate bitcoin mining. With one having a parent company headquartered in China and the other being U.S.-centric, their positioning in terms of overall blocks mined is being seen by some as a reflection of competition between entities in China and the United States in terms of bitcoin mining dominance. Addressing that dynamic in response to CoinDesk recently, CryptoQuant Web3 Analyst Bradley Park wrote:“China is aggressively mining ahead of the approval of a Bitcoin ETF. As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity. This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty.”The bitcoin hashrate has been climbing continuously throughout 2023, reaching new all-time highs along the way.It’s worth noting that despite Antpool’s dominance in blocks mined, data from BTC.com reveals that the company’s self-reported real-time hashrate consistently lags behind Foundry USA’s over the past three months. The cause of this discrepancy remains uncertain, raising questions about variance or reporting errors affecting Antpool’s real-time hashrate.Bitmain established Antpool in 2014, and it was later spun out of Bitmain to become an independent entity in 2021. Meanwhile, Foundry is a wholly owned subsidiary of Digital Currency Group (DCG). Both Bitmain and DCG have been facing financial challenges over the course of the past year.In a separate development, Foundry took to social media platform X on Thursday to confirm that it is discontinuing support for The Graph protocol, Axelar Network, Polkadot and Flow. The firm said that the changes were decided upon in order to better align the business with its strategic business goals.

With the Chinese autonomous territory of Hong Kong having introduced its new Stablecoins Ordinance on August 1 and local taxi operators required to facilitate two forms of digital payment from April 1, 2026, a case is being made that this eventuality lends itself to an ideal test case for stablecoin payments.Photo by The Transport Enthusiast DC on UnsplashA perfect test caseIn an opinion piece published by Bloomberg on Aug. 3, columnist Andy Mukherjee asserted that Hong Kong taxis would be “a perfect stablecoin test case,” suggesting that the timing is ideal for stablecoins, given that a new licensing regime has come into effect via the city’s Stablecoins Ordinance.  In an interview, Franz Bergmueller, CEO of Switzerland-headquartered crypto bank AMINA Bank, said that “stablecoins for me are a killer use case.” On social media, AMINA Bank claimed that it would be “a major step in the right direction” if Hong Kong taxis start to accept stablecoin payments from customers. It emerged last December that the city’s taxi drivers would be required to install both electronic payment facilities and navigation systems, based on a filing made to Hong Kong’s Legislative Council. The filing outlined that while some taxi drivers currently offer electronic payment options, many insist on cash payment. The city’s Transport and Logistics Bureau suggested that “drivers offer at least two electronic payment options, including both QR code and non-QR code methods.” Stablecoin payments overseasThere has been some limited use of stablecoins as a payment method by taxi services in places with unstable currencies such as Argentina and Venezuela. The world’s most popular ride-hailing service, Uber, is understood to be studying the feasibility of offering stablecoin-based payments. In 2024, Asian rival Grab commenced accepting crypto, including the USDT and USDC stablecoins, as a means of payment for ride-sharing and food delivery services in Singapore. Last month, it extended that facility to its platform users in the Philippines.In June it emerged that Tawasul Transport, a taxi service in Abu Dhabi in the United Arab Emirates (UAE), had partnered with Al Maryah Community Bank (Mbank) and Abu Dhabi’s Department of Municipalities and Transport to launch a pilot program implicating the use of AE Coin, a UAE dirham-pegged stablecoin, as a means of payment. Bloomberg’s Mukherjee suggests that for entities now applying for stablecoin licensing, this new digital payment requirement for Hong Kong’s taxi services could provide an immediate segue to onboard users and make a new stablecoin product popular. Mukherjee places specific emphasis in this regard on what actions Ant Group may take. It emerged recently that Ant Group, an affiliate of the Alibaba Group, intends to apply for stablecoin licensing across Asian markets, including Hong Kong. The company is already a leader in Asia in digital payments through Alipay, which serves 1.3 billion users.Although Ant Group is based in mainland China, Hong Kong would offer the company the opportunity to test the establishment of a stablecoin for retail payments.

Hong Kong’s SFC Issues Warning Against Unlicensed Crypto PlatformsIn a move to safeguard its financial ecosystem, the Hong Kong Securities and Futures Commission (SFC) issued a stern warning recently, cautioning against the activities of unlicensed cryptocurrency exchanges involved in what it termed “improper practices.”In a statement published to its website on Monday, the regulatory authority underscored the gravity of engaging in unlicensed operations within the crypto trading sphere, categorizing such activities as a “criminal offense” under Hong Kong jurisdiction.Photo by Chi Hung Wong on UnsplashDeceptive tacticsFurthermore, the SFC exposed the deceptive tactics employed by certain unlicensed crypto trading platforms, which misleadingly assert that they have submitted license applications to the commission. The reality, however, is quite the opposite, as these platforms remain unregulated.The warning coincides with the SFC's ongoing establishment of a novel regulatory framework for overseeing retail crypto trading. Notably, the SFC made it clear that applicants who fail to adhere to pertinent regulations might find themselves ineligible for licensing under the newly instituted regime.This initiative from the SFC aligns with the broader efforts undertaken by Hong Kong authorities to instill effective oversight and regulation within the cryptocurrency market. The primary objective remains the protection of investors’ interests and the preservation of the integrity of the overall financial system.Platforms must demonstrate ability to complyThe SFC emphasized, “VATPs (Virtual Asset Trading Platforms) which consider themselves eligible for deeming under the transitional arrangements are reminded that the SFC may decide that deeming is inapplicable if it does not see a reasonable prospect for the VATPs to successfully show that they are capable of complying with the applicable legal and regulatory requirements.”This development follows closely on the heels of Hong Kong’s recent announcement outlining plans to grant licensed cryptocurrency platforms the permission to cater to retail investors within the new regulatory framework.These comprehensive guidelines encompass critical facets such as cybersecurity protocols, asset custody safety standards, and the segregation of client assets. This regulatory evolution commenced on June 1, synchronizing with the launch of the novel licensing regime for virtual asset platforms.Drawing attention to the growing influence of the sector, it’s worth noting that in April, cryptocurrency exchange OKX registered an astonishing surge of over 10,000 new user sign-ups within a mere month of launching its operations in Hong Kong.Web3 implementationIn a recent tweet, Chris Lee, former CEO of both the Huobi and OKX crypto exchanges, said that “if Hong Kong wants to implement Web3 well, it still needs to complete the basic requirements, such as Web3 foundation laws and bills.” Lee added that “Hong Kong’s competitors will always be itself, not New York or Singapore.”The Hong Kong SFC’s warning to unlicensed crypto platforms is another step in creating the right foundation for Web3 in the city. It underscores the concerted effort to maintain a regulated and secure environment for cryptocurrency transactions within the Chinese autonomous territory.As the regulatory landscape continues to evolve, industry participants are gradually being compelled to adhere to the stipulated legal and compliance requirements in an effort to foster a robust crypto ecosystem.