Matrixport forecasts SEC bitcoin ETF rejection

NBC and AliPay collaborate to enable enhanced cross-border paymentsThe National Bank of Cambodia (NBC) and Ant Group, the parent company of AliPay+, the borderless payment and marketing solutions provider for merchants, have inked a memorandum of understanding (MOU) on “Cross-Border QR Code Payment Cooperation.”The deal was announced at last week’s Singapore FinTech Festival. The collaboration aims to boost the use of KHQR codes through Alipay+. KHQR codes provide for a standardization of QR codes which have been created for retail transfers and payments within Cambodia.Chea Serey, the Governor of NBC, and Douglas Feagin, Senior Vice President of Ant Group, formally signed the MOU to facilitate efficient and secure cross-border QR code payment transactions. The agreement focuses on bridging Bakong’s network through KHQR codes and Alipay+’s extensive global QR code acceptance network, as outlined in an NBC press release.Photo by Paul Szewczyk on UnsplashBakong CBDCBakong is Cambodia’s central bank digital currency (CBDC) based upon the Cambodian riel. Japanese fintech developer Soramitsu has collaborated with the Cambodian authorities in developing it.This latest development unfolded as Chea Serey took the stage as a keynote speaker at the Singapore Fintech Festival, addressing the theme, “The Intersection of Policy, Finance, and Technology.”According to a statement from Chea Serey’s official Facebook account, this collaboration opens doors for Cambodia Bakong users to access Alipay+ and engage with over 83 million merchants worldwide. Additionally, it allows international tourists to seamlessly make payments to KHQR merchants in Cambodia. Serey stated:“Today I am glad to announce the MoU signing between Alipay Plus and NBC, hence I encourage local banks to inform their merchants to open KHR accounts and start accepting KHR payments otherwise they won’t be able to benefit from this arrangement.”Greater interoperabilitySerey highlighted that this collaboration marks a significant step in enhancing Cambodia’s payment connectivity on a global scale, creating a more convenient and inclusive experience for tourists and contributing to the growth of the national economy.In an interview with CNBC at last week’s event, Serey said that the initiative will enable greater interoperability. In China, Cambodian merchants and visitors can use the Cambodian payment system to make payments to Chinese vendors. Likewise, Chinese visitors can use Alipay+, a platform they are familiar with, to make payments for goods and services in Cambodia. Serey believes this to be important, given that Cambodia depends heavily on tourism.The Alipay+ platform facilitates payments through various digital wallets, including Korea’s KakaoPay, Malaysia’s TouchnGo, Thailand’s TrueMoney and the Philippines’ GCash. Ant Group has been attempting to extend the regional utility of its payment system for some time.As far back as 2017, Ant Group signed an MOU with British bank Standard Chartered with a view towards increasing financial services access to clients located along China’s “Belt and Road” initiative route. In 2019, Alipay inked a deal with Cambodia’s DaraPay to allow Alipay wallet holders to pay for goods and services at DaraPay POS terminal points.Alipay and WeChat Pay are recognized as two of the most preferred payment methods among Chinese consumers. Together, they dominate the Chinese mobile payments landscape, boasting a market share of over 92 percent and a user base exceeding 2 billion.

Binance withdraws Abu Dhabi bid amid global licensing reevaluationLeading global crypto exchange Binance has chosen to withdraw its bid for a trading license in Abu Dhabi, according to information gleaned from the Abu Dhabi Global Market (ADGM) register and a report published by Reuters on Thursday.Photo by Demid Druz on UnsplashChange of directionThe local subsidiary company responsible for the application, BV Investment Management Limited, initially submitted its licensing bid on Nov. 15, 2022. Much has changed in the crypto space and in the fortunes of Binance over the course of the past year, leading the firm to withdraw its application on Nov. 7.This proposed license would have granted Binance the authority to pool and invest funds from professional investors. The decision to retract the bid is part of Binance’s broader reevaluation of its overall strategy going forward. “When assessing our global licensing needs, we decided this application was not necessary,” a spokesperson from the company told Reuters.Adapting to new circumstancesMuch has changed for Binance in 2023. The company has been combating regulatory pushback in multiple jurisdictions worldwide, not least in the United States, where Binance founder Changpeng Zhao (CZ) recently reached a plea agreement with U.S. prosecutors and agreed to pay $4.3 billion for violations related to money laundering and sanctions laws.As part of that process, CZ stepped down as CEO, passing the leadership to Singaporean Richard Teng. Teng is a former regulatory executive who previously oversaw the exchange’s regional operations. A spokesperson for the company maintained that this recent decision relative to licensing in Abu Dhabi is entirely unrelated to the recently agreed-upon settlement in the United States.UAE tiesWhile Binance may be dropping its attempts to gain licensing in Abu Dhabi, in July the company acquired a Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority in the United Arab Emirates’ (UAE) other major center, Dubai. The UAE is also the location where CZ has established his home.Some had speculated that the company had also established its headquarters within the UAE. However, CZ has always refused to disclose the firm’s global headquarters, instead suggesting that the firm has no global headquarters. Teng has taken a similar approach.Binance was originally founded in China in 2017. It then shifted its headquarters to Japan and later established a base in Malta to circumvent regulatory challenges in China. Similarly, it’s thought that regulatory scrutiny provides the rationale for the company’s ongoing stance in refusing to confirm the location of its corporate headquarters.Despite regulatory challenges, Binance had previously expressed a focus on expanding its operations in the Middle East, known for its crypto-friendly environment and specific regulatory frameworks. Binance holds various crypto licenses from regulators in the region. In May of last year, it acquired a Category 4 crypto-asset service provider (CASP) license from the Central Bank of Bahrain.The exchange maintains registrations and licenses across Europe, Asia and other regions. It’s had mixed fortunes in its endeavors over recent months, driven out of some markets while making in-roads in others. Earlier this week, its Binance Japan subsidiary became fully operational. Last week, regulators in the Philippines moved against the company due to regulatory irregularities.

Upbit Adds Polygon Staking ServiceDunamu, the blockchain and fintech firm that operates South Korea’s largest cryptocurrency exchange Upbit, announced on Wednesday (local time) the addition of Polygon’s MATIC to Upbit’s staking service, now available via the Upbit website and mobile application.Photo by GuerrillaBuzz on UnsplashStaking is a service where users entrust their cryptocurrency to a blockchain network to boost its security and receive virtual assets as rewards. The virtual assets deposited by staking users are used in the transaction verification process of generating new blocks in the blockchain network of the respective asset. Users are then rewarded with virtual assets for their participation in the process.Polygon is an Ethereum Layer 2 scaling solution that allows developers to build various decentralized applications (DApps) within the Ethereum ecosystem. Its native token is called MATIC.Expanded staking optionsAny Upbit user who has completed the Know Your Customer (KYC) process and enabled two-factor authentication can participate in staking on Upbit. The minimum staking amount is 2.7 MATIC. Users who participate in staking receive rewards once every day. They can also unstake their tokens at any time they want.“At Upbit, we utilize our world-class security measures, robust infrastructure, and years of technological expertise to operate validators and stake users’ assets for them,” the exchange said. “Users’ crypto assets that are used in staking are safely stored in a cold wallet.”Dunamu officially launched the Upbit Staking service in January of last year, serving as an intermediary in the complex staking process. The service aims to facilitate the convenient and secure staking of virtual assets. With the latest addition of Polygon, the exchange now supports a total of five staking options, namely Ethereum, Cosmos, Cardano, Solana, and Polygon.New NFT collectionsThe exchange’s non-fungible token (NFT) marketplace, Upbit NFT, also recently opened trading, deposits, and withdrawals for new NFT collections based on Ethereum and Polygon. To celebrate this additional functionality, Upbit NFT will conduct Ethereum giveaway events for lucky participants until next Wednesday.