LINE NEXT launches digital commerce platform DOSI

Nano Labs, a Web3-focused semiconductor design company listed on the Nasdaq (NA) and headquartered in Hangzhou, China, has arranged $500 million in financing to fund a BNB treasury. In a press release published on the company’s behalf by GlobeNewswire on June 24, Nano Labs outlined that it has entered into a convertible notes purchase agreement with a number of investors. Convertible promissory notes to the value of $500 million will be issued. Holders of the notes, which mature in 360 days, have the option to convert them to Class A ordinary shares at an initial conversion price of $20 per share. Unconverted notes will not accrue interest, but will be repaid in line with the initial principal amount at maturity. 5%-10% of BNB’s total supplyNano Labs asserted that the agreement “marks an important step in the company’s strategic growth.” It stated that as part of the initiative it plans to conduct an in-depth assessment of the BNB token, the native token of the BNB Chain ecosystem. The token enables transactions on the BNB Chain and access to various services and decentralized applications (DApps) that run on the blockchain network. In the initial phase of the initiative, Nano Labs plans to acquire $1 billion worth of BNB through convertible notes and private placements. In the long term, the firm plans to build up a holding equal to 5% to 10% of BNB’s total circulating supply. On X, @Whdysseus, the pseudonymous founder of Asian Web3 and crypto financial media project BroadChain Finance, commented on Nano Labs' BNB reserve initiative, considering it to be a BNB version of the Bitcoin treasury strategy pioneered by American firm Strategy (formerly MicroStrategy).Photo by Vadim Artyukhin on UnsplashShare price surgeChangpeng Zhao (CZ), the co-founder and former CEO of Binance, who has been heavily involved in the development and overall vision of BNB Chain, outlined on X that Nano Labs’ share price “went through the roof” following the announcement. He added that none of his affiliated entities participated in the funding that Nano Labs has put in place. At the time of writing, Nano Labs stock (NA) was trading at $14.85, up 36.36% over the course of 24 hours. Nano Labs isn’t the only corporate entity to declare an interest in holding BNB. According to a report published by Bloomberg on June 23, former executives at Coral Capital, a Japanese venture capital firm, are understood to be in the process of raising $100 million through a newly formed entity called Build & Build Corporation, in order to launch a crypto treasury that will invest in BNB. In another positive development, on-chain analytics firm Nansen highlighted last month that the BNB Chain had seen active addresses double to two million.  Earlier in May, Geoff Kendrick, head of digital asset research at Standard Chartered, outlined in a research report that the BNB token could reach a unit price of $2,775 by 2028. Kendrick maintained that the deflationary nature of the token, together with its ties to the Binance exchange platform, are factors that support its long-term value.

In a significant move to propel Thailand towards becoming a digital asset hub, the Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading. VAT exemptionAccording to the Bangkok Post, the decision became effective on Jan. 1. It aims to foster the growth of the digital asset industry and support the country's growing digital economy. Paopoom Rojanasakul, secretary to the finance minister, underscored the ministry's commitment to promoting digital assets as a viable fundraising tool. By suspending the requirement to pay 7% VAT on income derived from cryptocurrency and digital token trading, authorities seek to encourage investment in the digital asset market. This VAT exemption extends beyond authorized digital asset exchanges to include brokers and dealers under the supervision of the Securities and Exchange Commission (SEC). The move aligns with Thailand's ambition to position itself as the region's premier digital asset hub. Moreover, the Finance Ministry and SEC are actively amending the 2019 Securities and Exchange Act to enhance regulations concerning digital investment tokens, bringing them more in line with securities.Photo by Markus Winkler on UnsplashAttracting offshore digital asset sector investmentThailand's attractiveness to offshore digital asset investors has grown substantially in recent years. The new tax policies are poised to further bolster the country's position in the global digital asset market. Last month, the Thai SEC adjusted the rules governing digital token investments, raising the investment ceiling that had been imposed on retail investors where initial coin offerings (ICOs) relative to infrastructure and real estate are concerned. Furthermore, the Commission has updated criteria for custodial wallet provider businesses, enabling them to extend their services to digital asset business operators, thereby facilitating smoother operations within the digital asset ecosystem. However, Mr. Paopoom emphasized the importance of balancing development with financial stability. While fostering innovation in the digital asset sector, the government remains mindful of safeguarding the integrity of the financial system. Despite these advancements, the SEC has made it clear that it will not permit the trading of spot bitcoin exchange-traded funds (ETFs) in Thailand. This decision contrasts with the recent approval of bitcoin ETFs in the United States and moves towards approving crypto ETFs in Hong Kong, reflecting Thailand's cautious approach to cryptocurrency-related financial products. Nevertheless, Thailand continues to attract global crypto exchanges, with industry giants such as Binance establishing a presence in the country. Last month, Binance announced the launch of crypto exchange services to the general public in Thailand through Gulf Binance, a joint venture with Thailand’s Gulf Innova. The VAT exemption on digital asset trading represents a pivotal step in Thailand's journey towards embracing the digital economy. With supportive regulatory measures and a dynamic market environment, Thailand aims to take its place as a leading player in digital assets.   

The trading volume of South Korean cryptocurrency exchange Bithumb exceeded that of its competitor Upbit as of 10:30 a.m. UTC on Wednesday, as reported by the local news outlet Etnews, which cited data from CoinMarketCap. This shift occurred for the first time in four years. According to CoinMarketCap, as of the specified time, Bithumb's 24-hour trading volume reached KRW 4.93 trillion (approximately $3.8 billion), surpassing Upbit, which recorded a volume of KRW 4.37 trillion. Until 2019, Bithumb was the leading exchange in Korea. However, it ceded its top position to Upbit, which gained a competitive edge through its collaboration with the internet-only bank, Kbank.Photo by Pierre Borthiry - Peiobty on UnsplashZero trading fees and new crypto listingsEarlier in the year, Bithumb initiated a strategic plan with the objective of boosting its trading volume in order to increase its market share in the domestic market to 25%. To achieve this goal, the exchange implemented several key initiatives. One of the significant steps taken was the elimination of trading fees, aimed at attracting more users and increasing transaction volumes. Additionally, Bithumb broadened its cryptocurrency offerings by listing prominent cryptocurrencies such as Tether (USDT) and WEMIX.Questioned sustainability of strategiesIn anticipation of crypto winter giving way to crypto spring, trading platforms are gearing up for more intense competition to increase their market shares. However, there are concerns about the sustainability of strategies like implementing zero trading fees. Critics argue that such policies, while they may temporarily shift market shares, are unlikely to be successful in the long term. This skepticism is largely due to the fact that cryptocurrency exchanges heavily rely on trading fees as a primary source of revenue.  An industry expert has pointed out that unless the cryptocurrency exchanges currently lagging behind develop innovative, paradigm-shifting strategies capable of significantly impacting the market landscape, there's a high likelihood that the ranking order will revert to the previously established, entrenched market order.  In fact, at the time of this publication, Upbit upended Bithumb in 24-hour trading volume, recording KRW 4.4 trillion compared to Bithumb's KRW 3.2 trillion. This data underscores Upbit's strong position in the market, illustrating its continued dominance.