Intella X teams up with Galxe to ramp up ecosystem

Bakkt, an American digital asset custodian and trading firm, has acquired a stake in Marusho Hotta, a Japanese textile firm, as part of a new crypto treasury strategy which the company adopted recently. The firm, which was established in 2018 and is 55% owned by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE), published a statement on its website on Aug. 6, outlining that it had acquired a 30% stake in Marusho Hotta. The textile firm, a publicly-listed company on the Tokyo Stock Exchange (TSE: 8105), is both a manufacturer and distributor of yarn and bedding, as well as Japanese and Western clothing.Photo by 🇸🇮 Janko Ferlič on Unsplash‘bitcoin.jp’As a result of the transaction, Bakkt International President Phillip Lord will become CEO of Marusho Hotta, and the company will be renamed as “bitcoin.jp.” Akshay Naheta, co-CEO of Bakkt, commented on the development, stating: "Japan's regulatory environment creates an ideal platform for a Bitcoin-centered growth business. We look forward to working with MHT's team to integrate Bitcoin into their operating and financial model and to establish MHT as a leading Bitcoin treasury company." Back in June, it emerged that Bakkt was working towards raising $1 billion from investors, providing the first indication that the firm was moving towards pursuing a crypto treasury strategy. A filing lodged with the Securities and Exchange Commission (SEC) at the time stated:“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources, subject to the limitation set forth in our Investment Policy.” The company went on to outline that the timing and magnitude of any such crypto purchases would depend upon market conditions at the time, capital market receptivity, the firm’s business performance and other strategic considerations. Given the credentials within traditional finance of the company’s owners, the arrival of Bakkt in 2018 was seen as a significant event within the crypto sector. However, the firm’s journey has not been an easy one. It started out by trying to appeal to retail users and bring about real-world use of cryptocurrency. It established an app and a partnership with Starbucks, which looked to bring crypto into mainstream use in terms of everyday payments.However, that partnership fizzled out and in 2024 a filing lodged by the company with the SEC revealed that the company’s position was challenging, with it warning that it “might not be able to continue as a going concern.” When the business first launched, it aspired to bring Bitcoin to 401(k) retirement accounts in the U.S. It may have been ahead of its time in that regard as it had to contend with Donald Trump’s first term as president when he wasn’t particularly pro-crypto and a distinctly anti-crypto Biden administration immediately afterwards. It is only now, seven years after the founding of Bakkt, that the current Trump administration is finally moving to allow crypto investment to form part of 401(k) plans. More recently the firm had concentrated on catering to the needs of institutional investors but faced further turmoil earlier this year when it lost two customers who allegedly made up 73% of Bakkt’s revenue.

Velo Token (VELO) has experienced a significant surge in popularity within Southeast Asia's crypto market, drawing comparisons to established players like XRP. Market intelligence platform Santiment highlighted VELO's meteoric rise, noting a substantial 358% increase in price over the last six weeks. This remarkable performance has captured the attention of investors and analysts alike, leading to discussions regarding its potential to become the "XRP of Southeast Asia."Photo by Lucas George Wendt on UnsplashFactors driving VELO's growthThe primary factor fueling VELO's rapid ascent is its substantial trading volume, particularly in the Asian market. According to Santiment data, VELO's trading volume has surged to $95.95 million, a noteworthy figure for a token outside the top 100. This surge in volume reflects growing interest and confidence in VELO, attributed to its integration with leading blockchain platforms such as Solana (SOL) and Binance Smart Chain. VELO has demonstrated significant progress, with a 57% increase over the past seven days and an impressive 225.51% surge over the last 30 days. Despite recent market fluctuations, VELO has maintained a bullish trend, recording a 16.88% rise from a 24-hour low. Santiment's Weighted Sentiment metric indicates a bullish outlook for VELO compared to XRP, further bolstering investor confidence in VELO's potential. Contributing factors to VELO's successSeveral factors have contributed to the unprecedented surge in VELO's value. Notably, VELO tokens are stored in reputable self-custody wallets such as Ledger, Lobstr, and Freighter, enhancing their popularity among investors. Endorsements from crypto influencers, who have labeled VELO as the "XRP killer," have also amplified investor interest. Additionally, VELO's strategic partnerships with industry leaders like iRemit, Visa and Lightnet have expanded its regional market and validated its capacity to revolutionize cross-border payments and digital financing solutions. As a result, VELO has witnessed substantial growth in trading volume, with its price reaching $0.029 per token. VELO's rise signifies its potential as a catalyst for innovation in the cryptocurrency sphere, akin to XRP. Its unique combination of smart contracts, absent in the XRP blockchain, adds to its appeal for investors seeking efficiency and versatility in financial transactions. Velo Labs' focus on revolutionizing international remittance markets further solidifies VELO's position as a game-changer in the crypto landscape. With the possibility of expanding its popularity beyond Asia, VELO's market cap could experience significant growth, further cementing its presence in the cryptocurrency market. 

Bitcoin miner Bitdeer Technologies Group’s stock had a rough debut on the Nasdaq exchange, losing almost 30% of its value shortly after market open on Friday. The Singapore-based firm, which is one of the largest bitcoin miners in the world, had delayed its listing several times and saw a lukewarm reception from investors. Bitdeer’s merger with a special-purpose acquisition vehicle called Blue Safari Group Acquisition Corp was approved on Tuesday, paving the way for the listing. Mining across six sitesBitdeer has six mining sites across Washington state, Texas, Tennessee, and Norway, with a total energy capacity of 775 megawatts as of the end of 2022. It has a hashrate or computing power of 16.2 exahash per second (EH/s), second only to bankrupt miner Core Scientific and higher than Riot Platforms and Marathon Digital Holdings. Around one-quarter of the hashrate is used for self-mining, while the rest is given out for cloud mining, which means that customers rent the machines and reap the rewards.Despite the company’s impressive size and scale, Bitdeer’s financial performance deteriorated in 2022, which was partly due to worsening market conditions. The company reported revenue of $330.3 million and a loss of $62.4 million for the year, compared with $394.7 million in revenue and a profit of $82.6 million in the previous year. The company’s listing comes at a better time than last year, as market conditions have improved, and bitcoin has passed the $30,000 mark. Mining equities have also outperformed the digital asset in percentage growth. Differentiation of mining operatorsHowever, Bitdeer’s listing was not received as positively as expected, and the stock was halted several times for volatility shortly after the market opened. Other crypto mining stocks saw single-digit upticks in their share value at the same time. The market is beginning to shift from operators with the biggest scale to operators with the best unit economics, said investment bank Stifel Nicolaus’s analyst Bill Papanastasiou.This shift may explain why investors were not too keen on Bitdeer’s debut, as the company’s financials are not as strong as those of its competitors. Despite Bitdeer being larger than Marathon and Riot, based on its current share price and valuation, it is priced at a third of the value of its two industry peers.Bitdeer was born out of the world’s largest rig manufacturer, Bitmain, following a spat between the two co-founders. The firm is not the only cloud mining firm affiliated with Bitmain that is going public via SPAC, as BitFuFu is also in the process of going public, but has delayed its listing. Bitdeer’s stock debut may have been lackluster, but the company remains one of the largest bitcoin miners in the world.Shares in the newly quoted public company opened at $9.70, sliding to $6.30, before ending the first day’s trading at $7.03.