Bakkt targets business expansion in Asia

BingX embarks on rebrand to further service offeringBingX, the Singapore-headquartered cryptocurrency exchange platform, has taken the decision to rebrand the business.Improving the trading experienceThe platform, originally known for its role in guiding newcomers into the crypto space through copy trading, claims that the move is designed to elevate the trading experience for users by prioritizing simplicity, efficiency and security.This transformation includes a substantial overhaul of BingX’s visual identity, highlighted by a streamlined logo that caters to the practical needs of traders. The changes extend to the platform’s color palette and typography on digital platforms, all aimed at making the trading process more intuitive and user-friendly.Photo by Patrik Michalicka on UnsplashBroadening market appealWhile initially recognized for its focus on crypto beginners, BingX is now broadening its horizons. The platform introduces advanced features catering to a diverse range of crypto enthusiasts, from novices to seasoned traders. This expansion underscores BingX’s adaptive approach to the dynamic cryptocurrency market, addressing the evolving needs of its user base.Megan Nyvold, Head of Branding at BingX, outlined that the rebranding aligns with the company’s enduring vision of democratizing crypto trading globally, emphasizing diversity and creating professional, user-centric trading environments.From ‘Trading Made Easy‘ to ‘Empowering Traders’In tandem with the visual changes, BingX has also unveiled a new tagline, transitioning from “Trading Made Easy” to “Empowering Traders.” This shift emphasizes the company’s commitment to supporting traders at all levels, ensuring access to reliable and transparent services.In a blog post published by the company on Thursday, Nyvold stated:”Over the past five years, BingX’s vision to build a gateway for the next billion crypto users has been unwavering. As part of this evolution, we have refined our core values with a renewed emphasis on promoting diversity. As we introduce our refreshed brand identity, we reaffirm our assurance of empowering our users, focusing on a more professional and user-centric trading environment that aligns with our vision for collective success.”This latest move is one of a number of ongoing efforts BingX has made this year to further develop the business. In July, the company introduced AstraBit to the platform, an automated algorithmic trading and portfolio management tool, to enhance and automate the crypto trading experience for its platform users.The following month, it introduced a Multiple Deposit Addresses feature to enable greater flexibility and convenience for service users. September brought a collaboration with WunderTrading, adding the use of its automated trading bots to BingX platform users. Earlier this year, the company had integrated crypto portfolio tracker CoinTracking with the platform, in an effort to allow service users to generate reports for tax purposes with ease.BingX was founded in Singapore in 2018 by Josh Lu. The platform claims to have five million service users.

CoinGecko Report Points to Q3 Market ContractionThe third quarter of 2023 was marked by a significant market downturn and market cap contraction. That’s one of a number of findings in a Q3 crypto industry report compiled by Malaysian cryptocurrency ranking platform CoinGecko.Photo by Kanchanara on UnsplashMarket cap contractionThe company released its latest research on Tuesday. In mid-August, Bitcoin (BTC) witnessed a sudden drop from approximately $29,000 to around $26,000, leading to a dip in the total cryptocurrency market capitalization from $1.2 trillion to $1.1 trillion.The total crypto market capitalization recorded a nearly 10% decline, amounting to a drop of $119.1 billion. Since reaching its local peak on April 17, the total market capitalization has experienced a decline of 16.3%.Notable shifts in the top 30 cryptocurrencies include Solana (SOL) climbing to #7, TrueUSD (TUSD) rising to #19, Litecoin (LTC) falling to #14, Avalanche (AVAX) dropping to #22, and Binance USD (BUSD) sliding to #27.Stablecoin shrinkageThe top 15 stablecoins saw a 3.8% decrease in market capitalization during Q3 2023, reaching $121.3 billion. Tether (USDT) maintained its market cap during this period. USD Coin (USDC) experienced the largest absolute loss at -$2.26 billion (-8.3%), while Binance USD (BUSD) faced the most significant percentage decline of -45.3%, amounting to a drop of -$1.87 billion. TrueUSD (TUSD) was the sole gainer among the top 5, with a 12.8% increase in market cap.NFT trading volume cut in halfTrading volume for NFTs declined by 55.6%, dropping from $3.67 billion in Q2 to $1.63 billion in Q3. Ethereum maintained its dominance, accounting for 83.2% of the NFT market during Q3. ImmutableX NFTs, driven by trading card game Gods Unchained, experienced a strong Q3, with a market share increase from 2.1% in Q2 to 3.9% in Q3.Continued growth for RWAsThe Real World Asset (RWA) sector has continued to grow in 2023, with tokenized US treasury bills gaining popularity. The market cap for these tokenized T-bills increased from $114.0 million in January 2023 to $665.0 million by the end of September, marking a 5.84x gain. Traditional financial institutions led the way, with American asset manager Franklin Templeton controlling almost half of the overall market share, followed by Ondo Finance at 27%. Ethereum held 49% of the market cap share, while Stellar followed closely behind with 48%.Spot DEX and CEX trading volume downIn Q3, spot trading volume on the top 10 decentralized exchanges (DEX) totaled $105 billion, a 31.2% drop from Q2. THORchain experienced a significant gain in volume, though this was partially attributed to illicit transfers.Spot trading volume on the top 10 centralized crypto exchanges (CEX) amounted to $1.12 trillion, a decrease of 20.1% compared to Q2. Binance’s market share dropped to 44%, facing regulatory pressures and significant executive departures. Among the Asian exchange platforms, HTX, previously known as Huobi, secured the third spot with an 8% market share. Only Upbit and Bybit saw gains, while Kucoin was edged out of the top 10.While Q3 may not have been the most positive industry quarter recently, things are looking a lot more promising as Q4 develops, with Singapore-based digital assets financial services platform Matrixport predicting a bitcoin unit price of $45,000 by year end.

Do Kwon Loses Fight to Conceal Singapore RecordsDo Kwon, the founder of Terraform Labs has failed in his attempt to deny the United States’ Securities and Exchange Commission (SEC) from accessing company records in Singapore.©Pexels/George BeckerIn February, the SEC filed a complaint against Terraform Labs and its founder in a US court. The move followed an investigation that the agency had carried out into the collapse of a number of digital assets established by the company. The lawsuit claims that both the company and Do Kwon had engaged in fraud, together with the sale of unregistered securities to US citizens.Jurisdictional challengeLawyers for Do Kwon had claimed that in trying to access documents related to the Singapore-domiciled company, the SEC was acting far beyond its jurisdiction. According to court filings, his defense team argued that Do Kwon is a Singapore resident while Terraform Labs is a Singapore-based company that operates on a global basis and not specifically in the United States.The filing pointed to the fact that the Terraform Labs CEO had “limited contact with the US.” “Most of the company’s business is essentially global, and it’s not specifically aimed at the United States,” it stated.His lawyers had filed a request for the SEC to withdraw its documentation request. In a recent hearing, US District Judge Jed Rokoff turned down Terraform’s request. The documents are understood to be held by the Monetary Authority of Singapore (MAS) although the specific nature of the documentation sought remains unclear.The SEC claims that in founding the Terra US dollar stablecoin (TUSD) and associated cryptocurrency LUNA, Terraform Labs and Do Kwon were responsible for wiping out more than $40 billion dollars in value following their collapse. The Luna Foundation Guard (LFG), which was established to provide funds to keep the TUSD stablecoin at a $1 value, is another entity that the SEC intends to access documents from with the court’s permission. Singaporean police had stated last month that they had launched an investigation into the collapse of the TUSD stablecoin.Meanwhile, both the South Korean and US authorities are seeking the extradition of Do Kwon to face related charges. He was arrested last month in the southeastern European country of Montenegro where he was charged with having used forged documentation to enter the country. Although he had denied it on social media, in effect Do Kwon had been on the run from the reach of South Korean authorities over the course of a number of months, spending a portion of that time in Montenegro.Asset huntAn investigation by authorities in South Korea in recent weeks revealed that they were unable to find any assets held in the country owned by the Terraform Labs founder. The trail in chasing down any such assets has led to the United States. It is understood that Do Kwon bought real estate in the United States under his mother’s name. This is a common tactic for those who attempt to evade future confiscation of assets.Earlier this week, South Korean prosecutors confirmed that they are investigating a transfer of funds by Do Kwon to a leading law firm based in Seoul.