Bitdeer announces new mining chip and Q4 results

Bitcoin records this year’s highest in Korean market, surpassing KRW 60MBitcoin, the world’s largest cryptocurrency, exceeded the KRW 60 million (approximately $45,700) mark in the South Korean market on Wednesday (local time), reaching its highest value of the year.So far today, the nation’s leading crypto exchange, Upbit, saw Bitcoin’s price soaring to a daily peak of KRW 60,642,000. Meanwhile, another major trading platform, Bithumb, observed Bitcoin’s value touching a daily high of KRW 60,775,000.Photo by André François McKenzie on UnsplashHighest since November 2021This is the first time Bitcoin went above the KRW 60 million mark since November 2021. Amid this development, the Kimchi premium, a term indicating the gap in crypto prices between Korean exchanges and their foreign counterparts, has exceeded 4%. According to data from crypto information platform CoinNess, at the time of publication, the average price of Bitcoin on Korean platforms is KRW 59,986,250, while the average price of Bitcoin on foreign platforms is KRW 57,605,406.Ethereum prices are also on the rise. On Upbit, Ethereum reached its highest point of the day at KRW 3,163,000, and on Bithumb, it peaked at KRW 3,162,000.Rate hike halt and Bitcoin halvingThe ongoing surge in Bitcoin’s value is widely believed to be influenced by a halt in global interest rate hikes and the anticipated Bitcoin halving event scheduled for April 2024. Additionally, the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission is seen as another significant factor contributing to the rise in the digital currency’s prices.Meanwhile, the Crypto Fear and Greed Index from software comparison platform Alternative.me currently indicates a sentiment of “Greed” with a score of 72. This index assesses various factors, including volatility, market momentum and volume, social media buzz, market dominance and trends. The scale ranges from 0 to 100, where 0 signifies “Extreme Fear” and 100 represents “Extreme Greed.” Scores nearer to 0 suggest increasing fear among investors, potentially signaling a buying opportunity. On the other hand, scores approaching 100 imply growing greed, hinting at the possibility of a market correction.Korean won as the top fiat trading pairDuring this latest Bitcoin rally, where the cryptocurrency climbed to over 50% of its highest price in almost two years, South Korean crypto traders have played a significant role, Bloomberg reported, citing data from CCData. In November, the South Korean won exceeded the U.S. dollar as the top fiat trading pair in the crypto market for the first time.

Official Says Hong Kong Should Invest in Web3 EconomyAccording to Hong Kong’s financial secretary, Paul Chan, this is the perfect time for Hong Kong to promote the development of Web3, the next-generation version of the World Wide Web that is decentralized and distributed through the use of blockchain and similar technologies.©Pexels/Tara WinsteadLearning from the dot com boomDespite the recent instability of the virtual assets market and the collapse of some digital asset exchanges, Chan has pointed out that the quality of the real economy has improved since the dotcom bubble burst in 2000, and surviving market players have focused on technological innovation, applications and value creation.In remarks made via a blog post published on Sunday, Chan argues that the development of Web3 is going through the same process. He suggested that the next stage of development would be to focus on developing blockchain technology more deeply to find wider application for it, which would improve existing business models, ultimately benefiting users and improving the quality of the real economy.To accelerate the development of Web3, Chan allocated HK$50 million (US$6.4 million) to the Cyberport business park to organize major international conferences and youth workshops in his latest budget released in February.VASP licensingChan also announced that authorities would introduce a licensing regime for virtual asset service providers (VASPs) in June to ensure appropriate supervision and minimize risks in the innovation and development of Web3. Furthermore, the government is looking into regulating stablecoins or cryptocurrencies with their value pegged to another currency or commodity.According to some local experts, Hong Kong should not delay in pushing Web3 development, and the government should work out clear policies to attract overseas investors and Web3 developers to set up offices in Hong Kong.Working towards a Web3 hubFrancis Fong Po-kiu, honorary president of the Hong Kong Information Technology Federation, told the South China Morning Post that the government could help by building up infrastructure such as data and supercomputing centers to help small and medium-sized enterprises to adopt more advanced technology.Although IT sector veteran Joseph Leung Wai-fung agreed that Hong Kong was lagging Singapore in terms of Web3 development, he suggested that the government should step up efforts to attract overseas investors and Web3 developers by working out clear policies to support them in setting up offices in Hong Kong. He also pointed out that Web3 covers key areas such as artificial intelligence, the Internet of Things, blockchain technology, and metaverse augmented reality, and that every international smart city should explore this area.The recent fluctuations in virtual asset markets and the collapse of some online trading platforms have cast doubts on the future of Web3, but Chan believes that competent market players who survive a “burst bubble” can focus on innovation and make significant strides.The government’s efforts to accelerate the development of Web3 through the allocation of HK$50 million to the Cyberport business park, the introduction of a licensing regime for virtual asset service providers, and the regulation of stablecoins, are steps in the right direction. However, more needs to be done to attract overseas investors and Web3 developers to set up offices in Hong Kong and to build up infrastructure such as data and supercomputing centers to help small and medium-sized enterprises to adopt more advanced technology.

NEOPIN teams up with Project SEED to propel growth of Web3 gaming ecosystemCentralized decentralized finance (CeDeFi) protocol NEOPIN has partnered with Project SEED — a blockchain gaming ecosystem based in the United Arab Emirates (UAE) — to grow the global Web3 gaming ecosystem, according to South Korean news outlet News1. NEOPIN plans to serve as a bridge between Project SEED and the IP owners and game studios within its ecosystem, facilitating the creation of more global Web3 games.Photo by Mateo on Unsplash“Connecting notable IPs and game studios to gamify Web3 holds significant meaning beyond just securing well-made Web3 games. We expect to diversify the genres and improve the qualitative standards of Web3 games in collaboration with Project SEED,” said Kim Yong-gi, CEO of NEOPIN.Pioneering Web3 gaming excellenceLed by a team of experts from various cryptocurrency exchanges such as Binance and Crypto.com, Project SEED is the developer behind the popular Web3 action role-playing game (RPG) Outland Odyssey. The firm also operates the Grow Program, which was launched in 2021 to incubate blockchain game projects and allow builders to concentrate their efforts on developing high-quality games. Next year, Project SEED plans to unveil its launchpad platform Seed Launcher as part of the Grow Program to aid gaming finance (GameFi) projects in raising funds and discover promising projects worth investing in.Under the newest partnership, NEOPIN’s CeDeFi wallet function will be integrated into Web3 games and NFT projects that are launched through the Grow Program and Seed Launcher platform, driving worldwide user acquisition and promoting the launch of DeFi products on NEOPIN.“We will leverage NEOPIN’s wallet service, network and blockchain expertise to develop high-quality games for diverse users. We plan to strengthen our capabilities to provide benefits to developers, IP owners and gamers alike,” said Project SEED CEO Liko Subakti.NEOPIN’s blockchain journeySince 2017, NEOPIN has accumulated its blockchain expertise and technology by serving as a node validator in multiple global blockchain projects, including Ethereum, Tron, Cardano and Cosmos. Launched last year, its CeDeFi protocol aims to provide Web3 users with a safe and convenient non-custodial DeFi platform.Earlier this year, the company was selected to participate in the Innovative Program of the Abu Dhabi Investment Office (ADIO), attracting a series of investments. It is also working with the Abu Dhabi Global Market (ADGM), an international financial center and free zone in the UAE, to create the world’s first DeFi regulations through a public-private partnership.