SafePal invests in & partners with Switzerland’s Fiat24

Japanese Bitcoin treasury firm Metaplanet has opened a U.S. subsidiary company in Florida while also issuing 3.6 billion Japanese yen ($24.7 million) in bonds for the purpose of buying more Bitcoin.Photo by Kanchanara on UnsplashAccelerating the Bitcoin strategyIn an announcement on May 1, the company outlined that it had established Metaplanet Treasury Corporation in Miami, Florida. The firm cited the purpose of the subsidiary as a means through which it can accelerate its overriding strategy of accumulating more Bitcoin. Metaplanet CEO Simon Gerovich commented on X on the rationale behind locating the U.S. subsidiary in Florida, stating:”The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption and financial liberalization.” Gerovich added that the newly formed company will enhance Metaplanet’s “around-the-clock operational capabilities across time zones.” The Metaplanet CEO sees the development as part of the firm’s evolution as a global Bitcoin treasury company.  $250 million capital raiseThe company stated that it had already established a corporate entity in the British Virgin Islands (BVI), with the U.S. addition enhancing the company’s ability “to respond to market dynamics with speed and precision.”  Metaplanet intends to raise $250 million in funding through the Miami-based entity, having launched it with initial capital of $10 million. It’s envisaged that the U.S. subsidiary can act as a vehicle to attract institutional investment.  Back in March it was reported that Metaplanet was investigating the idea of listing its stock in the U.S. At the time, Gerovich stated that the firm was “considering the best way to make Metaplanet shares more accessible to investors around the world.” As part of that process, Gerovich met with officials from the New York Stock Exchange (NYSE) and the Nasdaq.  In further U.S.-related developments, the company appointed Eric Trump, second son of U.S. President Donald Trump, to its strategic board of advisors in March. Last week, Metaplanet appointed David Bailey, CEO of Bitcoin Magazine, to its strategic board of advisors. Bond issuanceIn a separate development, Metaplanet has issued 3.6 billion Japanese yen ($24.7 million) in 0% ordinary bonds to purchase additional Bitcoin. The company used its EVO FUND as the mechanism through which it issued the bonds.  It has set out a goal of accumulating 10,000 BTC by the end of the year. Currently, the company holds 5,000 BTC. One community member believes that Metaplanet could hit this target as early as July on the basis of ongoing share dilution.Appearing on The Bitcoin Treasuries Podcast earlier this year, Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, described how prior to adopting its Bitcoin treasury strategy in 2024, the firm was a “zombie” on the Tokyo stock exchange with the pandemic having had a negative impact on the company’s fortunes.  He outlined that the company consolidated and dealt with some debt issues, but at that point it lacked a clear strategy. It then set out to replicate the success of U.S. Bitcoin treasury pioneer, Strategy (formerly MicroStrategy). On May 1 Gerovich posted on X that the company had achieved unrealized gains on Bitcoin exceeding six billion yen ($41.68 million). 

Amberdata Expands into Asia-Pacific with New Hong Kong OfficeAmberdata, a provider of digital asset data and analytics for institutional customers, is making significant strides in expanding its presence with the announcement of a new office in Hong Kong, marking its entry into the Asia-Pacific (APAC) region.Photo by Pixabay on PexelsMarket data offeringThe company published a press release on Tuesday, providing details on the milestone. The strategically positioned Hong Kong office will provide local sales and support to APAC customers, granting them access to Amberdata’s suite of products. These offerings include extensive on-chain, DeFi, spot, and derivatives market data, along with valuable market intelligence.Tongtong Gong, the COO and Co-Founder of Amberdata of the US-based firm, will spearhead the company’s operations in the region. Gong, expressing her excitement about returning to her home country, shared her aspirations to contribute to the growth of Amberdata’s presence in Asia.She highlighted the burgeoning development of Web3 in Hong Kong, which benefits from a clear regulatory environment and strong government support, making it an exceptional location for the new office.Industry trends eastwardsThe expansion into APAC by Amberdata aligns with the global trend of accelerating institutional adoption of cryptocurrencies and digital assets. By addressing the increasing demand for institutional-grade data infrastructure and analytics, Amberdata is positioned to serve as a crucial partner to financial institutions.The company’s foray into APAC is yet another demonstration of a trend among US-based digital assets companies to establish themselves in the east, where the regulatory environment is developing in a much more progressive, forward thinking way by comparison with the United States.Shawn Douglass, the CEO of Amberdata, said that the move was with a view towards expanding its presence in Asia, “to deliver the highest quality digital asset data and analytics to institutional investors in the region.”Hong Kong’s crypto credentialsHe emphasized the growing prominence of Hong Kong as one of Asia’s leading crypto hubs and highlighted the city’s suitability as the location for their new office. The establishment of a local office enables the company to effect a more direct sales and support pipeline to both new and existing customers within APAC.Amberdata holds a paramount position as the leading provider of digital asset data. Their comprehensive insights into blockchain networks, crypto markets, and decentralized finance seek to empower financial institutions with invaluable data for research, trading, risk assessment, analytics, reporting, and compliance.Also on Tuesday, the company added new product features. Taking to Twitter, Amberdata outlined the addition of derivatives data relative to a well-known trading and futures options platform, the Chicago Mercantile Exchange (CME). Service users are also now being given complete visibility on externally owned accounts and wallets within lending and borrowing protocols.As financial institutions increasingly enter the digital asset class and participate in digital asset markets, Amberdata’s robust infrastructure is being positioned as a vital component, enabling them to make informed decisions and navigate the dynamic landscape effectively.

Upbit upgrades matching engine to process KRW 1 quadrillion trading volumeSouth Korea’s largest cryptocurrency exchange Upbit has enhanced its matching engine — which matches buy and sell orders from users on the exchange — to be able to handle a daily trading volume of KRW 1 quadrillion (approximately $757.3 billion), according to local news outlet Kyunghyang Games.Photo by Maxim Hopman on UnsplashBecause the crypto market operates nonstop without limits to time or borders, having a solid infrastructure that can seamlessly handle large amounts of data is crucial. Upbit has thus been working on its so-called “Stairway to Heaven” project for the past two years to upgrade its trading infrastructure, including its matching engine.Constant upgradesThe Stairway to Heaven is a long-term project in which Upbit’s operator Dunamu has invested a total of KRW 10 billion (approximately $7.6 million) to adjust to the rapidly advancing crypto industry and improve the performance of the entire market system. The upgradesThe main goal of the project is to upgrade Upbit’s matching engine to be cloud-native and horizontally scalable. The engine is now capable of supporting more than 40,000 transactions per second — a 25-fold increase from the previous version of the engine — allowing it to respond efficiently to surges in user traffic. In the event of a traffic spike, the system can handle more than 100,000 transactions per second with additional servers, the exchange said.“Unlike the way traditional finance approaches ledger management, our cloud-native architecture allows us to flexibly respond to surges in traffic,” Upbit said. “We will continue to make various system improvements to offer a stable investment environment.”Elevating the user experienceIn addition to upgrading its matching engine, Upbit has recently revamped its UI/UX to include price chart updates by second increments and an overview of profits and losses. The exchange plans to continue its multifaceted efforts in service quality, security and investor protection to become a domestically and globally recognized exchange.