Animoca Brands ventures into Bitcoin ecosystem

BIT Exchange Unveils XRP Options TradingBIT Exchange, a cryptocurrency derivatives platform, has announced the introduction of XRP options trading in a move that provides for more advanced trading dynamics within the digital assets space.The development, disclosed via a blog post published to the company’s website on Thursday, offers users the unprecedented opportunity to engage in XRP options trading without the need to possess the actual cryptocurrency.Photo by Kanchanara on UnsplashUS dollar settlementA distinguishing feature of this initiative is that profit and loss settlements will be conducted in US dollars. To ensure a seamless experience, BIT Exchange has partnered with OrBit Markets to maintain robust order book liquidity. This expansion of offerings complements the exchange’s existing suite, which already includes stalwarts like Bitcoin (BTC), Ether (ETH), Cardano (ADA), Toncoin (TON), and Milady (LADYS).Facilitating hedgingFor the uninitiated, options are derivative contracts that empower the holder with the right to buy or sell the underlying asset at a predetermined price before a specified date. Call options grant the holder the buying privilege, while put options provide the selling prerogative. Typically deployed for hedging purposes, options play a pivotal role in mitigating bullish or bearish risks, and they can also act as a supplementary revenue source when traders “write” options alongside their spot market holdings.Justin Buitendam, BIT Exchange’s Global Head of Institutional Sales, remarked on the milestone, stating: “We’re excited to be among the early platforms offering XRP options trading to institutional and retail traders, providing both long and short options trading opportunities.”XRP boostAs of now, XRP boasts a market capitalization of $26.5 billion, positioning it as the world’s fifth-largest cryptocurrency. Notably, XRP, akin to several other alternative cryptocurrencies, exhibits greater volatility compared to the more established Bitcoin and Ether.The native token of the Ripple global payments network has experienced a market resurgence in recent weeks, following a positive outcome to a lawsuit taken by the Securities and Exchange Commission (SEC) against Ripple Labs in the United States. In the wake of that decision, many cryptocurrency exchanges that had delisted the token immediately reinstated it. BIT Exchange’s strategic move to introduce XRP options aligns with those recent legal developments.Ripple, as the issuer of the XRP token, garnered a partial victory in its ongoing legal battle against the SEC. The court ruled that XRP is not classified as a security when traded on centralized exchanges. However, a different classification may apply when XRP is directly sold to institutions.The matter is far from settled, however. More recently, the SEC has sought permission to challenge the court’s verdict, underscoring the dynamic and evolving landscape of cryptocurrency regulations.BIT Exchange was spun out of Singapore-based crypto financial services platform, Matrixport. Both have been co-founded by Jihan Wu, better known for having founded leading Chinese crypto mining outfit Bitmain.

South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.

Key appointment sees Turkey’s central bank enhance crypto expertiseTurkey’s President, Recep Tayyip Erdogan, has taken a step in integrating blockchain and cryptocurrency expertise into the nation’s monetary policy by appointing Professor Fatma Ozkul to the central bank’s rate-setting committee.Photo by Engin Yapici on UnsplashIncorporating digital financial knowledgeThis decision, which became effective on Saturday, marks a significant move towards incorporating digital financial knowledge within the economic framework of Turkey.As part of Turkey’s economic strategy, President Erdogan has been restructuring the economic management team since his victory in the May general election. This reshuffling included the appointment of ex-Goldman Sachs banker Hafize Gaye Erkan as the central bank’s governor in June.That appointment led to a series of policy rate increases, totaling 3,400 basis points, bringing the rate to 42.5%. Further changes in the Monetary Policy Committee (MPC) occurred in July, reinforcing the trajectory of monetary tightening.Crypto credentialsProfessor Fatma Ozkul, a lecturer at Istanbul’s Marmara University, joins the MPC with a primary focus on accounting, finance and auditing. Notably, she brings expertise in blockchain technology and crypto assets, having conducted courses on these subjects. Her recent work has delved into the implications of blockchain and crypto assets on finance, culminating in the publication of a book on crypto asset accounting in 2022.While Ozkul’s appointment may not immediately alter the current monetary policy direction, it reflects an understanding of the need to incorporate digital financial tools when formulating economic and monetary policy. Her extensive knowledge in digital finance is expected to contribute significantly to the process of setting benchmark interest rates, a critical instrument in controlling inflation within Turkey.President Erdogan’s emphasis on digital banking aligns with Turkey’s proactive steps in this direction. The central bank introduced a digital Turkish lira collaboration platform in 2021 and successfully tested digital lira transactions in late 2022. Additionally, the government is anticipated to submit a draft law regulating crypto assets in the coming year.Crypto adoptionThe political and economic climate in Turkey has shown a growing interest in cryptocurrencies, particularly Bitcoin. Chainalysis, a blockchain analytics company, reports that Turkey recorded nearly $170 billion worth of cryptocurrency transactions between July 2022 and June 2023, ranking fourth globally in terms of raw transaction volumes.A report by KuCoin earlier this year identified a noteworthy increase in the overall number of crypto investors in Turkey over the course of the past 18 months. That growth in adoption was found to be youth-driven. The importance of the Turkish market within the crypto sector is further evidenced by the recent revelation that the Turkish Lira is the most dominant fiat trading pair on leading global crypto exchange Binance.In response to this surge, the Turkish government has been working on cryptocurrency regulations, focusing on licensing and taxes. This regulatory move aims to remove Turkey’s name from the Financial Action Task Force’s “gray list” and align the country with global financial norms.As Professor Ozkul assumes her role, her expertise and input may well play a pivotal part in shaping Turkey’s evolving position and approach where digital assets, blockchain and cryptocurrencies are concerned.