Animoca Brands partners with Saakuru Labs to bolster Web3 gaming

OKX Burns $244M $OKB in Record Exchange Token Supply CutSeychelles-headquartered OKX, the world’s second largest cryptocurrency exchange, has conducted its largest-ever burn of its exchange token, $OKB, according to on-chain data.Approximately 5.5 million OKB tokens, equivalent to around $244 million, were removed from circulation. This record-breaking burn represents a significant milestone for OKX, surpassing the previous burns conducted since the monthly program’s inception.The burn was valued at approximately $258 million when calculated based on a 90-day average price, as reported by OKX. Chinese reporter Colin Wu highlighted that this burn marked another significant milestone in terms of the value of OKB tokens burned.Taking to Twitter on Thursday, Wu wrote: “The OKX exchange carried out the 20th OKB repurchase and burning on June 8, with a total of about 5.5 million OKB, or about 244 million US dollars, which once again set a new record for the value of OKB burning. OKX previously stated that it will burn OKX according to the seasonal market and operating performance, but has not disclosed the specific rules.”Photo by Jens Mahnke on PexelsBuy-Back & Burn program$OKB is described by OKX as a “global utility token issued by the OKX Blockchain Foundation,” offering holders various benefits such as discounts and exclusive access. The global exchange initiated the first Buy-Back & Burn program in May 2019. Since then, it has burned a total of 64,042,314.70 tokens as part of that ongoing burning process. Despite this significant development, the price of OKB has remained relatively stable, experiencing a slight increase of 0.29% on OKX. At the time of publication, the token was trading at a unit price of $44.97.Exchange token concernExchange tokens have recently garnered attention following the United States Securities and Exchange Commission’s (SEC) lawsuit against global crypto exchange Binance. The SEC has levied charges related to the sale of unregistered securities, resulting in a steep decline of nearly 15% in the value of Binance’s exchange token, BNB, over the past week.That scrutiny is likely to have followed the collapse of Bahamas-based cryptocurrency exchange FTX in November. At that time, it became apparent that the exchange was using its exchange token, $FTT, to prop up the business. FTX had issued $FTT tokens and used them as collateral, a dangerous act given that exchange tokens have no real-world asset backing and limited token utility.As the crypto market continues to face regulatory scrutiny and legal challenges, the burn of $OKB by OKX stands as a noteworthy event within the industry. The burn not only reduces the supply of $OKB tokens but also underscores OKX’s commitment to managing and enhancing the value of its exchange token. Market participants will undoubtedly monitor the implications of this burn and how it may influence OKB’s future performance in the evolving cryptocurrency landscape.Exchanges like OKX are likely to carefully manage the supply levels of exchange tokens, given market perceptions in relation to the extent of the utility of such tokens, the scrutiny of regulators, and the problems caused in over-extending supply in the case of other exchanges in the past.

dtcpay, a regulated and licensed digital payment services provider headquartered in Singapore, has announced that it is changing direction, and adopting a stablecoin-only digital payments model. Phasing out Bitcoin, EtherThe company set out details of its new stablecoin-only approach in a series of posts on X on Dec. 3. dtcpay will phase out support for other cryptocurrencies such as Bitcoin and Ether by the end of 2024. It will then transition to the exclusive use of stablecoins, starting with Tether (USDT) and Circle’s USD Coin (USDC). Additionally, FDUSD, a U.S. dollar stablecoin issued by Hong Kong’s First Digital, and Worldwide USD (WUSD), a stablecoin which was developed by the Worldwide Stablecoin Payment Network (WSPN), a Singapore-based project, will be supported.Photo by CoinWire Japan on UnsplashVolatility issuesdtcpay cited the volatility of non-stablecoin cryptos as being an issue for payments. Volatility is driving the company’s plan to concentrate solely on stablecoins. Outlining its rationale further, the company stated: “By transitioning to focus dtcpay’s #DPT services purely on #stablecoins, we are setting the stage for the future of global, digital payments. This move is designed to provide our customers with a more reliable, scalable, & secure payment experience.” A significant portion of the firm’s transaction volume is already stablecoin-based. On that basis, the move can be viewed as aligning with the preferences of its current user base to a large extent. Originally established in 2019 by Alice Liu, Band Zhao and Sam Lin as Digital Treasures Center Pte. Ltd., the company later rebranded as dtcpay. In August 2022, the firm was awarded a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore. In 2023, the company collaborated with Singaporean data-sharing platform PlatON and Chinese payments firm Allinpay, to launch a payments system using point-of-sale terminals which accepted Bitcoin, Ethereum and USDT. Asian expansiondtcpay has set out its objective as aiming to unify payment methods across Asia for the benefit of merchants and consumers alike. Last year, it identified Hong Kong and Dubai as locations of particular interest relative to the company’s expansion plans. In October, it furthered its international presence with the opening of an office in Kuala Lumpur. In an effort to make further in-roads into the payments sector, dtcpay announced a strategic partnership with Visa in September. The integration allows dtcpay to gain access to Visa’s global network of 130 million merchants across 200 countries. As part of the partnership, the company is rolling out its dtcpay Visa Infinite card, enabling users to convert digital currencies to fiat at competitive rates. In 2023, the company raised $16.5 million in a pre-series A funding round led by real estate development company Pontiac Land Group, which is controlled by Singaporean billionaire Kwee Liong Tek.

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.