Bitdeer sets out mining chip roadmap

Animoca Brands Japan, a key subsidiary of Hong Kong-headquartered Web3 investor Animoca Brands, has welcomed Kensuke Amo as its Chief Operating Officer (COO) to spearhead the company's growth in Japan. Industry credentialsAmo, a seasoned industry veteran who previously served as the managing executive officer at Japanese bitcoin wallet and exchange service Coincheck, officially assumed his role as COO last Thursday. With a proven track record in launching NFT businesses and steering new crypto asset ventures, Amo played a pivotal role at Coincheck. During his tenure as an executive officer from 2020, he pioneered initiatives such as Japan's first NFT marketplace for crypto asset exchanges and an inaugural initial exchange offering (IEO). In a social media post, Amo stated that in the role, he “will be committed to doing [his] best to contribute [to] Web3 technology [so that it takes] root in society.” In 2022, Amo ascended to the leadership position at Coincheck, where he led the NFT business and metaverse business, heading three distinct web domains. His involvement in the expansion of "The Sandbox" and "Otherside" in Japan, stemming from the partnership between Coincheck and Animoca Brands in 2020, further underscores his influence in the sector.Photo by Richard Tao on UnsplashJapanese market expansionRegulatory headwinds in the United States in 2023 led to the company pivoting and focusing on non-U.S. markets. It became clear later in 2023 that the company had a specific interest in growing its business in Japan when Animoca Brands Japan acquired an equity share in Cool Cats Group, an NFT-related project. That deal also implicated a collaboration with Animoca’s digital experience label, KLKTN. As Animoca Brands Japan strategically aligns itself within Animoca Brands' larger framework, Kensuke Amo aims to leverage the company's extensive assets and network, including over 400 portfolio companies. His mission involves combining his expertise in business and rule-making within the Japanese Web3 industry to facilitate the integration of Web3 into society. Commenting further on his appointment, Amo expressed his commitment to advancing the Web3 landscape in Japan. He stated: “As a strategic subsidiary of Animoca Brands, Animoca Brands Japan will make the most of its assets and network, including its more than 400 portfolio companies, while combining its knowledge and experience in business and rule-making in the Japanese Web3 industry.” Established in 2021, Animoca Brands Japan has played a crucial role in supporting Japanese intellectual property and content holders in their global Web3 expansion efforts. The company secured an undisclosed investment from Mitsui & Co., one of Japan’s largest trading companies, in June. Daisuke Iwase, the CEO of Animoca Brands Japan, expressed optimism about the collaboration with Kensuke Amo, emphasizing his leadership in the realms of crypto assets, NFTs and the metaverse in Japan. Amo’s industry involvement extends beyond Animoca Brands Japan, as he currently advises the Japan Cryptoasset Business Association (JCBA), Shibuya-ku Startup Ecosystem, Web3 project "OASIS" and real estate information service company LIFULL Co., Ltd. Additionally, he is the author of "Textbook of NFT" and "Non Fungible Me." 

Crypto custodian Korea Digital Asset (KODA) has seen its custody assets exceed the $6 billion mark, equivalent to about KRW 8 trillion, according to game media outlet Kyunghyang Games.  Established in November 2020 through a collaboration between KB Bank, the blockchain venture capital firm Hashed and blockchain tech company HatchLabs, KODA provides custodial services for crypto assets. A custodial service provider refers to a third-party institution that manages virtual assets on behalf of clients. Several big banks overseas such as Goldman Sachs and Citibank provide asset custodial services. Photo by Chris Liverani on UnsplashA leading provider of crypto asset custodial services Having been offering one-stop crypto asset custodial services for companies and institutional clients since March 2021, KODA has become a notable virtual asset business operator in South Korea with it being registered with the Financial Intelligence Unit (FIU). By the end of June 2023, KODA made up nearly 80% of the local custodial service market share, per FIU data. At the time, out of the total KRW 2.9 trillion in crypto assets held by 49 local custodial service providers registered with the FIU, KRW 2.3 trillion was managed by KODA. By December 2023, KODA announced it was managing KRW 8 trillion in crypto assets, with over 200 custodial wallets and about 50 institutional clients using its services.  Bracing for the potential approval of spot bitcoin ETFs in KoreaThe demand for crypto asset custodial services is expected to rise as Korea’s ruling and opposition parties are pledging to integrate crypto assets into the traditional financial system, leading up to the general election in April. Major political parties are considering the possibility of allowing transactions of spot bitcoin ETFs and legalizing investment in crypto assets by private companies. Cho Jin-seok, CEO of KODA, said that the integration of digital assets into the traditional financial system is an unstoppable global trend that no one can resist, and that KODA will be able to serve as a key crypto infrastructure if the local financial authority approves trading spot bitcoin ETFs.  Kim Seo-joon, CEO of Hashed, stressed the significance of preparing for the potential approval of spot bitcoin ETF transactions, noting how a number of spot bitcoin ETFs were released in the U.S. right after the approval. He added that KODA’s commitment to regulatory compliance and technological expertise would make it an essential partner in introducing virtual asset ETFs to the local market.

Recent weeks have seen a positive policy shift in Pakistan with regard to digital assets and blockchain and that initiative has gathered further momentum with the appointment of a special assistant on blockchain and crypto to the Pakistani prime minister and the allocation of 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.Photo by Abuzar Xheikh on UnsplashOn May 26, the Pakistan Observer, an English language daily newspaper, reported that Bilal bin Saqib has been appointed to serve as a special assistant on blockchain and crypto matters to Pakistani Prime Minister Shehbaz Sharif. Forbes ‘30 under 30’ social entrepreneurIn this role, Saqib assumes the status of a minister of state under Rule 4(6) of the Rules of Business, 1973, with the appointment effective immediately. Saqib had been featured by Forbes through its “30 under 30” list of social entrepreneurs in Asia in 2020. He is the founder of Tayaba.org, a non-governmental organization (NGO) focused on the provision of clean drinking water to vulnerable communities in Pakistan. Saqib came to prominence in the crypto sector earlier this year when he was appointed CEO of the newly formed Pakistan Crypto Council (PCC), an agency established to promote blockchain technology and digital assets within the South Asian country. In April he was added by World Liberty Financial, a crypto project connected with the family of U.S. President Donald Trump, as an advisor. Earlier this month, Pakistan’s Ministry of Finance gave the go-ahead for the establishment of the Pakistan Digital Assets Authority (PDAA), a body that will be responsible for the implementation of regulations governing the crypto and blockchain sector.  Utilizing surplus energyAt the time, one area of focus that had been highlighted in the announcement of the establishment of the PDAA was a desire to make better use of Pakistan’s surplus energy. The country runs an annual average surplus of 4,000 megawatts. A report by 24 Digital on May 25 indicated that action has already been taken in this regard. It outlined that Pakistan has allocated 2,000 megawatts of surplus electricity for the exclusive use of operators of AI data centers and Bitcoin mining facilities.  This plan is being rolled out in phases. The first phase makes surplus energy available to these operators. Phase 2 will focus on enabling crypto mining operators to avail of renewable energy to power their facilities, in an effort to develop the sector in Pakistan in an environmentally responsible manner. According to the Ministry of Finance, interest has already been expressed by international operators in the crypto mining and AI data center sectors. A number of international firms are understood to have visited the country in an effort to explore potential collaboration opportunities.  Earlier this month, Saqib claimed on social media that Pakistan “is moving at crypto speed.” He made the case that the country is a breeding ground for crypto innovation, citing the opportunity to exploit surplus electricity via crypto mining and the potential for crypto adoption given a $36 billion remittance market, millions of unbanked citizens and 64% of the population under 30.