Piggycell raises $10M from Animoca Brands, ICP and others to expand its decentralized infrastructure and ecosystem

Bgin Blockchain Limited, a crypto mining equipment manufacturer headquartered in Singapore, filed documentation last Friday with the Securities and Exchange Commission (SEC) with a view towards launching an initial public offering (IPO) in the U.S. The Feb. 21 filing, a Form F-1 registration statement, outlines that the company wishes to go forward with the IPO after the effective date of the filing has been established. Bgin identified itself as an “emerging growth company.”  The registration statement was filed on behalf of Bgin by Hunter Taubman Fischer & Li LLC, in conjunction with the underwriters represented by Robinson & Cole LLP. It proposes to offer the U.S. investing public 59.54 million Class A ordinary shares and 15.69 million Class B shares. As part of its plan, Class A shares would be listed on the Nasdaq stock exchange using “BGIN” as the ticker symbol.Photo by Leslie Lopez Holder on Unsplash$50 million raiseIn a statement published on Renaissance Capital's website, the independent investment bank outlined that Bgin is seeking to raise $50 million in capital through the IPO.  It’s understood that funds raised by way of the IPO will be utilized to ramp up research and development efforts. The bookrunners, responsible for managing the IPO, are Chardan Capital Markets and The Benchmark Company. As yet, no information has been provided with regard to how Bgin will price its share offering. Renaissance described Bgin as a digital asset technology company “with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies.”  The company, founded in 2019, focuses on the design, manufacture and distribution of mining equipment relative to Kaspa (KAS), Alephium (ALPH) and Radiant (RXD) blockchain networks. Bgin supplies 8nm and 12nm ASIC chips dedicated to these alternative blockchain networks, which all depend on the use of a proof-of-work (PoW) consensus mechanism. Additionally, Bgin mines cryptocurrency itself while providing a hosting service for crypto mining, with facilities in the U.S. and Hong Kong. It hosts 4,020 mining rigs for customers, with 3,330 of these located within facilities in Iowa and Nebraska.  Across various subsidiaries Bgin manages 33,862 active mining rigs in the U.S. within its own mining operations. And additional 12,000 non-operational rigs are currently in storage facilities in the U.S. and Hong Kong. Over a 12-month period ending on June 30, 2024, the company recorded revenues of $392 million. In 2023, the firm recorded sales of 68,000 mining rigs. In H1 2024, the company sold over 47,000 mining machines. The filing disclosed that the company’s Hong Kong subsidiary was responsible for considerable crypto mining facilities in mainland China prior to China deeming the activity to be illegal in 2021. Providing full disclosure in the lead-up to its IPO, the firm warned that it continued to operate crypto mining facilities in China for a number of months in violation of that law. It identifies this item as a risk factor as potentially, the firm could be penalized and fined.

Hong Kong-based ZA Bank has published a “2023 in review” blog post that suggests that the virtual bank is preparing to bring virtual asset trading to retail customers through its ZA Bank App.Photo by David McBee on PexelsEmbracing retailIn the blog article which was published to its website last week, Hong Kong’s largest virtual bank expressed its dedication to bolstering Hong Kong’s aspiration to emerge as a global hub for Web3. As the city embraces a new licensing regime for virtual asset trading platforms, ZA Bank unveiled its plans to introduce fiat currency-based virtual asset trading services for retail investors through the ZA Bank App. The bank first aired the notion of such an offering back in May. Its renewed coverage of the topic would seem to suggest that such a product offering is much closer to launch. Additionally, the bank anticipates the launch of its U.S. stock trading service after obtaining necessary approvals, promising a stream of innovative and exciting services in the future. Regulatory trendNews of the bank’s proposed retail offering aligns with moves being made by local regulators over the course of recent months to enable retail access to crypto-based products within the Chinese autonomous territory. In June, a regulatory framework was put in place by the Securities and Futures Commission (SFC) to enable licensed virtual asset platforms to market to retail investors. In recent days it has emerged that regulators are prepared to accept applications for spot crypto exchange-traded fund (ETF) products which would be made available to retail investors. Banking the crypto sectorZA Bank also announced that it has been providing banking support to more than 80 Web3 companies since the beginning of this year, aligning with its commitment to “Banking for Web3,” introduced in April. Notable among the roster of supported companies is OKX Hong Kong, with ZA Bank serving as the trusted banking partner for locally licensed virtual asset trading platforms (VATPs) such as HashKey and OSL. The bank, which was established by ZhongAn Online and Beststar in 2018, has served an important banking role in respect of the digital assets sector in Hong Kong in 2023. While the authorities in Hong Kong appear to have pulled out all of the stops over the course of the past year to nurture crypto business, banking was identified as an area of difficulty. In June, the Hong Kong Monetary Authority (HKMA) explicitly questioned the reluctance of some major banks to extend services to crypto companies, applying pressure on them to do so. Given that background, ZA Bank, being a first mover in embracing the industry, has played an important role in Hong Kong. ZA Bank’s impact is evident in its notable market presence, with one in 10 Hong Kong adults choosing the institution for their banking needs. The ZA Bank App earned the distinction of being the highest-rated banking app on Hong Kong’s Google Play in 2023. The bank has surpassed HKD 10 billion in customer deposits and secured the top spot in Asia in the Sia Partners 2023 International Mobile Banking Benchmark, maintaining the sixth position globally. 

Metaverse Expo 2023 in Seoul: Exploring the Future of the 3D InternetThe Metaverse Expo 2023 is scheduled to be held at the COEX, an exhibition and convention venue in Seoul, from June 14 to 16, according to a press release. With its focus on the future of the three-dimensional Internet, this event seeks to attract metaverse enthusiasts eager to explore cutting-edge technologies. This year, the “Metaverse + Generative AI Summit” will run alongside the expo, showcasing the diverse applications of generative AI in enhancing efficiency within the metaverse.Photo by julien Tromeur on UnsplashKorea’s strategy for metaverse promotionIn February last year, the Korean Ministry of Science and ICT revealed a metaverse promotion strategy involving a comprehensive support plan of 237 billion KRW ($179.6 million). This initiative seeks to cultivate an augmented reality ecosystem by developing metaverse platforms, fostering metaverse companies, and aiding their international expansion.The expo will host exhibits centered around four key topics: metanomics, digital twins, education, and NFTs. Attendees will explore innovative business models, learn about the replication of physical objects in the virtual realm, discover the potential of the metaverse in reshaping educational approaches, and understand the role of non-fungible tokens in establishing digital ownership.Side events to support businessesIn addition to the main exhibits, the expo will host various side events such as export and investment counseling sessions, new product presentations, and seminars. In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA), a consultation program will be offered to encourage overseas buyers to engage with Korean companies. This program aims to support Korean businesses in promoting their products and services overseas, as well as connecting them with new buyers and investors who can contribute to their growth and expansion.Previously known as the Seoul VR-AR Expo, this event has been an annual feature since 2018, with VR representing virtual reality and AR representing augmented reality. In line with evolving industry trends, the event was rebranded to the “Metaverse Expo” in 2022. This year’s event will mark its sixth running, further cementing its role as a beacon for developments in the rapidly advancing metaverse landscape.