Solana faces rising phishing threats in South Korea amid growing adoption

Bullish Market Analysis Finding as Asia Doubles Crypto UsersComing off the back of the last bull run, the crypto sector has been challenged with cooling price levels also affected by global macroeconomic headwinds. Despite that, a recent crypto market study by financial news platform Finbold has found encouragement with a significant increase in crypto users, most notably in Asia.Photo by Jéan Béller on Unsplash37% increase in global usersAccording to the market data presented by Finbold on Thursday, the number of global crypto users has reached 417.5 million as of 2023, representing a year-over-year growth of 36.88%. This translates to an increase of 112.5 million users compared to the 2022 count of 305 million.Several factors contribute to the growth in crypto user numbers. The fear of missing out (FOMO) phenomenon plays a significant role, as individuals see market downturns as an opportunity to enter the market and potentially benefit from their investments.Mainstream adoption and awareness of cryptocurrencies have also attracted new users, aided by the accessibility and convenience of crypto platforms and exchanges. Additionally, the acceptance of cryptocurrencies as a form of payment by businesses has further fueled user growth.In emerging markets with unstable economies and limited access to traditional banking services, cryptocurrencies have been embraced as an alternative and inclusive financial solution, driving adoption in those regions.Standout growth in AsiaAsia leads the way with 260 million users as of May 2023, marking an astonishing 100% growth from the previous year’s figure of 130 million. North America follows with 54 million users, witnessing an addition of 3 million compared to the 2022 count of 51 million.When examining crypto ownership in relation to the population of each country, Thailand claims the top spot in 2023 with a share of 9.32%. India comes in second with 7.23%, followed by Brazil at 6.98%. Pakistan ranks fourth with 6.4%, while France rounds out the top five with 5.9%.Observers believe that regional crypto user trends will be influenced by regulations. Asia dominates the market, driven by the increasing adoption of blockchain-based payment solutions in countries like India, China, Singapore, South Korea, and Japan, particularly within the banking, financial services, and insurance sectors.African & European user declineAfrica experienced a decline of 28%, going from 53 million to 38 million users. Similarly, European users dropped from 43 million to 31 million. Notably, Europe has witnessed a drop in usage, coinciding with the enactment of the Markets in Crypto Assets (MiCA) law, which aims to create a legal framework for the crypto asset market.The growth in global user numbers is remarkable, considering the challenging phase the crypto sector has been going through. High-profile incidents, including the FTX crypto exchange collapse and the Terra (LUNA) ecosystem crash, have eroded trust within the sector. Moreover, the crypto market has had to navigate an uncertain regulatory landscape, with jurisdictions like the United States cracking down on the sector.Lawsuits filed by the US Securities and Exchange Commission (SEC) against Ripple, Binance, and Coinbase for alleged securities laws violations are likely to discourage investor involvement. Regions with stricter regulations, such as North America and Europe, are expected to lose crypto business to the Asia-Pacific region.

Bitget Targets MENA Business ExpansionBitget, the Seychelles-based cryptocurrency derivatives exchange, is setting its sights on the Middle East and North Africa (MENA) as the region emerges as a fast-growing crypto hub.The firm announced its expansion plans via a press release which was published on Thursday. With countries like the United Arab Emirates (UAE) and Bahrain embracing crypto, more exchanges are taking notice and entering the market. Bitget has now joined the ranks of a series of crypto companies seeking to establish a foothold in the region.Photo by Kyle Glenn on UnsplashIncreasing crypto adoption and interestCiting the region’s impressive crypto adoption rate, which accounted for 9.2% of global transactions between 2021 and 2022, Bitget is capitalizing on the growing interest in digital assets. The UAE alone experienced a remarkable 400% increase in registered crypto businesses over two years, driving a surge in global digital asset trading by 10%. Moreover, blockchain-related educational programs have tripled in the region, which contributes to 8% of the overall mining hash rate. All of these are creating a favorable environment for Bitget’s expansion.Dubai officeTo support its entry into the Middle East, Bitget has opened an office in the heart of Dubai and has already hired 60 new employees for various mid and back-office positions. The company aims to scale its Middle East team further, with plans to hire 30 to 60 more professionals over the next two years.Bitget is not alone in recognizing the potential of the Middle Eastern market. Bybit, another major cryptocurrency exchange, recently obtained local licenses to operate in the digital assets space in the UAE, having moved its global headquarters to Dubai in April.OKX, one of the largest exchanges by volume, also received a Minimal Viable Product (MVP) Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA). Binance is also eyeing the Middle East, with Binance Dubai poised to become the primary focus for the company’s development efforts, given regulatory challenges in Europe and the US.Global expansion strategyBitget’s expansion into the Middle East is part of its broader global scaling strategy. The company has already registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, and it launched a localized Turkish website earlier this year.Founded in 2018, Bitget boasts a user base of over 8 million users across more than 100 countries, offering copy trading services. The company’s move to the Middle East showcases its determination to tap into new markets and solidify its position as a global player in the cryptocurrency exchange landscape.There’s been a lot going on at Bitget in recent months, in addition to these regional expansion plans. In May the company announced a corporate social responsibility project named “Blockchain4Youth,” cleverly identifying the importance of connecting with the younger demographic which is far more likely to drive crypto and blockchain adoption.Earlier this month it launched a crypto loans product offering while last week it provided transparency via its proof of reserves initiative, demonstrating a 223% level of reserves and outlining that the company is debt free.

Bithumb Introduces Crypto Data Service Amid Fight for ProfitabilityBithumb, one of the major cryptocurrency exchanges in South Korea, has announced the launch of a new service called Insight, aimed at providing real-time data and analytics about crypto trading. This strategic step is seen as part of Bithumb’s response to address its recent profitability challenges.Market patterns and trendsThe service, as reported by local news agency Yonhap News, leverages customers’ data to deliver market patterns in real time. By utilizing Insight, users can gain access to information such as the top three most-searched cryptos, rankings of price growth over specific periods, and price trends of major cryptos.In addition to these features, Bithumb offers insights into the trading behavior of the largest investors on the platform by showcasing the types and proportions of cryptocurrencies they purchased on the previous day. This functionality enables ordinary investors to gain a glimpse into the strategies employed by these influential players.Bithumb provides indicators that identify cryptos experiencing upward momentum or reaching their lowest points. Users can also access other data, including Bitcoin dominance, which indicates Bitcoin’s market capitalization relative to the overall crypto market cap. Additionally, the service presents information regarding the volatility of recently listed cryptos and those that have been flagged by the exchange as potentially concerning.Photo by Алекс Арцибашев on UnsplashDesktop and Android firstThe service is accessible today starting from 11:00 AM (Korea Standard Time) on desktop and Android. The iOS version is set to be released at a later time.Recent strugglesThe Korean crypto exchange’s move comes after Bithumb Korea, the exchange’s operator, has embarked on streamlining its businesses. Due to difficulties in generating profits, Bithumb Korea shut down its tech solution subsidiary Bithumb Systems, which was responsible for developing blockchain and exchange technology.Prior to that, the Bithumb exchange had closed its research center due to a decline in trading volume, even though the facility had significant value in aiding investors to make more knowledgeable choices.