UAE institutions deepen Bitcoin positions prior to market pullback

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.

U.S. crypto fund targets Asian investors for new $800M growth equity fundDan Tapiero, the New York-based founder of 1RoundTable Partners and 10T Holdings, is on a mission to raise between $700 million and $800 million for his upcoming fourth fund, with a recent focus on Asian investment interest.A recent report by Deal Street Asia pointed out that Tapiero has turned his attention to the potential of inward Asian investment, not least through his recent one-week business trip to the region in early December.Photo by Towfiqu barbhuiya on UnsplashInvestment vehicles1RoundTable Partners was Tapiero’s original investment vehicle, positioning itself as a growth equity fund building a portfolio focused exclusively on growth-stage blockchain and crypto projects. 10T Holdings was established more recently, targeting mid to late stage digital asset ecosystem (DAE) firms as part of its equity fund. Earlier this year, 10T was reported by Bloomberg to have $1.2 billion under management while seeking another $200 million in new funding.10T Holdings has fully deployed its three previous funds, forming a portfolio of 24 active DAE companies, including Gemini, Animoca Brands, Yuga Labs and Deribit. Tapiero’s cautious approach to valuations has been rewarded. He turned down opportunities in FTX and Celsius Network at their peaks prior to both entities failing spectacularly in 2022.Crypto equity fund resilienceThe crypto industry faced challenges, including the collapse of FTX, leading to tighter regulations and reputational damage. Venture investments in the sector saw a decline, with statistics from Galaxy Digital Holdings indicating that Q3 2023’s venture investments were below $2 billion, the lowest since Q4 2020.Tapiero is undeterred and is actively raising his fourth growth equity fund, focusing on “digital asset ecosystem (DAE) companies.” This fund, managed under 1RoundTable Partners, will primarily invest in mature DAE companies with $40–50 million in annual revenue and a market valuation exceeding $400 million. Tapiero’s strategy of targeting lower-risk, growth-stage opportunities aligns with his hedge fund legacy.Asian investor focusTapiero is actively seeking new investors in Asia for Fund IV, targeting a first close in Q1 2024. His efforts are focused on addressing the lack of growth-stage capital, particularly in Asia, where confidence in digital assets has strengthened due to crypto-friendly regulations.The veteran macro investor, who founded Gold Bullion International in 2009 prior to turning his attention to the digital assets space, sees a window of opportunity in the secondary market. Having already invested about $660 million through 10T Holdings, he notes that investors may have only a “six-month window” to capture discounted opportunities.In an interview with Bloomberg earlier this month, Tapiero outlined his view that Q4, 2023 will be the crypto sector’s “best quarter since the bull market.” He added:“We think that the bear market finished in Q4 2022. We had a sideways move for a while and then in July [2023] things sparked off with Larry Fink’s [BlackRock CEO] comments.”As Tapiero navigates the crypto landscape with a strategic focus on growth and risk management, his approach appeals to traditional investors, including major pension funds. Fund IV represents a step toward contributing to the ongoing evolution of the digital asset ecosystem. It’s on that basis that the investment industry veteran is targeting Asian limited partnerships (LPs).

WEMIX Play Completes Successful Migration to the WEMIX3.0 MainnetSouth Korean gaming company Wemade has announced the successful migration of its global blockchain gaming platform, WEMIX Play, to the WEMIX3.0 Mainnet.Photo by Mathew Schwartz on UnsplashImproved interoperabilityThis transition effectively links all games on the WEMIX Play platform to the WEMIX3.0 Mainnet. Additionally, the launch of the Play Proof Protocol (PPP) further strengthens the network’s interoperability.Instant token tradingThe PPP enables users to instantly trade their tokens for those of their preference, eliminating the need for token swaps between disparate networks. This approach simplifies the process with a single signature, providing users with a more convenient experience.Omnichain strategyAs part of its commitment to fostering a united community, Wemade has adopted an omnichain strategy to connect the WEMIX ecosystem with external chains. Looking ahead, WEMIX Play aims to establish connections with various mainnets, expanding its platform and streamlining token exchanges.Wide variety of games and servicesBoasting a user base of nine million, WEMIX Play offers games of various genres, including massively multiplayer online role-playing games (MMORPGs), strategy games, and social network games. The platform also provides a wide range of services such as gaming tokenomics; the financialization of gaming, known as GameFi; non-fungible token (NFT) marketplaces; and community pages.