Vietnam opens application process for prospective crypto exchanges

Strategic Partnership Sees BitKeep Add Mantle Network SupportBitKeep, a Singapore-centric multi-chain wallet project, has recently formed a strategic partnership with Mantle Network, an Ethereum Layer 2 modular network developed by BitDAO.According to a tweet posted by BitKeep on Monday, the collaboration brings with it the opportunity for BitKeep users to now manage and transact their assets on Mantle Network directly through their wallets.The latest version update of the BitKeep wallet incorporates support to enable users to store, transfer, and trade on-chain assets seamlessly within the wallet. This integration streamlines the user experience and provides easy access to the functionalities offered by Mantle Network.Photo by Shubham Dhage on Unsplash10,000 USDT prize poolTo celebrate this partnership and promote the growth of the Mantle ecosystem, BitKeep has announced a campaign open to all Web3 users. The campaign features a prize pool of 10,000 USDT, adding an element of excitement for participants. Additionally, BitKeep plans to further expand the ecosystem by integrating more DApps based on Mantle Network, ensuring diverse offerings and attracting users from various angles.Although at a corporate level, BitKeep is headquartered in the Cayman Islands, leading members of its project team including Founder Kevin Como are based in Singapore.Mainnet alpha releaseMeanwhile, Mantle Network has reached a major milestone by unveiling its highly anticipated mainnet alpha. The announcement took place at the Ethereum Community Conference (EthCC) in Paris, following an extensive six-month testnet phase. Mantle Network, as the first Ethereum layer-2 chain incubated and governed by a decentralized autonomous organization (DAO), has already gained attention for its innovative approach.With its modular design, Mantle Network separates key components such as execution, data availability, consensus, and settlement into distinct layers. By employing optimistic roll-up technology and leveraging Ethereum’s network for security, Mantle Network achieves efficient transaction processing at a lower cost and higher throughput compared to Ethereum itself.This unique architecture has been validated during the testnet phase, handling over 14 million on-chain transactions and facilitating the deployment of more than 140,000 smart contracts.$200 million EcoFundThe mainnet launch also marks the activation of a $200 million EcoFund, which aims to fuel the growth and development of the Mantle ecosystem. This substantial fund will support the ecosystem’s progress, ensuring resources are available to drive innovation and attract developers.Moreover, the merger between Mantle Network and BitDAO has created the Mantle Ecosystem, a unified Web3 ecosystem led by a DAO. Under the Mantle.xyz brand, this collaboration harnesses the strengths and resources of both entities. The merger bolsters the tokenized governance system, empowering token holders to govern the use and allocation of the significant treasury inherited from BitDAO.As BitKeep integrates Mantle Network into its wallet, users can expect an enhanced experience and increased accessibility to the Mantle ecosystem. Meanwhile, Mantle Network’s mainnet launch and the activation of the EcoFund signify significant milestones that lay the foundation for continued growth and development in the DeFi space.

Bitmain Pays Employees Following Salary SuspensionBitmain, the Beijing-based Bitcoin mining equipment manufacturer, has somewhat resolved its cash flow issues, having recently suspended employee salaries in response to ongoing financial struggles and sluggish progress in its mining operations.Photo by Thought Catalog on UnsplashCash flow challengesNews of the payment issue emerged via employee reports online on Monday. The suspension encompassed both performance-based and basic wages, affecting all Bitmain personnel. The dire situation has marked a critical juncture for the ASIC manufacturer, which once held a commanding 70% share of the global Bitcoin mining machine market.Chinese crypto reporter Colin Wu had also outlined the firm’s difficulties on social media. In a subsequent post on X (formerly Twitter), Wu stated:”On the afternoon of October 7, Bitmain has repaid September wages, and stated that it only did not pay the performance salary of some people. It has also been repaid, and the basic salary has been released normally on September 30.”More recent reports by local news media in China indicated that the firm has proceeded to pay part of its staff salaries.Internal conflictsBitmain’s financial woes are not new. The company has been plagued by internal conflicts between its co-founders, Wu Jihan and Zhan Ketuan, resulting in a debilitating power struggle that severely eroded its market dominance. Earlier efforts to restore financial stability included a restructuring of employee compensation in the first quarter of this year. Under this reform, the original fixed salary was divided into a basic salary and a performance-based component linked to rank.Regrettably, these measures have proven insufficient to reverse Bitmain’s fortunes. In a company announcement issued in September 2023, Bitmain acknowledged that its operating cash flow had plunged into negative territory, and the performance of its mining machines fell short of expectations.Consequently, the company suspended employee salaries, with the prospect of resuming payments contingent upon developments after the October 7 holiday.It emerged in April that the firm had been fined for tax code violations in China.Core Scientific dealIn August, Bitmain explored the possibility of acquiring an equity stake in Core Scientific, a prominent North American crypto-mining company, as part of Core Scientific’s bankruptcy restructuring plan. This proposed agreement, pending final documentation and court approval, entails Bitmain acquiring 27,000 S19j XP Bitcoin miners from Core Scientific.The Core Scientific deal represents a potential lifeline for Bitmain. Nevertheless, the suspension of employee salaries underscores the prevailing uncertainty surrounding the company’s future. Whether the completion of the Core Scientific transaction will usher in the much-needed financial turnaround for Bitmain remains uncertain as the company grapples with its ongoing financial challenges.Bitmain’s decision to suspend employee pay highlights the gravity of the situation and the urgency of finding a sustainable solution to its financial woes. The outcome of the Core Scientific deal could determine Bitmain’s fate as it strives to regain its once-dominant position and secure its financial stability. In the meantime, the firm continues to develop the latest generation of Bitcoin mining equipment.

Wemade Expands Web3 Ecosystem Through New CollaborationsSouth Korean blockchain gaming publisher Wemade has been making strides to expand its ecosystem. Most recently, the company announced that it made a series of new investments and signed a business deal with a social finance organization.Photo by Shubham Dhage on UnsplashInvesting in the future of blockchain gamesWEMIX PTE., a Singapore-based Wemade subsidiary, said Wednesday that it has invested in five Chinese game developers through a $30 million fund aimed at fostering promising blockchain gaming companies. Mirana Ventures, the Web3-focused investment unit of the crypto exchange Bybit, is also participating in the fund as an investor. The latest investment was worth $6.4 million.Each investee is working on a new game, ranging from massively multiplayer online role-playing games (MMORPG) to card strategy and sports games. All of these games will be onboarded to WEMIX PLAY, WEMIX’s blockchain gaming platform.WEMIX reaffirmed its dedication to working with Chinese projects and providing the new investees with its knowledge about blockchain technology and the burgeoning Web3 market.Giving back to the communityMeanwhile, the South Korean blockchain gaming publisher Wemade also signed a memorandum of understanding (MOU) with Social Solidarity Bank, a Korean social finance organization, to build a blockchain-based sponsorship ecosystem. Social Solidarity Bank offers microfinance and alternative finance services mainly in the form of loans and funds to economically vulnerable groups with the help of sponsors. It will be onboarding Wepublic, a transparent social platform based on WEMIX that allows users to create and operate their own decentralized autonomous organizations (DAOs).Under the agreement, Wepublic’s proof of balance protocol will be integrated into Social Solidarity Bank’s social finance system to mint mirror tokens that are linked one-to-one with individual accounts. The mirror tokens will serve to help donors understand how their contributions are translated into social outcomes. Sponsors can check the status and usage of donations at any time through records of token deposits and withdrawals.This service is set to launch next year and will be grow into a Web3 sponsorship business where sponsors will also be given the right to participate in governance voting.