Japan moves to fold crypto into mainstream finance

Asian stocks related to the digital assets sector recorded hefty gains on March 3, in what was a reaction to a social media post published by U.S. President Donald Trump on Sunday.Photo by Markus Winkler on UnsplashCrypto Strategic ReserveThe U.S. president took to Truth Social, a social media platform owned by Trump Media & Technology Group, to state that “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden administration.” Trump added that an Executive Order (EO) that he had issued recently was related to digital assets, directing a recently-formed Presidential Working Group to move forward on the development of a Crypto Strategic Reserve. Trump went on to outline that this reserve would include crypto assets such as XRP, Solana (SOL) and Cardano (ADA).  The post fueled double-digit percentage increases for all three assets. However, it also had an impact on specific stocks listed on Asian markets. Shares in Metaplanet, Japan’s first and as yet only Bitcoin treasury company, closed 21% higher in Tokyo on Monday. The stock surged from its previous trading day close of 3,310 yen to close at 4,010 on Monday. Shares of Japan's Metaplanet closed up 21.15% on Monday, surging to 4,010 yen from the previous close of 3,310 yen within the first hour of trading upon opening. The company also announced on Monday that it had acquired an additional 156 BTC ($13.4 million) to expand its total holdings to 2,391 BTC. Potential U.S. listing for MetaplanetThe company had some developments of its own that may have contributed to the rise in the Metaplanet share price. In a statement published by the company on March 3, it announced that it had purchased an additional 156 Bitcoin. The latest tranche of Bitcoin was purchased at an average price of $85,890. This brings the company’s overall Bitcoin holding to 2,391 Bitcoin. Metaplanet CEO Simon Gerovich posted on X that Metaplanet is “considering the best way to make Metaplanet shares more accessible to investors around the world.” Gerovich made that comment in the context of having explained that the firm was formally invited by the New York Stock Exchange (NYSE) and the Nasdaq to visit so that they could introduce their platforms.   While the Metaplanet CEO is not confirming a U.S. stock listing for the company, it appears that it is something that the firm is considering. Boyaa stock price riseBoyaa Interactive, a Chinese online gaming company that is also the largest publicly listed holder of Bitcoin in Asia, also saw its stock surge on Monday. The company’s stock, which is listed on the Hong Kong Stock Exchange, rose 23%, closing at HK$4.17. The company confirmed that over the weekend, it added an additional 100 Bitcoin to its treasury, bringing its overall Bitcoin holding to 3,350 BTC. Beijing-headquartered OKG Tech, a blockchain technology firm, also experienced a surge in its Hong Kong-listed stock, which rose by over 42% on Monday. Ki Young Ju, CEO of Seoul-headquartered on-chain analytics firm CryptoQuant, warned on X that the crypto market “is increasingly becoming a weapon of the United States.” He added that “coins serving U.S. national interests are likely to work against every country except the United States.”

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

OKX NFT Marketplace hits the front on trading volumeIn the non-fungible token (NFT) space, OKX’s NFT marketplace has emerged as the leader in daily trading volume, surpassing long-standing frontrunners such as OpenSea, Blur and Magic Eden.According to data from decentralized applications (DApp) tracker DappRadar, on Dec. 18, the OKX NFT Marketplace had recorded a 24-hour trading volume of $50 million. In more recent trading, that has reduced to around $35 million. Nevertheless, it maintains its lead over its main competitors, whose combined 24-hour trading volume stands at approximately $24 million.Photo by Kanchanara on UnsplashOrdinals driving volume uptickThe surge in trading volume can be attributed to OKX’s support for Bitcoin Ordinals NFTs and BRC-20 tokens. Notably, the NFT transaction volume on Bitcoin experienced a substantial increase, reaching $121.8 million between Dec. 10 and Dec. 17.Unlike traditional NFTs, Ordinals do not rely on smart contracts pointing to a digital asset. Described as digital artifacts by developer Casey Rodarmor, they lack smart contract features, making their trading reliant on decentralized exchanges and wallets.The Ordinals protocol has been made possible by the Bitcoin Taproot upgrade, which was implemented in November 2021. The upgrade allows digital files to be inscribed on satoshis, the smallest monetary denomination on the Bitcoin network, each with a unique number or ordinal.Strategic focus on BRC-20The OKX NFT Marketplace’s strategic focus on the BRC-20 token standard has also played a role in its success. Collaborating with UniSat, a developer of Ordinals wallets, OKX created an indexing mechanism for BRC-20 transactions built on ordinal inscriptions, further solidifying its position in the market.The Ordinals protocol has not been without controversy, with some, including Adam Back, CEO of Blockstream, criticizing it as a misuse of Bitcoin transaction blockspace. Despite the controversy, Ordinals have gained momentum, contributing to $367 million in sales volume on the Bitcoin network, surpassing Ethereum and Solana.Ordinals and the BRC-20 standard have generally been a boon for Bitcoin miners, boosting their revenues through increased fees. This incentivizes miners to secure the network. Over 49 million transactions have resulted in over 2,250 BTC in transaction fees. Around 6 p.m. UTC on Monday, bitcoin fees are averaging out at $38.43 per transaction.Beyond Bitcoin Ordinals, the broader NFT space has seen a resurgence, with the collective volume nearing $1 billion in November. During that month, the average value of NFT transactions experienced a notable 114% increase, rising from $126 to $270. This suggests a willingness among users to engage in higher-value trades compared to previous months.Speaking with The Block, Nick Ruck, COO of ContentFi Labs, a community-owned Web3 tool suite, had this to say on the development:“OKX has become the number one NFT marketplace after enabling trading of BTC Ordinals NFTs. Blur and OpenSea have not yet allowed trading of these Bitcoin-based NFTs, so they’ve started to fall behind in terms of volume due to the huge demand of Ordinals.”