OKX collaborates with Polygon Labs on layer-2 network launch

Bitdeer Technologies Group, the Nasdaq-listed Bitcoin mining company, has announced a change in its top leadership as part of its strategic growth initiatives.Photo by Anna Tarazevich on PexelsGrowth phase leadership transitionJihan Wu, the founder of the Singapore-headquartered company and chairman of the board of directors, is set to become the new chief executive officer (CEO), effective Mar. 1. This transition in management comes at a crucial time for Bitdeer as it experiences an increase in market capitalization and a growing customer base. Linghui Kong, the current CEO, will assume the role of Chief Business Officer while retaining his position on the board. The move is expected to enable both Wu and Kong to focus on their respective areas of expertise, contributing to the company's overall success. Rise in market valueBitdeer Technologies Group has witnessed a significant rise in market value, with its market capitalization increasing by $133 million recently, reaching a total of $974 million. Despite this positive trend, the company faces the challenge of transitioning towards profitability and achieving a positive cash flow. While Bitdeer is known for providing cost-effective Bitcoin mining solutions, it has reported losses for the past three consecutive quarters. The appointment of Wu as the new CEO signals a strategic shift towards enhancing profitability and strengthening the company's financial position. Wu emphasized the leadership transition as a means to fully leverage emerging strategic growth opportunities. He expressed the need for a focused approach to drive profitability and maintain a robust balance sheet. Stock price boostWorking from its Singapore base, Bitdeer has expanded its operations globally, deploying data centers in the United States, Norway and Bhutan. The company's commitment to providing low-cost Bitcoin mining has attracted investors. With today’s leadership news, Bitdeer's stock is currently trading at $8.99 per share, representing an 18.3% increase over the course of the day's trading. Despite this positive performance, the stock is down 8.82% year to date, reflecting uncertainties over the company's earnings. Bitdeer's position as a publicly traded mining firm has garnered trust among investors, with market participants predicting substantial growth potential and noting the company's debt-free status. Analysts anticipate an annual increase of 113.91% in the company's profits. The upcoming results in June are expected to be a crucial determinant of Bitdeer's trajectory in the future. Wu, also the founder of crypto financial services firm Matrixport, has a notable background in the cryptocurrency industry. He was involved in the leadership of Chinese mining equipment manufacturer Bitmain, culminating in a well-documented power struggle with Micree Zhan and subsequent departure in 2021. A recent report by Cantor Fitzgerald outlined cost base difficulties in the Bitcoin mining space. However, of the 11 miners examined, Bitdeer was found to have the lowest cost per coin of $17,744. The transition in leadership signifies a renewed focus on driving the company's success in an evolving market. Investors will closely watch Bitdeer's performance in the coming months, anticipating the impact of the new leadership on the company's growth and profitability.

Gluwa, a San Francisco-based blockchain firm, has become a key partner in Nigeria’s central bank digital currency (CBDC) project, the eNaira, Korean media outlet Seoul Economic Daily reported.   Tapping into Nigeria’s 226M populationGluwa, the issuer of Creditcoin (CTC), announced yesterday that its Nigerian branch Gluwa Nigeria signed a memorandum of understanding (MOU) with the Central Bank of Nigeria (CBN). Through the MOU, Gluwa Nigeria aims to facilitate the adoption of digital currency in Africa’s largest economy with a 226 million population, by connecting eNaira to Credal, the native API for Gluwa’s Creditcoin network. This integration is expected to enhance Nigeria’s financial ecosystem by recording loan and payment transactions on the Creditcoin network.Photo by Emmanuel Ikwuegbu on UnsplashMaking the financial system more inclusive and efficient The partnership is anticipated to boost financial inclusiveness among many Nigerians who are financially isolated due to their lack of access to traditional financial services. Moreover, the CBN expects that the adoption will improve the eNaira’s functionality and spur innovation in the country’s financial system. Among other objectives of the project is to create an efficient financial infrastructure in the country so that Western fintech firms can easily enter the Nigerian financial market.   Oh Tae-lim, CEO of Gluwa, said the company plans to lay out the project’s blueprint by the end of this year and eventually broaden the acceptance of the eNaira, taking the potential of the digital currency to a new level.  Meanwhile, Gluwa’s native token, CTC, is a real-world asset (RWA) network with a loan transaction volume of KRW 106.8 billion ($80 million) and a user base of 337,000.  

It emerged on Wednesday that the Indian version of the Apple App Store has blocked access to eight crypto exchanges that were recently subject to a show cause notice from an Indian government agency, the Financial Intelligence Unit (FIU). The development occurred only two weeks after these global firms were flagged for allegedly operating "illegally" in the country. The FIU had cited non-compliance with India's anti-money laundering rules. In its statement on Dec. 28, the FIU urged India's IT Ministry to block the websites of all nine services in the country. The affected exchanges include Huobi, Gate.io, Bittrex, Binance, Kraken, Kucoin, MEXC Global and Bitfinex. Binance acknowledged the issue in a social media post, stating that it will continue to work with local regulators. Interestingly, Bitstamp, another exchange mentioned by the FIU, remained operational on the App Store in India. While these apps have been removed from the Apple App Store, they are still available on the Google Play Store in India and their websites remain accessible within the country. Users who had previously installed these apps on their devices can still access them. Photo by Naveed Ahmed on UnsplashTax avoidanceThe backdrop for this action involves a trend where many Indian traders had shifted to global cryptocurrency platforms rather than native digital asset exchanges. India initiated cryptocurrency taxation last year, imposing a 30% tax on gains and a 1% deduction on each crypto transaction.  While Indian-based exchanges like CoinSwitch, CoinDCX and WazirX maintain compliant know-your-customer verifications, global platforms have not followed suit. Notably, WazirX has experienced a drastic 97% drop in trading volume over two years as many traders migrated to global apps. It’s thought that as many as five million crypto users have shifted their trading activity to offshore exchanges. The tax has proven to be controversial and according to Dr. Vikash Gautam, the author of a report on the tax measure published last November, “it just isn’t enforceable . . . It is possible to be done with international cooperation, but we do understand it is a long process. Some of the other countries have some arrangements with international exchanges to track that." Leveling the playing fieldIt’s amid that competitive backdrop that native Indian exchanges lobbied the Indian government through the Bharat Web3 Association (BWA) to take action against unregulated offshore exchanges recently. CoinSwitch's co-founder and CEO, Ashish Singhal, urged offshore exchanges to comply with local regulations, suggesting registration with the FIU and adherence to India's Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) measures. Singhal, whose CoinSwitch platform is a founding member of the BWA industry advocacy group, highlighted that this would not only benefit offshore exchanges but also enhance consumer protection in India through increased regulatory oversight. Earlier warnings from Indian cryptocurrency exchanges foresaw users shifting to decentralized exchanges or non-compliant services due to the New Delhi government's taxation policy on crypto. In response, CoinDCX announced incentives for customers transferring their crypto assets from global exchanges to its India-based platform. Taking to social media on Wednesday, CoinDCX founder Sumit Gumpta stated:”This is a defining moment for [virtual digital assets] in India, and we're dedicated to facilitating a seamless and secure transition for investors navigating these changes.”