China Sees Further Metaverse Development Through Nanjing City Initiative

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.

Korean Conference Captures Interest of NFT and Blockchain Game EnthusiastsNews of the upcoming NFT and Blockchain Game Conference is sure to excite gaming enthusiasts with a keen interest in these technologies. Organized by ZDNet Korea, a tech news outlet, the conference is scheduled to take place on June 27 in the Pangyo Techno Valley, located on the outskirts of Seoul, Korea.Photo by Mateo on UnsplashPolicy and future strategiesThe event will delve into various aspects of the gaming industry, including policy and future strategies, with a specific focus on innovative technologies such as non-fungible tokens (NFTs), cloud computing, and cryptocurrency wallets. Attendees can expect valuable insights and engaging discussions on how these advancements are shaping the future of gaming.Prominent firms to share insightsHosted by the Korea Game Media Association (KGMA), the conference will kick off with a keynote speech by Jae Park, the Korea Country Manager of the global crypto exchange XT.COM. Park will share his expertise on the NFT gaming industry and discuss success strategies. Following Park’s speech, representatives from prominent companies at home and abroad, including Nexon, Marblex, NPIXEL, Polygon Labs, and Alibaba Cloud, will take the stage.Hwang Sun-young, Production Director at Korean game publisher Nexon, will explain Nexon’s implementation of blockchain technology in their projects. Hwang previously attended the Game Developers Conference (GDC) 2023 in San Francisco, where Nexon unveiled the blockchain gaming ecosystem “MapleStory Universe” in partnership with Polygon, a layer 2 scaling solution on Ethereum. MapleStory is Nexon’s blockbuster side-scrolling massively multiplayer online role-playing game (MMORPG).Jake Moon, COO of Marblex, will discuss the endeavors of the Marblex Web3 game ecosystem. Park Sung-mo, Head of Business Development at Polygon Labs, will shed light on the role of the mainnet in the blockchain industry.Ko Jeong-hwan, Head of Web3 at NPIXEL, will provide insights into how Web3 enhances the gaming experience. Lim Jong-jin, Tech Team Lead in Korea at Alibaba Cloud, will introduce the Alibaba Cloud ecosystem and platform that supports Web3.Kim Oh-joong, CEO of Find The Gap, will review incidents related to NFT and game hacking, along with potential solutions. James Kwak, Director of the Business Development Department at BPMG, will deliver a talk on Web3 and wallets.KGMA President Lee Taek-su told ZDNet Korea that NFTs and the blockchain have emerged as important concepts in the global gaming industry. He highlighted that the conference would provide an opportunity to review the efforts undertaken by Korean game companies in the blockchain sphere and raise awareness of the need to embrace the changing paradigm in the sector.

Swing Launches Blockchain-Based Service to Offer Financial Incentives for Scooter RidersSwing, a South Korean personal mobility startup, announced today the launch of “Swing by Boats,” a blockchain-based asset tracking system, in collaboration with blockchain company Block Odyssey. Developed by Block Odyssey, Boats completed a proof-of-concept (PoC) test with a commercial bank to validate the feasibility of the technology.Photo by Sergey Lapunin on UnsplashFinancial incentives for scooter investmentsSubscribers of Boats now have the option to invest in electric scooters operated by Swing. For those who choose to purchase these scooters, Swing offers a financial incentive: an average return rate of 7.5% on the purchase price, paid out over a period of 30 months. In addition, buyers will receive a complimentary one-hour ride on Swing mobility devices. Each scooter available for purchase through Boats is priced at KRW 750,000 (approximately $564). At the end of the 30-month period, Swing commits to buying back the scooter from the purchaser.Simulation program to earn pointsBoats subscribers now have access to a scooter simulation program known as Swing Miles. Within this program, subscribers can assign one of the scooters operating on the Swing platform as their own. They can then monitor various performance metrics such as mileage, routes taken, and payment rates for their designated scooter. Whenever other riders use that specific scooter, the subscriber earns 10% of the payment made by those riders, awarded as Swing Points. These points can be redeemed like cash for services or devices within the Swing app. Before launching Boats, the company conducted a two-month beta test to enhance the service’s quality and accuracy.Jung Sung-ha, an official at Swing, explained that although the newly launched program does offer an average return rate for users, it is primarily aimed at scooter riders rather than professional investors. Jung noted that riders can directly invest in scooters and enjoy the service as if it were a game. According to Jun, the company plans to use the point system as a way to boost customer engagement.