Bithumb records declining performance in Q3 amid market challenges and interest rate hikes

Circle Partners with Asian Convenience Store Chain to Push USDC AdoptionCircle, the issuer of US dollar stablecoin USD Coin (USDC), has entered into a strategic partnership with Taiwanese cryptocurrency service provider BitoGroup and Taiwan FamilyMart, the nation’s second-largest convenience store chain.The primary objective of this collaboration, which Circle announced on Thursday through the publication of a statement on its website, is to expand the utility of loyalty points and enhance their intrinsic value, all the while driving the adoption in the use of USDC in Taiwan.Photo by Jiachen Lin on UnsplashFocus on loyalty pointsThe partnership introduces an innovative service known as “Points-to-Crypto,” accessible through the Taiwan FamilyMart App and the BitoPro Exchange. This service empowers customers to seamlessly convert their FamilyMart loyalty points, commonly known as FamiPoints, into digital currencies such as USDC.This conversion not only preserves the value of loyalty points but also incurs no transaction fees, effectively democratizing access to the world of cryptocurrencies. This move aligns with Circle’s overarching strategy to push the boundaries of digital asset innovation.Broader strategyCircle unveiled a broader strategy along these lines in June. The focus has been on collaborations aimed at transforming how consumers and institutions in the Asia Pacific (APAC) region engage with the digital dollar, especially USDC, to facilitate quicker and more efficient financial transactions. In June Circle acquired a full trading license from the Monetary Authority of Singapore (MAS).Last month it emerged Circle has been actively integrating its Web3 Services platform into the well-known Grab platform. Grab is Southeast Asia’s super app for transportation, deliveries, payments, and more. This integration, initially set to debut in Singapore, seeks to elevate user experiences through blockchain-enabled solutions. Grab has 25 million monthly active users in Southeast Asia.Integrating Circle’s Web3 services and bringing them to these customers eventually will mean a direct touch point for Web3 in their daily lives, and the active use of a digital wallet for each and every one of them.This latest development assumes significance in Taiwan due to the country’s high density of convenience stores, where loyalty points hold substantial value. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, “Points Accumulation and Redemption” ranked as the most practical function among four primary retail app functions in their 2021 consumer behavior survey.Local industry partnersBitoGroup, one of the primary partners in this initiative, boasts a membership base nearing 800,000 and holds a market share of approximately 90% in Taiwan. BitoGroup offers a diverse range of services, including BitoPro, a cryptocurrency exchange; BELS, an NFT empowerment platform; and O2 META, which is a metaverse-focused social media platform.For nearly a decade, Taiwan FamilyMart and BitoGroup have offered customers the ability to purchase Bitcoin at convenience store locations nationwide. This new partnership signifies a shift from physical convenience stores to online experiences, enabling access to innovative financial tools and reinforcing Taiwan’s position as a digital economy leader.This latest partnership marks a significant milestone in bringing Web3 and digital currency into active and mass market use among ordinary people in Taiwan. The development coincides with Taiwan’s legislature and regulators currently working on the introduction of a regulatory framework for digital assets.

Singapore Takes Lead in Regulating StablecoinsSingapore has taken a proactive step by finalizing regulations for stablecoins, solidifying its position as one of the first jurisdictions to do so on a global scale.The Monetary Authority of Singapore (MAS) has established a comprehensive framework that outlines essential prerequisites for stablecoin operations, according to an announcement made by the central bank on Monday.Key highlights include:Reserve Backing: Stablecoins must be backed by reserves consisting of low-risk and highly liquid assets. The value of these reserves should equal or surpass the circulating stablecoin value at all times.Prompt Redemption: Stablecoin issuers are mandated to return the par value of the digital currency to holders within five business days upon redemption requests.Transparency: Issuers must furnish users with “appropriate disclosures,” including audit outcomes of the backing reserves.These regulations will be applicable to stablecoins issued in Singapore that mirror the value of the Singapore dollar or any G10 currency, such as the US dollar. Stablecoins meeting all the requirements outlined by the regulations will receive recognition from the regulator as “MAS-regulated stablecoins.” This distinct categorization will differentiate them from tokens lacking regulation.Photo by CoinWire Japan on UnsplashKey roleWith a market valuation of approximately $125 billion, stablecoins have rapidly emerged as a significant force within the crypto space. Leading the pack are Tether’s USDT and Circle’s USDC, which together command around 90% of the market’s total value.Stablecoins play a key role in the crypto trading market. They allow traders to move in and out of various cryptocurrencies and back into fiat. However, despite their immense influence, stablecoins have largely remained unregulated across the globe. While their primary use has been in trading, stablecoin proponents assert their versatility in various applications, including remittances.Digital currency hubSingapore has been actively positioning itself as a hub for digital currencies, striving to attract foreign companies seeking refuge from the crypto industry’s apprehensions surrounding the current unwelcoming US regulatory approach.Despite their prevalence, stablecoin issuers have faced criticism regarding the transparency of their reserve holdings. Singapore’s regulatory measures aim to bring increased clarity to this sector.Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, expressed that the framework’s purpose is to enable stablecoins to serve as a credible digital medium of exchange and bridge the gap between fiat and digital asset ecosystems.Positive industry responseLeading stablecoin firms, Tether and Circle, have applauded Singapore’s new regulations. Yam Ki Chan, Vice President of Strategy and Policy for APAC at Circle, stated that MAS is at the forefront of forward-looking regulators globally, establishing a transparent regulatory framework for stablecoins and digital assets. Paolo Ardoino, CTO of Tether, hailed the framework for providing a clear structure, accountability, and transparency in stablecoin operations within Singapore.The collapse of algorithmic stablecoin UST last year drew regulatory attention to this category of stablecoins. Unlike traditional stablecoins like USDT and USDC, UST was governed by an algorithm and lacked real-world assets as reserves.Singapore’s stablecoin regulations have placed it in a select group of jurisdictions pioneering such rules. Hong Kong is presently undergoing public consultation on stablecoins and plans to introduce regulations in the coming year.

Lotte Data Communication, the IT service management unit of South Korean conglomerate LG Group, brought its hyperrealistic metaverse platform Caliverse and electric vehicle charging platform EVSIS to the stage at CES 2024, attracting great interest from stakeholders from around the world, according to an article by South Korean news outlet KG News.Photo by GuerrillaBuzz on UnsplashExploring tomorrow's technologyCES is one of the biggest annual tech conventions in the world organized by Consumer Technology Association, where companies and other industry leaders gather in Las Vegas to showcase their innovations and visions for a future led by advanced technology. This year’s event was held from Jan. 9 to 12.  AI takes the spotlightIn particular, user-engaging technologies such as generative AI received much attention at the convention, such as AI mobile scanning, which allows anyone to take a picture of their product with a mobile device and virtually create their own digital object in less than five minutes. Another new technology called metaverse live streaming allows users to interact with each other in the virtual space in real-time by replicating their appearance. Standing at the forefront of the IT industryLotte’s Caliverse platform provides deeply immersive content based on world-class technologies such as ultra-high-definition VR shots, image synthesis and real-time rendering graphics. It can also be experienced through a head-mounted display (HMD) as well as most other electronic devices such as 3D monitors, PCs and smartphones, maximizing user accessibility. The company also showcased various EV chargers and digital platforms that are used in its other new product EVSIS, gaining popularity among visitors at the event. Lotte aims to further establish itself as a global market leader in the IT industry based on these cutting-edge platforms.