Bybit Leans on Innovative Tech by Launching AI-Powered Trading Assistant

Report by Xangle and Tiger Research Explores Indonesia’s Web3 PotentialIn partnership with South Korean crypto data platform Xangle, Web3 consulting firm Tiger Research has released a report focusing on the Web3 market in Indonesia. This collaborative project also featured contributions from Jakarta-based blockchain game provider Avarik Saga and Hong Kong-headquartered metaverse company Animoca Brands.In the process of crafting this paper, teams from Tiger Research, Xangle, Avarik Saga, and Animoca Brands spent a week in Indonesia, conducting interviews with local experts.Photo by Nick Agus Arya on UnsplashPositive factorsThe report assesses Indonesia’s Web3 market as having significant potential. It highlights factors such as the country’s status as the world’s fourth-largest population, a youthful demographic with a median age of 30, political stability, and favorable policies towards Web3 technologies. The Indonesian government has adopted a favorable approach to the Web3 industry, providing a range of incentives to boost the growth of the Web3 gaming sector. Additionally, they have taken the initiative to establish a dedicated committee for the blockchain sector within the Indonesia Financial Services Authority (OJK).Crypto exchanges driving growthAs per the report, the Indonesian market is primarily propelled by cryptocurrency exchanges, with over 30 exchanges currently in operation. These exchanges serve a customer base of approximately 10 million individuals, which accounts for around 4% of the country’s population. This is comparable to the number of investors on the Indonesia stock exchange.Several challengesMeanwhile, the paper also highlighted several areas where the world’s largest archipelagic state faces challenges. One of these challenges is its non-fungible token (NFT) market, which has seen a consistent decline in recent months, hitting an all-time low. It was found that most individuals prefer global NFT marketplaces over local ones. Furthermore, concerning the development of the Web3 ecosystem, the shortage of blockchain developers has prompted startups to seek development services overseas.

DeFiance Capital Secures Interim Victory in Dispute With 3ACSingapore’s DeFiance Capital, a Web3 and crypto investment firm, has notched up a small triumph in its ongoing $140 million legal clash with failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Sasun Bughdaryan on UnsplashFavorable rulingAccording to a statement provided via a Medium blog post by DeFiance Capital Founder and CEO Arthur Cheong on Tuesday, the High Court of Singapore has delivered a favorable ruling for the firm, endorsing its preference for jurisdiction in Singapore, rather than the British Virgin Islands, which had been advocated by 3AC.The tussle between 3AC and DeFiance Capital centers around the ownership of certain assets. The liquidators appointed by the British Virgin Islands Court, from Teneo, assert that these assets essentially belong to 3AC’s creditors. However, DeFiance Capital argues vehemently that these assets must be partitioned and returned to its stakeholders.Struggle over assets and jurisdictionAt the heart of the matter are assets totaling $115 million, encompassing digital currencies and non-fungible tokens (NFTs), which currently remain under the control of DeFiance Capital. Additionally, there are 69 SAFE (simple agreement for future equity)/SAFT (simple agreement for future tokens) agreements linked to 3AC. Although Teneo places the collective worth of these assets at roughly $141 million, DeFiance Capital’s estimation is more conservative, pegging it at around $120 million.Beyond asset ownership, jurisdiction has become a pivotal point of contention in the legal discourse. DeFiance Capital has steadfastly advocated for legal proceedings to take place in Singapore, where it operates, as opposed to the British Virgin Islands. The recent ruling from the High Court of Singapore lends support to this stance, challenging Teneo’s argument.DeFiance articulated its position, asserting: “Our position was that all the important witnesses and documents are in Singapore and the dispute ought to be heard by the Singapore Courts to ensure all relevant evidence would be available.”With the court’s decision aligning with DeFiance’s jurisdictional preference, the firm hopes that this development will pave the way for more substantive engagement between the parties, rather than being embroiled in procedural wrangling. The firm believes that this will allow the focus to shift towards addressing the core issues at hand.Business riftThe genesis of this legal saga dates back to 2020 when DeFiance was established as part of the 3AC group, operating autonomously under the stewardship of its founder, Arthur Cheong. The rift escalated in February 2022, when Cheong declined 3AC’s proposal to relocate to Dubai, eventually leading to the formation of two Singapore-based firms in May of that year.Furthermore, in the same month, DeFiance extended a loan of $35 million worth of USDC to 3AC, effectively becoming a creditor. Complications arose when 3AC’s founders transferred legal rights related to DeFiance Capital, a transaction that remained incomplete as 3AC filed for bankruptcy.In light of the ongoing dispute, 3AC asserted that DeFiance’s assets should be harnessed to settle its debts. However, DeFiance firmly stood its ground, upholding its ownership claims over the assets.With liquidators advocating for resolution in the British Virgin Islands — a move that DeFiance rejected due to its Singaporean management ties with 3AC — the stage was set for the legal clash that has now taken a notable turn with this recent court ruling.

The Financial Services Regulatory Authority (FSRA), a regulatory body within the Abu Dhabi Global Market (ADGM) economic free zone and financial center in the United Arab Emirates (UAE), has fully approved USD₮, the world’s leading U.S. dollar stablecoin by market cap, as an accepted virtual asset (AVA).Photo by DrawKit Illustrations on UnsplashPre-approved USDT servicesUSDT issuer Tether publicized details of the approval via a statement published to its website on Dec. 10. The company outlined that the approval means that “Authorised Persons” operating and licensed by the FSRA can offer pre-approved services related to USDT. The company stated that the approval facilitates the integration of USDT into regulated financial ecosystems in Abu Dhabi while also claiming that the move helps to advance the region’s leadership relative to digital asset innovation. The FSRA has acknowledged acceptance of the leading stablecoin with recognition of its issuance on various blockchains including Ethereum, Solana and Avalanche. Validating the importance of stablecoins With the ADGM regulator now fully accepting and recognizing the stablecoin, Tether CEO Paolo Ardoino said that the move goes beyond just “validating the importance of stablecoins as critical tools for modern finance,” as he believes it opens the door for collaboration and growth across the Middle East. Stablecoins are increasingly playing a significant role in bridging the gap between traditional finance (TradFi) and the Web3 sector. In October, crypto asset fund manager Bitwise identified a number of key insights that point to the ongoing development and use of stablecoins.  It outlined that the top five stablecoin projects are currently holding more U.S. Treasury bonds than some G20 countries. Tether recorded profits last year that surpassed those of BlackRock, the world’s largest asset manager. Bitwise identified that leading payments firms like Visa are adopting stablecoins and incorporating them into their platforms for the purpose of effecting transactions. A month prior to that, Wall Street investment bank Bernstein highlighted the fact that stablecoins are playing an increasingly important role relative to the global financial system as a whole.  It’s thought that this latest development in Abu Dhabi may act as a further driver of USDT’s market cap. At the time of writing, the stablecoin asset had a market cap in excess of $140 billion. Its inclusion as an AVA reinforces the crypto asset’s position as the most used stablecoin within the industry. AE Coin licensing In a further boost for further roll-out of stablecoins in the Middle East, the Central Bank of the UAE (CBUAE) awarded the final license to fully approve AE Coin, a UAE dirham-denominated stablecoin. Commenting on the development, AE Coin General Manager Ramez Rafeek said, "AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless." In an effort to bring about greater adoption of the stablecoin, the AE Coin project intends to engage in partnerships with payment gateways, financial institutions and technology providers going forward. Tether also has plans to launch a dirham-backed stablecoin, having recently partnered with UAE-based entities to bring that about.