UAE’s RAK Properties to accept crypto payments through Hubpay partnership

Report: Vietnamese Crypto Investors Rely Heavily on ReferralsWhile Vietnam has been leading the way in terms of cryptocurrency adoption among ordinary people, the decision-making process of Vietnamese crypto holders also sets them apart, according to a new report.The report, a collaboration between Vietnamese venture capital firms Kyros Ventures and Coin68, in association with Hong Kong-based Web3 firm Animoca Brands, reveals a striking trend. 76% of Vietnamese crypto holders base their investment choices on recommendations from friends and acquaintances.Photo by Silver Ringvee on UnsplashThe importance of referralsReleased on Wednesday, the report relied upon a survey involving 3,300 participants. A staggering 75.5% of respondents admitted that their crypto investment decisions were significantly “influenced by recommendations or referrals.” This figure stands at 2.5 times the equivalent percentage reported in the United States.Aside from word of mouth, Vietnamese crypto investors rely heavily on self-study, community groups, and media news as primary sources of information relative to crypto. Nearly 50% of survey participants indicated their reliance on these methods for staying informed about the crypto market.Market sentimentThe “Vietnam Cryptocurrency Market Report” for the first half of 2023 also sheds light on the sentiments of the crypto community. It indicates that 70% of survey participants believed that the bear market has already concluded or is approaching its end.Notwithstanding that, another data point could be interpreted such that market participants are still exercising an abundance of caution. Around 60% of respondents confirmed that they hold stablecoins as a significant constituent of their portfolios. Stablecoins are widely used by traders when exercising risk-off positioning.Interestingly, another finding of the report is the fact that an overwhelming 75% of respondents expressed a desire for increased regulatory intervention within the crypto sector. It’s unlikely that this is coincidental, given the number of high-profile crypto platform failures that took place in 2022.Vietnam leading adoptionChainalysis data confirms Vietnam’s dominant position globally in terms of crypto adoption and its impressive second-place ranking in decentralized finance (DeFi) adoption. Remarkably, more than 19% of adults in Vietnam own digital assets while Vietnam ranks among the top five countries when it comes to trading volume on global crypto platform Binance.However, this level of adoption stands in contrast with the limited educational infrastructure supporting it. Only nine educational institutions in the country offer blockchain courses.The survey also probed into user behavior within various crypto domains. The findings show a significant engagement in DeFi activities, with nearly 90% of respondents participating. By the end of 2022, there were in excess of 200 active blockchain projects in operation within Vietnam.GameFi, non-fungible tokens (NFTs), centralized finance (CeFi), and SocialFi are also popular among the Vietnamese crypto community, with engagement rates of between 55% and 91%. The research also found that users maintain a balanced preference between centralized and decentralized exchanges.The report concludes by highlighting the rapidly evolving local tech landscape and its synchronization with global trends. Largely, the report points to a positive sentiment in Vietnam relative to the future of cryptocurrency and Web3 innovation in the country.

In a bid to foster gender diversity and inclusivity within the blockchain industry, cryptocurrency exchange Bitget has committed $10 million to invest in women-led startups in the Web3 and blockchain sector. Blockchain4HerThe announcement, made at the Web3 Hub Davos event on Tuesday, a part of the World Economic Forum 2024, highlights Bitget's initiative in promoting equality in a rapidly advancing sector. Bitget's research reveals a stark gender bias within the blockchain sector, with only 6% of startup funding directed towards female-led projects. Bitget’s Blockchain4Her project has been established as a direct consequence, in order to address this imbalance. Blockchain4Her has been designed to provide crucial support, mentorship and recognition to women in the industry. The initiative will include tailored incubation programs, pitch competitions exclusively for women-founded startups and the Women in Blockchain Summit & Awards, aimed at acknowledging outstanding achievements by women in the blockchain space. Recognizing the need for comprehensive measures, Bitget aims to confront the gender disparity by creating a nurturing environment through these multifaceted efforts. By offering specialized support for female entrepreneurs, the initiative aims to encourage greater involvement and leadership roles for women in the blockchain space.Photo by Shubham Dhage on UnsplashIndustry ambassadorsAs part of the Blockchain4Her program, Bitget plans to invite industry leaders to serve as ambassadors, supporting gender diversity in the blockchain industry. These ambassadors will play a crucial role in advocating, engaging and driving positive changes, fostering an inclusive environment for women in the blockchain sector. Bitget's commitment to addressing gender disparity in the blockchain industry is further underscored by its recent report on Web3 venture capital funding by gender. The report, published on Jan. 11, revealed that less than 7% of VC funding in the industry went to female-led startups, emphasizing the need for comprehensive measures to increase inclusiveness and accessibility for women in the blockchain sphere. The company is itself leading from the front on the issue, with Gracy Chen as managing director, one of the few crypto exchange platforms headed up by a female executive. Blockchain4YouthIt’s not the first time that the company has embarked upon a corporate social responsibility-themed project. It follows Bitget's earlier commitment to nurturing talent through the “Blockchain4Youth” initiative, which was announced in May of last year. The $10 million initiative set out to serve the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space.” It focuses on providing courses through Bitget Academy, hosting university lectures on Web3, incubating innovative projects by young entrepreneurs and organizing hackathons for individuals under 30 to identify promising leaders. A by-product of Blockchain4Youth also involved the company commencing to invest in Indian blockchain startups in November. Bitget's Blockchain4Her initiative represents a significant step towards fostering a more equitable blockchain space. By championing inclusion and diversity, Bitget not only contributes to a fairer industry but also supports the sustainability and growth of the broader technology sector. 

Hana Securities to Accelerate Security Token Platform DevelopmentHana Securities, the securities arm of South Korean financial holding company Hana Financial Group, said Monday it will build a security token platform starting next month to expand its network and capabilities in digital assets in line with the ever-changing financial landscape.Photo by Shubham Dhage on UnsplashPursuing market dominanceThe company revealed that it will choose an external firm by this month to commission the construction of the platform. It also plans to dominate the market by applying to get the platform approved as an innovative financial service by the end of this year. The Innovative Financial Services system, operated by the Fintech Center Korea, is a system that offers special exemptions from regulation for unique and innovative financial services.This strategic move is poised to position Hana Securities as a pioneering force in offering financial services that circumvent conventional regulations, exemplifying its dedication to fostering innovation and originality.Cultivating collaborative synergiesHana Securities is also pursuing partnerships with digital asset enterprises to work on security token projects and platforms that allow for fractional investment in underlying assets. The firm has already entered into business agreements with key companies such as art gallery Print Bakery, tech solution provider ITCEN, and content distributor DANAL Entertainment to collaborate in various sectors, including art, precious metals like gold and silver, and mobile content.This multifaceted approach not only underscores Hana Securities’ versatility but also its commitment to fusing traditional and modern assets in the realm of security tokens.It will also expand collaboration models with companies running new asset platforms, such as those related to real estate funding for small businesses and digital content distribution.“Companies with various underlying assets are showing high interest in the issuance and distribution markets for security tokens,” said Choi Won-young, Head of Hana Securities’ Digital Division.“Through the enhancement of our business model and rapid platform development, we aim to connect various assets to security token products, supply them to the market, and provide customers with new investment experiences.”