KuCoin Halts Bitcoin and Litecoin Mining Pools Amidst Strategic Shift

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.

Singaporean crypto wallet provider SafePal has announced a strategic investment in Swiss bank Fiat24, together with the launch of a number of financial services. The partnership is a significant milestone in bridging the gap between the crypto world and real-world financial utilities.Photo by Henrique Ferreira on UnsplashVisa card and in-app bankingThe company outlined in a blog post on March 7 that the centerpiece of this collaboration is the introduction of a crypto-focused Visa card and in-app banking services, both designed to streamline the integration of digital assets into everyday transactions. The default deposit currency for these services is the dollar-pegged stablecoin USD Coin (USDC), providing users with a stable foundation for their financial activities. Through the SafePal mobile wallet app, users can convert their cryptocurrency holdings into USDC via Ethereum layer two scaling network Arbitrum, making for an efficient and reliable process. Once converted, the USDC can be stored in multiple fiat currencies, including USD, EUR and CHF, enabling seamless utilization in various transactions and expenses. Enabling Swiss bank account accessOne of the standout aspects of this initiative is the opportunity for users to establish individually owned, fully compliant bank accounts directly within the SafePal mobile wallet app. By completing the necessary know-your-customer (KYC) and onboarding procedures through Fiat24. Opening such bank accounts will be free, with no account creation or annual management fees being applied. However, transfer and deposit fees will be applied starting from a base rate of 0.6%. The project believes that the integration of NFT technology on Arbitrum will ensure the security and transparency of all related transactions. Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing the accessibility challenges faced by crypto users in a communication with CoinDesk. She highlighted the significance of providing a crypto-friendly banking experience that eliminates the hurdles imposed by traditional financial institutions. Additional payment platform partnershipsIn addition to the crypto Visa cards, SafePal has forged partnerships with leading payment platforms such as Paypal, Google Pay, Apple Pay and Samsung Pay, expanding the usability and convenience of its services. While the Visa card will initially be available in select European regions, plans are underway for its gradual expansion across the continent. Similarly, the in-app banking gateway will cater to users outside the United States and in non-U.S. sanctioned countries, fostering greater accessibility on a global scale. Working towards market growth through a partnership strategy is a route that SafePal has taken in the past. In May 2023 the company attempted to make further inroads into the Korean market by partnering with South Korean enterprise blockchain project Klaytn. In that instance, the wallet provider added support for digital assets that run on the Klaytn network via its mobile app, hardware wallet and browser extension-based wallet. In light of these developments, SafePal's SFP tokens have experienced a modest increase in value. At the time of writing, the token unit price stood at $0.8026, representing a 4.62% increase over the course of the past 24 hours.  

Korean Crypto Exchange Alliance Launches Its Official WebsiteThe Digital Asset eXchange Alliance (DAXA), which comprises South Korea’s five major cryptocurrency exchanges Gopax, Bithumb, Upbit, Korbit, and Coinone, announced the launch of its official website on Tuesday.Photo by Markus Winkler on PexelsWebsite structure and featuresThe website has three primary sections: Introduction, News, and Archives. The Introduction section provides comprehensive information about the exchange, including a greeting from Chairman Lee Sirgoo, who also serves as the CEO of Upbit’s operator Dunamu. It also presents an organizational structure, details of the corporate identity, and links to each individual exchange.The News section provides users with announcements, press releases, and event information. Meanwhile, the Archives section houses educational videos, institutional reports, and a list of important statutes and regulations.Mitigating information disparityDAXA Vice Chairman Kim Jae-jin said the website would offer easy access to information concerning digital assets and the alliance’s self-regulatory measures. She mentioned the group’s commitment to investor protection, focusing on addressing information asymmetry.In addition to the website, DAXA runs a Youtube channel, with its first video uploaded in January of this year.Controversy surrounding the allianceEarlier this year, DAXA faced backlash after it implemented a new clause in its guidelines, which disallowed the re-listing of cryptocurrencies that had been removed from its member exchanges for a period of one year. Critics claimed that DAXA’s guideline was unclear and voiced concerns about the Alliance’s growing influence in the crypto sector. These worries are amplified by the fact that the member exchanges of DAXA command 98% of the crypto trading volume in Korea.