The coming crypto bull run ‘an Asian story’

Huobi Anticipates Break-Even in Q3 Following Consecutive LossesCryptocurrency exchange Huobi, under the guidance of its advisor and Tron Founder Justin Sun, has reported losses over consecutive recent quarters and is now eyeing a break-even point in the current quarter.Photo by Brands&People on UnsplashThree quarters of lossesIn a tweet posted by Sun on Tuesday, the Tron Founder revealed that Huobi hadn’t registered a profit from the third quarter of 2022 through the second quarter of this year. While exact loss figures were not disclosed, Sun attributed these financial challenges to excessive spending on marketing, advertising, and employee salaries. Notably, Huobi has since reined in these expenses, positioning itself for a potential return to profitability by the fourth quarter.Looking at the overall financial performance of Sun’s crypto entities, Huobi and Tron, the group appears to be on an upward trajectory. Sun’s tweet indicated a combined profit of $85 million, derived from $193 million in revenues and $108 million in expenses.Notably, the Q2 profit saw a substantial increase of 183% compared to the $30 million profit in Q1. Sun’s projections suggest that Q3 could see revenue reach $200 million, expenses remain at $100 million, resulting in a projected profit of $100 million for the quarter.Improved financial outlookSun highlighted on Twitter Huobi’s improved financial outlook, projecting a break-even status for Q3 and a modest profit for Q4 based on conservative estimates. Earlier in the year, Huobi implemented a 20% reduction in its workforce as a response to the cryptocurrency market’s bearish trends.Established in 2013, Huobi had maintained consistent profitability until the last few quarters, according to Sun. He clarified that despite reports linking him as the core investor through the M&A fund that acquired a stake in Huobi, he is merely an advisor to the exchange.Exchange business challengesHuobi’s struggles and subsequent efforts to regain financial stability mirror the broader landscape of cryptocurrency exchanges navigating a volatile market. No major exchange has been unaffected by a challenging business and regulatory environment over the past year.US exchange Coinbase is in a legal battle with the Securities and Exchange Commission (SEC) in the United States. A report by Semafor on Wednesday suggests that the US Department of Justice is planning on bringing fraud charges against Binance, who is already fighting an action taken by the SEC. Binance has also been forced out of key four important European markets over the course of the past three months.Meanwhile, it has been claimed that KuCoin has been executing a layoff plan, something the company itself denies. In March, the company faced an action brought by the New York Attorney General on the basis of a failure to register as a securities and commodities broker-dealer.Huobi’s difficulties serve as a testament to the challenges and opportunities presented to all of the major international cryptocurrency exchange businesses.The company’s recent financial trajectory, marked by consecutive losses, has caught the attention of the industry. Justin Sun remains one of crypto’s most controversial figures, but with his guidance, the exchange will be working towards rebounding and returning to profitability in the coming quarters.

1st-Generation, a leading firm in the blockchain sector based in Daegu, South Korea, has signed a memorandum of understanding (MOU) with global cryptocurrency exchange Tapbit, according to an article published by South Korean news outlet Tokenpost on Tuesday (KST). Through this MOU, 1st-Generation expects to further accelerate its growth through active participation and advancement into the global blockchain industry.Photo by Chris Liverani on Unsplash"As the global blockchain industry continues to grow at a rapid pace, we aim to create an ecosystem where we can make a positive impact through cooperation," said Lee Jun-hyuk, CEO of 1st-Generation. Pioneering the future of blockchainWith its advanced technology and outstanding expertise in the blockchain field, 1st-Generation has registered with the Financial Supervisory Service (FSS) under the name "1st Generation Group". The company is focused on providing innovative solutions globally, effectively utilizing blockchain technology based on advanced IT experience. Tapbit’s statisticsFounded in 2021, Tapbit is a global exchange with a user base that exceeds six million users worldwide. In particular, it is currently ranked 38th on CoinMarketCap’s top cryptocurrency derivatives exchange list with a 24-hour derivative trading volume of about $8 billion as of this writing. In addition, it is also working on creating crypto Travel Rule solutions through cooperation with domestic exchanges.

Paxful’s Ray Youssef heads up Noones financial app startupNoones, a financial communication app launched in 2023, has officially appointed Ray Youssef as its CEO with a visionary goal of reaching a billion daily active Bitcoin users within the next seven years.Empowering Global South financial freedomThis announcement aligns with Noones’ mission to empower financial freedom in the Global South by streamlining the movement of money, liberating users from traditional banking constraints. Youssef believes that “Africa alone has the potential to make NoOnes a trillion dollar company but when you factor in the rest of the global south the sky’s the limit.”Founded on the belief that peer-to-peer systems constitute the world’s only true free market and that Bitcoin represents the new global financial architecture, Noones seeks to uplift individuals in Africa, Latin America and Southeast Asia.Startups in the digital assets space tend to be more international in nature than in any other sector. According to the firm’s LinkedIn, Noones is headquartered in Dubai. Notwithstanding that, many of its team appear to be Estonia-based while its website’s terms of service specify Panama as being the relevant jurisdiction, making for a truly international setup.Photo by Arpit Rastogi on UnsplashMoving on from Paxful turbulenceYoussef, the former CEO of peer-to-peer crypto platform Paxful and a seasoned expert in strategic planning, product innovation, growth hacking and operations management, brings his wealth of experience to lead Noones. Youssef’s tenure at Paxful, where he played a pivotal role in the company’s success, underscores his ability to drive transformative change in the fintech industry.However, Youssef’s departure from Paxful in April, amidst a legal dispute with Co-Founder Artur Shaback, marked a turning point. Paxful unexpectedly closed its operations amid a broader trend in the industry. Youssef attributed Paxful’s closure to the legal action initiated by Shaback, alleging a pursuit of significant financial gains. Shaback countered, stating that the dispute arose from differences in business direction and governance, accusing Youssef of migrating Paxful’s assets to his new venture, Noones.Promoting prosperity through bitcoinDespite the turbulence at Paxful, Youssef remains resolute in his commitment to leveraging Bitcoin for social good. While Noones, with its focus on decentralized financial opportunities, requires a Know-Your-Customer (KYC) onboarding process, Youssef continues to champion Bitcoin as a tool for poverty eradication and empowerment in the Global South.Noones, under Youssef’s leadership, aspires to simplify financial transactions and provide decentralized, borderless opportunities to its users. Youssef envisions Bitcoin playing a crucial role in promoting prosperity in the Global South, with Noones aiming to create an interoperable pan-African clearing layer. This initiative aims to elevate intra-African trade, bringing it to levels comparable to intra-European trade.In a statement, Youssef expressed his confidence in the transformative power of Bitcoin, stating:”For the past 8 years, I have fought for financial sovereignty for the Global South. Finally, I am glad to be able to fulfil the mission I began almost a decade ago. I’m confident that Bitcoin will play a crucial role in promoting the prosperity of our continent, and I’m thrilled and privileged to contribute to the company’s ambition and growth.”