Ethiopia may be embracing Bitcoin mining with new data mining partnership

Grab Holdings, the Singapore-based operator of the Grab super app, has extended its facility for crypto payments to its customer base in the Philippines. The company, which offers ride-hailing, food and grocery delivery and digital payments within a range of services to customers throughout Southeast Asia, introduced the option of crypto payments to service users within its home market of Singapore last year. Photo by Kiko Ferranco on UnsplashAt the time, the company expressed the view that enabling crypto payments “added flexibility and convenience” for platform users, providing them with “a seamless and efficient way to access the company’s wide range of services.” Philippine online news portal Philstar.com reported that Filipino users of the platform can now top up their GrabPay digital wallets with a range of cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), as well as U.S. dollar stablecoins USDC and USDT. In Singapore, Grab rolled out the offering in partnership with Triple-A, a company that enables businesses to pay and get paid in digital currencies. Singapore-based Crypto.com also partnered with the firm last year to enable direct crypto payments. Financial inclusionIn extending the service to the Philippines, Grab has again partnered with Triple-A, alongside Philippine crypto exchange platform PDAX. CJ Lacsican, Grab Philippines’ vice president for cities, said that “integrating cryptocurrency as a cash-in option for GrabPay reflects [Grab’s] commitment to advancing financial inclusion in the Philippines.”  She added that the move aims to empower a broader spectrum of Filipinos, particularly those who prefer the convenience of digital currencies and others who have limited access to traditional banking. Triple-A CEO Eric Barbier said that the launch of GrabPay crypto top-ups went well in Singapore, with a fantastic response from Singaporean platform users. Following that rollout, Barbier believes that the Philippines is a market that’s ready for digital currencies. “This is a big step in making digital currencies easier to use in everyday life across Southeast Asia,” he added. Driving crypto adoptionPDAX CEO Nichel Gaba suggested that the Philippines “has one of the largest crypto user bases globally,” adding that through this partnership, accessible use cases are being offered “that will both support the existing crypto community and drive greater adoption of cryptocurrency.”  Grab first pivoted to Web3 with the integration of a Polygon-based crypto wallet in September 2023, with a view towards making crypto more accessible and usable for ordinary people. The super app, which is considered by many to be the “Uber of Southeast Asia,” has 42 million monthly transacting users (MTUs) across Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.  The development of the Grab Web3 Wallet came about as a consequence of a collaboration with USDC stablecoin issuer Circle. As part of a strategic partnership, Circle’s Web3 services platform was integrated into the Grab app. More recently, Grab partnered with NATIX Network, a Solana ecosystem decentralized physical infrastructure network (DePIN) project, in an effort to collaborate on autonomous driving technology and mapping. 

The decision by U.S. regulators to approve spot Bitcoin exchange-traded funds (ETFs) in January appears to be having some knock-on effects, with the latest such response seeing the Thai authorities enable access to such products for institutional investors and ultra-high-net-worth individuals within Thailand.Photo by Karolina Grabowska on PexelsMeeting a growing demandAccording to a report in the Bangkok Post on March 12, Thailand’s Securities and Exchange Commission (SEC) has agreed that Thai asset management firms may manage and offer funds that incorporate investment in U.S. spot Bitcoin ETF products. The decision was arrived at following a recent SEC board meeting. The SEC's decision reflects a strategic response to the growing demand for digital asset exposure among institutional investors. It would appear that spot Bitcoin ETF approval in the United States has bolstered investor confidence in this investment instrument on an international basis. Urging cautionDespite the opportunities this presents for institutional investors, the SEC has emphasized caution, citing the high-risk nature of digital asset investments. SEC Secretary-General Pornanong Budsaratragoon verbalized that need for caution, stating: "Asset management firms asked the SEC for them to have exposure in digital assets, especially Bitcoin and spot Bitcoin ETFs, but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to the high risk.”It’s interesting to note that in an immediate response to the approval of these products in the United States in January, Thailand’s SEC clarified that it had no plans to allow asset management firms to launch similar products within Thailand. For the moment at least, it seems that demand will be satisfied by accessing products that have gained exposure to U.S. spot Bitcoin ETFs instead. Retail investors excludedWhile this move expands the investment landscape for institutional players, retail investors in Thailand find themselves sidelined due to regulatory restrictions. The amended regulations primarily cater to accredited investors, leaving retail participation in spot Bitcoin ETFs out of reach. This exclusion contrasts with the popularity of retail crypto trading in Thailand, albeit within regulated boundaries. Recent government regulations have both facilitated and restricted certain crypto activities. Thailand's move aligns with broader trends in the cryptocurrency sector, with several countries, including South Korea and Hong Kong, exploring opportunities in the space. In Hong Kong, regulators are currently processing applications for Bitcoin ETFs, with several financial institutions expressing interest in introducing spot Bitcoin ETFs. Just like the Thai authorities, the governor of the Royal Bank of India (RBI) had also responded in the aftermath of product approval in the U.S. stating that he didn’t favor the approval of such products in India. Despite that, news emerged on March 11 that Indian crypto investment platform Mudrex is planning to meet demand by providing clients with access to these U.S. products. As institutional investors gear up to capitalize on this opportunity in Thailand, the regulatory framework surrounding digital assets will continue to shape market dynamics, both domestically and internationally.

Singapore-based payment solution provider Alchemy Pay has launched its fiat-crypto on-ramp payment services on the popular web portal Bitcoin.com.Photo by Kanchanara on UnsplashNew local payment methodsAccording to a recent press release, the integration offers a direct-to-customer plugin, providing access to a diverse range of cryptocurrencies. The move aims to enhance Bitcoin.com's reach, particularly in Asian and Latin American markets, by incorporating new local payment methods. Bitcoin.com emphasized the significance of Alchemy Pay's integration, suggesting that it represented a streamlined transition between fiat and crypto with an expanded array of local payment options. This development aligns with Bitcoin.com's goal of meeting the needs of its user base in Asia and Latin America. Alchemy Pay's payment gateway facilitates transactions using major credit cards such as Visa, Mastercard, Discover and Diners Club across 173 countries. Additionally, the platform supports domestic transfers and mobile wallet payments in developing markets. Alchemy Pay attempts to make the know-your-customer (KYC) process frictionless, coupling that service offering with low fees and competitive conversion rates. The firm’s overriding mission is to make cryptocurrency transactions as convenient as typical online payments. Focusing on industry partnershipsAlchemy Pay has been pursuing industry collaborations at an ever increasing rate over the course of the past year. The network boasts over 300 fiat payment channels, enabling checkouts beyond card payments to include various local mobile wallet options. Last month, it clinched a deal with global payment processor, Worldpay. That collaboration facilitates Alchemy Pay service users in leveraging Worldpay’s extensive Visa and Mastercard payment rails. Back in July, it struck a similar deal with global payments processor, Checkout.com. The company has also been active in the United States. Within that market, it has secured money transmitter licenses in the states of Iowa and Arkansas. It’s understood that the firm has more such licensing applications in the works in other U.S. states. At the end of November, Alchemy partnered with self custody and multi-coin wallet project Trust Wallet, enabling the wallet providers 70 million users in engaging in crypto transactions involving fiat payments. VERSE tokenBitcoin.com's native Token VERSE was launched in December 2022, acting as the platform’s rewards and utility token. The VERSE token has been enabled as a supported cryptocurrency as part of the Alchemy Pay platform integration. The utility token serves as a method of payment in its own right within the Bitcoin.com ecosystem and beyond, unlocking rewards along different tiers, and providing access to exclusive platform services. Users worldwide can leverage the VERSE DEX, Bitcoin.com's decentralized exchange, to swap cryptocurrencies without reliance on third-party custodians. Bitcoin.com’s goal is to simplify the process of buying, spending, trading, investing, earning and staying informed about cryptocurrency and the future of finance. Millions of users utilize Bitcoin.com's multi-chain digital wallet app for various crypto-related activities.  Meanwhile, Alchemy Pay supports transactions in 173 countries. The ramp, a one-stop solution for buying and selling crypto and fiat, can be seamlessly integrated by platforms and dApps as needed.