Flybit’s Bug Bounty Program to Strengthen Its Crypto Exchange Security

The global cryptocurrency market is poised for unprecedented growth, potentially reaching $200 trillion within a decade, according to Yat Siu, co-founder of Animoca Brands, a prominent Hong Kong-based Web3 game software company and venture capital firm. 2-3x within 18 monthsCurrently valued at approximately $2.7 trillion according to data from crypto aggregator CoinGecko, the cryptocurrency market is set to double or triple in the near term, Siu predicted on The Valr Podcast on May 28. “In the near term — within 12 to 18 months — we can conceive of a doubling or tripling of the space,” he stated, expressing strong confidence in the industry's future milestones. Siu elaborated on his bold forecast, suggesting that over a five to ten-year period, the market could accelerate by 100 to 200 times, potentially reaching a valuation of $200 trillion or even higher. In conversation with Farzam Ehsani, the co-founder of Valr, a platform that allows users to buy, sell, store and transfer crypto assets, Siu said:“I think we could reach that kind of number within a decade.” This explosive growth, according to Siu, will be driven by billions of people becoming digital property owners within the Web3 ecosystem. Siu stated: “It is entirely conceivable that we’re going to have a billion property owners because we’re going to have a billion token holders. This is not possible in the physical world.”Photo by Pierre Borthiry - Peiobty on UnsplashAsia fastest growing marketSiu also pointed out the regional dynamics within the Web3 space, noting that Asia has emerged as the fastest-growing market. “Right now, the leading force in Web3 is clearly Asia,” he argued, citing robust adoption rates in regions such as Southeast Asia, Hong Kong and Japan. In contrast, jurisdictions like the United States are lagging behind, primarily due to regulatory uncertainties. Siu pointed out that historically, the United States has tended to take a leadership role where new technology is concerned. Web3 is turning out to be the exception to that rule. With that, he thinks that it is Asia that will lead the way and that it will continue to lead for the foreseeable future where Web3 is concerned. Bullish on BitcoinHis optimism about the Web3 market's potential aligns with his bullish stance on Bitcoin, currently standing at a market capitalization of $1.3 trillion. Siu made another bold prediction recently, expressing confidence that Bitcoin would eventually reach $1 million. At the time of writing, Bitcoin is trading at $68,346. While that’s far from his $1 million unit price prediction, he did state at Web Summit Rio in April that it would do so “over time.”  That bullishness from the Animoca founder has also manifested itself within the company itself. In early May, the company announced its entry into the Bitcoin ecosystem by endorsing the Opal Foundation, a Bitcoin-centric protocol. At the time, Siu suggested that Bitcoin is now primed for Web3. Siu's projections reflect a broader optimism in the cryptocurrency industry, where rapid technological advancements and increasing adoption rates are expected to drive significant growth. As more individuals and institutions embrace digital assets, the potential for exponential market expansion becomes increasingly plausible.

Gemini Announces Singapore Expansion PlansGemini, the US-based cryptocurrency exchange and custodian, has announced its plans to expand its team in Singapore over the course of the next 12 months.Photo by Pixabay on Pexels100 new hiresGemini made the announcement by way of a blog post published to its website on Monday. In that post, the company outlined that it intends to add over one hundred new hires over the course of the next year. Gemini aims to focus on the Asia-Pacific (APAC) market, which it believes will play a crucial role in its next phase of growth.Indian engineering hubIn addition to its Singapore expansion, Gemini is actively working on setting up an engineering center in Gurgaon, India. Back in April, the firm’s newly appointed Chief Technology Officer and APAC region CEO, Pravit Tiwana, announced the intention of establishing the India-based engineering center. An intention to expand the Singapore base was also suggested at that time, with the company now following up with firm expansion plans.This engineering hub in Gurgaon is expected to become the second largest for Gemini, after its operations in the United States. By expanding its engineering capabilities, Gemini aims to bolster and support its global operations effectively.APAC to drive crypto growthGemini sees the APAC region as the driving force behind what it termed “the next wave of growth for crypto.” The exchange plans to use its Singapore office as a hub from which to run broader operations in APAC.This strategic move follows Gemini’s addition of support for the Singapore dollar (SGD) three years ago, enabling local residents to access cryptocurrencies directly using their native currency. The expansion plan provides Gemini with the potential to capitalize on the growing opportunities within the APAC market, further establishing a foothold in a significant regional market.Gemini’s decision to focus on international expansion aligns with the growing trend among cryptocurrency companies. Regulatory pressures in the US crypto market have escalated, exemplified by recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.These circumstances have prompted many companies to seek opportunities beyond the United States. In particular, exchanges are looking for markets with clearer regulatory landscapes and significant growth potential. Hong Kong, Singapore, and several European countries have emerged as attractive options.Coinbase, one of the largest cryptocurrency exchanges globally, has also followed a similar path to Gemini by expanding its services in Singapore. Singapore’s reputation as a crypto-friendly financial hub makes it an attractive location for such expansion efforts.Gemini’s decision to expand its team in Singapore and its focus on the APAC market reflects a strategic approach to capitalize on the increasing global demand for cryptocurrencies. By establishing a strong presence in key international markets, the company has found a workaround for the current impasse in the United States with regard to the lack of sane, workable regulation.The company has identified a region that is taking a more accommodating approach, while recognizing the APAC region’s potential as a significant driver of growth and is proactively positioning itself to tap into the region’s expanding crypto market.

Rotonda and Bithumb META to Co-Host Next Block 2023 Conference for Web3 CollaborationsRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 Burrito Wallet, and Bithumb META, the exchange’s metaverse subsidiary, said Friday they will jointly host the Next Block 2023 conference. The conference’s main objective is to explore new business collaboration opportunities in building a new ecosystem for accelerating Web3 projects.“We are pleased to offer a space for interaction where virtual asset exchanges, wallets, and NFT marketplaces — which constitute the core infrastructure of the Web3 industry — can work together to set the stage for an innovative future of blockchain business,” a representative from Burrito Wallet said.Photo by CHUTTERSNAP on UnsplashExploring Web3 and industry insightsThe inaugural Next Block conference is scheduled for September 4 at Amoris Hall in Yeoksam GS Tower located in Seoul.Bithumb is the main sponsor of the conference, and more than 15 companies from various sectors including decentralized finance (DeFi), Play-to-Earn (P2E) gaming, venture capital, and securities are set to attend. A total of ten companies will pitch business ideas, deliver keynote speeches, and participate in panel and networking sessions. Topics to be covered for the event include transitioning to Web3 and discovering new opportunities and paradigms through blockchain.Junbo Yang, investment manager at Hong Kong’s HashKey Capital, and Kim Do-hyung, CEO of blockchain-based investment banking platform Finhaven, will deliver the keynote speeches, discussing the various perspectives of investment and security tokens. Companies like Property Heroes, Oasis, Mineral Hub, and more will participate in the panel discussions.Key business opportunitiesIn particular, the companies that give business pitches will have the chance to present their business models directly to venture capitalists and key industry figures. They can subsequently gain access to broader networking and promotional possibilities.