Uzbekistan’s New Private Bank Joins National Crypto Card Initiative

Binance and Gulf Energy launch digital asset exchange in ThailandThe world’s largest cryptocurrency exchange, Binance, has teamed up with Gulf Energy Development, a leading energy company in Thailand, to operate a digital asset exchange in the country.Photo by Than Diep on UnsplashInvitation-only launchThe new platform, Binance.th, aims to capture the growing demand for crypto services in Southeast Asia. Binance.th, which is currently in its beta testing phase, is expected to open to the public in early 2024. A filing on Wednesday by Gulf to the Thai stock exchange demonstrates that the platform has received approval from the Thai Securities and Exchange Commission to offer exchange and brokerage services for cryptocurrencies and digital tokens. The filing states:“Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.”The platform is initially available by invitation only, and the plan is to eventually open the exchange to the general public. It’s understood that the platform will strive to provide a “globally standardized” service that will enhance the level of service in Thailand and promote the development of the country’s blockchain ecosystem.Market opportunityBinance.th enters the Thai crypto market at a time when the local leader, Bitkub, holds a dominant share of 75.4%. Bitkub benefited from the global crypto market downturn in 2022, which affected its competitors such as FTX and Zipmex.Although it has extended market share during the downturn and as a consequence of the demise of other platforms, Bitkub has also struggled with market conditions. In July its parent company Bitkub Capital Group, reduced headcount by six percent. Bitkub recorded $28.6 billion in trading volume last year, out of the total $37.94 billion generated by the top four Thai exchanges.Binance.th hopes to challenge Bitkub’s position by leveraging Binance’s global reputation and expertise in the crypto industry.Legal woesThe launch of Binance.th comes amid Binance’s legal and regulatory troubles in the U.S. and Europe. In September, the U.S. Securities and Exchange Commission (SEC) sued Binance, its U.S. subsidiary, and its founder Changpeng Zhao (CZ) for allegedly listing unregistered securities in the form of cryptocurrencies.In June, the SEC also accused CZ and Binance of illegally marketing its international platform to U.S. customers.Binance has been trying to improve its compliance and governance standards in response to regulatory scrutiny. The company has hired former regulators and executives from the traditional finance sector to lead its operations in various regions. Binance has also applied for licenses and registrations in several jurisdictions, such as the U.K., Singapore and Japan.The origins of this deal stem from a memorandum of understanding (MOU) signed between Binance and Gulf Energy in January 2022. The joint venture business which emerged acquired a digital operator license in Thailand in May of this year.By expanding its presence in Southeast Asia, Binance hopes to tap into the potential of the emerging crypto markets and diversify its revenue streams. Binance.th also marks the first bank-backed crypto exchange in Thailand, as Gulf Energy Development is partly owned by the state-owned Krung Thai Bank.

Ribbon Finance Enables Altcoin Options TradingSingapore’s Ribbon Finance, a project that offers a suite of DeFi protocols that help users access crypto-structured products, has enabled altcoin options trading via its Aevo decentralized exchange (DEX).The Ethereum-based platform has begun offering options relative to cryptocurrencies beyond the top two of Ethereum and Bitcoin. Examples of coins that users of Ribbon Finance’s Aevo DEX can access as options include Lido’s LDO, Sui’s SUI token, APT, the token of high throughput proof of stake-based blockchain Aptos, the ARB token of layer two Ethereum scaling network, Arbitrum and Litecoin (LTC).Trading options on-chainThe Aevo DEX project took to Twitter on Monday to announce the development. The project has named the options product “Aevo OTC,” terming it as “the best place to trade altcoin options on-chain.” The firm claims that it’s the first platform to allow users “to trade altcoin options on-chain, in size, with institutional grade liquidity providers.”To kick things off, users will be enabled in trading these altcoin options across weekly, bi-weekly and monthly maturities relative to thirteen crypto tokens. The project plans to rotate the list of coins available for options trading every month depending upon what it deems to be the most popular coins on the market at a given time.Early service adoptersAs Aevo is a DEX, it will utilize on-chain margin systems. When a user buys an option the counterparty is required to post margin of approximately 30% of the notional trade size in the form of US dollar stablecoin, USDC. That procedure is all on-chain and transparent, enabled via smart contracts.Although officially launching the product today, Aevo OTC has been used in production for a number of weeks already. Both digital assets firm Galaxy Digital and crypto-native investment firm CoinFund have already been using the product to trade options.Other early adopters of the product include DeFi R&D and liquid crypto investment strategies firm Re7 Capital and crypto options and structured derivatives firm, OrBit Markets. In fact, Galaxy and OrBit Markets, alongside GSR, are acting as market makers for the product, enabling users to get instant quotes.Developing the crypto options marketThe development means that market participants can now strategize and take advantage of trading altcoins relative to specific events that may be fundamental to a project, such as Litecoin’s halving, for instance. At a later stage, the project intends to enable users in writing options contracts to include customized margins and a specified counterparty.The crypto options market is still at a very early stage of development. Deribit has been the dominant crypto options platform. Ribbon Finance’s service rollout broadens that market, extending options trading beyond the current limited offering of bitcoin, ethereum and solana.The product is more capital efficient for market participants as its portfolio margin system calculates real-time margin requirements, in that way offsetting money-making and losing positions relative to a particular portfolio.Photo by Shubham Dhage on Unsplash

CertiLife Secures Funding for Blockchain-Based Medical Device WarrantiesCertiLife, a South Korean startup that specializes in blockchain-based warranty services for medical devices, has recently secured seed funding from dentists and the blockchain industry. The amount of the investment remains undisclosed, as reported by local media outlet Mirakle Ahead.Photo by Jonathan Borba on UnsplashBlockchain advantagesCertiLife leverages the power of blockchain technology to issue warranties for medical devices. Unlike traditional physical warranties, CertiLife’s digital warranties are not only environmentally friendly but also offer cost-saving benefits to medical device manufacturers. This is achieved by eliminating the need for physical resources.Through messaging appCertiLife’s blockchain-powered warranties are issued through South Korea’s popular messaging app KakaoTalk, providing convenience to clinics and patients. They can be easily managed using Klip, a digital asset wallet developed by GroundX, a blockchain subsidiary of Kakao Corp.One of the investors expressed expectations that blockchain-based warranties would address the inconvenience and risk of loss associated with traditional warranties. The investor said that CertiLife’s digital warranties will ensure secure data management, save time, and offer improved convenience.CEO Kim Do-hee of CertiLife emphasized the company’s commitment to utilizing investment funds to enhance its services. Kim said that CertiLife is actively preparing to collaborate with various medical device manufacturers and also exploring opportunities to expand into international markets later this year.