Web3 Cybersecurity Firm Zyber 365 Raises $100M in Funding

Gulf Binance Secures Thai Digital Asset LicenseBinance, one of the world’s leading cryptocurrency exchanges, has secured a digital asset operator license in Thailand, paving the way for the launch of a new crypto exchange and broker. The license, granted by the Ministry of Finance of Thailand and overseen by the Southeast Asian country’s Securities and Exchange Commission (SEC), ensures that the upcoming platform will operate in compliance with regulatory requirements.Photo by Markus Winkler on UnsplashLicense awardThe license was awarded to Gulf Binance, a joint venture between Binance and Gulf Innova Co., Ltd., a subsidiary of Gulf Energy Development PCL. It marks a significant milestone in Binance’s expansion efforts. The partnership was initiated through a memorandum of understanding signed in January 2022, as both parties recognized the potential of establishing a digital asset exchange in Thailand.Richard Teng, the head of Asia, Europe, and MENA at Binance commented on the development: “By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”Combined expertiseGulf Innova, as a prominent player in the Thai business landscape, brings extensive expertise and experience in the digital asset trading sector to the joint venture. The conglomerate, headed by billionaire Sarath Ratanavadi, operates in various industries, including energy production, telecommunications, and digital businesses.By combining Binance’s unparalleled growth and expertise in the digital asset space with Gulf’s established presence and knowledge in Thailand, the partnership aims to create a powerful synergy that drives innovation, fosters growth, and provides exceptional value to users in the digital asset ecosystem.Q4 launchThe new crypto exchange is expected to commence operations in the fourth quarter of 2023, although further details about the platform will be disclosed closer to the launch.Often criticized for its opaque structure, Binance is showing renewed commitment to transparency and regulatory compliance. As regulatory frameworks are put in place in varying jurisdictions, global crypto businesses are having to change corporate structures in order to meet these changing requirements. That’s evidenced by Binance’s Thai joint venture, its launch of a separate corporate entity in the form of Binance Japan and a similar move by crypto exchange BitMEX in Hong Kong.Thailand has emerged as a significant cryptocurrency hub in Southeast Asia, with its capital city, Bangkok, ranked 10th globally in The Crypto Readiness Index published by Recap, a cryptocurrency tax software company. Despite the ban on cryptocurrencies as a payment method, Thailand continues to flourish as a hub for trading and investment activities in the crypto space.That ban on cryptocurrency payments, implemented by the SEC in April 2022, aimed to safeguard the stability of the financial system and mitigate potential risks to the economy. The SEC identified price volatility, cyber theft, and personal data leakage as concerns associated with cryptocurrencies. However, the regulatory measures did not impede trading or investment activities, allowing the crypto industry to thrive.Chainalysis, a leading blockchain analysis company, ranked Thailand 8th in its Global Crypto Adoption Index for 2022, surpassing countries like Russia, China, Nigeria, Turkey, Argentina, and the UK. This recognition highlights Thailand’s progressive stance toward digital assets and its growing adoption within the country.

Crypto.com, the Singapore-headquartered cryptocurrency exchange platform, has outlined that it has seen significant growth thanks to high-profile sports sponsorship and advertising. Reaping the rewardsThe company has established advertising partnerships with Formula 1 (F1) motor racing and the Ultimate Fighting Championship (UFC). These lucrative sponsorship deals have propelled the exchange into the spotlight of two massive fan bases, contributing to its expansion. In an interview with Cointelegraph last week, Eric Anziani, president and chief operating officer of Crypto.com, discussed the company's successful advertising campaigns with F1 and the UFC, as well as its naming rights deal for the Crypto.com Arena in downtown Los Angeles. In 2021, what was then the Staples Center was renamed to the Crypto.com Arena in a $700 million naming rights deal. Anziani expressed gratitude for these partnerships, emphasizing the importance of staying top of mind for users in the competitive cryptocurrency market.  That same year, the company signed a multi-year partnership deal with leading French football club Paris Saint-Germain (PSG), rolling out various PSG-related marketing activities since then.Photo by Austin Loveing on UnsplashBrand recognition benefitsMarket surveys conducted by Crypto.com indicate a high level of global awareness and brand recognition among retail cryptocurrency users. The exchange's logo prominently displayed during F1 races and UFC events has helped it reach millions of fans worldwide. ESPN reports an average of 1.11 million viewers per race for the 2023 F1 season in the United States alone, with global viewership exceeding one billion over the entire race calendar. Similarly, the UFC boasts a global audience, with some of its biggest fights attracting millions of pay-per-view viewers. Anziani highlighted the effectiveness of these partnerships in bringing people into the cryptocurrency space.  User base approaching 100 millionThese partnerships have significantly contributed to Crypto.com's growing user base, which is approaching 100 million users in 2024, up from an estimated 80 million in the previous year. Anziani discussed the factors that drive users' choice of exchange platforms, emphasizing the importance of compliance, security, convenient access to cryptocurrency and competitive fees. He noted that different users prioritize different aspects based on their trading preferences and requirements. The firm is not alone in pursuing high-profile sports sponsorship deals. Rival platform OKX has an ongoing sponsorship deal in place with Manchester City Football Club in the English Premier League (EPL). It also has doubled down recently on the sponsorship of F1 racing team McLaren. Other notable partnerships include crypto gambling platform Stake.com’s sponsorship of Sauber F1, crypto exchange platform Kraken’s deal with Williams F1 and BingX’s sleeve sponsorship agreement with Chelsea football club in the EPL. High-profile marketing initiatives are alive and well, although in a much more sober way than in 2022 when six crypto companies featured in Super Bowl advertising in the United States. Kraken’s chief marketing officer, Mayur Gupta, recently stated that the Super Bowl is no longer an effective means of promotion for crypto companies.  

The trustee of the failed Japanese cryptocurrency exchange Mt. Gox is preparing to initiate repayments of bitcoin (BTC) and bitcoin cash (BCH), prompting fears of a market sell-off among traders and investors.Photo by Dmytro Demidko on UnsplashConfirming repayment detailsThe crypto community on the /mtgoxsolvency subreddit disclosed that the Tokyo-based bitcoin exchange has initiated the process of verifying creditors' addresses for forthcoming repayments. Emails have been sent to creditors, confirming that their repayment details have been validated with relevant cryptocurrency exchanges. The communication from Mt. Gox appears to be staggered, with users on different platforms receiving emails at varying times. Some Bitstamp users reported receipt of the email, while several Kraken customers mentioned that they were still awaiting the confirmation. Mt. Gox, cautioning creditors, clarified that users with disabled or frozen accounts would not be able to receive repayments using the provided addresses. Additionally, the emails specifically pertain to payments in bitcoin and bitcoin cash. This recent communication follows Mt. Gox's announcement in November, where it committed to returning approximately 142,000 bitcoin, 143,000 bitcoin cash and 69 billion Japanese yen, valued at over $5.67 billion at the announcement date and approximately $6.46 billion at the present moment. During the November announcement, Mt. Gox assured creditors that repayments would commence in the following months and weeks. Creditors with payment methods deemed "effective at this time" were earmarked to receive their assets first. Towards the end of December, some creditors reported the addition of yen-denominated balances to their PayPal accounts by Mt. Gox, signaling progress in the repayment process. Market fearsThe fear among market participants of a distribution of bitcoin from the Mt. Gox estate has cast a shadow over the sector over the course of a number of years. With this latest development, it appears that the estate is finally on the cusp of executing on that distribution. If distribution is achieved in the short term, it will come at a time when bitcoin has experienced a major unit price pullback already. Since the approval of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this month, it appears that another bankrupt crypto exchange, FTX, has sold $1 billion worth of Grayscale Bitcoin ETF shares into the market. That move is believed to have been responsible for a dramatic drop in bitcoin’s unit price. In tandem with that event, some commentators believe that a pullback at this point is healthy for the market. That’s the view of Charles Edwards, founder of Capriole Investments. Taking to social media, Edwards wrote:”We're still not here yet. This pullback is very overdue and lower is healthier.” At the time of writing, bitcoin has a unit price of $39,884, down from a high earlier this month of $48,494. Confirmation emails have been reported by several Reddit users, with Bitstamp confirming for most, and a few Kraken users also acknowledging receipt. Nevertheless, a significant number of Kraken users mentioned they are yet to receive the confirmation email. Mt. Gox officially closed its doors in February 2014, almost a decade ago, after succumbing to an exploit in 2011.