Bank of Korea and Samsung Team Up for Offline CBDC Research

Korean Crypto Wallet Joins Forces with Kick Scooter Sharing PlatformRotonda, a subsidiary of Korean cryptocurrency exchange Bithumb and the operator of the virtual asset wallet platform Burrito Wallet, announced today a collaboration with the Seoul-based kick scooter sharing service Xingxing, as reported by local media outlet Etoday.Photo by Ranurte on UnsplashToken reward promotionUnder this partnership, the two companies will launch a promotion that will run until July 31. The first 4,800 new users who click on the promotion banner on the Xingxing app, install the wallet app, and set up a crypto wallet will receive 10 WEBI tokens through airdrop. Furthermore, ten of these users will also be given an NFT that represents Xingxing’s monthly subscription “mini,” which is worth 18,900 KRW ($15). WEBI serves as the ecosystem token for the blockchain-based Web3 sharing economy service called Webility.Additionally, 200 monthly subscribers of Xingxing who install the Burrito Wallet app will have the opportunity to win 100 WEBI tokens and 100 Xingxing in-app points. The winners will be announced on the official websites of both companies.Bridging Web2 and Web3Having already forged partnerships with various blockchain projects, including Pala, Casper Labs, 1inch Network, and KLAYswap, Burrito Wallet will seize this opportunity to position itself as a digital wallet that bridges the gap between Web2 and Web3.A representative from Burrito Wallet expressed optimism that the partnership with Xingxing will provide more people with the opportunity to experience its distinguished Web3 services. The representative also emphasized the company’s commitment to strengthening partnerships with companies from various fields, with the goal of building a highly practical virtual asset ecosystem.

Bitcoin Miners Likely Selling at $28K Level, Says MatrixportAccording to a report by Singapore-headquartered digital asset financial services provider Matrixport, Bitcoin (BTC) is facing selling pressure at the $28,000 price level, possibly due to miners offloading their newly mined coins.The report, cited by CoinDesk on Friday, suggests that miners are being compelled to liquidate their inventory as profit margins have contracted in recent weeks.Photo by Pixabay on PexelsHashrate all-time highMining has become an intensely competitive and often unprofitable endeavor due to the ongoing rise in Bitcoin miner difficulty. The hashrate, or measure of how easily miners can discover a new block of Bitcoin reached an all-time high earlier this week. Markus Thielen, Head of Research at Matrixport, noted that given the current input cost and potential revenue expectations, most machines produced before 2022 appear to be unprofitable.“At the current input cost and potential output revenue expectations, most of the machines produced before 2022 appear to be unprofitable,” Thielen wrote.Forced sellingConsequently, miners are forced to sell their inventory at the current level rather than holding out for higher prices, which Matrixport anticipates. The report highlights the significant upside potential for miners if Bitcoin prices were to increase by 10% or more, as profitability could quadruple.The narrowing profit margins for miners reflect the challenges they face in a highly competitive market. As mining difficulty continues to rise, miners must allocate more resources and computing power to mine new coins, reducing their profitability. The situation is particularly tough for miners operating older machines, which are less efficient and more costly to run.The selling pressure exerted by miners can have a short-term impact on Bitcoin’s price. However, Matrixport’s analysis suggests that if Bitcoin experiences a notable price increase, miners could see a substantial improvement in their profitability. This potential upside convexity creates an incentive for miners to continue their operations and withstand the current market conditions.Ordinals bring increased feesOn the other hand one recent development that is assisting miners is the increase in transaction fees, with the development of Bitcoin Ordinals and BRC-20 tokens over the course of the past six months. That interest seems to be ongoing, and if anything we’re likely to see further development of tokens running on top of the Bitcoin blockchain. On Thursday, Seychelles-based crypto trading platform OKX proposed a new BRC-30 token standard which would enable staking of those tokens, alongside staking of bitcoin.Singapore-based Matrixport is a portfolio company of crypto investment venture capital firm Foresight Ventures, which is also headquartered in Singapore. The firm provides a suite of products that it is positioning to be innovative and easy to use, offering an all-in-one crypto financial services platform, enabling users to earn, invest, loan, and trade digital assets.The Matrixport report indicates that miners are likely selling their Bitcoin at the $28,000 level due to squeezed profit margins. While this selling pressure may affect short-term price dynamics, the potential for increased profitability if Bitcoin prices rise significantly provides miners with an optimistic outlook for the future.

Bitget Launches Crypto Loans ProductBitget, the Seychelles-based platform known for its crypto derivatives and copy trading services, is venturing into the cryptocurrency loan market with the introduction of its Crypto Loans product.The move, which the company announced via a press release published on Tuesday, is aimed at attracting users who are seeking alternative funding solutions backed by digital assets, as an option beyond traditional credit institutions.Photo by Traxer on UnsplashDual coin approachThe Crypto Loans product employs a dual-coin approach, allowing users to stake one digital asset as collateral and borrow an equivalent amount in another asset. Bitget believes that crypto loans have been gaining popularity in recent years, with the overall digital lending sector surpassing $8.5 billion in 2022 and experiencing a compound annual growth rate of 20.5%, as reported by Global Market Insights.Despite the overall growth in the digital lending area, the crypto loan sector faced significant setbacks in 2022, particularly with the troubles surrounding centralized crypto lending services. Major firms like Celsius, BlockFi, and Voyager Digital suffered collapses and bankruptcy, raising concerns about the trustworthiness of such services in the future.Bitget, however, is confident in its Crypto Loans product, emphasizing that it has streamlined the loan process to ease user onboarding. The amount users can borrow is determined by the market value of the collateral staked, and the loan is automatically disbursed with a specific interest rate. Borrowers have the flexibility to utilize the funds as needed and adjust the collateral based on their requirements.Swift loans processIt also has the option to repay the loan before or at the predetermined deadline. To further encourage user adoption, Bitget promises support for withdrawals and a swift review process for loan applications. The feature is expected to provide added convenience and ease of use for users.Bitget’s Managing Director, Gracy Chen, highlighted the advantages of the Crypto Loans product, noting that users can now stake less-demanded coins and obtain loans in more liquid assets for investment purposes. The platform’s flexible borrowing and repayment mechanism is designed to accommodate the needs of all users, ensuring convenience and accessibility.Notably, Bitget has been expanding its presence in the crypto market. In March, the platform acquired a controlling stake in BitKeep, a crypto wallet that has been rebranded as Bitget Wallet. Additionally, Bitget unveiled a $100 million venture fund in April, following a $10 million investment from Dragonfly Capital. In May, it announced the launch of its Blockchain4Youth program, recognizing the importance of the younger demographic in achieving crypto mass adoption.As Bitget ventures into the crypto loan market, it’s aiming to go one further than previous crypto lending providers who have largely failed, to provide a secure and user-friendly platform for borrowing and lending digital assets. The success of the product will depend on user trust and confidence, especially given the setbacks experienced by those other players in the sector in the past. Nonetheless, with its growing user base and strategic investments, Bitget is certainly showing some potential relative to making a mark in the cryptocurrency loan market.