Bitdeer appoints Jihan Wu as new CEO

Busan BDX Consortium named preferred bidder for Digital Asset ExchangeIn the latest development of Busan’s initiatives in the blockchain industry, the Busan BDX Consortium has been named the preferred bidder for the project aimed at setting up and operating the Busan Digital Asset Exchange (BDX).The South Korean port city of Busan organized a bidding competition for the project, whose application deadline was Nov. 28. This competition saw participation from two companies. Following this, a project proposal evaluation committee was recently assembled to review the presentations of these bidders at the Busan International Finance Center (BIFC).The selection of the Busan BDX Consortium as the preferred bidder was made after an evaluation process where 90% of the assessment criteria were qualitative and the remaining 10% were based on quantitative factors. The consortium is led by Itcen, a Seoul-based tech company that specializes in digital transformation.Photo by Pang Yuhao on UnsplashNegotiations and future stepsBusan City will now promptly enter into negotiations with the consortium, with the goal of finalizing its decision before the end of this year. Following the selection, Busan intends to sign a business agreement with the chosen bidder in January to move forward with the project.BDX is a platform designed to use blockchain technology for the digitization and trading of assets linked to Busan’s infrastructure in logistics, culture and finance. It is planned to be a fully private entity, a decision aimed at fostering freedom and creativity in its operations. Meanwhile, the city will offer administrative and financial support in accordance with its local ordinances.Son Seong-eun, who leads the Finance and Start-up Policy Bureau of Busan City, remarked that the development of BDX is set to establish a solid foundation for the blockchain industry and enhance the region’s economic growth. Aiming to establish Busan as a leading global blockchain hub, the city is committed to providing ongoing support for the new digital exchange, Son added.Blockchain to encourage volunteeringBesides the BDX project, Busan is also leading another blockchain initiative. Starting next year, the city will test a blockchain-based platform designed to manage and track volunteer experience points for its residents.The platform being developed by Busan will facilitate the connection between individuals seeking volunteer assistance and those who participate in volunteer activities. Its goal is to foster a virtuous cycle that contributes positively to society, enhancing the efficiency and impact of volunteer efforts within the community.Citizens will be able to accumulate points on the blockchain platform by participating in socially beneficial activities like distributing staple goods and contributing to carbon emission reduction. These points can then be redeemed for various benefits like attending concerts or accessing public parking lots. This endeavor to encourage volunteering is set for a full-scale launch in 2025.

JD.com, also known as JINGDONG, a NASDAQ-listed Chinese e-commerce giant, is understood to be making plans to acquire stablecoin licensing in key international markets.  According to Chinese news site, Guancha.cn, Richard Liu, the founder of JD.com, which recorded revenues of $41.5 billion in Q1 2025, outlined details regarding the company’s stablecoin plans in a press briefing held in Beijing on June 17. Liu stated: "We hope to apply for stablecoin licenses in all major countries with sovereign currencies. With these licenses, our goal is to enable global foreign exchange transactions, starting with business-to-business payments."Photo by Shutter Speed on UnsplashReducing costs & settlement timeThe JD.com founder added that using stablecoins, the company “can reduce payment costs by 90% and complete transactions within 10 seconds,” while going on to point out that payments made by way of the traditional SWIFT financial messaging system take up to four working days to settle. While JD.com plans to commence with a utilization of stablecoins for business-to-business transactions, Liu said, “We hope that one day, people around the world will be able to use JD’s digital currency for global payments.” JD.com’s move towards the use of stablecoins follows a similar step taken by Ant Group, an affiliate company of Chinese e-commerce rival, Alibaba Group. It emerged last week that subsidiary company Ant International intends to apply for stablecoin licensing in Hong Kong, Singapore and Luxembourg. Additionally, Ant Digital Technologies, another Ant Group subsidiary, is also planning on applying for a stablecoin license in Hong Kong, once the Chinese autonomous territory rolls out its stablecoin regulation this summer. Stablecoin sandbox participantWhile JD.com has now announced its intentions with regard to the use of stablecoins, it has not as yet fully deployed its own token. However, JD Coinlink, a subsidiary company under its JD Technology arm, recently launched the second testing phase for a Hong Kong dollar (HKD)-pegged stablecoin.  The project first announced its intentions to issue a HKD-pegged stablecoin called the “JD Stablecoin,” back in June 2024. At that time, it asserted that reserves would be composed of highly liquid and credible assets, with those funds being regularly audited and held independently via licensed financial institutions.  Last July, the Hong Kong Monetary Authority (HKMA) launched a regulatory sandbox for stablecoin issuers with JD Coinlink joining Animoca Brands, Standard Chartered and Hong Kong Telecommunications as participants. The sandbox allows participants to test both the issuance and the use of stablecoins for a variety of use cases including payments, supply chain management and capital markets. Hong Kong has set Aug. 1 as the effective date for its Stablecoin Ordinance, which will enable certain stablecoins to be issued without a license when offered to professional investors, while a stablecoin must be licensed if offered to a retail market participant. JD.com has developed its own proprietary blockchain, Zhizhen Chain, with that network already accounting for $7 billion in supply chain finance-related transactions. KuCoin CEO BC Wong commented on JD.com’s stablecoin plans, stating that the development is a “big signal,” while noting that in the United States, the GENIUS Act, legislation concerned with the issuance and exchange of stablecoins, has just been passed by the U.S. Senate.

OK Group Retires ‘Okcoin’ BrandIn a move to streamline its crypto ventures, cryptocurrency exchange operator OK Group is rebranding its platforms under the single name “OKX.”The announcement was made by Hong Fang, President of OK Group’s Seychelles-registered exchange OKX, via a thread on X (formerly Twitter) on Monday.Photo by Kelly Sikkema on Unsplash‘Okcoin’ to ‘OKX’ global rebrandFounded in 2013, Okcoin will be undergoing a name change to “OKX,” aligning with OK Group’s overarching branding strategy. Hong Fang expressed her personal connection to Okcoin, stating:“I’ve been part of Okcoin for five years. Over the years, we have put a lot of love and passion into our brand and product.”She emphasized that this rebranding effort, beginning in Singapore, will extend to Europe and the United States in the coming months, ensuring consistency across key operational jurisdictions. Despite the name change, OKX maintains that customers can expect the same high-quality services within the same regulatory framework under the new brand. Providing the rationale for the change, Hong Fang went on to state:”We also believe it’s time for a change. Rebranding to OKX in our key operational jurisdictions will be great for our customers and business. I’m very excited about what to come next.”Previous rebranding activityFang also revealed that OK Group has already sunsetted the “Okcoin” brand and product in several regions, including Latin America, the Middle East and North Africa, South Asia, Hong Kong, and others. This transition aims to create a unified and recognizable identity for the group’s crypto ventures.The United States holds particular significance for OK Group’s global strategy, and the company remains committed to that market. Fang acknowledged the unique challenges encountered in the US but expressed the company’s dedication to empowering individuals and protecting freedom through technology within the US market. She stated: “It is home base for a lot of us on our team. It is special to us.”OKEx rebrandThis rebranding news comes approximately one year after OK Group initiated a similar transition with its subsidiary, formerly known as OKEx. In December 2022, OKEx transformed into “OKX,” expanding its scope beyond being a centralized crypto exchange. The move aimed to embrace DeFi, non-fungible tokens (NFTs), and Web3. OKEx, founded by OK Group CEO Star Xu in 2017, had played a significant part in terms of innovation in the cryptocurrency space during that time.OK Group’s decision to rebrand its crypto ventures under the unified name “OKX” signifies a strategic shift toward creating a more cohesive and streamlined brand presence in the global crypto market. The transition stands out as yet another iteration in the development of global crypto platforms within an ever-changing crypto ecosystem. As Hong Fang put it, “Okcoin was started almost 10 years ago.” . . . “We have been unequivocally investing in our Okcoin team and infrastructure ever since.”