Regulator pulls plug on Bybit in Malaysia

Philippine Police Warns of Play-To-Earn DangersThe play-to-earn gaming trend has not only captured the enthusiasm of gamers but has also raised concerns among authorities, prompting a closer examination of the risks inherent in cryptocurrency gaming schemes. The Philippine National Police Anti-Cybercrime Group (PNP ACG) has issued a warning about the potential dangers associated with these enticing gaming models, shedding light on some of the hidden complexities and vulnerabilities within this developing ecosystem.Play-to-earn gaming takes on added significance in the Philippines as it was in the southeast Asian country that the first breakthrough play-to-earn game, Axie Infinity, took hold during the pandemic. Axie Infinity is a metaverse game crafted on the Ethereum blockchain, inspired by the world of Pokemon. Under its play-to-earn model, players are required to acquire a minimum of three Axie characters to embark on their gaming journey.Photo by iSawRed on UnsplashHighlighting game costsHowever, the PNP ACG has raised a red flag concerning the financial commitment demanded from players, with an upfront investment potentially reaching $300. This stands in stark contrast to the traditional gaming industry, where user expenditures tend to average around $100.The PNP ACG’s warning echoes the ethos of cautious investment practices in the crypto sphere. While the security of the underlying blockchain technology may be robust, the operational components of the gaming engines and marketplaces require careful scrutiny. By implication, just as investors are advised to thoroughly research ecosystems and founders before engaging in cryptocurrency investments, gamers must exercise the same due diligence before diving into play-to-earn platforms.BCP partnershipAs part of a broader movement towards fostering the adoption of Web3 technologies in the Philippines, the Department of Information and Communications Technology (DICT) has partnered with the Blockchain Council of the Philippines (BCP). This alliance aims to harness the potential of blockchain startups to serve the public good, reflecting a commitment to sustainable growth and innovation within the sector.It is essential to emphasize that the focus on Axie Infinity doesn’t go so far as to label it a scam. Rather, it spotlights the larger concerns surrounding market volatility and accessibility barriers encountered within certain play-to-earn crypto games. The history of Axie Infinity itself underscores the vulnerabilities faced by such platforms, as exemplified by a significant hack that led to the loss of $622 million in user funds.Iterative improvementAs the gaming and crypto industries continue to intertwine, the path ahead involves careful navigation and a shared responsibility among gamers, developers, and authorities to ensure a secure and enriching experience for all stakeholders. In the overall scheme of things, the advent of Axie Infinity, and the play-to-earn model more broadly, has been a positive development when viewed as an iterative step towards the use of blockchain in gaming.Many in the blockchain gaming space have since expressed the view that the play-to-earn model can be improved upon for the benefit of gamers and developers alike. Blockchain-based gaming developers are now concentrating on engaging gameplay rather than trying to lead primarily with an emphasis on earning through playing.

Singapore-based payments provider Alchemy Pay has secured $10 million in investment from market maker DWF Labs at a valuation of $400 million, as the company looks to expand its business in South Korea.©Pexels/Ivan Samkov Korean expansionTaking to Twitter, Alchemy Pay stated that it “will continue to enhance [its] global market presence by bringing forward [its] payment solutions and services to the Korean market, providing an easy onboard from fiat to cryptocurrencies for more Korean companies.” It’s understood that the high level of acceptance of digital assets in Korea is attractive to Alchemy as something it can capitalize on.Alchemy’s Ecosystem Lead, Robert McCracken, stated in a Medium blog article that while this investment was pursued relative to a specific and strategic decision to enter the Korean market, the company is otherwise well funded. DWF funding spreeDWF Labs’ investment of $10 million in Alchemy Pay marks its eighth investment or funding round of at least $10 million into Web3 and crypto projects in the past six weeks, with a combined total of $165 million.According to DWF’s managing partner Andrei Grachev, the current bearish market is an opportune time to enter the investment space. Grachev stated to CoinDesk that the company has accumulated enough profits to invest in projects at present.With offices in Singapore, Switzerland, Hong Kong, the United Arab Emirates, South Korea and the British Virgin Islands (BVI), DWF Labs fits the role of a global multi-stage Web3 investment firm. It collaborates and partners with portfolio companies with regard to activities such as market making, token listing and Over The Counter (OTC) trading solutions. $ACH boostAlchemy Pay’s native token, $ACH, has a market capitalization of around $188 million. Buoyed by today’s announcement, the token was trading at $0.03885 at the time of publication. That’s a surge in value in dollar terms of around 16%, although it’s still quite a ways off its all time high of $0.18468, achieved on August 6, 2021, at the height of the last crypto bull run.In a press release published on Monday, Alchemy Pay described itself as “a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users.”Founded in 2018, the company has previously collaborated with Visa, Mastercard, Google Pay, and Apple Pay for this purpose. Cryptocurrency and derivatives exchange OKX recently integrated Alchemy Pay into its platform, in order to simplify the process of purchasing cryptocurrency using local currencies for its customers. NFT CheckoutApart from its payment services, Alchemy Pay has also launched its innovative NFT Checkout service. The service allows customers to purchase NFTs using fiat payment options, making it as easy as any other standard online payment method. This function enables users to acquire NFTs with their local domestic currencies, providing a seamless purchasing experience.The platform offers over 300 local alternative payment channels, enabling it to extend its reach beyond traditional credit cards into local mobile wallet options. The footprint of the business now extends across Northern and Latin America, Europe and Southeast Asia.

Bybit Leans on Innovative Tech by Launching AI-Powered Trading AssistantDubai-headquartered cryptocurrency exchange Bybit has introduced TradeGPT, an AI-powered educational tool aimed at changing the way in which traders interact with the cryptocurrency market.A ToolsGPT follow-upThe move follows on from the firm’s launch of ToolsGPT in June, an AI-based tool that aids platform users to generate technical analysis and takes a ChatGPT-like approach in providing responses to user queries. Vivien Fang, Head of Financial Products at Bybit, explained: “Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialized world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading.”Photo by Wance Paleri on UnsplashAI mentor and guideFor Bybit users, TradeGPT offers a multitude of benefits, including real-time market analysis, multilingual support, and personalized guidance. It functions as a mentor and guide, empowering users to comprehend market trends, formulate strategies, and select the most suitable investment products to achieve their financial goals.This offering addresses the limitations of traditional AI systems and provides real-time market data. TradeGPT leverages Bybit’s extensive market data, trading analytics, and technical analysis tools, making it a resource for traders navigating the complexities of the cryptocurrency landscape.Following industry trendBybit’s TradeGPT follows in the footsteps of Singapore-based platform Crypto.com, which unveiled its AI-enabled platform, Amy, in May. Amy leverages the technology of OpenAI’s ChatGPT to deliver real-time information about specific tokens, projects, price listings, and historical events to Crypto.com platform users.At the time Kris Marszalek, CEO of Crypto.com, highlighted the platform’s significance, stating: “Amy is the latest example of our incredible momentum.” The company added that it followed a series of notable product launches, including CFTC-regulated options trading, on-chain staking solutions, and the GEN 3.0 Crypto.com Exchange.Binance, the world’s largest cryptocurrency exchange by trading volume, introduced Binance Sensei in April. The company has integrated the AI-powered learning tool into Binance Academy and offers users of all skill levels an interactive chat window for guidance.As an increasing number of cryptocurrency companies launch AI-enabled platforms, the synergy between AI and the industry becomes more apparent. AI’s data processing capabilities could address scalability issues and expedite transaction processing for cryptocurrencies.Conversely, cryptocurrencies could incentivize research and development in the field of AI. Tokenized economies may reward contributors to AI projects, fostering collaboration and innovation. Furthermore, cryptocurrency-enabled decentralized networks could provide secure and transparent platforms for exchanging AI-generated insights without the need for intermediaries.Digital assets are developing in real-time alongside other technologies. The introduction of Bybit’s TradeGPT, alongside Crypto.com’s Amy and Binance’s Sensei, offers a step forward in harnessing the power of AI to empower cryptocurrency traders. As these AI-driven tools continue to evolve and gain traction, they’re likely to reshape how individuals and institutions engage with the cryptocurrency market.