Crypto insurer gears up for platform launch

Kazakhstan achieves first retail payment with digital tengeBinur Zhalenov, Chairman of Kazakhstan’s National Payment Corporation (NPC), marked a historic moment at the XI Congress of Finance in Almaty on Wednesday by conducting the inaugural transaction with the country’s newly introduced Central Bank Digital Currency (CBDC), the digital tenge.Photo by J B on UnsplashDigital tenge debit cardThat’s according to a report published by local media outlet, Kapital.kz. Utilizing a debit card linked to the CBDC account, Zhalenov demonstrated the practicality of the digital tenge during his speech, showcasing its potential impact on the nation’s financial landscape.The official launch of the digital tenge on the retail market is expected to usher in a wave of development, with Zhalenov outlining that it will result in massive platform development in 2024. Collaborating with global giants Visa and Mastercard, as well as local banks, Kazakhstan aims to integrate the CBDC into plastic cards, enabling users to make digital tenge payments globally through platforms like Apple Pay and Samsung Pay.Eurasian Bank is one of the local banking participants in the project. Its CEO, Lyazzat Satiyeva, commented on the development:“Participation in the ‘Digital Tenge’ project opens up opportunities for launching innovative products for consumers and businesses using blockchain and cryptocurrency technology, developing a regulatory framework for digital assets and, in general, this is a big step in the development of a new digital economy in the country.”Meanwhile, Zhalenov emphasized the programmable capabilities of the digital tenge, envisioning its utilization in smart contracts, innovative financial services and digital asset transactions. Looking ahead, the CBDC’s development roadmap includes a focus on offline payments in 2024, with ambitions to incorporate the digital tenge into cross-border trade by 2025.The journey towards the digital tenge commenced in February 2023, with the NPC, established in September, spearheading the development and implementation of the CBDC. The launch of the NPC was likened to a restructuring of the Kazakhstan Center for Interbank Settlements. Its mandate includes overseeing interbank clearing services, managing digital identification and enabling money transfers.As Kazakhstan strides into the digital era, parallel measures have been taken to tighten oversight of the cryptocurrency market.‘Great Kazakh investment firewall’While the central Asian country may be progressing its CBDC, authorities in Kazakhstan appear to be taking a different approach to international crypto businesses operating within its borders. In September, reports surfaced of difficulties accessing major international crypto exchanges such as Coinbase and Kraken without a local license. Following this, local crypto mining operators addressed President Kassym-Jomart Tokayev in an open letter in October, urging a reconsideration of newly introduced tax rates on mining activities.Kazakhstan’s advancement of the digital tenge signals a transformative phase in the nation’s financial landscape, aligning with global trends in digital currency adoption. As the NPC continues its strategic development, the intersection of traditional finance and emerging digital assets in Kazakhstan is poised for further evolution.

China’s Bitmain Makes Plans to Unveil World’s First 1XJ/T Bitcoin MinerBitmain, the leading player in the cryptocurrency mining equipment business, is set to host the upcoming 2023 Global Digital Mining Summit (WDMS 2023) in Hong Kong, using the event as a springboard to launch its latest Bitcoin miner.The Beijing-headquartered mining equipment manufacturer set out its summit and equipment launch plans on Chinese social media platform WeChat on Monday.Photo by Dmitry Demidko on UnsplashIntroducing the ANTMINER S21With the theme “Empower the Bull Market, Mine with Timing,” the summit will aim to assist clients in strategically positioning themselves in the mining sector to reap the rewards of the next crypto bull market. During the event, Bitmain will introduce its latest research and development achievement — the ANTMINER S21 mining machine.The ANTMINER S21 is likely to take its place at the forefront of Bitcoin mining, given that Bitmain’s ANTMINER series has dominated the mining sector in recent years. Bitmain claims that with the S21, it is introducing a miner with unmatched computing power and efficiency, ushering the global mining industry into the 1XJ/T (Joules/Terahash) era.Ever greater efficiencyBitmain has consistently led the industry’s technological innovations, starting with the S9 model, which first broke the 100J/T barrier, to the S19 series with efficiency ratings of 34.5J/T, 29.5J/T, 21.5J/T, and 20.8J/T. The upcoming S21 is expected to continue this track record of ever greater Bitcoin miner efficiency.In addition to technological advancements, Bitmain is using the summit as a mechanism to offer benefits to attendees. The company will launch a customer points system, allowing clients to apply for credit limits for S21 miners based on their points, enabling them to mine first and pay later. Moreover, the points system will facilitate conversion of points into exclusive coupons for the ANTMINER S21.Hong Kong venueHong Kong has been chosen as the venue for this summit and that’s likely by design rather than by coincidence. Over the course of the past twelve months, the Chinese autonomous territory has been making huge strides in its efforts to become a center for blockchain and crypto-related business.In recent months, Hong Kong has announced several supportive blockchain policies, attracting a significant pool of Web3 talent. The summit will also feature keynote speeches from local government officials, indicating the willingness of the local administration to take every opportunity to further Hong Kong’s strategic objective of furthering crypto, blockchain, and Web3 in the city.Bitcoin mining has proven to be ruthless in its drive towards ever greater efficiency. This is playing out mainly on two different fronts. Firstly, in terms of the cost of the energy input. Miners continue to innovate in this area, to the extent that at this point, it’s difficult to remain competitive if an operation is not tapping into an energy source with a near zero input cost. This is being exploited by sourcing energy that is surplus to energy grid requirements, oftentimes renewable energy, that would otherwise be wasted.The second major factor is the efficiency of the miners themselves. Entities that gain early access to the latest generation of miners from Bitmain and other mining equipment manufacturers immediately become more efficient than the other mining outfits that they compete with to unlock Bitcoin mining rewards on the Bitcoin network.

Bitget Launches $100M Crypto Ecosystem FundSeychelles-based crypto exchange Bitget has launched its EmpowerX Fund, a $100 million initiative unveiled during Bitget’s fifth-anniversary summit in Singapore on Tuesday.Photo by micheile henderson on UnsplashStrategic investmentThe firm expanded on the finer details of the fund at the summit event and also by way of a press release published to PR Newswire. The primary goal of the initiative is to enrich the platform’s ecosystem by strategically investing in various sectors, including regional exchanges, data analytics firms, and media organizations.Bitget’s approach via this new fund is grounded in diversification to meet the ever-evolving needs of its 20 million global customers. The exchange envisions creating a comprehensive trading ecosystem that encompasses trading, investment, research, DeFi, and media.Gracy Chen, the Managing Director of Bitget, emphasized that the cryptocurrency exchange sector is in a constant state of evolution and with that, the firm has a forward-looking vision that extends beyond the present. Chen stated:“The CEX landscape is continually evolving amid influences of tightened regulations, rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, meager [sic] and acquisition will happen in the following months. Our vision goes beyond the present.”She added: “With the launch of the Bitget EmpowerX Fund, we take another major step in our mission to develop Bitget into a truly comprehensive platform for all needs. Through strategic, targeted investments that foster long-term growth, we aim to continually expand our ecosystem of services to better serve the evolving needs of users. We also want to empower other people in our industry, because a rising tide lifts all boats.”Broader investment trendBitget’s EmpowerX Fund is part of a broader trend of strategic investments and expansion. In April, the exchange introduced the $100 million Web3 Fund, which focuses on supporting projects based in Asia and partnering with global venture capital firms, including Foresight Ventures, SevenX Ventures, and Gitcoin Fund.As part of that initiative, the firm invested $20 million in Sei Labs, the developers of the layer one Sei blockchain. The strategic direction being taken by Bitget extends beyond digital assets, as Bitget allocated $30 million to invest in the BitKeep multi-chain wallet, which subsequently underwent a rebranding as Bitget Wallet. This investment marked a significant milestone in Bitget’s journey toward embracing decentralized strategies.Diversifying service offeringTo better cater to the evolving needs of its users, Bitget has diversified its service offerings. In addition to traditional trading, the platform has ventured into the realm of crypto loans, a bold move given the difficulties experienced in 2022 by crypto lending firms like Celsius, BlockFi, Hodlnaut, Vauld, and Voyager Digital, who all ended up in bankruptcy.The company has taken a further step towards diversification on Tuesday, announcing the launch of its Bitget Wealth Management product. The firm claims that the product is targeted to meet the needs of high-net-worth individuals and institutions, offering to assist them in optimizing their financial portfolios.Bitget has also adapted to a changing regulatory landscape recently, stepping up its compliance in terms of Know Your Customer (KYC) measures.