Coinone adds asset analysis service and fiat currency deposit feature

Singapore-headquartered Bitcoin mining company Bitdeer has outlined a roadmap of chip development which will culminate in the introduction of its most energy efficient mining chip to date, the “SEAL04” chip. According to a press release published by the company on June 6, the company outlined that it wanted to be transparent in demonstrating its plans over the short to medium term in terms of research and development and technological advancement.Photo by Michael Förtsch on UnsplashIterative progressionThe starting point for its roadmap is the SEAL01 chip, which the company introduced in Q1 2024. That mining chip was engineered using a four-nanometer process technology. It was developed in collaboration with a semiconductor fabricator albeit that the company has not disclosed the identity of that fabricator. That chip weighed in at 18.1 Joules/Terahash (J/TH). The SEAL01 represents the company’s first release relative to its SEALMINER technology.  Bitdeer feels that providing guidelines for technology releases will better inform market participants, and that’s important given that uncertainty creates a major difficulty for those operating in the Bitcoin mining space.  With that, Bitdeer is projecting a Q3 2024 release for its SEAL02 miner, which will clock up between 15 and 16.5J/TH. SEAL03 is scheduled for Q4 2024, with an efficiency boost taking it to between 11 and 12J/TH. Finally, the SEAL04 is scheduled for release in Q2 2025. That chip is expected to have an energy efficiency range as low as 5.5-6J/TH. The two most critical factors for Bitcoin miners to stay competitive include the cost of energy and the level of energy efficiency achieved by the mining equipment that is being used. It’s believed that the roadmap will help in managing miners’ expectations relative to technological advancement.  Gearing up for a post-halving mining environmentTo develop the SEALMINER equipment series, Bitdeer outlined last March that it had “assembled an international team of professional engineers specializing in chip design, firmware, and hardware engineering.” At that time, the company suggested that the new range of mining equipment would allow it to assist the Bitcoin mining community “in seizing opportunities following the 2024 halving event.” Alongside its chip development roadmap, the company came to the industry’s attention earlier this week with stablecoin issuer Tether acquiring a 25% stake in the Singaporean mining equipment developer, according to a filing with the U.S. Securities and Exchange Commission (SEC). This acquisition makes Tether the second-largest shareholder in Bitdeer, behind Victory Courage Ltd., which is registered to Bitdeer CEO Jihan Wu. Wu, who co-founded Bitdeer and served as CEO of ASIC manufacturer Bitmain previously, was appointed as CEO of Bitdeer in January. The appointment was made so that Wu could oversee what was expected to be a period of rapid growth at the company. In the June 6 SEC filing, Tether Holdings Limited disclosed control over 23,587,360 BTDR shares. This significant increase in holdings stems from a private placement deal closed with Bitdeer last week, enabling the Bitcoin miner to secure $100 million in financing. The deal also includes a warrant allowing Tether to purchase up to 5,000,000 additional shares at $10.00 each over the course of the next year. Bitdeer plans to use the raised funds to expand its data centers, develop ASIC-based mining rigs and support other general corporate purposes.  

Uzbekistan’s New Private Bank Joins National Crypto Card InitiativeIn a step towards enhancing its cryptocurrency ecosystem, the Republic of Uzbekistan has given the green light to include another private bank in its ongoing national crypto card project. The development was announced through an official press release earlier this week by the National Agency of Perspective Projects (NAPP), the country’s regulatory authority for digital assets.Photo by engin akyurt on UnsplashBuilding upon a crypto frameworkUnder the provisions outlined by the Uzbekistan Ministry of Justice on December 30 of last year, the Special Regulatory Sandbox Regime was established. This unique framework empowers specific entities within Uzbekistan’s crypto sphere to provide specialized services. JSV Ravnaq Bank has now been registered as a member of this regime, enabling its active participation in the pilot phase of the nation’s crypto card project.Virtual bank cardThis initiative is poised to introduce a virtual bank card named “CRYPTO CARD — UzNEX.” The card’s standout feature is its ability to facilitate automatic fund addition to users’ primary accounts. This is achieved by swiftly converting crypto assets from a digital wallet on a partner crypto exchange platform.A vital aspect of the crypto card’s development lies in its compatibility testing with various financial systems, including the widely used Mastercard payment platform. According to NAPP’s statement, the participant bank within the special regulatory regime will be rigorously testing the integration of the automated banking system, crypto-exchange information system, bank processing center, and the MasterCard international payment system.December launchNotably, the addition of Ravnaq Bank marks the second entrant into the project, with Kapital Bank being the first participant approved in May. While Kapital Bank’s testing phase commenced at the end of June 2023, Ravnaq Bank is set to initiate its test launch by the end of October 2023. Both banks are expected to launch the full project by late December, in accordance with NAPP’s timeline.Beyond these private banks, the Special Regulatory Sandbox Regime also includes UZINFOCOM, a company authorized to develop NFT certificates based on distributed data registry technology.

Tether Critics Point to Previous Chinese Securities BackingUSDT stablecoin issuer Tether (USDT) has long faced persistent scrutiny and criticism due to the lack of transparency surrounding the assets backing their digital currencies. The latest allegations come in the form of a report by Bloomberg on Friday suggesting that the world’s largest stablecoin was once backed by securities issued by Chinese companies.Photo by Manuel Joseph on PexelsNYAG releases documentsThese findings were based on documents made public by the New York Attorney General (NY AG). The documents disclosed that Tether had listed securities issued by China’s state-owned Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China as part of its reserves backing the USDT stablecoin.Rumors about USDT’s exposure to Chinese securities have circulated for a number of years. In 2021, a Bloomberg research report revealed that Tether’s reserves reportedly included billions of dollars in short-term loans to China-based companies, as well as a significant loan to the collapsed crypto lender Celsius Network.However, in February 2021, Tether reached a settlement with the NY AG’s office over accusations of providing misleading information about its reserves and losses. To address these concerns, Tether handed over documents such as letters, bank accounts, reserve holdings, and wallet addresses through the law firm Steptoe.Attestation reportTether’s latest attestation report for Q1 2023, released on May 10, offered further details about its reserves. According to the report, Tether’s reserves were valued at $81.8 billion at the end of the quarter, a significant increase from the earlier period of $14.8 billion. These reserves consisted of $53 billion in US Treasuries, $1.5 billion in Bitcoin, and $5.3 billion in loans described as “over-collateralized.”The disclosure of Tether’s previous backing by Chinese securities adds another layer of complexity to the stablecoin landscape, raising questions about the risk exposure and potential impact on the stability of these digital assets. Using Chinese commercial paper to back a US dollar stablecoin is a risky endeavor.It raises the same issues as we’ve seen with the plethora of crypto lenders that went bankrupt in 2022. In those cases, they were using customer money to speculate and turn a profit. That’s fine when it works but when it goes wrong, it is customers who suffer. In its defense, Tether has stated that it only held A1 rated banking sector Chinese commercial paper in 2022 in state-owned Chinese companies like Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., and Agricultural Bank of China Ltd. It reduced this exposure to zero later that year.With the cryptocurrency community and regulators seeking greater transparency and accountability, the industry is likely to face increased scrutiny and calls for enhanced regulations to ensure the integrity of stablecoin operations moving forward.As regulators continue to assess and navigate the evolving crypto market, it remains to be seen how the industry will address these concerns and establish clearer guidelines for stablecoin issuers to ensure the trust and confidence of market participants.