Shinhan Bank Advances into Metaverse with the Launch of Shinamon Season 3

B. Riley Financial Agrees Strategic Bitdeer Share PurchaseBitdeer, the Singapore-based crypto mining firm that emerged as a spin-off from the renowned mining manufacturer Bitmain, has solidified a significant pact with financial services firm B. Riley Financial, through a share purchase deal. This accord entails the sale of up to $150 million worth of Bitdeer’s Class A ordinary shares.Photo by Kelly Sikkema on UnsplashOption to buyIn a filing dated August 9 with the United States Securities and Exchange Commission (SEC), the terms of the agreement unveil a strategic arrangement. B. Riley will possess the option, albeit not the obligation, to procure a designated quantity of Bitdeer’s shares over a span of three years. Parameters of this agreement include a maximum acquisition of either 1 million shares or 25% of the shares of Bitdeer traded on the Nasdaq throughout this stipulated purchase timeframe.The filing states: “Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares, par value US$0.0000001 per share (the “Class A Ordinary Shares”), subject to certain limitations and conditions set forth in the Purchase Agreement.”Amplified voting privilegesIn essence, this arrangement affords B. Riley a distinct position within Bitdeer’s echelons. Class A shares, which typically elude public trading, grant shareholders amplified voting privileges in contrast to their Class B counterparts. Ergo, this deal furnishes B. Riley with a tangible stake in the domain of crypto mining.Underpinning this transaction, Bitdeer has committed to compensating B. Riley with 0.5% of the deal’s total value in acknowledgment of its commitment to procuring these shares. Additionally, B. Riley will be indemnified for legal expenses and outlays, extending up to a cap of $50,000.Broader mining interestIt’s not the first time that B. Riley has shown an interest in crypto mining. It signed a $100 million equity deal with Iris Energy last year. Additionally, it’s one of the largest creditors of Core Scientific.Noteworthy is the fact that Bitdeer embarked on its journey to public status via a Special Purpose Acquisition Company (SPAC) deal with Blue Safari Group back in April. This strategic maneuver enabled Bitdeer to become public without taking the conventional route of an initial public offering (IPO).Marking a departure from the throes of the crypto winter, this SPAC deal entailed the fusion of a special purpose acquisition company with a private entity. Bitdeer’s subsequent Nasdaq debut wasn’t without its problems. Investors were lukewarm in the interest shown in the Bitdeer proposition, resulting in an immediate 30% price drop.Bhutan mining collaborationNotably, Bitdeer made headlines when it inked a partnership with Druk Holding and Investments (DHI) in May, signifying a collective stride towards establishing an ecologically-conscious, carbon-neutral digital asset mining venture within the realm of the Kingdom of Bhutan.Rooted in the visionary pursuits of Jihan Wu, the former Co-Founder of Bitmain, Bitdeer is distinguished for its cloud-mining services, a pursuit realized through its data centers stationed in Tennessee, Washington, and Texas. The company’s most recent operations report attests to the mining of 220 Bitcoin (BTC) via its self-mining enterprise in July, constituting an impressive year-over-year escalation of 41%.

CeDeFi protocol NEOPIN has agreed to work with GREEVER, the developer of an eco-friendly Drive-to-Earn (D2E) app that rewards users for their efforts towards sustainable driving, marking an accelerated move towards forging a greener economy, according to an official Medium post on Wednesday (KST).Photo by why kei on UnsplashFostering green innovation“NEOPIN is actively collaborating with the government of Abu Dhabi to establish a DeFi regulatory framework. It is also recognized as a pioneer in Permissioned DeFi. On the other hand, GREEVER is distinguished by its strong commitment to public interest initiatives like promoting eco-friendly and safe driving,” said Ethan Kim, CEO of NEOPIN. “Through this partnership, our goal is to demonstrate our achievements in the blockchain space, emphasizing key themes such as compliance, eco-friendliness, and sustainability.” NEOPIN and GREEVER plan to integrate their platforms to expand their respective user bases. Specifically, the NEOPIN digital wallet will be integrated into the GREEVER app. They also intend to introduce NEOPIN’s DeFi products by linking them with GVL, GREEVER’s governance token. Through their collaboration, both companies aim to popularize blockchain on a global scale, especially by leveraging Busan’s technological expertise in the technology.  Driving towards sustainabilityGREEVER resides at the Blockchain Innovation Technology Center at the Busan International Finance Center. The GREEVER D2E platform was launched last September as South Korea’s first blockchain service for eco-friendly driving. It rewards drivers based on their safe and eco-friendly driving habits while promoting the adoption of blockchain technology in different areas of daily life. The team responsible for developing and operating the app is led by CEO Yun In-kyu, a Director of the Busan IT Partners Association and a General Manager who spearheaded various blockchain education initiatives tailored for Busan in 2021. “GREEVER is actively engaged in socially responsible projects with government organizations. Our alliance with NEOPIN is a pivotal move towards sustainability that aligns perfectly with GREEVER’s mission of enhancing accessibility and public interest,” said Yun In Kyu, CEO of GREEVER.

Japanese Financial Giant SBI Extends Use of Ripple’s Remittance TechSBI Remit Co., Ltd., a prominent player in the international money transfer sector and a subsidiary of Japanese financial services conglomerate SBI Group, has unveiled a significant expansion of its collaboration with Ripple in Asia.Photo by Kanchanara on UnsplashPhilippines, Vietnam, and IndonesiaThe strategic alliance between the two companies will enable international remittance services utilizing Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.The partnership, announced via a statement published to SBI’s website on Wednesday, builds upon SBI Remit’s history of utilizing Ripple Payments for its international remittance services, which dates back to 2017. The company has been a pioneer in Japan, leading the way in offering an international remittance service that leverages XRP as a bridge currency between two sovereign currencies.This latest move underscores SBI Remit’s interest in furthering its exploration and use of XRP-based remittances. In 2021, it introduced a service targeting digital wallets in the Philippines, marking a milestone in using XRP for international remittances in Japan.Simplifying international remittancesThe newly introduced scheme aims to simplify the international remittance process significantly. The process involves SBI Remit initiating a customer’s remittance request, followed by SBI VC Trade facilitating real-time XRP transfers in response to the request. This dynamic approach has been made feasible through a strategic partnership with Tranglo Pte. Ltd., a long-standing Ripple partner. It ensures that customers receive their remittances in their respective local sovereign currencies.SBI emphasized the advantages of using XRP as a bridge currency, highlighting its ability to enable fast and cost-effective money transfers. XRP also boasts excellent scalability, allowing users to seamlessly send funds to Ripple’s global partners. SBI believes that this will enhance its competitiveness in the international remittance sector.Targeting important remittance marketsThe decision to target the Philippines, Vietnam, and Indonesia was not arbitrary. These countries have a substantial share of remittances channeled into bank accounts, making them ideal candidates for XRP adoption. SBI Remit anticipates that the introduction of the XRP-based remittance service will further accelerate cryptocurrency adoption in these nations.Yoshitaka Kitao, chairman and CEO of SBI Holdings, expressed the company’s commitment to transforming international remittance services. The press release also conveyed SBI Remit’s dedication to extending its reach beyond the initial three Asian countries. At the time of publication, XRP was trading at $0.5022.The significance of the announcement was not lost on retail investors with an ongoing interest in XRP. Taking to X (formerly Twitter) one wrote:“Everyone who says Ripple does not utilize XRP, and that nobody uses XRP is WRONG.”At Paris Blockchain Week earlier this year, Monica Long, President of Ripple, stated: “The past couple of years have been a real tipping point for institutional DeFi, where even the biggest of banks are embracing this technology as the future, and they have to adapt or die.” That statement is relevant when this latest expansion of the Ripple/SBI partnership is considered.SBI Remit’s expanded partnership with Ripple marks a significant step in the evolution of international remittance services. By harnessing the power of XRP as a bridge currency, SBI Remit aims to revolutionize cross-border transactions while targeting countries with substantial remittance markets.