Game company behind XPLA blockchain witnesses growth in revenue last year

The government of Bhutan, the Buddhist kingdom nestled in the Himalayas, has partnered with cryptocurrency payment service Binance Pay to launch the world’s first national-level crypto tourism payment system. In a recent blog post, Binance outlined details of the collaboration. Alongside the government and Binance, Bhutanese digital bank DK Bank will also play a role. The payment system enables international visitors to Bhutan who also happen to be Binance account holders to pay for a range of services within the kingdom.Photo by Mariia Shalabaieva on UnsplashFacilitating spending of over 100 cryptosUsing the Binance app, tourists visiting Bhutan can use dynamic or static QR codes in order to complete secure transactions via participating merchants in real time. The system supports users in spending over 100 cryptocurrencies to pay for goods or services, including hotel stays, tour guides and entrance fees to touristic sites. Payment using these digital assets will be settled instantly in Bhutan’s sovereign currency, the Ngultrum (BTN), with that settlement facilitated by DK Bank. Binance also asserted that the initiative facilitates inclusion and innovation by enabling small businesses in remote areas to accept crypto and in that way, to go digital. Bridging ‘cultures and economies’Binance CEO Richard Teng said that the initiative not only advances the use of crypto in the tourism sector, it also sets a precedent for “how technology can bridge cultures and economies.” Teng added:“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.” Damcho Rinzin is also of the opinion that the initiative adds value beyond just being a tourism-related payment system. He stated:“This is more than a payment solution – it’s a commitment to innovation, inclusion, and convenience.” Binance described the new payment system as the first of its kind to offer end-to-end crypto-based payments at a national level, in a fully integrated manner. It added that previous systems established elsewhere had limitations and that by offering real-time confirmations, near-zero fees and a regulatory-compliant bank handling settlements, this system overcomes past limitations. Early adopterWhile Bhutan appears to have established a world-first with this system, it is no stranger to being innovative related to crypto. The kingdom has amassed a Bitcoin holding with a value in excess of $1 billion. It has collaborated with Bitcoin miner and Bitcoin mining equipment manufacturer Bitdeer on crypto-related ventures. In January it was announced that the Gelephu Mindfulness City (GMC), a special administrative region within Bhutan, is moving forward with plans to hold Bitcoin, Ethereum and BNB, a digital asset that was created by Binance back in 2017, within its strategic reserve. Bhutan’s early interest in crypto hadn’t gone unnoticed by Binance founder Changpeng Zhao (CZ). Last November, CZ commented on the X social media platform, in response to the news that Bhutan had accumulated in excess of $1 billion in Bitcoin, that many countries will use Bitcoin as a strategic asset going forward. The following month he visited the kingdom, meeting with the King of Bhutan.  During a panel discussion at Token2049 in Dubai in April, CZ commented that Bhutan is already advanced in its efforts to implement a national Bitcoin strategic reserve.

Bithumb’s No-Trading-Fee Policy Proves Effective in Boosting User EngagementSince the recent introduction of a no-trading-fee policy for select cryptocurrencies, Bithumb, one of the leading cryptocurrency exchanges in South Korea, has experienced extended customer engagement on its platform.Increased user engagement and installationsOver the past week, the Bithumb app has witnessed growth in user engagement and installations. Both the average total time spent on the app and the average time spent per individual user have risen by nearly 20%. Additionally, there has been a 10% rise in the number of new app installs compared to the previous week.Photo by Mike Hindle on UnsplashTen new fee-free tokensIn this positive announcement today, the crypto exchange also revealed the addition of ten new virtual assets to its list of fee-free trading options. These newly added assets are SAND, AXS, BSV, QTUM, TFUEL, ANKR, T, KNC, STPT, and ONG. This brings the total number of fee-free trading assets on the exchange to 20.Customer engagement and trading volumeBithumb has demonstrated its commitment to making customers stay longer on its platform through various initiatives. Notably, the exchange, in late June, introduced Insight, a service that provides crypto investors with metrics to help them make informed decisions. The company believes that bolstering customer engagement will drive growth in the exchange’s trading volume.Bithumb, recognizing the positive impact of its zero trading fee policy on customer retention, internally saw this achievement as a successful step towards delivering tangible benefits to its users through an optimized trading environment.Since the beginning of the month, the exchange has been unveiling a weekly lineup of fee-free tokens, accompanied by a no-fee BTC market. These fee-free tokens are easily identifiable with a blue badge and can be conveniently sorted by clicking the “fee-free” tab at the top of the chart.Moon Sun-il, the Head of Services at Bithumb, emphasized the company’s commitment to noticeable user experience enhancement. Moon highlighted the recent implementation of the no-trading fee policy and the introduction of the trading data service, Insight, as key initiatives driving towards this goal.

DBS Bank, a key player in Singapore's banking sector, has unveiled a substantial reorganization of its operational framework, which includes its digital asset exchange business, DDEx. Global Financial Markets (GFM)Effective March 1 DBS will consolidate its equity capital markets, brokerage arm DBS Vickers and the DBS Digital Exchange (DDEx) into its Treasury Markets division. In doing so, it will form a unified entity known as Global Financial Markets (GFM). This amalgamation underscores DBS's intention to merge conventional financial services with the burgeoning digital assets landscape, contributing towards a new era of financial integration and innovation. DDEx, a members-only exchange facilitating exposure to digital assets for accredited investors, financial institutions and family offices, will now operate under the umbrella of GFM. This strategic integration aims to leverage the synergies between traditional and digital financial spheres, positioning DBS at the forefront of transformative financial solutions.Photo by Meriç Dağlı on UnsplashDDEx founder retiresThe announcement of this restructuring coincides with the retirement of Eng-Kwok Seat Moey, a revered figure within DBS, whose 36-year tenure has left an indelible mark on the bank's trajectory. Eng-Kwok's contributions to DBS's equity capital markets and the development of Singapore's REITs industry are widely recognized, as is her pivotal role in spearheading the DBS Digital Asset Ecosystem (DAE) and the founding of DDEx. Under her stewardship, DBS has consistently ranked atop regional league tables, driving innovation and excellence in Singapore's financial landscape. Eng-Kwok's legacy extends to her instrumental role in establishing the DBS Digital Asset Ecosystem (DAE), a pioneering initiative offering a spectrum of digital asset services, including origination, distribution, custody and trading. Andrew Ng, the current head of Treasury Markets, assumes leadership of the newly formed GFM group. His expertise will be instrumental in navigating the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, renowned for his proficiency in fixed income, will expand his purview to encompass investment banking, overseeing both debt and equity capital markets alongside his responsibilities at DBS Vickers. Capitalizing on complementary strengthsThe consolidation of DBS's financial arms not only aims to streamline operations but also seeks to capitalize on the complementary strengths of traditional and digital financial domains. Piyush Gupta, CEO of DBS, expressed confidence in the merger's ability to unlock greater synergies, enabling the bank to deliver a comprehensive suite of financial solutions to its clientele. DDEx has been at the forefront of digital asset trading in Asia, witnessing significant growth in bitcoin and ether transactions in recent years. Notably, DDEx has explored avenues such as security token offerings (STOs) and it has ventured into the metaverse realm with investments in projects like The Sandbox. Additionally, DBS's Chinese subsidiary launched a digital yuan merchant solution, facilitating payments in the new currency for mainland enterprises. As DBS embarks on this latest transformation, the integration of digital assets into its core financial operations underscores its interest in innovation within a rapidly evolving financial landscape.