Bithumb’s Burrito Wallet holds Partners Day 2024

In a recent survey conducted by personal finance management solutions provider Seedly, together with global crypto exchange Coinbase, it was discovered that over 56% of Singaporeans currently own cryptocurrency, with nearly half expressing bullish sentiments regarding its future prospects over the 12 months of this year.Photo by Zhu Hongzhi on UnsplashFuture of financeTitled "The Pulse of Crypto Singapore Report," the study surveyed 2,006 Singaporean adults across various age groups and household incomes from October to November 2023. Survey participants were deemed to be “finance forward Singapore-based adults who have a strong interest in personal finance and investments.” It determined that 56% of respondents believe cryptocurrency represents the future of finance. Participants cited short-term profitability, long-term capital appreciation and portfolio diversification as key factors driving their optimism. The report’s authors speculate that this optimism is also due to the city-state’s approach to digital assets and the regulatory framework that has been put in place by the Monetary Authority of Singapore (MAS). Yeap Ming Feng, head of marketing at Seedly, also attributed the optimism towards crypto to Singapore's vibrant Web3 ecosystem, which fosters collaboration among builders, investors and users. When selecting a crypto exchange for trading, crypto owners prioritize security, low fees, regulation and ease of use. Coinbase, one of the report’s facilitators, doubled down on its operations in Singapore in 2023, acquiring a Major Payment Institution (MPI) license from the Singaporean regulator, enabling it to expand its product offering. It extended its offering further last month when it launched USD transfers via SWIFT. Notably, the survey identified staking as the most prevalent use case for cryptocurrency in the city-state.  Non-crypto user concernsHowever, the study unveiled that non-crypto users harbor concerns about market volatility (57%), high risk (53%) and the absence of regulation (45%) in the crypto space. Singapore was disproportionately affected by the demise of a number of crypto platforms in 2022. An outsize number of citizens were caught up in the FTX collapse having utilized that crypto exchange instead of Binance, which had been prohibited from trading within the territory. Singapore was also home to failed crypto lenders such as Vauld and Hodlnaut, failed crypto hedge fund Three Arrows Capital (3AC) and UST stablecoin developer Terraform Labs. These high-profile crypto failures so close to home are unlikely to have put crypto skeptics at ease in Singapore where the consideration of risk relative to digital assets is concerned. That said, MAS is actively working towards implementing additional rules to safeguard Singaporean investors. Despite these reservations, the survey underscores a growing interest in and adoption of cryptocurrencies among the financially aware population in Singapore. This trend aligns with Singapore's commitment to remaining a leader in Asia for crypto readiness and supports the city-state's vision of becoming a global digital asset hub. The study also highlighted the progress that the crypto market in general made recently. Over the course of 2023, crypto market capitalization has gained momentum, from $829 billion at the outset of the year, culminating at $1.72 trillion towards the end of the year, according to a report by CoinGekco.

Korbit, Ewha-Chain Leverage NFTs to Promote Blockchain KnowledgeEwha-Chain, a blockchain study group at Ewha Womans University, recently tweeted that it has collaborated with Korbit, one of South Korea’s leading cryptocurrency exchanges, to hold an non-fungible token (NFT) airdrop event for college students, offering free ice cream as an incentive.Hands-on experienceThe event aims to introduce participants to the crypto exchange and provide hands-on experience with Web3 and blockchain technology, as well as showcasing the benefits of NFTs.To participate, students have to create a Korbit account using their email address and register for an Ice-Chain NFT by completing a Google Form. Korbit will distribute the NFTs on the afternoon of May 11, the day before the event.Free ice creamOn the day of the event, Ice-Chain NFT holders can visit the Ewha Womans University branch of the Ice Girl Cream Boy ice cream shop to spin a wheel and win either free ice cream or Korbit merchandise.According to Korean economic news media Paxetv, Kim Il-kwon, head of business development at Korbit, said that the Ice-Chain event strives to familiarize university students with blockchain technology and promote the Korbit brand. Kim added that Korbit is dedicated to ongoing cooperation with Ewha-Chain and expanding channels to engage with millennials and Generation Z.Photo by ROMAN ODINTSOV on Pexels

StraitsX, a Singapore-headquartered digital asset infrastructure provider, has partnered with global payments firm Visa and Hong Kong-based RedotPay to enable the Hong Kong firm in launching a crypto credit card product offering. The partnership combines Visa’s global payments network with StraitsX’s facilitation as a means of accessing that network. Meanwhile, RedotPay’s proprietary real-time conversion technology enables users to spend crypto using the card on goods and services priced in fiat currency.Photo by Markus Winkler on UnsplashVisa BIN sponsorshipStraitsX published details of the development on its blog on Feb. 11. The company is authorized by Visa to act as a Visa BIN (Bank Identification Number) sponsor. Essentially, it acts as the conduit through which RedotPay is enabled to issue its crypto credit card. By leveraging StraitsX’s BIN sponsorship, RedotPay has cut through the complexity and cost that would be involved in trying to gain principal membership of the Visa network. Furthermore, as a BIN sponsor, StraitsX will handle compliance and security. The card offering allows holders to make purchases using crypto through the global network of merchants that accept Visa payments. Jason Tay, head of commercial at StraitsX, described the partnership as “a game changer for everyday retail use cases,” on the basis that the new card issuance will enable users to leverage their digital assets with ease in respect of daily transactions. Both companies emphasized that the partnership has led to a product offering that bridges the gap between digital assets and conventional commerce. Tay said that it “will transform how consumers interact with cryptocurrencies in the retail space." He added: "By combining our technology with Visa's vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.” Targeting the unbanked & crypto usersRedotPay CEO and co-founder Michael Gao said that the collaboration marked a significant step forward in the company’s mission to make crypto payments accessible and user-friendly, while contributing towards the mass adoption of cryptocurrencies within payment systems. “Our users will enjoy the flexibility of spending their digital assets just like traditional currency,” he added. It’s understood that the product offering targets crypto users primarily in Singapore. Adeline Kim, Visa’s country manager for Singapore and Brunei, highlighted the potential of the card offering, given that over 35% of digital asset owners in Singapore use them for retail purchases. That data emerged via a Visa study which was completed in 2023. The same study found that close to six in 10 consumers in Singapore are aware of digital assets.  While this marks the official launch of the product, RedotPay soft-launched the card in late 2024. StraitsX has been influential in enabling other crypto-related payments systems in Asia. Last December it assisted Thailand’s Kasikornbank (KBank) in rolling out a Thai baht to Singaporean dollar cross-border payments solution implicating the use of stablecoins. The company received Major Payments Institution (MPI) licenses from the Monetary Authority of Singapore in July 2024.