OKX launches OKX TR in Turkey

Short-Term Crypto Investment Prevails Among Hong Kong’s Retail InvestorsHong Kong’s retail investor interest in virtual assets has experienced a significant surge in recent years, albeit a recent survey suggests that most retail investors take a short-term investment view relative to crypto assets.Photo by Robert Bye on UnsplashIFEC studyThis newfound enthusiasm for virtual assets emerges from a recent study published by the Investor and Financial Education Council (IFEC), a subsidiary of the Securities and Futures Commission (SFC), Hong Kong’s securities regulator. The survey found that 6% of retail investors in the city had entered the virtual asset market in 2023, as compared to merely 1% in 2019.Conducted from June to July of this year, the study encompassed 1,000 individuals aged between 18 and 69. The survey uncovered a trend toward crypto investing among retail investors who’ve been enticed by the allure of the emerging asset class. Intriguingly, every single one of the digital asset retail investors in the study held cryptocurrencies in their portfolios. Non-fungible tokens (NFTs) and stablecoins, while still relatively niche, were also present in the portfolios of 6% and 2% of investors, respectively.11% to invest in crypto within 12 monthsAnticipating a further uptick in interest, the IFEC report posits that 11% of those surveyed have intentions to invest in virtual assets or related products within the next 12 months. This indicates that the allure of virtual assets continues to exert its magnetic pull on investors in Hong Kong.Despite the growing interest, a noteworthy finding in the survey is that 75% of retail virtual asset investors admitted to their primary motivation being the pursuit of short-term gains. Simultaneously, 74% of these investors perceived virtual assets as a prevalent investment trend, and 73% cited the fear of missing out on popular investment opportunities as a driving factor. These statistics underscore the need for enhanced investor education within the sphere of virtual assets.Lack of regulatory awarenessAnother interesting aspect of the data which emerged from the survey was the finding that only 47% of all surveyed investors are aware of Hong Kong’s recently introduced virtual asset trading regulations, which came into effect on June 1.An additional facet of this investor behavior study was illuminated by research conducted by the Department of Applied Social Science at Hong Kong Polytechnic University (PolyU). This research, based on data from a separate IFEC report that surveyed 501 people from November to December of last year, revealed that many retail investors in virtual assets exhibited overconfidence in their judgment.These investors were also found to have a proclivity to overemphasize past information, lean heavily on readily available and easily recalled information, and overestimate personal intuition.With that in mind, Eric Chui, Head of PolyU’s Applied Social Science unit, advised virtual asset investors to adopt a more deliberate and rational approach. Chui emphasized the importance of building financial literacy and collecting high-quality market information to make informed investment decisions, while steering clear of irrational investment behavior and biases.

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”

Bitdeer Records Revenue Growth Amid Q2 LossesSingapore-based crypto mining company, Bitdeer, experienced a notable boost in cash flow during Q2 2023. However, this upswing was counterbalanced by substantial acquisition costs and share-based compensation expenses.It’s been a mixed couple of days for Bitdeer. On Thursday it emerged that the company had struck a deal with B.Riley Financial that has seen the financial services firm sign a $150 million share purchase options agreement with Bitdeer. Twenty-four hours later, there’s further good news in that the firm has increased its mining hash rate. However, it has also recorded a significant loss for Q2, 2023.Photo by David Clarke on UnsplashHash rate increaseIn its recent earnings report released on Friday, Bitdeer revealed a remarkable increase in its mining hash rate. The figures surged from 2.1 exahashes per second to an impressive 3.8 exahashes per second throughout the second quarter of 2023 by comparison with the same period in 2022. Furthermore, Bitdeer’s self-mining operations yielded 758 bitcoins in contrast to 521 bitcoins mined during the same period in the preceding year.This surge in hashing power contributed to a Q2 revenue of $93.8 million, marking a 5% year-over-year increase. Bitdeer attributed this revenue growth to its bolstered hashing power, setting a solid foundation for its financial performance.Linghui Kong, CEO of Bitdeer, shed light on pivotal developments driving the company’s growth trajectory. Kong highlighted the successful completion of the mining site in Bhutan and the establishment of a cutting-edge immersion cooling data center.Operational expansionKong emphasized: “Our 100MW mining datacenter in Bhutan is in the process of power-on testing, and the mining machines are beginning stable operation.” Additionally, he mentioned that a 175MW immersion cooling data center is currently under construction at the Tydal mining facility in Norway, with an expected completion date of 2025.Bitdeer’s expansion endeavors have led to a significant increase in its mining operations. The company now manages 199,000 mining machines, a considerable rise from the previous year’s count of 119,000. Over the past year, Bitdeer’s business model has evolved, with a majority of machines being hosted rather than self-owned.Despite the growth in operations, Bitdeer reported a net loss of $40.4 million in Q2, marking a substantial increase from the previous year’s quarterly loss of $15.6 million.Merger overheadThe Q2 losses were largely attributed to Bitdeer’s merger with the special purpose acquisition company (SPAC), Blue Safari Group Acquisition Corp. Notably, the listing fee alone for this merger amounted to $33.2 million, and share-based payment expenses added up to $9.6 million during the quarter.Bitdeer’s stock had experienced a 26% decline in the 30 days leading up to the report. However, the losses were quickly recouped, with the stock rallying by over 27% on the day of the report’s publication. This market response underscores the dynamic nature of the cryptocurrency sector and the investor sentiment surrounding it.Bitdeer’s Q2 performance showcases the company’s revenue growth propelled by enhanced hashing power. The expansion of its mining operations, coupled with strategic developments like the Bhutan mining site and immersion cooling data center, position Bitdeer for further growth.