Hana Bank to Establish Joint Digital Asset Custody Venture with BitGo

CarrieVerse Token CVTX Listed on BingXBlockchain-based Web3 metaverse platform CarrieVerse has recently listed its native token CVTX on the cryptocurrency exchange BingX.Photo by m. on UnsplashMultipurpose tokenBuilt on Polygon, CVTX is integrated into the tokenomics ecosystem of CarrieVerse and its card strategy role-playing game (RPG) SuperKola Tactics. It is also the governance token for the CarrieVerse blockchain gaming platform Cling. It is currently tradable on other international exchanges in addition to BingX, such as Gate.io, MEXC Global, BitMart, and ProBit Global, as well as the Korean exchange GOPAX. CVTX can be traded for USDT on all of the above exchanges except for GOPAX, which offers a CVTX/KRW pair. KRW stands for Korean won.“CVTX has expanded its global presence one step further. We will continue to strive for market expansion through listings on leading exchanges, building on the excitement inspired by gaming and staking,” said David Yoon, CEO of CarrieVerse.About BingXFounded in 2018, BingX is a Singapore-based digital asset exchange that offers spot derivatives, copy trading, and grid trading services to over five million users across 100 countries worldwide. Its spot trading volume over the past 24 hours at the time of publication, according to recent data from CoinMarketCap, stands at $602 million. Notably, it allows for easy transfer of assets between Korean exchanges Bithumb and Coinone, having passed their Travel Rules requirements last year.

The CEO of Japanese hotel operator turned Bitcoin treasury company, Metaplanet, has suggested that the firm may consider acquiring a digital bank in the future. Simon Gerovich, the firm’s CEO and a former Goldman Sachs banker, told the Financial Times that part of the second stage of its overall strategy may involve “acquiring a digital bank in Japan and providing digital banking services that are superior to the services which retail now is getting.”Photo by Kanchanara on UnsplashBitcoin gold rushGerovich explained that phase one of Metaplanet’s plan involves participating in what he considers to be “a bitcoin gold rush.” He added: “We need to accumulate as much bitcoin as we can . . . to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up.” Other firms are jumping on the bandwagon, as within a very short timeframe, 140 companies around the world have adopted a Bitcoin treasury strategy. Metaplanet currently weighs in as the fifth-largest corporate holder of Bitcoin globally. Right now, the company holds 15,555 BTC. Its target is a holding of 210,000 BTC, which equates to around 1% of the total Bitcoin supply. Based on current pricing, such a holding would be worth in the region of $23 billion. Acquiring cash-generating businessesOnce the company has accomplished its Bitcoin accumulation goals, it plans to move on to phase two, acquiring cash-generating businesses while leveraging its Bitcoin holdings in order to do so. Using Bitcoin as collateral, Gerovich said that Metaplanet will “get cash that we can use to buy profitable businesses.”  While inroads are being made with regard to the acceptance of Bitcoin as a corporate reserve asset, it is earlier days still for its acceptance as collateral. Last month, the Federal Housing Finance Agency (FHFA) in the United States, ordered Fannie Mae and Freddie Mac, key government-sponsored players in the American mortgage market, to explore the treatment of Bitcoin as eligible collateral for mortgages. Standard Chartered and crypto exchange OKX launched a pilot program earlier this year geared towards the use of crypto for collateral purposes. Gerovich talks in terms of Metaplanet’s phase two plan playing out at a time “when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset.” The Metaplanet CEO stated that he expects the Bitcoin accumulation phase of the plan to play out over a period of between four and six years. The Tokyo-listed firm started accumulating Bitcoin in 2024. Some market participants are backing Metaplanet’s strategy with their own money. Global investment management firm Capital Group recently became Metaplanet’s second-largest investor. Bitcoin treasury criticsHowever, the emergence of Bitcoin treasury firms has also drawn quite a few detractors. Some critics point out that many of these companies have a negative operating income. Market analyst Caleb Franzen asserted that even after buying Bitcoin, they’re still junk companies. Others point out that too many firms have jumped on the Bitcoin treasury bandwagon, making the prospect no longer attractive. Fakhul Miah, managing director of GoMining Institutional, is also concerned about copycats. He told Cointelegraph that ”if these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image.”

Indonesia to Launch Blockchain Trials to Enhance Public ServicesIn the wake of its recent government-backed cryptocurrency exchange launch, Indonesia is moving further forward to launch trials that employ blockchain technology within its public services sector.Photo by Bisma Mahendra on UnsplashBlockchain-based land ownership recordsAt the recent Blockchain Economy Summit held in Dubai, Tuhu Nugraha, the Principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN), told Cointelegraph that these trials will encompass the utilization of blockchain-based digital certificates for land ownership and certificates of competence within the education sector.The executive believes that blockchain’s inherent attributes, which include characteristics such as immutability and transparency, can be harnessed to combat certificate fraud. By anchoring these certificates in blockchain’s secure ledger, the government can efficiently verify the authenticity of various digital certificates, which is a significant leap forward in ensuring the integrity of critical documents.Nugraha is an advisor to the Indonesian government on blockchain and metaverse technologies. He emphasized the government’s collaborative approach to Web3 technology. Additionally, Nugraha revealed that the Indonesian government is working in close partnership with various blockchain-focused associations to conduct experiments and gather insights into the multifaceted implications of blockchain across diverse sectors. Instead of imposing rigid regulations, Nugraha maintains that the Indonesian government is committed to crafting regulations that spur innovation.Cointelegraph also spoke with Grace Sabandar, Co-Founder of the Indonesia Blockchain and Metaverse Center (IBMC). Sabandar, an advocate of blockchain’s potential, emphasized the pivotal role of Indonesia’s youthful demographic on the basis that this dynamic demographic is inherently adaptable to new technology.Youthful demographic to capitalize on Web3Sabandar made the point that this younger Indonesian demographic has already demonstrated itself to be one of the world’s largest user bases for Web2 social media platforms such as Facebook and Instagram. On that basis, she believes Indonesia is poised to lead in the adoption of Web3 technology. She remarked:“We want to be the leader, not only the user of technology, because now, because of decentralization, anybody can do something, anybody can create something.”Furthermore, Sabandar highlighted the crucial educational role played by the IBMC in collaboration with the government, private sector stakeholders, media, and academia. Their mission revolves around enlightening the nation about the manifold benefits of blockchain, emphasizing transparency, the utility of smart contracts in business operations, the essence of decentralization, and other fundamental aspects.Realizing blockchain and Web3 potentialEarlier this week, a report published by South Korean crypto data platform Xangle in conjunction with Web3 consulting firm Tiger Research concluded that Indonesia has significant potential to grow its Web3 sector.Reports in recent days have also demonstrated further instances of the use of blockchain technology in the country, with state-owned ID Food collaborating with Singapore’s D3 Labs to establish a blockchain-based fish trading process. In July, South Korean tech company Milk Partners launched its blockchain-based reward points service in Indonesia.Indonesia’s blockchain development and adoption are being spurred on by the enthusiasm of its tech-savvy youth, collaborative partnerships, and a government dedicated to innovation and transparency. As it paves the way in the Web3 era, Indonesia seeks to leverage blockchain technology to benefit public services, foster trust, and lead by example in the global digital revolution.