Nassau and Treasure Labs Go Metaverse to Step into the Future of Style

Checkout.com Partnership Sees Alchemy Pay Extend Global ReachAlchemy Pay, a leading Singapore-headquartered fiat-crypto payment gateway, has announced a major collaboration with Checkout.com, a renowned payment processor serving global digital businesses.The partnership, announced by Alchemy Pay via a blog article published on Friday, allows the firm to seamlessly integrate Checkout.com’s Visa and Mastercard channels into its on and off-ramps, enabling effortless transactions between fiat currency and cryptocurrency worldwide. Furthermore, Alchemy Pay’s NFT Checkout product is also set to incorporate these channels in the near future, expanding the reach of the payment gateway even further.Photo by Jonas Leupe on UnsplashVisa and Mastercard integrationThe company claims that the integration of Visa and Mastercard payment rails via Checkout.com enables it to achieve one of the highest payment acceptance rates in the industry. This seamless integration allows users to easily buy and sell digital assets through Visa and Mastercard using the Alchemy Pay Ramp and NFT Checkout.Checkout.com is a leading global payments solution provider catering specifically to large global enterprise merchants, handling massive transaction volumes daily. In 2021 alone, the company processed hundreds of billions of dollars in payments. Its esteemed clientele includes major names such as Netflix, Farfetch, Grab, Sony, Pizza Hut, and Shein.As a premier payment processor, Checkout.com further strengthens its position by providing crucial support to prominent players in the crypto industry, including Circle and Kucoin, among others. The company’s offerings include higher global acceptance rates, enhanced conversion rates, reduced charge-backs, and comprehensive global coverage through a streamlined entry point.Bridging crypto and fiat economiesBy eliminating obstacles to widespread crypto and NFT service adoption, Checkout.com’s smooth conversion process aligns perfectly with Alchemy Pay’s mission of bridging the gap between fiat and crypto economies on a global scale.Digital assets don’t exist in a vacuum. The history of this new asset class is short, having emerged within a world where we have all engaged with a conventional finance system which continues to hold most of the wealth that exists. It’s vital therefore, that services like Alchemy’s broaden the ability to on and off ramp between crypto and fiat if we are to encourage ever greater participation in the crypto economy.Alchemy Pay has been actively pursuing collaborations with renowned global acquirers and payment processors to streamline its on and off-ramp processes. In April the company announced a collaboration that would see it enable domestic transfer payments in India via India’s Unified Payments Interface (UPI) system to effect crypto purchases. Earlier that month, it secured $10 million in funding from market maker DWF Labs, with the funding earmarked towards expanding the business within the South Korean market.Leveraging its payment channels, Alchemy Pay has successfully connected to key markets worldwide, enhancing its capabilities in global coverage and licensing, while also reducing transaction and operating costs.In addition to strategic partnerships, Alchemy Pay has an impressive track record of securing licenses in various countries and regions, including the United States, Canada, Indonesia, and Lithuania.

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.

Public Confidence in Crypto Wanes in Hong Kong Amid JPEX ScandalThe development of cryptocurrency in Hong Kong has been dented in terms of public sentiment following the JPEX cryptocurrency exchange scandal, according to a recent survey conducted by the Hong Kong University of Science and Technology’s (HKUST) business school.Photo by Alex Plesovskich on UnsplashA two-phase survey methodologyThe survey, the preliminary results of which were disclosed by the business school on Tuesday, aimed to gauge how public attitudes toward virtual assets had been affected by the JPEX scandal, which rocked the crypto community within the Chinese autonomous territory.While the survey is set to conclude on October 20, the preliminary findings have already revealed a noteworthy shift in public perception. Notably, 41% of respondents expressed a preference not to hold virtual assets, marking a 12-percentage-point increase from the earlier study conducted in May.Moreover, only 20% of respondents indicated a desire to hold virtual assets in the future, reflecting a five-percentage-point decrease compared to the previous survey. These findings suggest a growing skepticism among Hong Kong’s populace regarding the cryptocurrency industry.Post-JPEX public sentimentThe initial survey involved 5,700 participants aged 18 and above and was conducted between April 24 and May 23. Phase two of the survey commenced on September 28, approximately 11 days after the allegations against JPEX came to light. The results were compared to a similar survey conducted between April and May to assess the evolving sentiment. Between September 28 and October 5, phase two of the survey had compiled responses from 2,200 individuals.HKUST acknowledged that the second survey occurred in the “aftermath of an alleged financial fraud” involving a cryptocurrency platform but refrained from directly naming JPEX in the report.Professor Allen Huang, Associate Dean of HKUST’s business school, attributed the shift in sentiment to the recent financial scandal, which thrust the cryptocurrency industry into the spotlight. This heightened attention has led to a “more conservative investment appetite” among the public. He emphasized the need for greater educational initiatives to enhance public awareness and understanding of the risks and potential of this emerging field.HKUST’s business school stated that the survey’s primary objective was to assess the attitudes and viewpoints of Hong Kong’s residents regarding virtual asset investments, considering their experiences, intentions, and the regulatory safeguards in place.JPEX falloutThe JPEX scandal, which allegedly involved a $166 million fraud scheme, unfolded over several months before Hong Kong authorities publicly announced their investigation into the exchange. It forced local regulators to reassess the soundness of crypto trading-related regulatory measures applied within the Chinese autonomous territory.That reassessment led to regulators concluding that efforts needed to be intensified to combat unregulated platforms operating within Hong Kong. In response to the JPEX saga, the Hong Kong Police Force and the Securities and Futures Commission (SFC) established a cryptocurrency-focused working group earlier this month to combat illicit activities on cryptocurrency exchanges.The evolving sentiment in Hong Kong reflects the broader challenges and concerns surrounding the cryptocurrency industry. As regulatory scrutiny increases and major incidents like the JPEX scandal come to light, it’s clear that fostering public trust and understanding is a pressing priority for crypto businesses and the broader crypto community.