Ripple Pursues International Growth Via Dubai Expansion

Gemini Announces Singapore Expansion PlansGemini, the US-based cryptocurrency exchange and custodian, has announced its plans to expand its team in Singapore over the course of the next 12 months.Photo by Pixabay on Pexels100 new hiresGemini made the announcement by way of a blog post published to its website on Monday. In that post, the company outlined that it intends to add over one hundred new hires over the course of the next year. Gemini aims to focus on the Asia-Pacific (APAC) market, which it believes will play a crucial role in its next phase of growth.Indian engineering hubIn addition to its Singapore expansion, Gemini is actively working on setting up an engineering center in Gurgaon, India. Back in April, the firm’s newly appointed Chief Technology Officer and APAC region CEO, Pravit Tiwana, announced the intention of establishing the India-based engineering center. An intention to expand the Singapore base was also suggested at that time, with the company now following up with firm expansion plans.This engineering hub in Gurgaon is expected to become the second largest for Gemini, after its operations in the United States. By expanding its engineering capabilities, Gemini aims to bolster and support its global operations effectively.APAC to drive crypto growthGemini sees the APAC region as the driving force behind what it termed “the next wave of growth for crypto.” The exchange plans to use its Singapore office as a hub from which to run broader operations in APAC.This strategic move follows Gemini’s addition of support for the Singapore dollar (SGD) three years ago, enabling local residents to access cryptocurrencies directly using their native currency. The expansion plan provides Gemini with the potential to capitalize on the growing opportunities within the APAC market, further establishing a foothold in a significant regional market.Gemini’s decision to focus on international expansion aligns with the growing trend among cryptocurrency companies. Regulatory pressures in the US crypto market have escalated, exemplified by recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.These circumstances have prompted many companies to seek opportunities beyond the United States. In particular, exchanges are looking for markets with clearer regulatory landscapes and significant growth potential. Hong Kong, Singapore, and several European countries have emerged as attractive options.Coinbase, one of the largest cryptocurrency exchanges globally, has also followed a similar path to Gemini by expanding its services in Singapore. Singapore’s reputation as a crypto-friendly financial hub makes it an attractive location for such expansion efforts.Gemini’s decision to expand its team in Singapore and its focus on the APAC market reflects a strategic approach to capitalize on the increasing global demand for cryptocurrencies. By establishing a strong presence in key international markets, the company has found a workaround for the current impasse in the United States with regard to the lack of sane, workable regulation.The company has identified a region that is taking a more accommodating approach, while recognizing the APAC region’s potential as a significant driver of growth and is proactively positioning itself to tap into the region’s expanding crypto market.

3AC Founders Vow to Donate Future EarningsThe co-founders of the Singapore-headquartered bankrupt crypto hedge fund Three Arrows Capital (3AC) have publicly committed to donating their “future earnings” to creditors who suffered losses during the fund’s dramatic collapse.Kyle Davies and Su Zhu made this groundbreaking announcement during a candid Twitter Spaces session hosted by Mario Nafwal, aiming to establish a “shadow recovery process” parallel to the ongoing liquidation proceedings.Photo by Josh Appel on UnsplashBelieving in karmaDavies explained that their intended donations would be separate from the formal recovery process, designed to supplement any reimbursements that creditors might receive through the liquidation proceedings. While acknowledging that some early creditors have already been made whole, he emphasized the founders’ unwavering belief in the concept of “karma.”They see their act of giving back as a way to balance the scales and provide an avenue for creditors to potentially recover their losses.Creditor skepticismHowever, these noble intentions expressed by Davies and Zhu have been met with skepticism from the crypto community and the very creditors they seek to assist. Teneo, the liquidator overseeing the 3AC liquidation, responded to Davies’ comments by expressing disappointment in the founders’ lack of cooperation during the ongoing process. They stressed that the founders should prioritize engaging in the court-ordered activities rather than making promises about future earnings from a new venture.Acknowledging concerns about optics, Davies addressed questions surrounding the launch of their new crypto exchange, Open Exchange (OPNX), while their previous company undergoes liquidation. He stressed the inherent connection between OPNX and the creditors, suggesting that the success of their new entrepreneurial endeavor would ultimately benefit those affected by the collapse of Three Arrows Capital.OPNX success requiredOPNX, the newly launched Dubai-based trading platform, is specifically designed to facilitate the trading of bankruptcy claims. Since its announcement in February, the platform has garnered significant attention, boasting an impressive user base of 20 million individuals holding a collective $20 billion in claims. It is worth noting that the collapse of Three Arrows Capital resulted in the loss of $2.5 billion in customer deposits, making the success of OPNX crucial for creditors seeking redress.Davies also revealed that OPNX currently records approximately $50 million in daily trading volume, showcasing promising early traction for the platform. However, the exact mechanics of the “shadow recovery process” were left unspecified.While OPNX currently only facilitates the trading of claims from lender Celsius, the platform has ambitious plans to include claims from other high-profile bankruptcies in the near future. The list of potential additions encompasses notable entities such as FTX, Genesis, BlockFi, Voyager, Hodlnaut, Mt. Gox, Vauld, Zipmex, and even Three Arrows Capital itself.When taken at face value, the founders’ pledge to donate future earnings to creditors takes on the appearance of a significant and commendable gesture. However, doubts persist within the crypto community due to the founders’ prior actions and the ongoing liquidation process. Only time will reveal the true impact of this “shadow recovery process” and whether it will genuinely alleviate the losses suffered by creditors in the wake of Three Arrows Capital’s collapse.

Hanwha Resorts Partners with Blockchain Donation Platform CherrySouth Korean hospitality company Hanwha Hotels & Resorts (H&R) has announced on Tuesday a collaboration with Cherry, a blockchain-powered donation platform, to raise awareness for charitable giving, according to news outlet Economic Review.Photo by Markus Winkler on UnsplashTracking donations in real-timeCherry became the first mobile app in Korea to enable users to track their donations in real-time using blockchain technology. The platform offers various donation methods, including participation in dance challenges, which have attracted the interest of younger generations.Supporting through NPOThrough this partnership, Hanwha H&R will launch a donation campaign called Sneakers’ Day. The campaign will support underprivileged children’s leisurely travel through the non-profit organization (NPO) Yana once participants’ total steps reach 6 million. Users can join the event by clicking the Hanwha H&R campaign button on the Cherry app and walking.The app counts users’ steps and ranks them, fostering a competitive atmosphere and encouraging more participation. The campaign will take place from May 15 to 31, and is open to everyone.Rewards for participantsThe top three walkers will receive Hanwha H&R vouchers worth 100,000 KRW, 70,000 KRW, and 50,000 KRW. Participants who share a picture of their successful donation on social media will be entered into a random draw to win one of 10 travel kits. Additionally, walkers who achieve over 10,000 steps will have a chance to win one of 10 Starbucks gift cards.A Hanwha H&R official revealed that the company held a similar event for its employees last month, reaching the goal in just 10 days. The company plans to continue participating in various environmental, social, and governance (ESG) activities to maintain its commitment to social responsibility.