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Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

28/02/2021 by Idelto Editor

Report: Asia's Cryptocurrency Landscape the Most Active, Most Populous Region 'Has an Outsize Role'

Recently, Messari Crypto Researcher, Mira Christanto published a report that looks into Asia’s cryptocurrency landscape in-depth, as 60% of the world’s population resides in the region. Christanto’s study shows that six out of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of ethereum-based futures and 94% of bitcoin futures volumes stem from Asia.

Asia’s Financial Landscape Is Ripe for Disruption

When it comes to cryptocurrencies, Asia accounts for a huge number of crypto users, companies, miners, traders, and more. The cryptocurrency and blockchain researcher from messari.io, Mira Christanto, explains that Asia has a “history of dictators, currency depreciation, [and] capital controls – all ripe for disruption.” This has likely led to Asia being the most active cryptocurrency markets, according to Christanto’s recent findings.

Report: Asia's Cryptocurrency Landscape the Most Active, Most Populous Region 'Has an Outsize Role'

Her recently published study called “Asia’s Crypto Landscape” covers the “key exchanges, funds, and market makers that define crypto in China, Japan, Korea, Hong Kong, Singapore, and Southeast Asia, with commentary on regulatory and investment trends.” Countries like China, Japan, Hong Kong, India, South Korea, Singapore, Philippines, Thailand, Indonesia, Vietnam, Malaysia, and more are covered in the 98-page study.

“Leading crypto countries, such as China, Japan, Korea, Hong Kong, and Singapore, have deep pools of liquidity, while other countries have a great potential to scale,” Christanto’s report says. “The nature of traditional finance has played a key role in the adoption of crypto: capital controls pushed investors towards cryptocurrencies in China and South Korea while low-yields pushed adoption in Japan,” she added.

Report: Asia's Cryptocurrency Landscape the Most Active, Most Populous Region 'Has an Outsize Role'

“By the end of 2019, six of the top ten largest crypto firms in the world were located in Asia,” Christanto’s data further shows. “As of January 12, 2021, of the top 20 token projects with headquarters, 42% of the market capitalization is based in Asia. Asia has an outsize role in the crypto markets due to a variety of reasons.”

Christanto’s report continues:

Each country has its own nuances, but factors include high penetration of public market investing, high-technology pedigree, the prevalence of WiFi, deep penetration of e-payments, propensity for gambling, and high percentage of computer- science graduates. Furthermore, Asia’s development as a finance hub has helped contribute to fintech progress. Japan, Shanghai, and Hong Kong are among the top five largest stock markets in the world.

Asia’s Thriving Crypto Landscapes

A few key factoids from Christanto’s study show:

  • Binance, Huobi, and Okex combined have about the same bitcoin holdings as Coinbase.
  • Hong Kong is home to some of the largest crypto derivatives companies in the industry.
  • Japan is a unique market with the largest retail foreign exchange industry, representing a third of total global foreign exchange (FX) and Contract for Differences (CFD) retail volume.
  • South Korea has the highest penetration of crypto investors with a third of workers invested in crypto.
  • Singapore is one of the more lax Asian markets for crypto-specific regulations, though strict on AML, KYC, fit-and-proper controllers, and FATF Travel Rule compliance.
  • The Philippines has one of the largest overseas foreign workers populations in the world, ranking fourth in global remittance recipients.

Report: Asia's Cryptocurrency Landscape the Most Active, Most Populous Region 'Has an Outsize Role'

Asia’s Crypto Landscape findings also indicate that a great number of countries in Asia have thriving landscapes and all for different reasons. For instance, Vietnam’s capital controls “means the crypto spot market operates somewhat in isolation,” Christanto says. Vietnam’s market is retail driven, the report notes and “when bitcoin prices are volatile, the Vietnam market lags by a couple of days.”

In Malaysia Luno is the top exchange in the country as the firm founded in 2013 in Cape Town, South Africa is dominant there alongside Singapore. Christanto and messari.io’s research also saw help from the independent blockchain infrastructure platform Blockdaemon.

Mira Christanto’s messari.io research report on the Asian crypto landscape can be read in its entirety here.

What do you think about Christanto’s 98-page study covering the Asian crypto landscape? Let us know what you think about this subject in the comments section below.

Filed Under: Asian Landscape, Bitcoin (BTC), China, Crypto Research, crypto-economics, Cryptocurrencies, Economics, English, Hong Kong, India, Indonesia, Japan, Malaysia, Market Shares, Messari Crypto Researcher, Messari.io, Mining, Mira Christanto, News Bitcoin, Philippines, report, Singapore, South Korea, Southeast Asia, study, thailand, trading, unicorns, Vietnam

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

21/02/2021 by Idelto Editor

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles for Leading Its 'Bitcoin Business Plan'

A Chinese tea retailer is looking to make its inception into the bitcoin mining business. Publicly-listed Urban Tea announced the expansion of its operations by appointing two executives to pursue its crypto plans.

Urban Tea Praises Cryptocurrencies’ Widespread Popularity

Per the announcement, Urban Tea Inc. hired Fengdan Zhou as the company’s new chief operating officer and Dr. Yunfei Song as an independent director. The tea retailer expects the new roles to lead the “company’s critical strategic expansion in blockchain and cryptocurrency mining.”

Zhou will look forward to implementing the bitcoin (BTC) business plan of the firm. Her experience includes having worked in blockchain data centers across Southeast Asia and managing crypto mining farms. Moreover, she has expertise in crypto hardware wallet development, the announcement details.

Also, Dr. Song comes from an academic background, specifically being a scientist at the Chinese Academy of Sciences. In fact, his expertise fields cover blockchain technology, crypto mining, artificial intelligence, among others.

Yi Long, CEO of Urban Tea, praised the widespread popularity that cryptos have gained recently. Also, he pointed out that the “world’s financial experts” have been building confidence in the future of cryptocurrencies and blockchain technology.

Long further commented on Zhou and Dr. Song’s hirings:

We expect that their industry expertise, combined with our growth strategy, will lead our expansion plan into the cryptocurrency mining industry. Going forward, we expect Urban Tea will start expanding into blockchain ecology, such as cryptocurrency mining, blockchain mine construction and maintenance, and cryptocurrency exchange operations.

Urban Tea, based in Hunan, China, was founded in 2011, and it’s currently listed in Nasdaq as MYT. As of press time, the company’s shares trade at $6.05, with a $45 million market capitalization. This maneuver is their first crypto-related business made over the company’s history.

Latest Tea Retailer’s Crypto Mining Venture Ended in a Disaster

There are some precedents of tea retailers joining the crypto industry. Long Island Iced Tea Corp, another publicly listed company, purchased 1,000 units of Antminer S9 manufactured by Bitmain in 2018 to join the crypto mining business. Afterward, they rebranded the business to “Long Blockchain Corp.”

However, the venture ended in a disaster. When Long Blockchain Corp acquired the crypto hardware, its stocks jumped by 500%. But mining’s plans went to the trash when crypto’s bears appeared in February 2018.

When Long Blockchain Corp’s shares were delisted by Nasdaq, the company also had to sell its tea business.

The story didn’t end there, as the FBI and the Securities and Exchange Commission then launched an investigation over allegations of insider trading and securities fraud.

What are your thoughts on Urban Tea’s announcement? Let us know in the comments section below.

Filed Under: Asia, Blockchain, blockchain technology, China, crypto mining, English, Mining, News Bitcoin, publicly listed company, tea retailer, Urban Tea

Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’

20/02/2021 by Idelto Editor

Russian Crypto Mining Companies Are Expanding Their Capacity as the Country Becomes a 'Preferred Hotspot' for Foreign Miners

Crypto mining operations have been witnessing some changes within the industry in terms of locations. A recent interview with the CEO of the mining giant Bitriver, revealed that Russia is becoming a preferred hotspot for crypto miners.

Russian Mining Giant to Build Two Additional Facilities to Cope With the High Demand

According to Igor Runets, CEO and founder of the Russian mining company Bitriver, American and European investors are moving their infrastructure from China, Africa, and Latin America to Russia. The main reason behind the shifting move is the expensive costs of electricity in such regions.

That said, most crypto miners are looking to cut costs amid the bitcoin (BTC) bull-run seen over the last few months. Bitriver CEO told Kommersant that its existing capacity as a mining company is at the top. Runets said the company is hoping to reach 1 gigawatt (GW) “in the next 18 months.”

Such expectations encourage Bitriver to increase its capacity by building two new crypto mining facilities in Krasnoyarsk with 80 megawatts (MW) in total.

On the other hand, the firm seeks to establish another mining infrastructure in Buryatia in the Siberian region, with 300 MW of capacity.

However, its first stage will have an initial capacity of 100 MW. Per the CEO, the deadline set by Bitriver is by the end of summer of this year.

Increase in Wholesale Chinese Crypto Miners Customers

Other domestic mining companies are seeing several applications for crypto mining hosting. Sergey Arestov, the co-founder of Bitcluster, highlighted that a significant number of wholesale Chinese customer orders keep coming to the company.

He forecasts that the demand could witness “a strong increase in demand” starting in the fall of 2021, as the expectations for the BTC prices are still very bullish.

This trend on a large batch of orders made Bitcluster set a plan to expand their capacity by adding 60 MW at any point of 2021.

What do you think about this trend seen in crypto mining globally? Let us know in the comments section below.

Filed Under: Bitcluster, bitcoin-mining, Bitriver, China, crypto miners russia, crypto mining, English, Mining, mining business, mining capacity, News Bitcoin, Russia

Publicly-Listed Chinese Lottery Firm Acquires Bitcoin Mining Pool Btc.com

17/02/2021 by Idelto Editor

Publicly-Listed Chinese Lottery Firm Acquires Bitcoin Mining Pool Btc.com

A U.S. publicly-listed Chinese sports lottery firm is extending its arms into the crypto industry by announcing another related maneuver. 500.com Ltd announced it has acquired Btc.com, the well known bitcoin mining pool.

Jihan Wu Is the ‘ Biggest Beneficial Owner’ of the Mining Pool

Per the announcement, the online lottery service provider bought the company from Blockchain Alliance. 500.com performed the transaction by issuing newly class A shares, representing almost a 10% stake in the listed Chinese company.

According to the filings, 500.com Ltd made the share exchange agreement with Blockchain Alliance Technologies Holding Company, a Cayman Islands-based firm. Currently, the Chinese lottery provider giant has a market capitalization of $860 million, and the transaction specifies some conditions.

One of them includes the profits generated by Btc.com, which in case that such net figures are no less than $20 million by the end of 2021, the current shareholders will get up to a 5% stake in 500.com Ltd.

It means that a maximum of 22,176,718 additional “Class A Ordinary Shares” shall be issuable, stated the announcement. The first transaction under the agreement is expected to happen on or before April 15, 2021.

Bitdeer Technologies Holding Company is the operator of the pool. Moreover, its “biggest beneficial owner” is currently is Bitmain co-founder Jihan Wu.

Btc.com claims to have over 10% of bitcoin (BTC) hashrate, becoming one of the top five largest mining pools globally.

Not the First Crypto-Related Business Maneuver Made by 500.com

But 2020 wasn’t a good year for the Chinese lottery service provider. According to the yearly figures, the company posted around $29.9 million in losses over 2020.

However, 500.com started the year on a bullish note due to a significant bitcoin mining-related acquisition. As news.Bitcoin.com reported earlier in January, the company reached an initial agreement to acquire BTC mining machines from an unnamed non-U.S. seller.

The full amount of the transaction — $14.4 million — will allow the company to acquire the machines, including such models as the M20s from Microbt S17, T17, and S9 units from Bitmain.

What do you think about the latest 500.com crypto-related acquisition? Let us know in the comments section below.

Filed Under: 500.com, BTC.com, China, English, Jihan Wu, Lottery, Mining, mining pool, Mining Pools, News Bitcoin, publicly listed company

Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

14/02/2021 by Idelto Editor

Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

In recent days, bitcoin cash has seen significant gains, and supporters of the digital currency have been positive about specific developments, like the internet entrepreneur Kim Dotcom’s current support. On February 11, the Chinese New Year, the prominent bitcoin mining executives, Jiang Zhuoer and Jihan Wu joined a Satoshi’s Angels discussion channel and spoke favorably about the peer-to-peer crypto-asset bitcoin cash.

The well known mining executives, Bitmain cofounder Jihan Wu and Btc.top founder Jiang Zhuoer seem very bullish about bitcoin cash (BCH), according to a couple of members from the marketing agency and umbrella organization Satoshi’s Angels. The organization Satoshi’s Angels (SA) was founded by Akane Yokoo, an organizer of the Tokyo Bitcoin Cash Meetup, and the educator and author Cindy Wang.

Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

Both of the SA founders are bitcoin cash (BCH) proponents and have educated the masses on the many benefits of the decentralized crypto asset. During the Chinese New Year, the SA founders and a number of other crypto supporters joined a Wechat channel in order to exchange red envelopes. A red packet or red envelope is a monetary gift that is popular during special occasions in China and other Asian territories. Cindy Wang said she had sent Jihan a message and said: “I want to invite you to our SA Wechat group to send a red envelope”

Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

Wang said that Jihan Wu joined the group and distributed three really big red envelopes. One left a message that said: “Happy LNY, Angel and Angel’s fans,” another one stated “Be lucky in the year of OX,” and the third one said: “No matter how high BCH price hits, keep building for our country.” Wang told news.Bitcoin.com that she believes Jihan Wu knows that “BCH is going to rise.”

“We were all so excited, and texted: ‘I love Jihan.’ And then a few people asked me to invite Jiang Zhuoer, I did and Jiang joined us,” Wang said.

The Satoshi’s Angels’ cofounder detailed that Zhuoer chatted with the group and he also sent “big red envelopes.” Some of the messages Zhuoer sent said: “Big block will win,” “Big is beautiful, more is good,” and he also said “Leverage makes you homeless. Mining makes you rich.”

The SA cofounders were extremely thrilled with Jiang Zhuoer and Jihan Wu’s BCH optimism. “Even though Jihan has been a low key about what’s happening at Bitmain, we can all tell that he has a deep feeling for bitcoin cash,” Wang told news.Bitcoin.com. “Jihan told me that he reads our Bitcoin Cash weekly news, and his appearance on new year’s eve really cheered up the Chinese community,” she added.

The discussion with Jiang Zhuoer and Jihan Wu follows BCH’s recent price run-up, as the crypto asset has seen massive gains during the weekend’s trading sessions. On Saturday morning (EST), BCH was swapping for $549 per unit and then touched a high of $728 at 10:02 p.m., jumping a whopping 32.60%. At the time of publication on Sunday, BCH is exchanging hands for $688 per coin.

What do you think about Jiang Zhuoer and Jihan Wu’s appearance on the Chinese New Year with the Satoshi’s Angels founders? Let us know what you think about this subject in the comments section below.

Filed Under: Akane Yokoo, BCH, Bitcoin Cash, bitcoin cash BCH, Bitmain, BTC.TOP, China, Chinese Crypto Community, Chinese New Year, Cindy Wang, English, Jiang Zhuoer, Jihan Wu, Lunar New Year, News, News Bitcoin, P2P Cash, Red Envelope BCH, red envelopes, Satoshi’s Angels, Satoshi’s Angels (SA), WeChat, Year of the Ox

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