Bitdeer and NVIDIA Partner to Launch AI Cloud Service in Asia

Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing, has teamed up with NVIDIA to introduce a new cloud service in Asia, according to Globenewswire. Named Bitdeer AI Cloud, this service is poised to be powered by NVIDIA’s advanced DGX SuperPOD with DGX H100 systems, representing a major development in the region’s technological landscape.

The partnership comes at a time when the demand for powerful and efficient cloud computing solutions is at an all-time high, driven by rapid advancements in AI, machine learning, and large language models (LLMs). Industry analyst IDC reported a remarkable 32% annual growth in the public cloud platform-as-a-service (PaaS) market in 2022, a clear indicator of the sector’s burgeoning success. This growth is further amplified by the expanding realms of online gaming, livestreaming, and social media in Asia, which have significantly escalated the need for enhanced computing power.

Bitdeer’s strategic decision to collaborate with NVIDIA is seen as a move to consolidate its position in the Asian market. This partnership elevates Bitdeer to a Preferred member of the NVIDIA Partner Network, a status that highlights its technological capabilities and market influence. Matt Linghui Kong, CEO of Bitdeer, has expressed his excitement about this collaboration, seeing it as a stepping stone for advancing AI and LLM technologies in Asia.

Tony Paikeday, the Senior Director of the DGX platform at NVIDIA, emphasized the importance of generative AI in modern business environments. He pointed out that Bitdeer, utilizing NVIDIA’s DGX infrastructure, is well-equipped to provide the AI supercomputing and software necessary for developing and deploying advanced generative AI models and services.

Bitdeer’s approach to expanding its GPU cloud business is multifaceted. The company plans to provide a high-performance GPU cloud infrastructure that will serve as the cornerstone for various AI-driven projects. This move is expected to allow organizations to efficiently utilize GPUs for complex AI workloads. Additionally, Bitdeer is developing a GPU-as-a-Service platform, aiming to simplify AI application management and deployment. This is in line with global market projections that foresee significant growth in the PaaS market.

Furthermore, Bitdeer intends to offer AI software services to a diverse range of industries, thus democratizing access to AI technology and reducing the complexities associated with in-house development. The company is also preparing to launch API services to enable businesses to integrate AI more easily into their existing operations, in response to the anticipated growth of the Asia Pacific API market.

Bitdeer’s global operations, including datacenters in the United States, Norway, and Bhutan, underscore its expertise in managing complex computing processes. The company’s announcement of its NVIDIA DGX SuperPOD-based high-performance cloud service platform, expected to launch in Q1 2024, signals a significant step towards providing scalable and dynamic AI solutions across various industries.

Image source: Shutterstock


Tagged : / / / / / / / / / / / / /

Ninety Eight Launches $25M Ecosystem Fund to Boost Web3 Startups in Asia

Ninety Eight, formerly known as Coin98 Finance, has unveiled its new $25 million Ecosystem Fund. Announced on November 7, 2023, this fund is a strategic initiative to support and accelerate the growth of Web3 startups, particularly in Asia. This initiative marks a key milestone for the company, showcasing its dedication to the evolving Web3 space.

The primary focus of the Ninety Eight Ecosystem Fund is to cater to the unique challenges and needs within the Web3 framework. By offering financial assistance and strategic counsel, Ninety Eight is committed to the comprehensive development of startups. This includes access to its extensive industry network and the expertise of its seasoned professionals, all aimed at driving startup success in a competitive landscape.

At the core of Ninety Eight’s support system is Viction (previously Tomochain), a layer-1 blockchain known for its zero-gas transactions and enhanced security features. This platform is instrumental in aiding startups to expand their reach effectively. Additionally, the utilization of Ninety Eight’s native token, $C98, is encouraged among startups. This token, evolving beyond its initial purpose as a wallet token, now stands as a catalyst for Web3 innovation.

The responsibility of managing the Ecosystem Fund has been entrusted to Arche Fund, a venture arm within the Ninety Eight ecosystem. Arche Fund will not only oversee the fund but will also provide startups with essential tools, resources, and networks, ensuring their growth and success.

Looking forward, Ninety Eight is set to introduce Starship, a launchpad designed to nurture high-quality Web3 startups, providing them with unparalleled investment opportunities. This initiative aligns with Ninety Eight’s philosophy of supporting visionary builders in the Web3 domain.

Thanh Le, the CEO of Ninety Eight, emphasizes the company’s guiding principle of “builders backing builders.” He credits the community for the company’s current stature and reiterates his commitment to contributing to the widespread adoption of Web3 technologies and the future of decentralized internet.

Ninety Eight invites Web3 startups in Asia to apply for funding through the Ecosystem Fund, with submissions accepted via Arche Fund’s application process. The company looks forward to empowering innovative Web3 solutions in the region.

Image source: Shutterstock


Tagged : / / / / / / / / / /

Australia Surpasses Asia in Crypto ATM Installations

Australia has become a leading country in the adoption of cryptocurrencies, with a growing number of businesses and individuals recognizing the benefits of using digital assets for daily transactions. According to Coin ATM Radar, Australia has surpassed Asia in the total number of crypto ATMs installed, with 364 machines as of January 2023. This represents a significant increase since the beginning of the year, with the country climbing from fifth to third place in January alone.

Over the last eight months, Australia has consistently added Bitcoin ATMs, unlike leading European nations and the United States, which reported a reduction in ATM installations during the same period. This suggests that Australia is on a crypto ATM installation spree, reflecting the growing demand for fiat-to-crypto conversions in the country.

In contrast, Asia, which includes major economies such as China, Japan, Singapore, and India, hosts only 355 crypto machines, representing only 1% of the total crypto ATMs installed worldwide. Despite the vast population and economic power of these countries, Australia has managed to outpace them in the installation of crypto ATMs.

The increasing popularity of cryptocurrencies in Australia is not limited to the installation of crypto ATMs. Leaked internal documents from Australia’s Department of the Treasury reveal that the country is also considering the introduction of crypto legislation. This would provide a regulatory framework for the crypto industry, helping to legitimize and foster its growth.

Although the final submissions to the cabinet will reportedly come later in the year, it is clear that crypto legislation is on the horizon in Australia. This would bring the country in line with other leading crypto-friendly nations, such as Switzerland and Malta, which have established themselves as global hubs for crypto innovation and adoption.

In conclusion, Australia’s growing number of crypto ATM installations and its consideration of crypto legislation demonstrate the country’s commitment to fostering the growth and adoption of cryptocurrencies. As the crypto industry continues to evolve and gain mainstream acceptance, Australia’s proactive approach positions it as a leader in the global crypto landscape.


Tagged : / / / / / /

Asia Crucial to Web3 Gaming Industry

According to a recent report by DappRadar, Asia is a crucial region for the Web3 gaming industry, given its majority share of gamers and gaming revenue, as well as its high interest in blockchain technology. The report highlighted that the Asian market boasts over 1.7 billion video game players, accounting for 55% of the world’s total. In addition, Asia houses over half of the global gaming revenue and has long been “the driving force” behind the global gaming industry.

DappRadar claims that due to these factors, the Asia region “plays a crucial role in the adoption of blockchain gaming.” However, while China, Japan, and South Korea dominate the gaming industry in Asia, they have varying attitudes towards blockchain technology.

China, for instance, has banned crypto and prohibits gaming companies from integrating blockchain technology into their games. On the other hand, gaming companies in Japan and South Korea are “leading the way in the adoption of blockchain technology in gaming,” the report says. It points to Sony’s recent NFT-related patents and gaming firm Sega’s announcement of its upcoming blockchain game as evidence of this trend.

A survey of 1,030 Japanese men and women ranging in age from their 20s to 70s cited in the report revealed a promising outlook for the Japanese blockchain gaming industry. It revealed just over 40% of respondents were familiar with blockchain games, and over half of those familiar had a favorable impression of them.

The report also addressed the Web3 industry on a global scale, highlighting that “visual quality and game experience” are “slightly” more important factors for gamers when evaluating a new game over other aspects such as entry price, the number of active users, and game economies. The report also emphasized the significance of airdrops in motivating gamers to try out new games. It was stated that airdrops are considered “an essential factor,” with gamers still expecting to receive them before starting a new game.

It is clear that Asia will play a crucial role in the adoption of blockchain gaming in the coming years. While China’s attitude towards blockchain technology remains unclear, Japan and South Korea have already begun leading the way in adopting blockchain technology in gaming. As the gaming industry continues to evolve, it is likely that blockchain technology will become an increasingly important factor for gamers and game developers alike.


Tagged : / / / / / /

Gemini co-founder: Crypto’s next bull run will start in Asia

Cameron Winklevoss, an American investor and co-founder of the cryptocurrency exchange Gemini, predicts that Asia will be the beginning of the next bull run for cryptocurrencies.

His remarks came at a time when authorities in the United States, particularly the Securities and Exchange Commission, were ramping up their enforcement actions and threatening to clamp down even more.

In a tweet he sent on February 19, Winklevoss said, “My working thesis at the moment is that the next bull run is going to start in the East.”

“It will serve as a sobering reminder that crypto is a global asset class, and that the West, and more specifically the United States, has always had only only had two options: embrace it, or be left behind,”

“There is no way to stop it. That is a fact,” he went on to say.

Chainalysis found that the cryptocurrency market in Central and Southern Asia and Oceania (CSAO) was the third biggest market in its index for 2022. Between July 2021 and June 2022, residents of these regions were compensated with a total value of $932 billion worth of bitcoin.

CSAO was also home to seven of the top 20 nations in 2022’s index, including Vietnam (which ranked first), the Philippines (which ranked second), India (which ranked fourth), Pakistan (which ranked sixth), Thailand (which ranked eighth), Nepal (which ranked sixteen), and Indonesia (20).

In a thread on his Twitter account, Winklevoss stated that governments that fail to offer clear rules and sincere guidance on cryptocurrencies will be “left in the dust” and will miss out on “the greatest period of growth since the rise of the commercial Internet.” He also stated that these governments will also miss out on the opportunity to shape and be a foundational part of the future financial infrastructure of this world (and beyond).

Winklevoss is not the first person to argue that the United States’ attitude to cryptocurrencies would drive away the business, nor will he be the last person to claim that Asia may kick off the next cryptocurrency boom cycle.

According to Brian Armstrong, CEO and co-founder of Coinbase, the strict measures of U.S. authorities, notably the SEC, might further push cryptocurrency firms abroad.

In the meantime, a free market analyst on Twitter known as GCR has predicted that “China, (and Asia in general) will fuel the next run” in a post that they made on January 8 to their 147,300 followers. GCR’s tweet read: “China, (and Asia in general) will fuel the next run.”

“It will take quite some time to melt the cynicism that Westerners have toward this space, but the East is ascending and yearning to flex their muscles.”

In October of last year, Arthur Hayes, a former CEO of the crypto derivatives giant BitMEX, made a prediction that the next bull run will begin when China moves back into the market. He went one step further and said that Hong Kong has a vital part to play in this process. His prediction was that the next bull run will begin when China moves back into the market.

Hayes argued that Hong Kong could become the proving ground for Beijing to experiment with cryptocurrency markets and act as a hub for Chinese capital to find its way into global cryptocurrency markets. Hong Kong is already acting as a testing ground for Beijing to experiment with traditional markets.

During that time, he made the statement that “China has not abandoned crypto; it has merely remained inactive.”

At the beginning of this year, Paul Chan, Hong Kong’s financial secretary, gave a speech on January 9 at the POW’ER Hong Kong Web3 Innovators Summit. In his speech, he revealed that Hong Kong’s lawmakers had passed legislation in December to set up a licensing system for virtual asset service providers.

As a direct result of the modifications to the legislation, a narrative known as the “Chinese Coins Pump” has been gaining traction. This narrative has been gaining traction as speculation grows over whether the regulatory easements in Hong Kong will lead to a massive surge for utility tokens of Asian-focused exchanges.


Tagged : / / / / / / / /

Chinese corporations offer metaverse World Cup viewings, X2Y2 backtracks on royalties, and more.

People have said that a lot of technology companies in China are working on making it possible for Chinese soccer fans to watch the FIFA World Cup in the metaverse.

These initiatives are part of a five-year plan that the Chinese government unveiled at the beginning of November with the intention of enhancing the capabilities of and fostering the growth of the local virtual reality (VR) sector.
According to a report from the state-run media outlet Global Times that was published on November 20, the video streaming platform Migu is one of six Chinese companies that have secured the rights to show the World Cup. Migu plans to create a “Metaverse-like” space that will allow users to watch a livestream of the game while wearing virtual reality headsets.
ByteDance, the company that owns TikTok and its Chinese version, Douyin, has been granted the licencing rights to air the competition. ByteDance’s VR headset subsidiary, Pico, will be offering live broadcasts of the World Cup, and users will have the ability to create and congregate in “digital rooms” to watch the game together.
It looks like China’s virtual reality (VR) business, which is still new, is using the World Cup to test out the technology.
On November 1, an ambitious industrial strategy was pushed by the nation’s Ministry of Industry and Information Technology, together with four other agencies in the country.
Even though China’s five-year plan for 2022–2026 says it wants to improve its virtual reality (VR) industry and ship more than 25 million units worth $48.56 billion, the plan doesn’t say if this goal is for each year or for the whole plan.
The plans don’t say anything about whether or not the metaverse would use blockchain technology, like the city of Wuhan’s proposal, which was later changed to remove any mention of non-fungible coins (NFTs).
X2Y2 reduces the amount of the optional royalties. NFT marketplace X2Y2 has recanted its opt-in royalties policy and said in a Twitter thread dated November 18 that it would once again impose creator royalties on all current and future collections.
In August, the marketplace was one of the first to implement alternative royalties. At that time, it transitioned to a system known as “flexible royalty,” which enables purchasers to choose the amount of the royalty that they would pay.
The NFT community responded to it in a variety of different ways.


Tagged : / / / /

Indonesia Plans to Strengthen Security for Crypto Investments

Indonesia plans to improve security for cryptocurrency investments in the country.

shutterstock_1314036650 n.jpg

The Financial Service Authority (OJK) of Indonesia will oversee the regulation, supervision and oversight of crypto investments to improve protection for investors, the Southeast Asian country’s minister said on Thursday.

The cryptocurrency sector in Indonesia is currently under the joint supervision of the Trade Ministry and the Commodity Futures Trading Regulatory Agency.

Finance Minister Sri Mulyani Indrawati put forward the new plan to improve security as part of financial sector legislation that is being debated in parliament.

Cryptocurrency in Southeast Asia’s largest economy has witnessed a boom in crypto investments, but using such assets as means of payment is illegal in Indonesia. However, cryptocurrency transactions for investment purposes are allowed in the commodities market.

According to Sri Mulyani, there were 15.1 million cryptocurrency investors in the country as of June. The number is a massive rise from just 4 million in 2020.

Sri Mulyani told a parliamentary hearing, “we need to build a mechanism of supervision and investor protection that is quite strong and reliable, especially for investment instruments that are high risk.”

She added that the new bill would empower OJK to regulate and supervise “digital asset activities, including crypto assets and financial sector technology innovation.”

Indonesia also announced in late Sept about new rules for crypto asset exchanges.

The South Asian country’s trade ministry is planning to issue new rules to govern crypto exchanges that will require two-thirds of the board of directors and commissioners to be Indonesian citizens and live in Indonesia, a deputy minister said Tuesday.

This change has come about due to the financial issues faced by cryptocurrency exchange Zipmex as it has currently stopped users from withdrawing funds.

“We don’t want to give permits (to exchanges) carelessly, so only for those that meet the requirements and are credible,” deputy trade minister Jerry Sambuaga told reporters after a parliamentary hearing.

Sambuaga added that the ministry’s Commodity Futures Trading Regulatory Agency (Bappebti) would issue the new rule soon.

However, a timeframe has not been provided.

According to a document issued by the ministry, the new rule will require will also require an exchange to use a third party to store client funds and prohibit exchanges from re-investing stored crypto assets.

Didid Noordiatmoko, acting head at Bappebti, told the parliamentary hearing that ensuring two-thirds of the board were Indonesians based in the country “could prevent the top management running away when a problem hits the exchange.”

The country’s performance in terms of crypto transaction taxes has also improved.

Since the rollout of fintech and crypto transaction taxes in May, Indonesia has amassed nearly $6.8 million, according to the nation’s tax compliance special staffer Yon Arsal.

The Indonesian finance ministry imposed a value-added tax (VAT) of 0.1% on crypto-assets purchases on May 1 this year. While the Indonesian administration decided to tax crypto transactions based on surging popularity among local investors. 

Furthermore, crypto interest on Indonesian soil has skyrocketed since the onset of the COVID-19 pandemic. The number of crypto owners stood at 11 million in 2021. 

Image source: Shutterstock


Tagged : / / / / /

HashKey Group Secures Licenses from Regulator to Operate Virtual Asset Trading Platform

Hong Kong-based digital assets company Hash Blockchain Limited (HBL), a member of the HashKey Group, announced to secure regulatory approval from the Securities and Futures Commission of Hong Kong (SEC) to operate a virtual asset trading platform.

hashkey .jpeg

HashKey said the company now has received a Type 1 (dealing in securities) and a Type 7 (providing automated trading services) license, allowing them to provide automated trading services for cryptocurrencies such as Bitcoin and Ether, and stablecoins, security tokens, according to the statement.

Michel Lee, Executive President of HashKey Group, said he is delighted to receive the licenses, given the backdrop of this positive announcement. 

“This enables us to provide regulated and compliant virtual asset trading services as we continue to help build the financial, technological and service infrastructure to facilitate and contribute to the rapid growth and the long-term development of the ecosystem.”

“Our objective is to build a platform that is best in class in terms of technology, security and trading experience for our clients,” Colin Zhong, CEO of HBL, also welcomed the latest regulatory approval from the authority, adding that “One of the focuses of HashKey’s virtual asset exchange will be on the tokenisation of non-traditional assets, leveraging the robust ecosystem HashKey has developed over the years. 

The latest approval enables Hashkey group to get the green light not just to operate in Hong Kong but also from Japan and Singapore conditionally, which comes after another Hong Kong-based virtual assets platform OSL Exchange licensed virtual asset trading platforms in the city.

Recently, the HKSAR government published a policy statement supporting the city to develop virtual assets under a supervised regime, including the issuance of tokenised green bonds and the preparation of developing the digital Hong Kong Dollar. The administration’s move is considered to catch up with regional competitors like Singapore.

Image source: HashKey Group


Tagged : / / / / / /

Hong Kong, Singapore Sees Diverging Approaches to Retail Crypto Trading

Hong Kong is planning to shift to a friendlier approach towards cryptocurrencies starting next year, according to a Bloomberg report, while neighbouring Singapore is planning to impose fresh restrictions on consumers.


People familiar with the matter, who asked to remain anonymous, told Bloomberg that the information is not public yet. Still, Hong Kong has a planned mandatory licensing program for crypto platforms that are set to be enforced in March next year, which will allow retail trading.

They added that further details and program timetable are yet to be decided as public consultation must be done first.

Hong Kong is not planning to endorse specific coins such as Bitcoin or Ether. However, regulators are planning to allow listings of bigger tokens and even legalize crypto trading for retail customers, according to Bloomberg.

This move indicates a positive regulatory measure for cryptocurrencies, which contrasts with the city’s sceptical stance in recent years.

The city plans to reveal more about the details of the recently stated goal of creating a top crypto hub next week during the annual Fintech Week conference, which starts on Monday.

Hong Kong is shifting to a friendlier approach towards crypto as the city aims to regain its credentials as one of the top financial centres after a recent year of political instability and the COVID-19 pandemic led to the outward migration of talent.

The people familiar with the matter added that crypto regulators would likely demand criteria for listing tokens on retail exchanges, such as a company’s market value, liquidity and membership in third-party crypto indexes.

While other economies are starting to open up to cryptocurrencies, Singapore has said it is unwilling to change its regulations. Instead, it is strengthening restrictions on retail crypto trade.

The Monetary Authority of Singapore (MAS) on Wednesday unveiled a proposal to restrict retail participation in digital assets. Following this, small investors will be banned from funding coin purchases through borrowing.

Singapore’s central bank chief Ravi Menon told Bloomberg that the city-state would not stand in the way of other financial centres looking to draw retail crypto trading away with more relaxed rules.

“We don’t set ourselves out to compete with other jurisdictions, especially on regulation,” said Menon, the managing director of the Monetary Authority of Singapore. “We have to do what is right for us, what is necessary to contain the risks. And the risks primarily harm retail investors.”

Singapore’s central bank echoed sentiments similar to that of the MAS by asking companies to stop using tokens deposited by retail investors for lending or staking to generate yield. However, the restrictions proposed by the two regulatory bodies will not be applicable to high-net-worth investors.

These moves are being taken in Singapore to ensure positive growth of the crypto industry with security measures that will provide safety to investors.

According to the Bloomberg report, Menon said Singapore still wants to be a crypto hub, but one that promotes areas of digital assets with “use cases” and tokenization – the process of using blockchain technology to securitize various assets.

“We accept that cryptocurrencies have a place in the larger digital ecosystem because they are the tokens native to the blockchain that powers much of this activity,” he said. “They need to have an expression in the formal financial sector.”

Meanwhile, other economies in Asia, such as neighbouring Japan, have already begun to take a positive stand toward crypto. Japan has already started to open its economy to crypto by making it easier for companies to list tokens, which is in contrast to its previous conservative stance that was partially to blame for driving away crypto start-ups.

In early October, Japanese Prime Miniter Fumio Kishida announced that the government will take an active role in promoting Web3 services.

Kishida said Web3-related growth – including metaverse and NFT-related developments – is now part of the country’s growth strategy. He added that the government is keen on creating a society where new services can easily be created.

On October 3, the Prime Minister delivered a speech before Japan’s National Diet (Japan’s bicameral parliament) where he said the government’s investment in the country’s digital transformation already embraces the issuance of NFTs to local authorities using digital technology to solve challenges in their respective jurisdictions.

While in August, the Japanese government proposed a corporate-friendly crypto tax that would take effect in 2023. The prime minister’s plan of revamping the economy relies on spurring growth in Web3 firms as a key agenda.

Image source: Shutterstock


Tagged : / / / / / /

92% High-Net-Worth Individuals in SG & HK Are Interested in Digital Assets: KPMG

To learn crypto perspectives from family offices (FOs) and high-net-worth individuals (HNWIs) in Singapore and Hong Kong, KPMG China and Aspen Digital conducted a study dubbed “Investing in Digital Assets” and discovered that growing interest among this group.

Per the report:

“Despite the volatility in the digital asset market in the past two years, FOs and HNWIs are keen to invest in the sector. The survey found that 92 percent of respondents were interested in digital assets, with 58 percent of FOs and HNWIs already investing and 34 percent planning to do so.”

The growing crypto interest among FOs and HNWIs in Singapore and Hong Kong was being driven by portfolio diversification and high return prospects. 

Confidence in digital assets was also being spurred by heightened participation by mainstream institutional investors. 

“Family offices and high-net-worth individuals in Hong Kong and Singapore have embraced this new asset class, with more than 90 percent of our survey respondents already investing in the space or planning to do so,” according to the study.

Bitcoin (BTC) and Ethereum (ETH) dominated the group’s investment portfolio. Furthermore, growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) was also noted. 

Direct equity investment emerged as the primary source of funding for crypto service providers. Matthew Lam, Aspen Digital’s head of research, pointed out:

“We have observed that family offices/HNWIs prefer direct equity investments, while crypto-focused venture capital firms favour equity plus token warrant approach to invest in digital asset service providers.”

Nevertheless, respondents cited inaccurate valuation and the changing global regulatory environment as the biggest hurdles to crypto investment. 

For instance, all virtual asset service providers (VASPs) in Hong Kong will be required to apply for an operational license by March 2024. Moreover, Singapore is also eyeing to broaden its crypto regulation scope. 

Meanwhile, Hong Kong recently showed its intention to legalize crypto trading after launching several legal initiatives related to emerging technologies in the cryptocurrency industry, Blockchain.News reported. 

Image source: Shutterstock


Tagged : / / / / / / / /
Bitcoin (BTC) $ 44,051.80 0.96%
Ethereum (ETH) $ 2,265.82 0.36%
Litecoin (LTC) $ 73.81 0.69%
Bitcoin Cash (BCH) $ 247.93 0.22%