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WEMIX and Mirana Ventures Fuel Chinese Blockchain Gaming with $30M Fund

by Blockchain NewsOctober 12, 2023

In a concerted move to bolster the blockchain gaming sphere in China, Singapore-based WEMIX PTE. LTD., a subsidiary of WEMADE, has strategically invested in five Chinese game developers, according to GlobeNewswire. This investment was channeled through a specialized blockchain gaming fund, established in collaboration with Mirana Ventures, on October 11, 2023. The fund, valued at $30 million, is a joint initiative with Mirana Ventures, an investment arm of the global digital asset exchange, Bybit.

Financial Allocation and Future Endeavors

A notable portion, $6.4 million to be precise, of the $30 million fund has been utilized in this investment venture. This fund was initiated back in March 2023 with an aim to nurture promising blockchain gaming enterprises and to broaden the horizons of the WEMIX3.0 ecosystem. The genres of the games being developed by the investee companies span across MMORPG, card battle, sports, and strategy simulation. This diversity in gaming genres reflects the broad spectrum of opportunities that blockchain technology is poised to offer in the gaming industry.

All five games under development are set to feature on WEMIX PLAY, a blockchain gaming platform that is part of the WEMIX3.0 ecosystem. Further details concerning these games will be divulged on WEMIX PLAY in due time. In the meantime, WEMIX PTE. LTD. and Mirana Ventures continue to nurture their partnership, tirelessly scouting for potential projects within China to invest in. Their joint expertise in the blockchain market is a valuable resource for the investees, potentially expediting the market entry and success of these blockchain-based games.

Continued Investment and Industry Impact

This investment initiative underscores WEMIX PTE. LTD.’s plans to perpetuate and amplify its investment activities within the Chinese blockchain gaming developer community. The official website, www.wemixplay.com, will host detailed information regarding the blockchain games once they are serviced on WEMIX PLAY. This move is a part of a larger narrative where key industry players like WEMADE are steering the gaming industry towards a blockchain-centric paradigm, thereby catalyzing a once-in-a-generation shift in the gaming industry dynamics.

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Bybit Launches Debit Card for Crypto Payments

by Blockchain NewsMarch 6, 2023

Bybit, the Singapore-based cryptocurrency exchange, has announced the launch of its new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The Bybit card will operate on the Mastercard network and will initially allow fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The new service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023. The card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts. Payments made with the Bybit card will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on the user’s country of residence.

ATM withdrawals and global payments will be limited to the aggregated cryptocurrency holdings of a user’s Bybit account. The cards will be issued by London-based payments solutions provider Moorwand. Bybit’s move into the debit card space comes just days after the exchange announced the suspension of U.S. dollar bank transfers, citing “service outages” by one of its processing partners. Bybit users can continue to make USD deposits using Advcash Wallet and credit cards, while users are urged to carry out any pending U.S. dollar wire withdrawals by March 10.

The virtual and physical debit card offerings are a major step forward for Bybit, as they allow users to seamlessly use their cryptocurrency holdings in the real world. This move follows a report at the end of February 2023 that suggests Mastercard and Visa would hold off on announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry. However, Mastercard has been exploring payment options in USDC through new partnerships, while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.

Overall, Bybit’s new debit card offering is a significant development for the cryptocurrency industry, as it marks a major step towards the integration of digital assets into everyday life. The ability to use cryptocurrency for daily transactions has long been seen as a key milestone in the industry’s development, and the Bybit card is a major step towards achieving that goal. With the popularity of cryptocurrency continuing to grow, it is likely that we will see more companies launching similar services in the coming years.

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Tagged : Bybit / Cryptocurrency / Debit Card / News / Payments / Withdrawals

Bybit suspends USD bank transfers amid service outages

by Blockchain NewsMarch 5, 2023

Bybit, a Dubai-based cryptocurrency exchange, has announced that it is temporarily suspending United States dollar (USD) deposits via bank transfers in response to “service outages from a partner.” According to a blog post from March 4, USD deposits via wire transfer are no longer available, but users can still make USD deposits through the Advcash Wallet or with a credit card. Withdrawals through the Advcash Wallet are scheduled to be available soon, according to the exchange.

Bybit has reassured users that their funds are safe and secure, but is urging clients planning to withdraw USD to do so “as soon as possible to avoid potential disruptions.” The halt comes just a day after Silvergate Bank announced plans to discontinue its digital assets’ payment network, which was one of the major on- and off-ramps for USD in the American crypto industry.

Bybit is one of the companies with exposure to the crypto lender Genesis Global Trading, which filed for Chapter 11 bankruptcy on Jan. 20. According to Bybit CEO Ben Zhou, the exposure amounts to $150 million via its investment arm Mirana Asset Management. A total of $120 million of the funds were collateralized and had already been liquidated, according to Zhou. He also assured that all client funds go into separate accounts and that Bybit’s earn products do not use Mirana.

The regulatory pressure and market outflows following the dramatic collapse of the cryptocurrency exchange FTX in November 2022 are driving US banks to reduce their exposure to cryptocurrency assets. Last month, Binance announced that it would temporarily suspend bank transfers of US dollars. In January, the exchange also said that its SWIFT transfer partner, Signature Bank, would only process trades by users with USD bank accounts over $100,000. Signature Bank previously announced that it was drastically decreasing crypto deposits.

While Bybit has suspended USD deposits via bank transfer, users can still make deposits through the Advcash Wallet or with a credit card. Bybit has assured users that their funds are safe and secure, but is urging clients to withdraw USD as soon as possible to avoid potential disruptions. The halt comes amid regulatory pressure and market outflows in the wake of the collapse of FTX and the bankruptcy of Genesis Global Trading.

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Tagged : Bank Transfers / Bybit / Crypto Exchange / Genesis Global Trading / News / USD DEPOSITS

Crypto Prime Broker Hidden Road Partners Urges Clients to Liquidate FTX Positions

by Blockchain NewsNovember 10, 2022

Cryptocurrency prime broker Hidden Road Partners is expected to complete the liquidation of its FTX.com holdings tonight, according to Bloomberg.

Hidden Road Partners, founded by Marc Asch in 2018, is a prime brokerage firm focused on digital assets and foreign exchange trading. The company allows banks or other institutions that cannot directly hold digital assets to make profits and losses in US dollars by using US dollars as collateral through a “three-way” mechanism established with custodians.

Hidden Road Partners is urging users currently on the virtual currency exchange FTX.com to liquidate their current positions and exchange all balances for fiat U.S. dollars due to the latest liquidity crisis on the FTX exchange.

The company claims to have decided to liquidate FTX.com’s holdings due to the “exchange’s default”. Earlier in August, digital asset and foreign exchange brokerage company Hidden Road Partners completed a $50 million financing, with participation from Citadel Securities, FTX Ventures, Coinbase Ventures, and others.

Just a few days ago, Binance founder and CEO Changpeng Zhao announced previously that the exchange intended to liquidate all its exposure to FTX of about $530 million in FTT tokens as part of Binance’s exit from FTX’s stake last year.

The decisions triggered a FUD sentiment in the market, causing the collapse of FTX.

Reportedly, FTX CEO Sam Bankman-Fried has informed investors that the crypto exchange will need to file for bankruptcy if it cannot secure a cash infusion. Bloomberg obtained the news from a person with direct knowledge of the matter.

The liquidity crisis caused by the highly leveraged use of funds by the cryptocurrency exchange FTX.com has caused the entire industry to think about a series of issues, such as fund security, custody, and transparency.

Bybit co-founder and CEO Ben Zhou said that “The entire sector has a duty and obligation to do better by our customers,”

Many other crypto exchanges, including Coinbase, Bybit, have stated that they will not participate in such high-risk activities and guarantee that all customers’ assets are stored in one-to-one liquidity custody, and users can withdraw assets at any time.

Crypto.com CEO Kris Marszalek also stated that it should be necessary for crypto platforms to share proof of reserves publicly, and Crypto.com will publish our audited proof of reserves.

“This is a critical moment for the entire industry. Transparency is more important than ever, and safety and security of users and funds remains the priority. It requires full and collective commitment,” Marszalek said.

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Tagged : Blockchain / Bybit / FTX / HIDDEN ROAD PARTNERS / News

Bybit to Bolster its Options Trading Services With SignalPlus Partnership

by Blockchain NewsSeptember 12, 2022

Singapore-based digital currency trading platform has announced its latest partnership with SignalPlus, a high-tech powered Options trading dashboard provider in the crypto industry.

According to Bybit, the partnership will help in enhancing the trading platform’s options trading to its users, further establishing it as one of the mainstream crypto exchanges around.

“Considered as the standard bearer for crypto options, SignalPlus will be an excellent tool for our users to elevate their trading experience,” said Ben Zhou, co-founder, and CEO of Bybit. “We look forward to bringing our products and services to the next level with this partnership with SignalPlus, and our users benefiting from its functionalities.”

Bybit said the partnership with SignalPlus will serve as a boost to its deep liquidity as an options trader.

With the crypto winter dragging on, exchanges are exploring the current weak ecosystem to revitalize their product offerings across the board. While some of its competitors including Zipmex and Vauld Group have gone bankrupt, Bybit has continued to promote its business outlook to capture some of the market shares of these competitors.

With SignalPlus’ technology, Bybit believes it will be well positioned to help its users go further in trades at periods of extreme volatility and enjoy maximum profitability

“Bybit is an absolute first-class exchange with an incredible tech infrastructure, which is the perfect companion to leverage SignalPlus’ proprietary tech offerings. Together, we aspire to be the leading platform to serve the industry’s crypto options needs, and we couldn’t be more excited about our immediate journey ahead,” said Chris Yu, co-founder, and CEO of SignalPlus.

While Bybit is known for these functional partnerships, the firm has also cut down on its bogus spending in promotions, and it was amongst the trading platforms that cut down on their employee count in the wake of the crypto winter.

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Tagged : Bybit / Crypto Exchange / Exchanges / SIGNALPLUS

Brazil Securities and Exchange Commission Bars Bybit Offering Crypto Trading

by Blockchain NewsSeptember 6, 2022

Brazilian Securities and Exchange Commission (CVM) ordered Monday the ban on cryptocurrency exchange Bybit from engaging in the securities brokerage business.

In a statement released on Monday, the CVM ordered the suspension of ByBit’s “public offering of any securities intermediary services, directly or indirectly, to Brazilian users, including through the use of websites, applications or social networks.”

According to CVM, ByBit is seeking to raise funds for securities investments from investors residing in Brazil, and the company is not authorized to act as a securities intermediary.

Bybit has become one of the most stable crypto trading platforms in Europe and Asia. With an estimated 6 million daily active users (dau) and $10 billion in trading volume, the exchange said it has built the necessary liquidity for the Brazilian cryptocurrency market.

However, the Brazilian government said that only the Brazilian stock exchange B3 can provide securities trading, and ByBit is not eligible.

The Brazilian government said breaking the ban could result in a fine of 1,000 Brazilian reals (equivalent to $194) per day.

On July 6, the Brazilian Securities and Exchange Commission ordered cryptocurrency trading platform Binance to immediately stop derivatives trading services in Brazil. Brazilian law treats all derivatives as securities.

Recently, Brazilian esports team MIBR announced a partnership and sponsorship deal with crypto exchange Bybit for the next three years.

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Tagged : Bitcoin / Blockchain / Brazil / Bybit / Crypto / Regulation / Trading

Bybit-Backed Gaming Platform Enters the Web3 World for Enhanced Experience

by Blockchain NewsAugust 7, 2022

Yeeha Games, a $50 million-funded GameFi platform backed by crypto exchange Bybit, has entered the Web3 world to act as the bridge between gaming and finance (GameFi) and traditional gaming.

Yeeha Games renders an ecosystem where users can exchange in-game assets. Therefore, the platform intends to present various blockchain games over the next eighteen months for an enhanced Web3 experience.

Choy Wai Cheong (Choy), the co-founder and COO of Yeeha Games, pointed out:

“The GameFi industry saw incredible growth in 2021. But when compared to the traditional gaming market, we still see a massive untapped potential. To attract traditional gamers to web3, we must have games that appeal to them.”

“Integrating blockchain elements into game genres with proven success in the traditional gaming market is a good starting point — and that’s where Yeeha Games is positioned,” Cheong added.

The free-to-play games offered by Yeeha Games act as a stepping stone toward Web3 gaming because users are not required to purchase cryptocurrencies.

Ben Zhou, the co-founder, and CEO of Bybit, stated:

“We are excited about the future of GameFi, and how it could realize the promise of the metaverse and internet through gaming. Through this partnership, we want to demonstrate our commitment to driving technology innovations to the wider society.”

By generating a level playing field, Zhou believes GameFi has the capability of connecting people worldwide when building virtual and digital worlds. He added:

“It promotes the ideology of putting power back in the hands of the people with a player-owned economy.”

Meanwhile, InfiniteWorld, a metaverse, and Web3 infrastructure company, recently acquired Super Bit Machine to enhance the crossover between gaming and blockchain platforms.

The acquisition was also aimed at offering best-in-class experiences in the metaverse world by incorporating multiplayer and real-time game development abilities, Blockchain.News reported.

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Tagged : Blockchain / Bybit / Gamefi / Gaming / Metaverse / News / Web3 / YEEHA GAMES

Bybit Partners with Actant to Provide Traders Innovative Crypto Tools

by Blockchain NewsJuly 19, 2022

Singapore-based crypto exchange Bybit has joined hands with Actant, a trading solutions provider, to offer new trading tools for traders.

The new quoting, automation, trading, and risk tools seek to offer an enhanced crypto experience. Ben Zhou, the CEO and co-founder of Bybit, stated:

“Actant, as an industry leader, is a natural fit for Bybit. We are excited to combine their institutional-grade tools with our deep liquidity and ultra-fast 100K TPS matching engine. This partnership will allow users of both our platforms to benefit from the exponential growth of the crypto derivatives market and strengthen both parties’ positions as market leaders.”

Bybit intends to maximize traders’ needs and preferences by offering a margin and unified account system that enables them to offset losses by using profits from winning positions in the same portfolio.

Dan Sacks, Actant’s CEO, highlighted:

“Actant is committed to rapidly expanding support of the crypto space, but remains selective in its investments. Bybit’s innovation, leadership, and success accelerated our commitment to this integration. We look forward to enabling our mutual clients to unlock the full potential of Bybit with Actant’s algorithmic quoting, and ExStream automated trading and hedging.”

By offering trading solutions to financial firms, including proprietary and hedge funds trading, Actant aims to enhance Bybit’s institutional and retail investors. Sacks added:

“Actant is excited to have the opportunity to add and spotlight Bybit as part of our crypto destination offering.”

Bybit recently expanded its crypto trading options by launching new futures contracts settled in the USDC stablecoin meant to eliminate the need to own or buy the underlying crypto asset.

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Tagged : ACTANT / Bybit / Crypto / Cryptocurrencies / Exchanges / Investment / Trading

Bybit Launches Futures Contracts Settled in USDC Stablecoin

by Blockchain NewsJune 28, 2022

The Singapore-based digital asset exchange Bybit has expanded the variety of its crypto options trading services to its customers with a launch of new futures contracts settled in USDC stablecoins.

Bybit announced on Monday that it has launched futures contracts settled in the stablecoin USD Coin (USDC), rather than Bitcoin.

This is the first time Bybit is offering futures settled in USDC, as part of an effort to give users stable prices for the duration of contracts.

The new product allows users to trade futures contracts using their balance on Bybit’s derivatives exchange. Bybit’s new options contracts enable experienced traders to use their balance as collateral and place long or short contracts with up to 100x leverage, depending on their expiration dates.

While Bybit’s portfolio margin account currently supports USDT, USDC, BTC and ETH as collateral, the firm plans to add more assets soon.

The new service enables customers to trade options through portfolio margin, which employs a risk-based model for sophisticated investors to increase fund utilization on the underlying price and volatility.

The service enables Bybit’s users to speculate on the future price of an underlying digital asset and settle trades in USDC.

Ben Zhou, co-founder and CEO of Bybit, commented about the development: “We have been very pleased by the roll-out of our options trading product. We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products.”

According to data from CoinMarketCap, Bybit is the fourth largest crypto exchange in futures trading volume in April, data compiled by Skew, a major real-time analytics for the crypto market showed that Bybit, a crypto exchange with more than 2 million registered users, overtook the Chicago Mercantile Exchange (CME) as the second-largest Bitcoin futures exchange by open interest (OI).

Bybit executed $2.48 billion in BTC futures open interest, CME had $2.3 billion, while Binance is still the lead institutional and retail investors to prefer exchanges such as Binance, Bybit, and others because of their outstanding reliability, low spread, and high liquidity when the battle between shorts and longs heat up.

Open interest refers to the total number of outstanding derivative contracts, such as options or futures held by market users at the end of a day. Open interest is measured by the total level of activity in the futures market.

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Tagged : Bybit / Exchanges / FUTURES CONTRACTS / USDC Stablecoin

Bybit Announces Launch of Grid Trading Bot

by Blockchain NewsJune 21, 2022

Crypto exchange platform Bybit has announced the launch of its grid trading bot.

The company announced that the new grid trading features are available now for all registered users, starting from June 20. It further added that users will also have access to the grid trading bot to automate their buy and sell orders and adjust their investment amount.

“By executing low purchase orders that lead to high sell orders during a lateral price movement, the system ensures profitability each time the sale price exceeds the purchase price, thus eliminating the need for market forecasting,” Bybit said in an announcement.

The grid trading bot assists users in carrying out the Grid Trading Strategy. It enables users to place a series of purchase and sell orders within a given price range.

The system is based on the trading principle of buying at a low price and selling at a higher price to earn the difference.

Bybit says their AI parameters maximize profits for our users. According to the company, users can share their strategy with a fellow trader once they have set up their trading bot and if they are earning a good return.

“Bybit’s VIP users can enjoy the same trading discounts using the new bots, while those on track to becoming VIPs can more quickly advance their level thanks to the bot’s higher trading frequency,” the company said in its announcement.

Company Staff Layoffs

However, the trading company has joined the list of cryptocurrency exchanges that have revealed plans to lay off their staff in a bid to reposition their businesses amid the ongoing crypto market slump, Blockchain.News reported.

The latest layoff of the Bybit was unveiled through an internal letter shared with employees by the platform’s Chief Executive Officer, Ben Zhou. A copy of the letter from Zhou was posted on Twitter by Chinese independent crypto Journalist, Colin Wu, and has been affirmed by other mainstream media platforms.

In the letter, Zhou emphasized the need to downsize, considering some of the staff are not needed in the wake of the menacing economic realities. Zhou said the company’s workforce grew from a few hundred in early 2020 to more than 300% at this time.

The company attributed to the recent bear market on the stock market and the turmoil in the crypto market, “Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis.”

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Tagged : Blockchain / Bot / Bybit / Crypto / Cryptocurrency / Enterprise / Trading