Vietnam Blockchain Association Signs Strategic Partnership with Binance To Drive Blockchain Innovation

The Vietnam Blockchain Association and Binance crypto exchange co-announced on Monday for establishing a strategic partnership. 

Through this strategic partnership, The Vietnam Blockchain Association and Binance will collaborate in the exchange of research and application of Blockchain technology and human Resource training in Vietnam.

The Blockchain application is set to further build more resilient and prosperous lives for Vietnamese users through greater access to financial, business, and technology services.

Two parties will also leverage each other’s network and expertise to advance the development of blockchain technology in Vietnam and build a bridge with other major tech firms around the world.

Mr. Changpeng Zhao, the CEO of Binance exchange, talked about the collaboration and said: “And today, along with the active activities of the Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users in focus.”

Mr. Phan Duc Trung, Vice President of the Vietnam Blockchain Association, also commented on the development and said that he hopes that the partnership between Binance and the association will bring value to the business community in Vietnam. He further stated that the collaboration will assist in developing a workforce mastering high technology and contributing policy advice to the government’s management agencies.

Trung further said: “In its role, the Association connects and gathers the Blockchain community in the country and a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam. The Association also promotes personnel training and attracts international investment into Vietnam.

High Demands for Blockchain

The Vietnam Blockchain Association, a government entity which launched last month, aims to promote the nation’s digital economy, develop relationships with blockchain firms and communities around the globe and create favourable conditions for local users to share experiences and resources to research, test, apply, and trade blockchain technology in accordance with Vietnamese law.

In recent years, Vietnam has seen the rapid development of Blockchain technology. The number of enterprises, researchers, and engineers seeking to use technology for work has continued to rise. As a result, the need for connection, collaboration, sharing, and support has also continued to increase. This explains the reason why the government formed an official organization with a complete legal entity on May 17 to spearhead the expansion of the Vietnamese Blockchain community.

Vietnam has been a leader in crypto usage for the previous few years. Despite the country’s lack of legal framework for owning, trading, and using crypto coins, the adoption rate of such virtual currencies among its population has been among the highest worldwide (ranked 10th in terms of crypto adoption worldwide). The majority of Vietnamese investors, especially younger ones, are aware of and have expressed positive sentiments towards cryptos as a potential investment.

The Vietnamese government has not banned crypto trading and allows local consumers to hold them as assets. In March, the government announced plans to spearhead research for the implementation of a legal framework governing digital assets.

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UAE Mall Majid Al Futtaim Signs Strategic Partnership with Binance Exchange

Majid Al Futtaim (MAF), an operator of malls, cinemas and leisure attractions across the Middle East, announced on Tuesday that the company has entered into a joint strategic partnership with the Binance cryptocurrency exchange.

Through the collaboration, Binance will enable the mall developer to harness the power of web3 technologies to create new opportunities for its businesses and benefit millions of its customers.

The two firms have agreed to cooperate on a number of blockchain projects, including listings of NFTs on Binance’s marketplace, the creation of a digital wallet infrastructure to hold digital assets from multiple platforms, as well as the integration of Binance Pay.

The partnership allows customers across the MENA region (a group of countries situated around the Middle East and North Africa) to purchase cryptocurrencies at the retail and leisure giant MAF’s various destinations.

Alain Bejjani, CEO at Majid Al Futtaim, talked about the development and said: “We are delighted to be partnering with global Web3 leader, Binance on the new frontiers of customer engagement and experience and look forward to working in tandem to evolve the third generation of web technology, develop strong capabilities and deliver innovation and world-class omnichannel experiences to our customers.”

Changpeng Zhao ‘CZ’, CEO and co-founder of Binance, also commented: “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year. Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”

Launched in 1992, Majid Al Futtaim Holding LLC operates as a holding company. The firm owns and develops shopping malls, retail stores, entertainment hubs, and leisure establishments in the Middle East and North Africa through its subsidiaries, with operations in 13 countries. In 2016, the firm had $10.6 billion in revenues and $760 million in profits.

Majid Al Futtaim serves customers worldwide. The company currently owns and operates 29 shopping malls, 13 hotels, and four mixed-use communities across the Middle East, Africa, and Asia and serves as the exclusive franchisee for Carrefour in over 30 markets in the region with further developments underway.


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Crypto Tax Accounting Firm TaxBit Receives Strategic Investment from Haun Ventures

TaxBit, a Salt Lake City, Utah-based provider of crypto tax and accounting software, announced on Tuesday that it has received a new investment from Haun Ventures – a new venture fund designed to help founders build the next generation of the internet.

The strategic investment will allow TaxBit to further accelerate its leading tax and accounting platform and bring additional solutions to the crypto market, helping clients and businesses report and pay crypto taxes.

This is one of the first investments by Haun Ventures, a venture capital fund recently founded by Katie Haun.

Ms. Haun co-led Andreessen Horowitz’s crypto arm in the past, but announced her departure in December last year. In March, Haun launched her venture capital firm, Haun Ventures, which is dedicated to backing crypto startups. The venture capital company was launched with $1.5 billion in capital across two funds — a $500 million early-stage fund and a $1 billion “acceleration” fund.

Besides providing investments to TaxBit, Haun Ventures stated that it has selected a world-class team of crypto-native experts and veteran policy and strategy operators who will collaborate with TaxBit to tell key audiences about how the tax and accounting infrastructure facilitates the growth of the crypto economy.

Katie Haun, the founder of Haun Ventures, talked about the partnership and said: “The web3 ecosystem has grown dramatically since I entered the space and yet we are still in early days. While the crypto economy will continue to unfold in cycles, there is now broad acceptance that this industry is here to stay. TaxBit provides the core infrastructure that is required for the crypto economy to grow and reach its full potential. In addition to the vital role the product plays in the broader ecosystem, the team at TaxBit is best-in-class which is why we’re proud to formally back the company and partner with them over the long term.”

Austin Woodward, TaxBit Founder and CEO, also commented on the development and stated: “The Haun Ventures team shares TaxBit’s vision of working with regulators to propel responsible regulation that enables digital asset adoption at scale. TaxBit’s compliance infrastructure is a critical component to the Web3 ecosystem. We have a deep respect for the Haun Ventures team and look forward to working together in carrying out our shared vision.”

Navigating Crypto Tax Reporting

In August last year, TaxBit raised $130 million in a Series B funding round co-led by IVP and Insight Partners. Other investors, including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group and Anthony Pompliano, also participated in the funding round.

The funding came a few months after TaxBit raised a $100 million Series A in March last year. The latest financing officially made TaxBit a unicorn, with a valuation of $1.33 billion.

The digital economy’s need for tax and accounting software is rising in the industry as regulators require more formal reporting practices. As a result, TaxBit has witnessed impressive growth. In 2020, the firm issued over two million tax forms.

Since the last funding raise, TaxBit has tripled its number of employees to about 100 people. The company has also established an office in Seattle, deployed services with the IRS, and created partnerships with a number of digital asset platforms including Coinbase, BlockFi and Gemini.

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Bit Digital Signs Partnership with BitMine to Host 7,000 ASIC Miners

Bit Digital, a Bitcoin mining firm headquartered in New York, announced on Tuesday that it has signed a letter of intent with BitMine Immersion Technologies, a digital asset mining firm based in Georgia, that the two cryptocurrency mining firms to develop a hosting relationship that will begin with 7,000 current-generation ASIC miners.

Bit Digital and BitMine stated that they plan to begin shipping ASIC miners in the coming weeks and months, with a capacity to be reached by the end of August.

The two companies expect to ship ASIC miners from Bitmain. Currently, the price of Bitmain’s Antminer ASICs starts at $7,500. Therefore, the purchase agreement between the two firms could be worth between a range of $50 million and $60 million.

Bit Digital and BitMine plan to mainly mine Bitcoin in immersion-cooled containers, which keep the machines cool and allow for better energy efficiency and higher production.

Under the multi-year deal, the two firms have agreed to split revenues generated from mined Bitcoin.

Bryan Bullett, the CEO of Bit Digital, talked about the development and said: “We are happy to begin our relationship with BitMine Immersion Technologies and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines.”

Expanding Mining Capacity

The move comes several months after Bit Digital completely exited its business operations in the China market after the mining ban and therefore shifted its focus to North America.

Bit Digital aims to develop into the largest digital asset mining platform in the global markets. The firm currently owns a fleet of almost 40,000 miners and operates an institutional scale digital asset portfolio across five sites in Canada and the US.

Bit Digital continues to increase the number of Bitcoins mined, reaching 3,335 in Q3 2021 versus 814 in Q3 2020. The firm has hired an experienced leadership team with strong expertise in the digital assets and mining space to bring proven institutional capabilities and access to strategic opportunities in the North American market.

The firm continues to strengthen its strategic commitment to sustainability, with about half of its operations running on carbon-free energy sources. The company maximizes return on equity (ROE) by leveraging strategic partnerships to access physical infrastructure and low-cost energy and focusing investment on mining assets.


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