Thai Cafe Welcomes Traders to Offer Crypto Advice

A cafe in the northeastern corner of Thailand has become a meeting point for cryptocurrency traders, according to Reuters reported on Jan. 30. 

A large display screen capable of showing the latest cryptocurrency market developments has also been added to the cafe called HIP Coffee & Restaurant.

One of the clients, 23-year-old trader Apakon Putnok, said that:

“Having so many screens helps a lot … We immediately know and get to analyze crashing factors and whether we should buy.”

It is reported that in November last year, the transaction volume of digital assets in Thailand was as high as 251 billion baht (7.62 billion US dollars).

The café, which underwent a crypto makeover in 2020, allows traders from all over the world to offer investment advice alongside coffee and cake, offering alternative investment opportunities to those in the surrounding area.

People can receive free investment advice here and launch their own cryptos under the instructions.

Detnarong Satianphut, a 35-year-old cryptocurrency trader, said that:

“It’s exciting for me to be here because I get to meet people who share the same interests, We (traders) get to exchange information because in the trading world we are coming up against millions of people.”

As reported by Blockchain.News on January 27, Thailand’s top regulators have issued a statement to regulate cryptocurrencies as a means of payment. It warns of potential risks to financial stability and the broader economic system.

Thailand central bank in its statement said that it expects to test its retail central bank digital currency (CBDC) late this year than earlier planned. Digital currency will act as an alternative payment option.

Image source: Shutterstock


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DeFi in the spotlight as legacy brokerages break down

As legacy markets roil, brokerages break down, and accusations of market manipulation fly, longtime decentralized finance (DeFi) adherents can’t help but say “I told you so” when it comes to the need for open, unstoppable, and permissionless financial architecture. 

Earlier today, popular trading app Robinhood took the possibly unprecedented step of disabling the buying functionality on certain tickers following a massive wave of retail interest in heavily shorted assets.

Some commentators have pointed out the irony of Robinhood — an app that in name, marketing, and conception focuses on the principle of democratizing finance — now turning its back on what has been described as a popular revolt against deep-pocketed hedge funds.

In a statement to Cointelegraph, Sino Global CEO Matthew Graham said that the brokerage’s failures are a prime example of the importance of DeFi. 

“Robinhood’s pinned tweet states, “We are all investors. Our time is now.” But their outrageous decision to suspend trading in GME and other stocks revealed their lie and only further highlighted the enormous importance of the building that we do every day in DeFi. It’s no wonder that even as Bitcoin’s price appreciation has cooled DeFi adoption continues its hockey stick trajectory,” he said.

Even before Robinhood cut off access to certain assets, throughout the week users have been complaining about spotty service for multiple brokerages — prompting some to point out that an exchange like Uniswap can’t be turned off and doesn’t cater to any particular user.

Aave COO Jordan Gustave says that user neutrality is a key reason why DeFi is so important.

“In a world where deplatforming, disenfranchisement and unequal access to finance is a reality to most, the importance of open finance and protocols like Aave can’t be understated. Those building blocks called “DeFi” are keystone of a math-based, market and politically neutral financial infrastructure.”

BadgerDAO founder Chris Spadafora echoed that sentiment. 

“Badger’s goal is to enable users to use their bitcoin in open finance without the need to trust centralized platforms. That means no matter who they are, their opinions and/or their actions, they have the right to freely participate with their capital,” said Spadafora.

While it remains to be seen if the volatility and accusations of wrongdoing in traditional markets will lead to a wave of adoption, DeFi developers haven’t hesitated to seize this moment — one which they’ve long been preparing for.