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Blockchain Press Releases

Bitget Report: Middle East Crypto Market Surges, Daily Traders Up 166% in Year

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VICTORIA, Seychelles, April 22, 2024 /PRNewswire/ — Bitget Research, the research arm of the world’s leading cryptocurrency exchange and Web3 company Bitget, has released an in-depth report on cryptocurrency adoption in the Middle East region. The document delves into key aspects influencing the rate of adoption, as well as their impact on user behavior.

Key takeaways:

  • In 2024, there was an average of 500,000 daily crypto traders locally, marking a 166% increase year-over-year.
  • The UAE leads the region in crypto adoption, with 72% of local users investing in Bitcoin.
  • Local countries predominantly rely on global centralized exchanges, with minimal demand for local exchange platforms.
  • Crypto adoption in the region is projected to reach 700,000 daily traders by the end of 2024.
  • This growth is attributed to favorable local crypto regulations, the approval of Bitcoin ETFs, and the increasing attractiveness of digital assets amid a market upturn.

Centralized exchanges have seen the biggest inflow of users engaged in cryptocurrency trading in the six countries examined throughout the study, with over 500,000 daily active users on average in February of 2024, as compared to 300,000 in February of last year. The UAE has showcased the highest cryptocurrency adoption rate in the region. The approval of BTC Spot ETFs and the continuous rise in the total market value of cryptocurrencies is deemed to be the main contributor to such a rise in interest on the part of local users.

The leading position of the UAE as a hub of crypto activity is not surprising, considering that it has the most crypto-friendly policies in the Middle East. In the meantime, most other countries are gradually improving their cryptocurrency regulations, moving from outright bans to a more compliant approach to stream new investments, projects, and users to their jurisdictions.

The UAE has also seen the highest statistics in terms of interest towards cryptocurrencies, as 29% of users surveyed during the study believe that digital assets offer a more convenient way of holding assets. Another 34% of users are cryptocurrency traders, and 22% use them for daily payments. Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as “digital gold” by UAE users, with 72% of the latter investing in the asset.

The research revealed that Middle Eastern countries are heavily reliant on global-level centralized exchanges. Local exchange platforms like Rain and M2 are not even in the Top-10 in terms of absolute traffic. The Bitget research division has attributed such lackluster values to the lower variety and liquidity of tradable assets on local exchanges compared to global exchanges, as well as the convenience of local currency deposit and withdrawal channels available on most global competing platforms.

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Decentralized exchanges are also among the go-to venues for users across the Middle East. The primary platforms for P2P trading are based on blockchains like Solana, BSC, and Ethereum, and include DEXs such as Uniswap, Pancakeswap, Raydium, and others. Decentralized exchange aggregators like 1inch and Jupiter are used to a lesser extent. Related analysis of user preferences has uncovered that Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet are the Top 5 wallets among users from the Middle East region.

The report released by Bitget highlights in conclusion that cryptocurrency adoption rates in the Middle East are expected to continue rising from 330,000 daily active users in 2023 to around 700,000 by the end of 2024. The main factors influencing such growth are favorable crypto regulation in the analyzed countries, as well as the investment attractiveness of digital assets as a whole in light of a market upturn.

Gracy Chen, Managing Director of Bitget, states: “We are excited about the potential of the Middle East market and anticipate continued growth in both users and market size. The UAE, in particular, holds significant importance as a base within the region. It has emerged as a hub for cryptocurrency talents, funds, and enterprises, while also steadily gaining global influence in the crypto space. We look forward to contributing to and witnessing the further development of this dynamic market.”

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL. 

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For more information, visit: Website  | Twitter  | Telegram  | LinkedIn  | Discord | Bitget Wallet

Photo – https://mma.prnewswire.com/media/2393476/Bitget_Report_Middle_East_Crypto_Market_Surges_Daily_Traders_Up.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/bitget-report-middle-east-crypto-market-surges-daily-traders-up-166-in-year-302123327.html

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Blockchain Press Releases

HTX Appoints Singapore National Goalkeeper Hassan Sunny as Chief Safeguarding Officer

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SINGAPORE, June 15, 2024 /PRNewswire/ — HTX, a leading cryptocurrency exchange, proudly announces the appointment of Singapore national football team goalkeeper Hassan Sunny as Chief Safeguarding Officer.

“The partnership between HTX, the ‘People’s Exchange’, and Hassan Sunny, the ‘People’s Goalkeeper’, is a perfect match,” said Justin Sun, Member of the HTX Global Advisory Board. “Together, we will work to ensure the safety and security of user assets in the ever-evolving crypto world. Just as Sunny fearlessly protects his goal on the field, HTX is committed to protecting every user’s assets with the same determination and resolve, providing the safest and most reliable investment environment possible.”

Sunny also expressed his excitement about joining the HTX family, stating “I am excited to be part of HTX. I can’t wait to embark on this journey with the team.”

Sunny has been called a national hero in China for his outstanding performance in the final group match of the first round of the 2026 FIFA World Cup Asian Qualifiers against Thailand on June 11th. Despite facing relentless attacks, Sunny made an incredible 11 saves, including a crucial one in stoppage time. Singapore ultimately lost the match 1-3, but their result helped China qualify for the next round at the expense of Thailand.

About HTX:

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Founded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies – “global development, technology drives development, and technology for good” underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.

 

View original content:https://www.prnewswire.co.uk/news-releases/htx-appoints-singapore-national-goalkeeper-hassan-sunny-as-chief-safeguarding-officer-302173558.html

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Blockchain

New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund

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Helsinki-based Equilibrium Ventures (EQV), a new seed-stage venture capital fund focused on the crypto sector, has successfully closed the first round of its €30 million fund, raising €6 million from limited partners (LPs). This milestone highlights growing interest in blockchain startups and a promising future for the European crypto ecosystem.

The fund is led by an experienced team of partners: Mika Honkasalo, Henrik Sundvik (formerly of Bain & Company), and Christopher Ahn (ex-Molten Ventures investor). Equilibrium Ventures aims to attract and support founders with deep technical expertise in blockchain technologies, covering areas such as zero-knowledge proofs and smart contracts, essential for developing advanced blockchain solutions.

Equilibrium Ventures has attracted a diverse group of backers, including strategic investors, family offices, and notable LPs like Sebastien Borget, co-founder of the metaverse platform The Sandbox. This support underscores the fund’s credibility and signals growing confidence in crypto investments despite recent market challenges.

Dedicated to crypto infrastructure, Equilibrium Ventures emphasizes rigorous technical due diligence and value addition for pre-seed and seed engineering firms. With a network of about 70 blockchain engineers, mainly based in Europe, the fund is well-positioned to help startups develop robust blockchain technologies.

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The renewed interest in venture capital investment in blockchain, bolstered by evolving regulatory landscapes in the US and Europe, is expected to increase investor confidence in the crypto sector. Equilibrium Ventures, with its technical expertise and strategic support, is poised to become a significant player in Europe’s crypto venture scene.

Looking ahead, Equilibrium Ventures aims for a second close by the end of this summer, targeting 80% of the total fund. This progress indicates strong momentum and the potential for significant contributions to the European blockchain ecosystem.

Source: arcticstartup.com

The post New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund appeared first on HIPTHER Alerts.

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Blockchain

Riot Platforms Acquires 14% Stake in Bitfarms Ltd.

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Riot Platforms, Inc. has announced its acquisition of a 14% stake in Bitfarms Ltd., as detailed in a recent press release by Riot Platforms. This move aligns with Riot’s strategy to influence corporate governance within Bitfarms.

Acquisition Details

On June 13, 2024, Riot Platforms purchased 1,432,063 common shares of Bitfarms Ltd., representing about 0.35% of Bitfarms’ issued and outstanding common shares. The shares were bought on the Nasdaq Stock Market and other open markets at an average price of approximately $2.70 per share, totaling $3,870,293.46.

Before this acquisition, Riot held 56,194,973 common shares of Bitfarms, equating to 13.65% ownership. With the new shares, Riot now holds 57,627,036 common shares, resulting in a 14% stake in Bitfarms.

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Strategic Intentions

Riot Platforms intends to call a special meeting of Bitfarms’ shareholders to nominate several independent directors to the board, citing concerns over Bitfarms’ corporate governance. Riot seeks to influence Bitfarms’ strategic direction and enhance its governance standards.

Riot is continuously reviewing its investment in Bitfarms and may adjust its position based on factors such as market conditions and the company’s financial status. Potential actions include increasing or decreasing its stake, entering into hedging transactions, or proposing additional strategic measures.

Forward-Looking Statements

The press release includes forward-looking statements subject to risks and uncertainties, reflecting Riot’s current expectations and assumptions. Riot cautions investors to consider these risks before making investment decisions.

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Riot’s vision is to become the leading Bitcoin-driven infrastructure platform, focusing on a vertically integrated strategy with Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.

Source: blockchain.news

The post Riot Platforms Acquires 14% Stake in Bitfarms Ltd. appeared first on HIPTHER Alerts.

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