Blockchain Press Releases
Bitget Welcomes Top 20 Legal Leader Hon Ng as New Chief Legal Officer
VICTORIA, Seychelles, Aug. 16, 2024 /PRNewswire/ — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the appointment of Hon Ng as its Chief Legal Officer. With over two decades of experience, Hon has extensively been working with governments and policymakers for global corporations. At Bitget, he will oversee the group’s adherence to regulatory requirements worldwide. This includes constructive and active dialogues with regulators, gaining licenses in expansion markets and innovating products for stronger compliance.
As an award-winning global lawyer, Mr. Ng has been recognized by the Financial Times as one of the World’s Top 20 Legal Leaders and has won numerous legal awards for his work as General Counsel including FT’s Innovative Lawyer Award. Prior to Bitget, he was General Counsel and Head of Government Affairs & Policy at Binance, one of the largest crypto exchanges where he oversaw Binance’s efforts in licensing and compliance enhancement, as well as its cooperation and settlement with worldwide regulators including those in the U.S.
During Mr. Ng’s time at Binance, the company had set up a renowned Global Advisory Committee consisting of some of the best minds from traditional-finance and former lawmakers. During Mr. Ng’s tenure, his work changed the way the industry approached compliance and know-your-client (KYC) procedures. Prior to Binance, he helped Uber grow from being a start-up to becoming a global technology giant listed on the New York Stock Exchange. Before going into tech, Mr. Ng was a Corporate and Mergers & Acquisitions lawyer at leading global law firms Latham & Watkins, White & Case and Herbert Smith Freehills. Hon is an avid sports fan and currently sits on the Board committees of various international organizations including the Asian Football Confederation and the Hong Kong Football Association.
“Hon Ng’s extensive experience in digital and Web3-related legal and compliance affairs, as well as his outstanding track record of solving complex corporate-level issues and scaling businesses, have singled him out as the ideal candidate for the position of Chief Legal Officer at Bitget,” said Gracy Chen, CEO at Bitget.
Among the high-profile matters that Hon Ng has overseen in the past some highlights include a $500 million acquisition of a strategic stake in X (formerly Twitter Inc.) in consortium with Elon Musk, over 30 simultaneous multi-regulator investigations and cooperation in the crypto-space, extensive assistance to governments to create a new regulatory frameworks from scratch for digital assets, and obtaining over 17 licenses and registrations in crypto despite unprecedented headwinds for the industry. He was also extensively involved in driving a $465 million sale of a 51% stake in Lion City Rentals and a $2 billion merger of Uber’s Southeast Asian business with Grab.
“I am thrilled to be joining Bitget as its new Chief Legal Officer. Bitget is one of the world’s most innovative and fastest growing companies in the Web3 sector. The regulatory environment in digital assets is rapidly evolving. I am delighted to be able to bring my extensive experience to help the Group navigate this complex regulatory landscape and support Bitget’s continued growth. This is an exciting opportunity for me to be working with incredibly talented people and to continue to be able to enhance the industry’s culture of compliance, working side-by-side with regulators, in order to contribute meaningfully to the sustainability of the digital assets ecosystem,” commented Hon Ng, CLO of Bitget regarding his appointment.
“We at Bitget are delighted to welcome Hon as part of the team. The presence of such talent and experience as his, combined with our steadfast determination to adhere to our core values, is what gives our exchange a distinctive edge in terms of legal compliance,” as Gracy Chen, CEO of Bitget commented on the addition to the exchange’s team.
With over 20 years of professional experience, Hon Ng is a perfect match for the highly demanding position of Chief Legal Officer at Bitget. Bitget is confident that Hon Ng will help the platform strengthen its compliance culture, and grow in line with its core values and goals of advancing the adoption of cryptocurrencies and blockchain worldwide.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 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 Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
Photo – https://mma.prnewswire.com/media/2483719/Bitget_Welcomes_Top_20_Legal_Leader_Hon_Ng_New_Chief.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bitget-welcomes-top-20-legal-leader-hon-ng-as-new-chief-legal-officer-302224314.html
Blockchain
Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3)
Introduction
The blockchain and cryptocurrency industry continues to evolve, with major advancements in institutional adoption, regulatory modernization, and innovative applications. Today’s roundup covers Dogecoin’s new blockchain strategy, the U.S. Army’s use of blockchain for tracking aid, notable blockchain startups, domain challenges for Web3 companies, the first AI blockchain agent, and Luxembourg’s legal updates for custody chains. Let’s break down the biggest headlines shaping the future of blockchain technology and decentralized finance.
Dogecoin Unveils Strategic Blockchain Movement
Expanding Beyond a Meme Coin
Dogecoin, often viewed as a lighthearted cryptocurrency, is making serious strides toward blockchain utility with a new strategic initiative aimed at expanding its use case beyond simple transactions. The Dogecoin Foundation has announced plans to integrate layer-2 solutions, smart contracts, and interoperability features, potentially positioning DOGE as a serious competitor in the decentralized finance (DeFi) space.
This move signals a shift in the perception of Dogecoin, which has long relied on community-driven momentum. With the new strategy, DOGE could become an integral part of the growing Web3 ecosystem.
Source: Crypto Briefing
U.S. Army Utilizes Blockchain for Aid Tracking in Ukraine
Military Adopts Emerging Tech for Transparency
The U.S. Army is leveraging blockchain, big data, and generative AI to track billions of dollars in aid sent to Ukraine. This marks a significant step in blockchain’s adoption by governments and defense agencies to enhance transparency and prevent fraud.
By using blockchain for immutable record-keeping, military officials aim to improve logistics tracking, reduce inefficiencies, and ensure secure auditing of aid distribution. This could set a precedent for future government adoption of blockchain-based verification systems.
Source: Breaking Defense
10 Blockchain Startups to Watch in 2025
Innovation Driving the Next Wave of Web3
A new report highlights ten emerging blockchain startups poised to disrupt industries from finance to supply chain management. These companies are working on scalable smart contracts, decentralized identity solutions, and improved cross-chain interoperability.
Among the standout names are startups focusing on privacy-preserving transactions, institutional DeFi tools, and real-world asset tokenization, reinforcing blockchain’s growing role in mainstream finance and enterprise adoption.
Source: Yahoo Finance
Web3 Companies Struggle with Domain Name Challenges
Decentralization vs. Traditional Domain Ownership
As blockchain companies push forward with Web3 adoption, many are encountering significant hurdles in securing relevant domain names. Unlike traditional domains governed by ICANN, blockchain-native domains such as .crypto and .eth exist outside standard regulatory frameworks, leading to disputes and accessibility issues.
Industry experts are calling for greater collaboration between blockchain projects and domain registrars to ensure seamless Web3 adoption while maintaining online accessibility for users.
Source: Domain Name Wire
Klaus Agent Becomes the First Blockchain AI to Use Custom DeepSeek Model
AI and Blockchain Converge
The Klaus Agent, an AI-powered blockchain agent, has integrated the DeepSeek AI model to enhance decision-making, smart contract automation, and decentralized application (dApp) intelligence. This innovation represents a major step in merging artificial intelligence with blockchain networks, allowing for more sophisticated automation in DeFi, NFT trading, and DAO governance.
As AI and blockchain continue to converge, the potential for autonomous smart contract execution and predictive analytics is expected to grow, leading to more efficient decentralized systems.
Source: GlobeNewswire
Luxembourg Modernizes Custody Chain Laws for Blockchain
A Legal Framework for Tokenized Assets
Luxembourg, a key financial hub in Europe, has updated its custody chain regulations to accommodate blockchain-based assets. These changes are designed to facilitate institutional adoption of tokenized securities and digital asset custody solutions.
By providing a clear regulatory framework, Luxembourg aims to attract fintech firms, investment funds, and digital asset custodians, further strengthening its position as a leader in blockchain finance.
Source: National Law Review
Conclusion
The latest blockchain developments underscore the rapid evolution of the industry, from Dogecoin’s strategic shift to military adoption of blockchain for transparency. As AI and blockchain begin to merge, and governments refine regulations, we are witnessing a pivotal moment in decentralized technology.
With institutional interest growing and regulatory frameworks taking shape, blockchain and Web3 technologies are moving closer to mainstream acceptance. Stay tuned for the next Blocks & Headlines briefing as we continue to track the most significant trends shaping the future of decentralized finance and digital assets.
The post Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3) appeared first on News, Events, Advertising Options.
Blockchain
From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity
The post From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity appeared first on News, Events, Advertising Options.
Blockchain Press Releases
WEEX Completes First-Ever Burn $120 Million Worth of WXT, Reducing Supply by 40% — Could WXT Be the Next 100x Gem?
SINGAPORE, Jan. 30, 2025 /PRNewswire/ — Platform tokens like BNB and BGB have demonstrated their ability to create immense value through well-planned tokenomics strategies. Following these examples, WEEX is set to execute a significant milestone: the planned destruction of 40% of WXT’s total supply, valued at $120 million, signals a strategic step towards increasing scarcity and enhancing the token’s utility within the WEEX ecosystem.
WXT $120 Million Burn vs. BNB and BGB
As outlined in the burn process, WEEX ensures complete transparency by recording every token burn event on-chain. Such openness reinforces investor confidence and showcases the platform’s dedication to responsible token management.
Key Post-Burn Metrics
- Token Name: WEEX Token (WXT)
- Blockchain: Ethereum (ERC-20)
- Total Supply After Burn: 6,000,000,000
- Burned Token Value: $120 million
For comparison, Binance’s 30th quarterly burn eliminated 1.63 million BNB, valued at $1.16 billion, while Bitget unveiled a plan to burn over $5 billion worth of BGB tokens, WEEX’s upcoming burn stands out as a bold move to immediately reduce WXT’s supply by 40%. With plans for regular quarterly burns in the future, this initial large-scale reduction signals WEEX’s commitment to aligning with proven strategies in the industry while tailoring its approach to meet the platform’s growth and community needs.
Expanding Utility Across the WEEX Ecosystem
Since its launch in August 2023, WXT has seen a cumulative price increase of 384%, reflecting its growing utility and market confidence. Over the past year, WEEX has solidified its presence in the global cryptocurrency market:
- Daily Trading Volume: Exceeding $20 billion, consistently ranking among the top 10 derivatives exchanges.
- Active User Base: Over 5 million users, supported by partnerships with 10000 star traders and 2000 global influencers.
- Security and Transparency: Backed by a 1000 BTC investor protection fund and on-chain verification of all token burns.
These figures underscore the platform’s robust foundation and the critical role WXT plays in its ecosystem.
A Systematic Burn Schedule for Sustainable Growth
The whitepaper also highlights WEEX’s ongoing commitment to reducing WXT’s circulating supply through quarterly burns. This process involves allocating 20% of the exchange’s quarterly revenue—including spot and futures transaction fees and listing fees—for token repurchases and subsequent destruction.
Such a systematic approach ensures WXT remains deflationary, sustaining its scarcity while reinforcing its value proposition within the ecosystem.
The whitepaper emphasizes WXT’s integration into the WEEX platform’s comprehensive offerings,too. WXT holders enjoy numerous benefits:
1）Fee Discounts: Up to 70% off futures trading fees, making trading more cost-efficient.
2）Profit Opportunities: Enhanced profit-sharing through copy trading and VIP upgrades.
3）Exclusive Airdrops: Access to high-value token airdrops via the WE-Launch program, with annualized returns potentially exceeding 140%.
4）Governance Rights: WXT holders can participate in platform decision-making, including proposals for new listings and feature updates.
Future plans include integrating WXT into decentralized finance (DeFi) applications and extending its utility to cross-chain platforms and decentralized exchanges (DEXs), further broadening its use cases.
The upcoming $120 million WXT burn is poised to make an impact in the competitive landscape of platform tokens. By reducing its supply significantly, WEEX creates a foundation for WXT’s scarcity-driven value potential, positioning it alongside successful examples like BNB and BGB.
As WEEX continues to innovate and expand globally, WXT’s future will be shaped by its ability to adapt to market demands and deliver value to its holders. Whether WXT achieves “100x gem” status will depend on the platform’s sustained efforts to refine its tokenomics and expand its applications.
For those seeking a platform token with robust fundamentals and growth potential, WXT presents a compelling opportunity as it navigates the next stage of its evolution.
About WEEX
Founded in 2018, WEEX has quickly emerged as a global leader in cryptocurrency trading. With an extensive selection of trading pairs, cutting-edge features like WE-Launch, and partnerships with global icons like Michael Owen, WEEX continues to redefine the trading experience for millions worldwide.
For more information:
Website: WEEX Exchange
Photo – https://mma.prnewswire.com/media/2607704/WEEX.jpg
View original content:https://www.prnewswire.co.uk/news-releases/weex-completes-first-ever-burn-120-million-worth-of-wxt-reducing-supply-by-40–could-wxt-be-the-next-100x-gem-302363255.html
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