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Asosiasi Blockchain Indonesia: What’s Up with Crypto in Indonesia?

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The global crypto market is currently experiencing a complete decline. If people consider the increase in the last few years, the total market capitalization of crypto assets has reached more than 3 trillion US dollars, but currently, the overall capitalization value has been observed to fall below 1 trillion US dollars or around 901 million US dollars on Wednesday (29/6). This figure is the lowest achievement for the first time since February 2021. This phenomenon of falling market prices for crypto assets is known as a bear market, a cycle that is currently being faced by crypto markets globally. Unlike other asset markets, the cycle of the crypto asset market moves much faster.

In the crypto industry, bear markets are commonplace and only temporary. From this bear market phenomenon, according to Asih Karnengsih, Chairwoman of the Indonesian Blockchain Association (A-B-I) that “bear markets have become commonplace in the crypto space, lastly happened in 2018, and we all know what happened after that, this momentum is a natural process of eliminating players who enter this industry only because of valuation or numbers alone, while the real players are increasingly focusing on building and developing.” In addition, there are several factors that have influenced the condition of the crypto asset market in recent months, namely:

  • Bitcoin (BTC) showed its worst price movement in more than a decade in the second quarter of 2022, with the price of BTC touching $17,600 on June 18.
  • The fall in the value of Terra and its two assets (LUNA and UST) which were previously crypto assets with a market capitalization of 40 billion US dollars in April, was in the top 10 according to Coin Market Cap. In July, its market capitalization value was only 800 million US dollars. The LUNA coin is down 99% and the stablecoin UST lost its peg value against the US dollar (depeg).
  • Solana’s crypto asset ecosystem, which was in trouble after the discovery of thousands of Solana-based wallets, has been hacked. According to Bloomberg, Elliptic, a blockchain forensics company, said that more than 7,900 of Solana’s wallets had been stolen and the loss was estimated at more than 5.2 million US dollars. Meanwhile, PeckShield as one of the security companies said that due to the Solana-based wallet hacking, the victim had suffered a loss of about 8 million US dollars.
  • Several crypto asset service providers who are in financial trouble due to the current bear market conditions have gone bankrupt, as happened in:
  1. Three Arrows Capital (3AC) was unable to meet its liquidity on June 29 due to a default on crypto loan payments of more than US$650 million.
  2. Celsius Network announced the termination of all drawdowns due to the bankruptcy of illiquid assets. However, Celsius is currently proposing another solution to restructure the company by mining BTC on Monday (18/7).
  3. Vault has also suspended withdrawals for its more than 800,000 customers.
  4. Babel Finance has temporarily suspended the withdrawal and redemption of crypto assets because according to the management, Babel Finance is facing high liquidity pressure.

The existence of financial problems that led to the issue of bankruptcy in the midst of bear market conditions caused several companies that deposited their digital assets in these companies to experience a direct impact. One of them is the Prospective Crypto Asset Physical Trader/Exchange registered with Bappebti/CoFTRA, Zipmex. In its official release, Zipmex explained that it had deposited assets with Babel Finance and Celsius since the beginning of ZipUp+’s operations and had announced a temporary suspension to the process of withdrawing funds and crypto assets. Zipmex has made various efforts to overcome these problems, including fundraising, legal action, and restructuring, and now Zipmex has reactivated the withdrawal of funds and digital assets on Trade Wallet. In addition, since August 2, 2022, Zipmex has also released Solana, Ripple, Cardano, and Ethereum crypto assets from Z Wallet to users’ Trade Wallet on a regular basis. Zipmex through its official communication channel also announced that the management has signed three Memorandums of Understanding (MoU) which are part of the restructuring plan by introducing fresh funding to the company through an investor group led by Zipmex’s shareholders to keep the company’s operations running and maintained their integrity.

Then, what will happen to the future of the crypto market industry? Asih said, “Actually, even from a valuation point of view, 2 years ago the value of bitcoin was around $8000, currently even though it’s a bear market, the value of bitcoin reaches $20,000 so it can be seen from a long-term perspective, crypto is here to stay.” Oscar Darmawan, as CEO of Indodax also shared his opinion that “at a time of bearish market like this, it is the right moment for investors to collect crypto portfolios”.

With the challenges faced by the crypto industry, the regulation from Bappebti/CoFTRA has been very accommodating in terms of consumer security with the necessity of a Crypto Futures Exchange. Malikulkusno Utomo, who is often called Dimas, General Counsel of PINTU, participated in giving his views on the formation of a crypto exchange, according to Dimas “the establishment of a crypto futures exchange can be immediately realized to encourage the advancement of the crypto industry in Indonesia, increase public trust, provide information distribution, and protect the investors, PINTU believes “it is more appropriate if the futures exchange is an exchange that has gone through a series of strict processes and complies with the requirements according to applicable regulations”. Oscar also added that he hopes that the relevant government “can soon inaugurate the Digital Future Exchange (DFX) crypto futures exchange which will later serve to help oversee crypto transactions to be more secure and protect crypto asset traders. I am optimistic that the establishment of this futures exchange can advance the crypto ecosystem in Indonesia to be even better”.

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Deputy Minister of Trade, Jerry Sambuaga said that the establishment of the Indonesian Crypto Exchange is almost complete, “the point is that it is close, hopefully as soon as this year,” Jerry said on Thursday (28/7). In terms of the readiness of the DFX consortium, Alex Kim as CEO of Upbit APAC who is part of the consortium said “risk mitigation to institutions regulated and supervised by Bappebti/CoFTRA, when market conditions are bad, business actors and consumers’ funds can be protected by this ecosystem. DFX as a prospective crypto exchange is ready to operate and contribute to the Indonesian crypto asset industry ecosystem, in accordance with the mandate of government regulations, especially Bappebti/CoFTRA. This is why we really welcome and look forward to the finalization of the DFX”.

SOURCE Asosiasi Blockchain Indonesia

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Blocks & Headlines: Today in Blockchain – May 9, 2025

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Welcome to Blocks & Headlines, your daily deep-dive into the most impactful movements in blockchain technology and the cryptocurrency sector. In today’s edition, we unpack five major stories that illuminate trends in funding, sustainability, payment innovation, banking collaborations, and technical interoperability—all vital signposts for developers, investors, and Web3 enthusiasts. Here’s what’s on the docket:

  1. Camp Network’s New IP-Focused Testnet

  2. Blockchain for Sustainable Packaging

  3. Meta’s Blockchain-Based Payment System Plans

  4. Mocse Credit Union Joins Metal Blockchain’s Innovation Program

  5. Apex Fusion on the Urgency of Blockchain Defragmentation

Through concise reporting, opinion-driven analysis, and SEO-optimized insights—featuring keywords like blockchain, cryptocurrency, Web3, DeFi, and NFTs—we’ll explore how these developments shape the next wave of decentralized finance, enterprise adoption, and mass onboarding.


1. Camp Network Launches Testnet for IP-Focused Blockchain

What Happened:
Camp Network has unveiled its long-anticipated testnet following a $30 million funding round led by leading crypto VCs. This new network is tailored for intellectual property (IP) asset tokenization, aiming to streamline rights management and royalty payments via smart contracts.

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  • Technical Highlights:

    • Modular Consensus: Hybrid PoS/PoA consensus that allows IP rightsholders to validate transactions.

    • On-Chain Licensing: Smart contracts enabling programmable licensing terms, automated royalty splits, and revocable access controls.

    • Interoperability: Bridges to Ethereum and Polygon enable seamless asset transfers and liquidity provisioning.

Analysis & Implications:
By focusing on IP tokenization, Camp Network addresses a glaring gap in current NFT platforms, which often lack robust legal-framework integration. This specialization could catalyze:

  • New Revenue Models: Musicians, authors, and inventors can fractionalize royalties, unlocking liquidity and democratizing investment in creative works.

  • Institutional Adoption: Traditional publishers and studios may pilot tokenized licensing, accelerating blockchain’s entrée into regulated industries.

  • Secondary Markets: With on-chain licensing data, marketplaces can enforce provenance and anti-fraud measures more effectively.

Camp Network’s testnet success will hinge on developer tooling, legal partnerships, and gas-fee economics. Should it deliver a smooth UX and clear ROI for rightsholders, it could set a new standard for Web3 IP infrastructure.

Source: The Block


2. Blockchain as a Sustainable Packaging Game-Changer

What Happened:
A recent report explores how blockchain can revolutionize sustainable packaging by delivering end-to-end supply-chain transparency. The solution combines on-chain tracking of materials, IoT sensor data for carbon footprint measurement, and tokenized incentives for recycling.

  • Key Components:

    • Immutable Traceability: Each packaging component is logged on a public ledger, enabling consumers to verify sustainable sourcing.

    • Carbon Credit Tokens: Brands earn tokenized credits when they hit recycling targets, tradable on carbon-market DAOs.

    • Consumer-Facing Apps: QR-code scanning interfaces reveal environmental impact metrics and reward programs.

Analysis & Implications:
Integrating blockchain with sustainable packaging tackles greenwashing and fragmented reporting. The ability to tie physical materials to on-chain records introduces:

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  • Enhanced Accountability: Brands face real-time public scrutiny of ESG claims, improving trust and regulatory compliance.

  • Market Mechanisms: Carbon credit tokens linking packaging to broader DeFi ecosystems incentivize circular economy behaviors.

  • Consumer Engagement: NFTs or loyalty tokens tied to sustainable purchases could accelerate brand loyalty in eco-conscious demographics.

This convergence of blockchain, IoT, and token economics exemplifies how decentralized technologies can underpin not only financial systems but also planetary stewardship.

Source: Yahoo Finance


3. Meta Plans New Blockchain-Based Payment System

What Happened:
Meta is reportedly developing a blockchain-powered payment network to underpin its digital wallet ambitions, aiming to facilitate low-fee remittances, in-app purchases, and peer-to-peer transfers across Facebook, Instagram, and WhatsApp.

  • Proposed Features:

    • Cross-Border Settlements: Utilizing stablecoins pegged to major fiat currencies to avoid volatility.

    • Layer-2 Scalability: Built atop an Ethereum Layer-2 or a proprietary chain to ensure sub-second confirmation times and minimal fees.

    • Regulatory Compliance: On-chain KYC/AML checks integrated via permissioned sidechains.

Analysis & Implications:
Meta’s push into blockchain payments could reshape the competitive landscape:

  • Crypto On-Ramp: With 3 billion+ monthly users, built-in wallet functionality could massively expand mainstream cryptocurrency adoption.

  • Disintermediation Risk: Traditional payment processors and remittance services face margin compression as Meta internalizes transaction flows.

  • Regulatory Scrutiny: Centralized control of a global payments network raises data-privacy and antitrust questions, likely attracting significant oversight.

If Meta balances decentralization ethos with compliance demands, it could serve as a blueprint for other Big Tech firms eyeing Web3 integration.

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Source: Dig.watch


4. Mocse Credit Union Joins Metal Blockchain’s Banking Innovation Program

What Happened:
Mocse Credit Union has signed on to Metal Blockchain’s Banking Innovation Program, a consortium designed to accelerate pilot projects in tokenized lending, fractional deposits, and programmable savings accounts.

  • Program Benefits:

    • Sandbox Environment: Regulatory-compliant testbeds for tokenized asset experiments.

    • API Integrations: Plug-and-play modules for KYC, smart-contract auditing, and fiat-crypto on-ramps.

    • Co-Innovation Workshops: Joint labs with fellow financial institutions and DeFi projects.

Analysis & Implications:
This partnership signals the banking sector’s growing willingness to explore blockchain beyond hype:

  • Tokenized Deposits: By issuing interest-bearing stablecoin equivalents, credit unions can attract a new demographic of digitally native savers.

  • Risk Management: Sandboxed pilots allow institutions to evaluate smart-contract risks without exposing core systems.

  • Interoperable Finance: Aligning legacy banking with DeFi rails can unlock hybrid products—e.g., flash loans collateralized by insured deposits.

Such collaborations could spearhead a wave of embedded finance offerings, blurring the lines between centralized and decentralized banking infrastructures.

Source: Newswire

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5. Apex Fusion: Defragmenting Blockchain for Mass Adoption

What Happened:
In an op-ed, Apex Fusion argues that blockchain interoperability and defragmentation are critical prerequisites for mainstream Web3 uptake. The piece advocates standardized cross-chain messaging protocols, unified identity layers, and aggregated liquidity pools.

  • Core Proposals:

    • Protocol Neutral Messaging: A universal middleware to transmit value and data across disparate chains.

    • Decentralized Identity (DID): A shared credential framework enabling seamless dApp logins without wallet-hopping.

    • Liquidity Hubs: Cross-chain Automated Market Makers (AMMs) that pool assets to reduce slippage and gas friction.

Analysis & Implications:
A fragmented blockchain ecosystem hinders user experience and developer efficiency:

  • Onboarding Friction: New users face wallet complexity, chain-switching hassles, and inconsistent UX across apps.

  • Capital Inefficiency: Isolated liquidity silos lead to higher trading costs and limit DeFi yield optimization.

  • Developer Overhead: Building multichain dApps requires fragmented toolkits and disparate security audits.

Solving these challenges through interoperable frameworks will be pivotal for DeFi, NFT, and enterprise Web3 solutions to scale beyond niche audiences. Apex Fusion’s recommendations may inform upcoming standards efforts by bodies like the Blockchain Governance Initiative Network (BGIN).

Source: Euro Weekly News


Conclusion

Today’s blockchain developments reflect a maturing industry at the crossroads of innovation and integration:

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  • Specialized Networks: Camp Network’s IP testnet showcases niche use-cases driving targeted blockchain deployments.

  • Sustainability & Token Economics: Linking environmental impact to on-chain incentives demonstrates blockchain’s potential in non-financial arenas.

  • Big Tech Entry: Meta’s payment ambitions could accelerate global crypto adoption while raising regulatory stakes.

  • Banking Collaboration: Programs like Metal Blockchain’s underscore financial institutions’ appetite for safe, regulated Web3 experimentation.

  • Interoperability Imperative: As Apex Fusion highlights, defragmentation and cross-chain standards are essential for seamless UX and liquidity flow.

As blockchain weaves deeper into finance, supply chains, and digital ecosystems, the future hinges on striking the right balance between decentralization, compliance, and user-centric design. Stay tuned for tomorrow’s Blocks & Headlines where we continue to chronicle the pulse of Web3 innovation.

The post Blocks & Headlines: Today in Blockchain – May 9, 2025 appeared first on News, Events, Advertising Options.

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Bitget Blockchain4Youth sostiene l’innovazione del Web3 e dell’IA all’hackathon “Build with AI” di Google Developer Group

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Bitget, società Web3 e uno dei principali exchange di criptovalute, ha ottenuto un riscontro significativo in occasione del recente hackathon “Build with AI”, tenutosi dal 2 al 5 maggio 2025 presso la Constructor University. Spingendosi oltre la semplice sponsorizzazione, l’iniziativa Blockchain4Youth di Bitget ha coinvolto attivamente più di 130 studenti di talento.

L’evento, organizzato dai Google Developer Groups (GDG) on Campus, ha offerto a Bitget uno spazio dinamico per entrare in contatto diretto con gli innovatori tecnologici di nuova generazione. Nel corso di una presentazione dedicata, è stato introdotto il programma Blockchain4Youth Builder, che mostra l’impegno di Bitget nel formare giovani talenti all’interno dello spazio del Web3. Questa partecipazione evidenzia l’approccio lungimirante di Bitget nell’integrare la formazione in materia di blockchain con i settori emergenti come l’IA, riconoscendo il loro potenziale combinato.

Gli studenti hanno lavorato alla creazione di modelli basati sull’IA e di prodotti in fase iniziale utilizzando gli strumenti avanzati di Google, mentre la presenza di Bitget ha offerto una prospettiva unica su come la blockchain possa migliorare ed essere integrata nelle soluzioni di IA. Questa interazione con il mondo reale ha fornito preziose indicazioni agli studenti, colmando il gap tra conoscenze teoriche e applicazione pratica all’interno del panorama tecnologico in rapida evoluzione.

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“La formazione rimane un principio fondamentale della nostra missione e, attraverso iniziative come Blockchain4Youth, intendiamo fornire alle nuove generazioni le competenze necessarie non solo per esplorare, ma anche per plasmare attivamente questo settore dinamico”, ha commentato Vugar Usi Zade, COO di Bitget. “Collaborare con comunità come il Google Developer Group offre una base preziosa per connettersi con talenti di spicco e aiutarli nel percorso di utilizzo della blockchain per creare soluzioni di impatto. Blockchain4Youth continuerà a espandere la sua portata, favorendo la crescita dei futuri leader del Web3 in grado di cogliere le numerose opportunità offerte da questa tecnologia”.

Il coinvolgimento mostrato all’hackathon “Build with AI” di GDG è un elemento chiave del più ampio programma Blockchain4Youth di Bitget, l’iniziativa aziendale dedicata alla Responsabilità Sociale d’Impresa (RSI). Questo programma mira a favorire la prossima generazione di leader Web3 attraverso opportunità formative ed esperienze pratiche.

Tra le iniziative più recenti del programma Blockchain4Youth c’è il lancio del Graduate Program di Bitget, concepito per reclutare i migliori laureati nel settore blockchain e Web3. Inoltre, l’espansione del programma Bitget Builders continua a fornire agli individui più promettenti del Web3 un’esperienza diretta attraverso gli eventi offline, i programmi formativi e la crescita strategica della community.

A proposito di Bitget

Fondata nel 2018, Bitget è una società Web3 tra i principali exchange di criptovalute al mondo. Con oltre 100 milioni di utenti in più di 150 Paesi e aree geografiche, l’exchange Bitget si impegna ad aiutare gli utenti a fare trading in modo più smart con la sua pionieristica funzione di copy trading e altre soluzioni di trading.

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India’s Fintech Market to Reach $990 Billion by 2032 at 30.2% CAGR – Fintech Firms Eye Untapped Indian Digital Payments Market with Secure, Low-Cost Digital Financial Solutions

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