News
“Clear, Logical Legislation”: Inside Vanuatu’s 2nd Crypto Symposium
A who’s who of Vanuatu’s financial industry and its regulators converged at Port Vila’s Warwick Le Lagon resort on June 27 to discuss the new licence for virtual asset service providers (VASP) and to review the jurisdiction’s best strategies to avoid global regulatory watch lists.
This was the second Symposium organized by the Vanuatu Financial Services Commission, this time under the theme “Shaping tomorrow: Exploring the role of the financial dealers licence and virtual assets in national development.” The event was attended by the Honourable John Dahmasing Salong, Minister of Finance and Economic Management and by MP Andrew Solomon Napuat.
VFSC’s Commissioner, Branan Karae, opened the day by reviewing the past year’s progress. The biggest step was the VASP Bill, now ready to become law in the next parliamentary session, probably in September.
Karae underlined his team’s efforts to streamline the application process for Financial Dealer Licences (FDL). They are now processing at least two to three every month, for a total of about 75 since the new regulatory regime was introduced in 2022. And the numbers continue to grow. The VFSC also held a mini-symposium in Sydney in May to beef up its marketing efforts and applied for membership in the International Organization of Securities Commissions (IOSCO) to enhance its reputation.
The Commissioner proudly introduced the newest Ni-Vanuatu woman in fintech, Jossiana Peter, a graduate in banking and finance from Macquarie University in Sydney, who will be the Virtual Assets Supervisor in his office.
A New Licence for Virtual Asset Service Providers
The requirements for the upcoming VASP licence were detailed in a joint presentation by Joshua Tarinako, Managing Supervisor at VFSC, and Loretta Joseph, an Australian consultant for the VFSC who has been instrumental in drafting the new Bill.
She noted that Vanuatu was “one of a few jurisdictions that have done something about virtual assets” in line with the requirements of the Financial Action Task Force (FATF), the global regulatory body for financial services.
“This ensures that the innovation due to new technology, like decentralized finance and cryptocurrencies, will be shaped within legal boundaries in a way that fosters trust and stability in the digital economy. We tried to devise clear, logical legislation that doesn’t stifle innovation and specifies what operators can and cannot do,” said Loretta Joseph.
Joshua Tarinako walked the audience through the requirements for the VASP licence, which is classified as Category D in the FDL program. The requirements share similarities with A, B and C licences, such as physical presence, management experience, quarterly reports and more.
The Category D licence is divided into four subcategories, depending on the type of service provided: D1 for exchanges, D2 for custodians, D3 for virtual asset managers and D4 for banks. There’s also a time-limited 12-month “Fintech sandbox utility” status for VASP start-ups currently in testing their products.
A process has been drafted for Initial Token Offerings, which Joseph described as “digital crowdfunding.” Proponents must submit a White Paper detailing their business plan, such as funding, product roadmap and conditions attached to their token. There will be a Purchaser Right with a 10-day “cooling-off period” to allow participants to change their minds.
Once the law passes Parliament, the VFSC will provide more guidance on a range of topics to be defined, such as initial capital requirements for VASPs.
From the floor of the symposium at Port Vila’s Warwick Le Lagon resort
Developing a “Culture of Compliance”
A panel was held on international standard requirements from the FATF, the Asia-Pacific Group (APG) and the European Union (EU). These bodies keep watchlists of non-compliant jurisdictions with dire consequences for those targeted. Vanuatu has long been delisted by the FATF and APG but remains on two EU lists: one pertaining to money laundering controls and the other to tax practices.
Rick McDonell, the former Executive Secretary of the FATF and APG, shared some pro tips on global compliance.
He warned against upcoming re-assessments by these bodies, especially the FATF’s Recommendation 16. Known as the “travel rule,” it requires VASPs to verify the identities of originators and beneficiaries for any transaction over 1000 USD or EUR and to report any suspicious activity.
“Many countries aren’t implementing the rules properly, while others are just doing a bad job, especially investigating and confiscating the proceeds of crime,” he added.
“When the assessors come next time, they will look at how well you apply their standards. It’s a very intrusive process so your government and private sector will need to defend themselves against any lack of understanding (…) Make sure you have the statistics to show that you’re being compliant and to make a persuasive case, both in your submissions and when you meet face to face.”
The next on-site visit will be in October 2026, but he recommended starting early with a “holistic effort” involving industry and government.
When it comes to EU watchlists, McDonell pinpointed a “lack of coordination” and “miscommunication,” both of which could be solved through discussions at a high level.
The Honourable Andrew Solomon Napuat, MP and chairperson of the FDL task force, detailed how he and five fellow MPs have been “knocking down doors” in the past year to push government agencies to work together on addressing EU listings.
“This is not a single-agency issue. It’s a sovereign issue affecting all of us. Everyone must come together and gather all the technical knowledge we need to support our leaders at the political level,” he added.
Panagiotis Nikolaou, advisor for the Cyprus SEC, shared his own experience in the matter. “We’ve seen countries rushing to complete requirements but we found that just ticking the boxes is not enough. It’s about developing a culture of compliance, not only to delist from EU lists but to make sure you don’t get on any watchlist anywhere ever again,” he emphasized.
Vanuatu is on the right path according to McDonell, who led the first APG meeting many years ago. “The level of understanding is incredible. It’s an impressive improvement. Countries trying to build their financial sector need regulatory certainty and a good reputation, and those are on the rise in Vanuatu.”
Building Local Knowledge through Immigration
Another panel addressed the difficulties foreign investors encounter when they start FDL businesses in Vanuatu.
For Martin St-Hilaire, managing director at Titan FX, the biggest priorities are investing in education and relaxing immigration rules for foreign skilled workers – and the two are usually intertwined.
“Knowledge industries, such as fintech, are our best chance to grow our economy. All it takes is an internet connection and an education. Unfortunately, Vanuatu has a schooling average of just 6.8 years and only 5% of our youth advance to post-secondary studies, so we can’t even fill all the currently open positions,” St-Hilaire explained.
“Importing foreign skilled workers would not only fill the skill gap, it would provide mentors for the next generation of local knowledge workers. Foreigners are bringing both their skills and teaching capacity.”
St-Hilaire pleaded for a “change of mindset” in which Vanuatus opens its borders to foreign workers, instead of scaring them away with cumbersome visa rules.
In his view, the FDL program perfectly demonstrates his theory: “Each new FDL can pair a local with a foreign worker, who trains them, so we grow into two plus two, three plus three, and so on. Our sector already employs about 110 people, who, in turn, support their families and spend their earnings in the community. These jobs didn’t exist five years ago, so foreign workers didn’t take them away from anyone. We created a whole new industry from scratch by importing the skills we needed.”
He stressed that the current immigration rules are “not protecting anything,” they’re only “damaging future opportunities for local kids.”
St-Hilaire was joined by Howard Aru, the former CEO of the Vanuatu Foreign Investment Promotion Agency and current GM at the Vanuatu Chamber of Commerce, who seconded St-Hilaire’s call for “a change in thinking.”
“I’ve been singing this song for 20 years. Hopefully more industries will follow fintech’s lead,” Aru stated.
A who’s who of Vanuatu’s financial industry and its regulators converged at Port Vila’s Warwick Le Lagon resort on June 27 to discuss the new licence for virtual asset service providers (VASP) and to review the jurisdiction’s best strategies to avoid global regulatory watch lists.
This was the second Symposium organized by the Vanuatu Financial Services Commission, this time under the theme “Shaping tomorrow: Exploring the role of the financial dealers licence and virtual assets in national development.” The event was attended by the Honourable John Dahmasing Salong, Minister of Finance and Economic Management and by MP Andrew Solomon Napuat.
VFSC’s Commissioner, Branan Karae, opened the day by reviewing the past year’s progress. The biggest step was the VASP Bill, now ready to become law in the next parliamentary session, probably in September.
Karae underlined his team’s efforts to streamline the application process for Financial Dealer Licences (FDL). They are now processing at least two to three every month, for a total of about 75 since the new regulatory regime was introduced in 2022. And the numbers continue to grow. The VFSC also held a mini-symposium in Sydney in May to beef up its marketing efforts and applied for membership in the International Organization of Securities Commissions (IOSCO) to enhance its reputation.
The Commissioner proudly introduced the newest Ni-Vanuatu woman in fintech, Jossiana Peter, a graduate in banking and finance from Macquarie University in Sydney, who will be the Virtual Assets Supervisor in his office.
A New Licence for Virtual Asset Service Providers
The requirements for the upcoming VASP licence were detailed in a joint presentation by Joshua Tarinako, Managing Supervisor at VFSC, and Loretta Joseph, an Australian consultant for the VFSC who has been instrumental in drafting the new Bill.
She noted that Vanuatu was “one of a few jurisdictions that have done something about virtual assets” in line with the requirements of the Financial Action Task Force (FATF), the global regulatory body for financial services.
“This ensures that the innovation due to new technology, like decentralized finance and cryptocurrencies, will be shaped within legal boundaries in a way that fosters trust and stability in the digital economy. We tried to devise clear, logical legislation that doesn’t stifle innovation and specifies what operators can and cannot do,” said Loretta Joseph.
Joshua Tarinako walked the audience through the requirements for the VASP licence, which is classified as Category D in the FDL program. The requirements share similarities with A, B and C licences, such as physical presence, management experience, quarterly reports and more.
The Category D licence is divided into four subcategories, depending on the type of service provided: D1 for exchanges, D2 for custodians, D3 for virtual asset managers and D4 for banks. There’s also a time-limited 12-month “Fintech sandbox utility” status for VASP start-ups currently in testing their products.
A process has been drafted for Initial Token Offerings, which Joseph described as “digital crowdfunding.” Proponents must submit a White Paper detailing their business plan, such as funding, product roadmap and conditions attached to their token. There will be a Purchaser Right with a 10-day “cooling-off period” to allow participants to change their minds.
Once the law passes Parliament, the VFSC will provide more guidance on a range of topics to be defined, such as initial capital requirements for VASPs.
From the floor of the symposium at Port Vila’s Warwick Le Lagon resort
Developing a “Culture of Compliance”
A panel was held on international standard requirements from the FATF, the Asia-Pacific Group (APG) and the European Union (EU). These bodies keep watchlists of non-compliant jurisdictions with dire consequences for those targeted. Vanuatu has long been delisted by the FATF and APG but remains on two EU lists: one pertaining to money laundering controls and the other to tax practices.
Rick McDonell, the former Executive Secretary of the FATF and APG, shared some pro tips on global compliance.
He warned against upcoming re-assessments by these bodies, especially the FATF’s Recommendation 16. Known as the “travel rule,” it requires VASPs to verify the identities of originators and beneficiaries for any transaction over 1000 USD or EUR and to report any suspicious activity.
“Many countries aren’t implementing the rules properly, while others are just doing a bad job, especially investigating and confiscating the proceeds of crime,” he added.
“When the assessors come next time, they will look at how well you apply their standards. It’s a very intrusive process so your government and private sector will need to defend themselves against any lack of understanding (…) Make sure you have the statistics to show that you’re being compliant and to make a persuasive case, both in your submissions and when you meet face to face.”
The next on-site visit will be in October 2026, but he recommended starting early with a “holistic effort” involving industry and government.
When it comes to EU watchlists, McDonell pinpointed a “lack of coordination” and “miscommunication,” both of which could be solved through discussions at a high level.
The Honourable Andrew Solomon Napuat, MP and chairperson of the FDL task force, detailed how he and five fellow MPs have been “knocking down doors” in the past year to push government agencies to work together on addressing EU listings.
“This is not a single-agency issue. It’s a sovereign issue affecting all of us. Everyone must come together and gather all the technical knowledge we need to support our leaders at the political level,” he added.
Panagiotis Nikolaou, advisor for the Cyprus SEC, shared his own experience in the matter. “We’ve seen countries rushing to complete requirements but we found that just ticking the boxes is not enough. It’s about developing a culture of compliance, not only to delist from EU lists but to make sure you don’t get on any watchlist anywhere ever again,” he emphasized.
Vanuatu is on the right path according to McDonell, who led the first APG meeting many years ago. “The level of understanding is incredible. It’s an impressive improvement. Countries trying to build their financial sector need regulatory certainty and a good reputation, and those are on the rise in Vanuatu.”
Building Local Knowledge through Immigration
Another panel addressed the difficulties foreign investors encounter when they start FDL businesses in Vanuatu.
For Martin St-Hilaire, managing director at Titan FX, the biggest priorities are investing in education and relaxing immigration rules for foreign skilled workers – and the two are usually intertwined.
“Knowledge industries, such as fintech, are our best chance to grow our economy. All it takes is an internet connection and an education. Unfortunately, Vanuatu has a schooling average of just 6.8 years and only 5% of our youth advance to post-secondary studies, so we can’t even fill all the currently open positions,” St-Hilaire explained.
“Importing foreign skilled workers would not only fill the skill gap, it would provide mentors for the next generation of local knowledge workers. Foreigners are bringing both their skills and teaching capacity.”
St-Hilaire pleaded for a “change of mindset” in which Vanuatus opens its borders to foreign workers, instead of scaring them away with cumbersome visa rules.
In his view, the FDL program perfectly demonstrates his theory: “Each new FDL can pair a local with a foreign worker, who trains them, so we grow into two plus two, three plus three, and so on. Our sector already employs about 110 people, who, in turn, support their families and spend their earnings in the community. These jobs didn’t exist five years ago, so foreign workers didn’t take them away from anyone. We created a whole new industry from scratch by importing the skills we needed.”
He stressed that the current immigration rules are “not protecting anything,” they’re only “damaging future opportunities for local kids.”
St-Hilaire was joined by Howard Aru, the former CEO of the Vanuatu Foreign Investment Promotion Agency and current GM at the Vanuatu Chamber of Commerce, who seconded St-Hilaire’s call for “a change in thinking.”
“I’ve been singing this song for 20 years. Hopefully more industries will follow fintech’s lead,” Aru stated.
News
Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.
Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific 
CORZbut no financial details were disclosed.
JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.
“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.
The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.
Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.
In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.
“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.
Analysts say similar deals to follow could further validate Block’s reputation in the industry.
But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.
Block shares have lost nearly 17% this year.
3:30 PM ▪ 4 minute read ▪ by Luc Jose A.
This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.
The Consumer Price Index: The Cornerstone of the American Economy
The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.
The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.
THE BIGGEST EVENT THIS WEEK 🚨
The U.S. Consumer Price Index is expected to
PUBLICATION TODAY AT 8:30 AM ET.EXPECTATIONS ARE 3.1% WHILE
LAST MONTH THE CONSUMER PRICE INDEX (CPI) WAS 3.3%HERE ARE SOME SCENARIOS 👇
1) CPI above 3.1%
THIS WILL BE A DAMAGE TO THE MARKET
GIVEN THAT THE LAST TIME THE CPI DATA… photo.twitter.com/yudjPLPl8g— Ash Crypto (@Ashcryptoreal) July 11, 2024
Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?
Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.
Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.
According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.
Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.
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Luke Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.
Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.
As the broader market anticipates Bitcoin’s next price action, RCO Finance (RCOF) demonstrates resilience, attracting thousands of people in influxes. Read on for more details!
RCO Finance challenges the market crisis
RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.
As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.
The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.
Read on to learn more about this tool and other exciting features of RCO Finance!
Bitcoin Bounces Amid Impending Crash
Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.
On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.
In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”
Enjoy seamless investing on RCO Finance
RCO Finance is making investing easier and easier, democratizing access to high-level tools and cryptocurrency earnings that were once reserved for professional and institutional investors. It has also prioritized accessibility, allowing investors of all levels to easily navigate its features through its intuitive interface.
Additionally, they can also maintain anonymity and privacy as the platform has no KYC requirements. To build trust, the platform has instead emphasized regular smart contract audits by respected security firm SolidProof.
Performance data shows massive adoption, indicating that it is doing its job effectively. Investors can also capitalize on RCO Finance’s fast transaction speeds and incredibly low transaction fees, with leverage options up to 1000x to further optimize their portfolios and maximize returns.
Leverage RCO Finance’s pre-sale earnings
An in-depth analysis of the RCO Finance ecosystem revealed that it has strong potential to rival and surpass major cryptocurrencies in the cryptocurrency industry. With a very limited total token supply and excellent tokenomics, RCO Finance is poised to reach its target of $1 billion in market cap upon its official launch.
RCO Finance has adopted a deflationary model, strategic burn mechanisms, and a vesting schedule. However, the project encourages long-term holding by focusing on sustained growth through incredibly high staking rewards.
RCOF tokens are currently available at an altcoin price of $0.01275 in progress Pre-sale Phase 1. This is likely the lowest price these coins will ever trade at, as they are expected to increase exponentially with each new presale phase.
With RCOF expected to be $0.4 at launch, investors jumping in now can expect a Return 30x on their investment!
For more information on RCO Finance (RCOF) presale:
Join the RCO Financial Community
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
Jack Mallers: Bitcoin is prepared for the collapse of 2025 – right?
The race is becoming crazy! Bitcoin goes over $ 850 Max Keizer 1
Bitcoin Big Bang is near – Lyn Alden emits a red code.
Once this happens, Bitcoin is pushing towards $ 200k without brakes – Matt Hugan
The next Bitcoin event will be so large, it will make 2021 look like heating – James Lumo
DeFi Technologies Appoints Andrew Forson to Board of Directors
US Agencies Request Information on Bank-Fintech Dealings
Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
Switchboard Revolutionizes DeFi with New Oracle Aggregator
Bitcoin and Technology Correlation Collapses Due to Excess Supply
Jack Mallers: Bitcoin is prepared for the collapse of 2025 – right?
The race is becoming crazy! Bitcoin goes over $ 850 Max Keizer 1
Bitcoin Big Bang is near – Lyn Alden emits a red code.
Once this happens, Bitcoin is pushing towards $ 200k without brakes – Matt Hugan
The next Bitcoin event will be so large, it will make 2021 look like heating – James Lumo
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