Tag: cryptocurrency

Vietnam – Bitget, a global cryptocurrency exchange and web3 company, is encouraging its users to make smarter decisions in its latest campaign with Vantage Pictures. 

The ‘Trade Smarter’ campaign infuses humorous elements, veering away from the usual high-stakes tone of financial advertising. It aims to provide a sense of fun and relatability in crypto trading.

The campaign comprises of four films directed by Paul Moore and filmed in Bangkok. Each film shows humorous scenes where characters are encouraged to think outside the box to get significant rewards. It offers a fresh approach to how viewers can perceive crypto trading.

The campaign is set to be released globally throughout 2024.

“When we set out to make these films, the idea was to keep it fun and light but still impactful. Trading, like life, is about making smart moves, and we wanted to show that in a way that’s engaging and relatable. We hope that sense of fun truly connects with people,” Moore commented.

 “This campaign is all about human moments—those small, relatable situations where a smart decision can make all the difference. The humour comes from real life. We didn’t just want to talk about smart trading; we wanted to show how trading can be incorporated into daily life,” Vugar Usi Zade, chief operating officer of Bitget, said. 

Singapore – Banking giant DBS has announced its foray into cryptocurrency, offering over-the-counter cryptocurrency options trading and structured notes for eligible institutional investors and accredited wealth clients.

This makes the Singapore-based bank the first Asian-headquartered bank to offer financial products whose value is linked to the price of Bitcoin and Ethereum – the two largest cryptocurrencies by market capitalisation.

From Q4 2024 onwards, eligible clients seeking to build exposure to the asset class may do so through options trading and structured notes. Depending on the product’s structure and cryptocurrency price movements, clients may earn yield on fiat or take delivery of the underlying cryptocurrency.

Moreover, eligible clients custodising Bitcoin and Ethereum with DBS may also hedge their positions against market volatility and potentially earn yield through various options structures. 

For instance, a client seeking to manage the inherent volatility of Bitcoin may buy a put option, which gives the client the right to sell Bitcoin at a fixed price at a future date, even if Bitcoin prices fall below the fixed price by that future date.

Jacky Tai, group head of trading and structuring of global financial markets at DBS, said, “Professional investors are increasingly allocating to digital assets in their portfolios. Underpinned by DBS’ strong credit ratings and longstanding expertise in structuring solutions, these financial products are an expansion of the bank’s value proposition to provide clients trusted institutional-grade access to the digital asset ecosystem. 

She added, “Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

Currently, clients build their digital asset portfolios with DBS by trading cryptocurrencies and security tokens via DBS Digital Exchange (DDEx). Said digital exchange recently reported that the value of digital assets traded on the exchange nearly tripled in Singapore dollar terms as compared to the same time in 2023. 

Singapore – The first quarter of 2024 saw a 119% year-over-year rise in in-app revenue for finance applications, demonstrating their strong growth trend, especially in regions like Europe and LATAM. Moreover, this growth is being driven by technical breakthroughs, greater user spending and engagement, and targeted market expansions. This is according to the latest data released by Adjust, a global measurement and analytics company.

The research also shows that there is a resurgence of interest in cryptocurrency administration and trading, as evidenced by the 196% annual increase in worldwide crypto app instals from 2022 to 2023. 

Meanwhile, the APAC area has experienced an increase in the use of new digital financial services, which have become more accessible as e-commerce has grown rapidly in recent years. Furthermore, younger and more digitally savvy audiences are boosting demand for novel financial solutions. The region’s strong desire for mobile-first solutions, paired with considerable investments in fintech firms, establishes it as an important player in the global financial sector. 

Significant global finance app growth was recorded in 2024. Q1 instals surged by 36% year on year, while sessions increased by 23%. Furthermore, APAC emerged as a significant contributor to financial app instals, accounting for 59%, with MENA leading all areas with 79%. 

The popularity of cryptocurrencies is still rising. Instals of cryptocurrency apps climbed by 196% globally between 2022 and 2023, indicating growing confidence and interest in cryptocurrencies. Crypto marketers must, however, plan on boosting retention because sessions have decreased by 34%. 

The surge in mobile banking and payments demonstrates a move toward financial solutions that prioritize digital technology. In Q12024, bank app installs soared by 111% year over year, while payment app sessions rose by 27% in 2023. Furthermore, Q1 session lengths increased by 12% year over year, underscoring the critical role mobile apps play in day-to-day activities. 

In terms of finance app session duration, APAC is quite near to the global average of 6.38 minutes each session. Nonetheless, several of the region’s nations have surpassed North America, which is the top region in the world with 7.21 minutes per session. With 22.2 minutes per session, South Korea leads the pack, followed by India (15.64 minutes), the Philippines (10 minutes or more), and both Indonesia and Singapore (almost 10 minutes). 

APAC is set for expansion. While the global median effective cost per install (eCPI) for banking apps was $1.21, APAC had the lowest eCPI at $0.63, indicating a healthy growth environment.

Speaking about the report, Tiahn Wetzler, director, content & insights at Adjust, said, “Despite the tumultuous economic conditions of recent years, the outlook for the remainder of 2024 and beyond is promising. By leveraging next-generation measurement approaches, such as incrementality and media mix modelling, alongside traditional attribution, finance app marketers can unlock new avenues for growth. Emphasising secure, user-friendly experiences with a focus on personalisation will be crucial in retaining users – maximising lifetime value and driving sustained success.” 

Meanwhile, April Tayson, regional vice president for INSEAU at Adjust, said, “Our data show that both financial services’ apps and customer needs are evolving, especially in INSEA. With the right tools and integration of advanced tech, such as AI, personalisation, and next-gen mobile measurement, financial companies, developers, and marketers can boost user acquisition and engagement, and increase transaction volumes. These forward-thinking strategies and investments plus a keen understanding of evolving user expectations position marketers for significant growth and success in this dynamic market.” 

Manila, Philippines – Digital finance service Coins.ph has recently unveiled its plans to accelerate its global expansion efforts, eyeing to enter the Australian market in 2024.

This announcement comes after Coins.ph’s Australian arm successfully acquired an ‘AUSTRAC’ (Australian Transaction Reports and Analysis Centre) Digital Currency Exchange registration required for providing cryptocurrency exchange services in Australia.

Furthermore, this strategic action emphasises the homegrown company’s commitment to broadening its reach internationally and bolstering the availability of regulated and compliant digital asset services.

This expansion also marks a significant milestone in the company’s global journey, as the service will be catering to the growing Australian crypto market, as well as to Filipinos who are overseas in Australia, who can now look forward to a more connected financial experience that bridges their lives down under with their roots in the Philippines.

Talking about these expansion plans, Wei Zhou, CEO of Coins.ph, commented, “Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines and since then, we’ve onboarded 18 million customers and expanded our services in both the digital asset exchange business and in e-wallet services.”

“Our team has top-tier talents with global experience in this industry. We’re thrilled to bring these capabilities to new markets.” he added.

Manila, Philippines – The Securities and Exchange Commission (SEC) of the Philippines has released an advisory stating that the now-troubled cryptocurrency exchange Binance is not authorised to operate in the country. This comes after Binance found itself in hot water recently with the US Justice Department telling the firm to pay US$4.3b in penalties and forfeitures.

According to the recent advisory from SEC, Binance is not registered as a corporation in the Philippines, and operates without the necessary license and/or authority from the government.

Moreover, it has also mentioned that those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the platform may be fined of up to PHP5m (~US$90.2k) or may be imprisoned for up to 21 years.

More recently, a US$1b class action lawsuit was filed against celebrity football star Cristiano Ronaldo for his involvement in promoting Binance through its marketing campaign.

Outside of these issues, Binance chief Changpeng Zhao had stepped down and pleaded guilty to breaking US anti-money laundering laws, while its newly-elected chief Richard Teng is also facing scrutiny for years of intrusive US financial monitoring and an ongoing US SEC lawsuit.

Singapore – Cryptocurrency firm Luno has announced that it is exiting the Singaporean market, with its services no longer available by June 20 this year. According to the company, the market exit is part of Luno’s evaluation of their global strategy and presence.

Luno also added that they have also informed the Monetary Authority of Singapore of their intention to withdraw their license application to operate in the country.

In a statement published in their website, the company expressed that while the announcement may come as a shock to their local customers, the decision to exit the market wasn’t taken lightly considering the rising cryptocurrency market in Singapore.

“As a key financial hub in the region and an innovator in financial technology, Singapore has the potential to lead the way in using crypto to build a fair and robust financial system. We can’t wait to watch its journey and are proud to have been a part of it,” they stated.

Moreover, they have expressed their gratitude to the thousands of Singaporeans who have supported them on their crypto journey, ever since they first entered the market in 2016.

Luno has asked its Singaporean customers to withdraw all of their local currency and cryptocurrency by June 19.

The exit also comes after Luno announced that is laying off around 35% of its workforce globally in January this year.

Manila, Philippines – The Philippine Digital Asset Exchange (PDAX) has unveiled its new brand communications today – a straightforward ‘Choose PDAX!’.

PDAX was the first virtual currency exchange operator licensed by the Bangko Sentral ng Pilipinas (BSP) back in 2018. The platform enables Filipino consumers to easily buy, sell, and trade cryptocurrencies.

PDAX said the new ‘Choose PDAX!’ tagline reflects the new and improved services it offers and the upgrades it has applied to the PDAX app and web exchange.

A recent brand refresh gives its web app a more easy-on-the-eye palette. The change coincides with the upgrade of the mobile app which saw several changes to the app interface such as new screens for its dashboard and in its trade and cash-in and out functions, amongst others.

Trading has now also been made easier with the previous Primary and Exchange wallet, which is now consolidated into just one PDAX wallet. Furthermore, all cryptocurrencies are now accessible on the web exchange, similar to the mobile app.

Presently, PDAX gives one-stop access to 34 cryptocurrencies. Earlier this year, it launched its prime service, PDAX Prime, which gives clients access to 21 in-demand digital assets across its platform and through Treasury OTC.

Singapore – Public blockchain platform Solana has announced the official launch of SolSwipe, their first-ever debit card, on a global scale. Solana also holds its native currency of the same name, and is one of the well-known cryptocurrencies, aside Bitcoin and Ethereum.

The debit card launch is in line with SolSwipe’s roadmap of providing a unique service for Solana holders to transact in a seamless and convenient fashion through popular cryptocurrencies. 

In addition, it allows Web3 reloading with Phantom, a Solana-based wallet built for Defi and NFTs. The debit card is created for accessibility and supports Solana (SOL) and USD Coin (USDC) as well as other major chains, such as Ethereum and Binance Smart Chain.

They can be used globally for digital purchases, point of sale (POS) and on any Visa-compatible ATMs. 

Aside from the debit card launch, SolSwipe also debuted its NFT collection on September 12. The SolSwipe NFTs are available for mint at 1.25 Sol with a low supply of 6666 NFTs. Holders will enjoy reduced loading fees and are eligible for exclusive rewards shared from a portion of the royalties and loading fees incurred.

Singapore – Global cryptocurrency exchange Bybit has launched a new special pillow, a first of its kind, in a bid to raise awareness to cryptocurrency traders to get quality sleep despite the ‘market never sleeps’.

The pillow launch is accompanied by the launch of a rap video, full with meme references related to cryptocurrency and trading of it.

The campaign, conceptualised by TBWA\Group Singapore, focuses on the fact that due to the decentralised nature of cryptocurrencies, the markets are not managed by any authority in any specific time zone – they remain open to traders all over the world, hence a large majority of these traders never sleep.

Data from The Sleep Judge states that traders are kept awake at night due to stresses about market crashes; learning more about investments; worrying about the disappearances of cryptocurrency and missing the next big thing. The data also noted that almost 70% of non-investors reported to enjoy good to excellent sleep quality versus around 63% of those who did invest in cryptocurrency. 

Speaking on campaign execution, Asheen Naidu, executive creative director at TBWA\Singapore, said, “We wanted to change these data points and create a solution to the problem of sleep deprivation among traders. Moon Pillow is the answer. Users can program their pillow to provide vibration alerts when their selected cryptocurrencies experience price swings larger than five percent.”

He added, “To become attractive to the audience, we delved deep into crypto cohort culture to find unique ways to drive excitement for the campaign – from different activation touchpoints, through to the distinct language and meme aesthetics commonly seen on online message boards. It is an exciting product which intends to provide traders with an excellent quality of sleep, and a sound mind that can help them take their investments to the moon.”

Bangkok, Thailand – Cryptocurrency exchange company Huobi has announced that it is shutting down its operations in Thailand by July 1 this year after failing to secure a licence in the country, as well as a new statement from Thailand’s Securities and Exchange Commission delisting Huobi.

In an online statement, Huobi said that by 1 July, the Thai operations are no longer legally affiliated with the Huobi Group and its affiliates. It also encouraged its local users to withdraw their funds from the exchange.

“Since September 2021, we have been trying to contact all clients to withdraw their assets,” the statement said, while also urging other users to contact the exchange via email or Telegram for refund requests.

According to the newest statement from Thailand’s SEC, Huobi was found to have ‘flawed management structure and system’ between February and March 2021. Which, as per the Thailand Securities and Exchange Commission, was not sufficient to ensure compliance with required regulations, leading to its licence suspension’.

“The SEC, at its meeting No. 15/21, held on September 2, 2021, therefore resolved to recommend to the Minister of Finance. to consider revoking the licence to operate a cryptocurrency exchange trading centre and Huobi’s digital token trading centre, and ordered Huobi to suspend its services as a digital asset trading centre,” the SEC statement read.

The update is in line with Thailand’s recent strict guidelines on cryptocurrency use, stating that they are meant to avert potential impacts on the country’s financial stability and economic system.