Bithumb, one of South Korea’s leading crypto exchanges, has announced plans for an initial public offering on the Nasdaq stock exchange, aiming for a listing in the second half of 2025. The announcement was made during a shareholders’ meeting, where Bithumb confirmed it is actively pursuing this IPO with Samsung Securities as its lead underwriter.
In a strategic move to enhance its IPO prospects, Bithumb has implemented a 60:40 corporate share split, allowing the exchange to concentrate on its core business while spinning off non-essential activities, such as investment and real estate leasing. This newly formed entity is set to be named Bithumb Korea or Bithumb Investment.
This isn’t Bithumb’s first attempt at going public; the exchange previously sought a Kosdaq listing in 2020 but abandoned the effort due to regulatory uncertainties. With South Korea‘s crypto regulations remaining tight, the firm hopes to find a more favourable environment in the US, following in the footsteps of Coinbase, which is already listed on Nasdaq.
Despite facing challenges, including an operating loss of $11 million in the last fiscal year and a steep decline in revenue, Bithumb remains optimistic about its future growth and is gearing up for this significant transition to the public market.
Toncoin continues to face significant challenges, with its price down more than 30% from its year-to-date high, trading at $5.81 as of 30th September. Despite strong on-chain activity, including a surge in activated wallets and an increase in the number of burned Toncoins, its role in the decentralised finance space is fading. The total value locked in Toncoin’s network has plunged from $765 million in July to $427 million, causing the token to slip in DeFi rankings.
Contributing to this decline is the arrest of Telegram founder Pavel Durov in France and the poor performance of newly launched tap-to-earn tokens, which have seen steep drops in value. Alongside these setbacks, Toncoin’s futures open interest has also declined, indicating weaker demand. Technically, Toncoin is approaching a critical point where the 50-day and 200-day moving averages may form a death cross, which could trigger further price declines if it fails to break above these levels.
Unless Toncoin can regain momentum, a bearish breakout to the $4.45 support level appears likely. The last time this pattern formed, Toncoin experienced a significant drop, and its future remains uncertain unless it can overcome its current technical and market challenges.
Jesse Pollak, the mastermind behind Ethereum’s Layer 2 blockchain Base, has taken a significant step in his career by joining the Coinbase executive team. In addition to leading the Base project, Pollak will now also oversee Coinbase Wallet, a key component in the company’s mission to enhance blockchain accessibility for a broader audience.
In a recent announcement on X (formerly Twitter), Pollak expressed his enthusiasm for his dual role, stating that both Base and Coinbase Wallet aim to simplify the process of connecting people to the expanding decentralised economy. He emphasised that this collaboration will strengthen efforts to onboard users onto the blockchain and enhance the overall experience.
Despite his expanded responsibilities, Pollak reassured the community that Base will maintain its core principles of decentralisation and openness. He underscored that both Base and Coinbase Wallet share the vision of being inclusive and accessible to everyone, fostering a collaborative environment between the two teams.
Coinbase is also enhancing its services with the recent launch of ‘Coinbase Wrapped Bitcoin’ (cbBTC), a new ERC-20 token that is backed 1:1 by Bitcoin. The initiative aims to improve the utility of Bitcoin within decentralised finance, allowing users to leverage their Bitcoin across various dApps on Ethereum and the Base network.
Ethereum’s network has seen a significant rise in transaction fees recently, with a 498% increase driven by heightened activity on the blockchain. Analysts point to rising decentralised exchange volumes and increased lending rates as key factors. Ether transfers have also risen, contributing to the sharp increase in gas fees.
The increase in on-chain activity has also led to a surge in Ether burn rates, with over 2,000 ETH burnt daily. Additionally, DApp and NFT volumes have almost doubled, further highlighting Ethereum’s growing activity.
On the price front, Ether has broken through a key technical resistance, signalling potential bullish momentum. However, the asset still faces hurdles in the form of key moving averages. Meanwhile, Ethereum investment products posted their first positive inflows in weeks, largely driven by spot ETFs.
The Indonesian National Post Office has unveiled the country’s first Non-Fungible Token (NFT) postage stamp, featuring the stunning Cenderawasih, or bird of paradise. Launched on 27 September to mark the 79th anniversary of the Indonesian Post, the initiative is a collaboration with the Ministry of Communications and Information.
This innovative stamp, valued at around $9.90, represents a significant step in integrating blockchain technology into philately. It aims to attract collectors worldwide and is being issued in limited quantities in a special booklet format. Faizal Rochmad Djoemadi, Director of Pos Indonesia, emphasised that this NFT stamp is primarily intended as a collector’s item rather than for traditional postal use.
In a bid to engage the younger generation, Djoemadi hopes that this digital approach will reignite interest in stamp collecting. Alongside the NFT version, a physical copy will also be available, allowing collectors to enjoy both formats. Purchasers can easily acquire the NFT stamp through the Indonesian Post’s website by scanning a QR code that leads to an ordering link.
With this launch, Indonesia joins Thailand and Malaysia as the third country in Southeast Asia to introduce NFT stamps, marking a noteworthy advancement in the region’s postal services.
Shigeru Ishiba, who is set to become Japan’s Prime Minister next week, has announced his commitment to pro-blockchain and NFT policies. As the newly elected head of the ruling Liberal Democratic Party (LDP), Ishiba plans to appoint Masaaki Taira, the current head of the LDP’s web3 taskforce, as the new Minister of Digital Affairs. This strategic move aims to leverage blockchain technology to enhance regional economies by adding value to local products, particularly in the realms of food and tourism.
In his policy document, Ishiba emphasised the potential of NFTs and blockchain to restore local products’ value to global prices, aligning with calls from crypto industry groups to bolster rural economies. Taira has also expressed intentions to improve the global appeal of Japanese intellectual property through NFTs and highlighted the need to reform Japan’s tax system to support crypto startups. He noted that the current system is outdated and hinders the proper auditing of less prominent tokens.
As Ishiba prepares for a general election on 27th October, he aims to address digital divides across regions and promote internet resource development to maximise the potential of rural areas. With the LDP’s long-standing influence in Japanese politics, many anticipate that these policies will pave the way for a more digital-savvy nation.
Crypto exchange Gemini has announced it will close all Canadian customer accounts by the end of 2024. Users were emailed that they have until 31 December to withdraw their assets, after which their accounts will be shut. This move comes in response to Canada’s stricter regulations on cryptocurrency platforms.
The new rules, introduced by the Canadian Securities Administrators earlier this year, require exchanges to sign a pre-registration undertaking to operate. These measures are designed to enhance investor protection following high-profile insolvencies in the crypto sector.
Gemini initially complied with the regulations but has now decided to exit the Canadian market. Other major exchanges, including Binance and OKX, have already ceased operations in the country, citing the regulatory environment as the primary reason for their departure.
Deep in the Swiss Alps, a nuclear bunker serves as an ultra-secure home for Xapo Bank’s Bitcoin vault. The hidden facility, originally designed to withstand nuclear attacks, now protects millions in Bitcoin, utilising top-tier security technology. With layers of protection ranging from biometric ID checks to Faraday cages, the bank ensures no unauthorised access.
Xapo Bank employs multiparty computation (MPC) to secure its Bitcoin holdings. Instead of using traditional multisig methods, MPC breaks up private keys into parts stored in different locations. This method eliminates the risk of any one person controlling the full key, offering unmatched protection.
The bunker itself is a marvel of engineering. Outfitted with HEPA filters, underground lakes for cooling, and military-grade defences, it’s designed to survive anything from natural disasters to attacks. Xapo Bank’s clients enjoy peace of mind, knowing their Bitcoin is housed in one of the most secure facilities in the world.
Changpeng Zhao, founder of Binance, was released from a correctional facility in California on Friday. Zhao had been sentenced to four months earlier this year after admitting to money laundering violations at Binance, the world’s largest cryptocurrency exchange.
Prosecutors accused Binance of enabling criminal activity by failing to report over 100,000 suspicious transactions, including those linked to terrorist groups such as Hamas, al-Qaeda, and ISIS. The platform was also said to have facilitated the sale of child sexual abuse materials and received funds from ransomware activities.
In a settlement with US authorities, Binance agreed to pay a $4.32 billion penalty, while Zhao was personally fined $100 million. It includes a $50 million fine to the Commodity Futures Trading Commission, alongside the criminal penalties.
Bitcoin exchange-traded funds (ETFs) saw a huge influx of liquidity this week, with inflows surpassing $1 billion for the first time since July. The cumulative net inflows across the 12 ETFs have reached a record $18.8 billion. ARK 21Shares and Fidelity led the charge, bringing in the highest figures.
Bitcoin’s price surged past the $65,000 resistance level, sparking a wave of buying driven by fear of missing out (FOMO). Analysts are predicting a significant rally in the final quarter, with some suggesting Bitcoin could push beyond $70,000 and potentially reach new all-time highs sooner than anticipated.
A sharp rise in stablecoin minting and global liquidity injections bolsters market optimism. Some analysts even forecast that Bitcoin could hit $124,000 by the end of 2024, as investor interest continues to climb.
