CoinDCX Makes MENA Market Splash with BitOasis Acquisition

Cryptocurrency exchange CoinDCX, has acquired BitOasis, avirtual asset trading platform operating in the Middle East and North Africa(MENA) region. The acquisition marks CoinDCXs entry into the MENA market, signallinga strategic expansion.

Acquisition Enhances Crypto Landscape

BitOasis, known for its significant trading volumes inEmirati dirhams, represents a substantial move by CoinDCX to bolster itspresence in the region.

BitOasis recently obtained a Minimum Viable ProductOperational License issued by the Virtual Assets Regulatory Authority from theCentral Bank of Bahrain. This license permits BitOasis to function as abroker-dealer under stringent regulatory oversight, ensuring compliance withlegal frameworks.

Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasiswill operate independently under its current licenses, subject to regulatorysupervision. The acquisition is expected to enhance user experienceacross both platforms, offering a wider array of products and expanding tradingoptions.

Gupta confirmed that user accounts on BitOasis and CoinDCXwill remain separate without any migration or linkage.

CoinDCX acquires BitOasis in international expansion push https://t.co/bH7XjK2Krf

Staff Reduction Announcement

Last year, CoinDCXannounced a workforce reduction affecting approximately 12% of itsemployees, citing challenging macroeconomic conditions exacerbated by aprolonged downturn in the crypto market, as reported by Finance Magnates.

Similar to other exchanges like KuCoin, Luno, and Gemini,CoinDCX attributed these layoffs to factors including high inflation and what'scolloquially termed as 'crypto winter', a period of sustained low prices.

A significant addition to these challenges is the impact ofIndia's Tax Deducted at Source (TDS) regulations on cryptocurrencytransactions, implemented to collect taxes directly at the source of income.Starting July 2022, a 1% TDS applies to crypto transactions, negativelyimpacting domestic exchange volumes and revenues.

In response, CoinDCX has implemented cost optimizations,increased automation, and streamlined its product offerings as part of itslong-term business strategy.

The laid-off employees will receive a support packagecomprising severance equivalent to their full notice period plus an additionalmonth, settlement of accrued leave, and extended health insurance coverage.

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Taiwan's BitoGroup Collaborates with Digital Bank for Crypto-Friendly Accounts

Taiwan's cryptocurrency company, BitoGroup, has partnered with Far Eastern International Bank to introduce crypto-friendly bank accounts that integrate users' accounts with their cryptocurrency wallet to facilitate transactions. This collaboration aims to enhance theway clients transact digital wallets.

Linking Crypto and TradFi

According to the press release, this partnershipbridges the gap between traditional banking and cryptocurrency and offers usersa better and reportedly secure platform. This offering is a product of research and development conducted over a three-year period that saw the integration of the systems of both companies.

The new account can reportedly be linked to BitoPro's exchangeaccount and set up within about an hour. Positive feedback from the pilot phaserevealed a 25% increase in daily transaction amounts per user, indicatingstrong community support and interest.

By integrating traditional financial systems withcryptocurrency exchanges, BitoGroup aims to create a trustworthy and secureenvironment for transactions. The partnership is expected to spur furtherinnovations and enhance the flexibility of using both fiat and cryptocurrencies.

Besides that, BitoPro has collaborated with NewebTechnologies, Taiwan's largest third-party payment processor, to launch"BitoPay." This solution allows 300,000 merchants and millions ofusers to make payments using cryptocurrency, making it the most widely acceptedcrypto payment method in Taiwan.

VASP Association

The crypto industry in Taiwan is reportedly gainingtraction with the establishment of the Virtual Asset Service Provider (VASP)Association, where Titan Cheng, BitoGroup's founder and CEO, has been electedas the first Chairman. This collaboration betweencryptocurrency and traditional financial institutions seeks to gain the trustof regulatory authorities and strengthen the foundation of the crypto-financialsystem.

Last year, Taiwan's crypto industry created anindustry association in collaboration with its financial regulator. This movepreceded the release of the official guidelines for the sector. To expedite theprocess, nine cryptocurrency firms formed a working group, expressing theirintention to apply for the formation of an industry association by mid-Octoberlast year.

Since 2021, Taiwan has mandated VASPs to follow strictanti-money laundering laws provided by the Financial Supervisory Commission.However, beyond these AML regulations, the broader cryptocurrency industry inTaiwan has operated mainly without formal oversight. Thus, the FSC announced plans to provide comprehensiveguidelines about cryptocurrency trading and payments for VASPs last year.

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Canadian BTC Miner HIVE's Revenue Halves from Record High

HIVE Blockchain Technologies Limited, the Canada-based publicly-traded company that mines pioneer cryptocurrency, Bitcoin, saw its revenue plunge by roughly 50% at the end of its 2023 fiscal year ended March 31. The Nasdaq-listed firm’s revenue came in at $106.3 million, tumbling from a record-high of $211 million from the previous fiscal year.

HIVE, which released the latest financial performance figures today (Friday), said the sharp decline is “primarily due to the fall in the Bitcoin price and increase in the mining difficulty of Ethereum and Bitcoin resulting from continued growth in global mining operations.”

Tough Market Conditions Impact HIVE’s Metrics

Using application-specific integrated circuit (ASIC) miners, which are specialized computers used to solve the complex mathematical problems required to add new blocks to the Bitcoin blockchain, HIVE produced 3,258 bitcoins in the fiscal year 2023. The figure represents a 37% increase from the 2,368 BTCs the firm mined earlier in fiscal year 2022.

Despite the growth in its BTC production, HIVE suffered a net loss of $236.4 million or $2.85 loss per share during the recent fiscal year. This is a sharp turn from a net income of $79.6 million or $1.02 gain per share in 2022.

In addition, HIVE’s gross operating margin, or the percentage of revenue it retains after all costs directly related to its core business operations are deducted, came in at $50.4 million, falling 69% from $163.9 million a year earlier. The figure means that the Bitcoin miner retained 48% of its revenue, compared to 76% from the prior fiscal year.

“Gross operating margin is directly impacted by digital currency prices and network difficulties as this impacts revenue from mining operations,” HIVE explained. “The decrease is mainly attributed to the decrease in Bitcoin price and an increase in the Bitcoin network difficulty versus the prior year, combined with the company not mining Ether since the merge on September 15, 2022.”

HIVE operates blockchain data centres that utilize green energy sources to mine and secure various digital currencies. However, the negative market conditions affected the firm’s digital currency assets, which stood at $65.9 million as of March 31, 2023. During the same period last year, the company had $170 million in crypto assets.

Bitcoin's Recent Upward Trend

While BTC pulled down HIVE’s financial metrics in the recent fiscal year, the prices of the foremost digital asset have rallied in recent months, touching $30,000in early April. This was BTC’s highest market price since mid-2022.

According to CoinMarketCap, BTC currently trades at over $30,200. However, experts such as Crypto Hedge Fund Manager, Thomas Kralow, believe that the asset’s price will surge in the next 24 hours, potentially reaching $32,000. Kralow, who is the Founder of Kralow Capital, further noted that BTC whales or large investors are still buying into the current rally, indicating strong demand for Bitcoin.

#CryptoNews: Since #BlackRock ETF Filing, Bitcoin Miners Have Sent $1 Billion to Exchangeshttps://t.co/mgzHuVVSCd#Bitcoin miners have sent over $1 billion worth of #BTC to crypto exchanges in the past two weeks, according to analytics firm CryptoQuant

“Additionally, we see an upward trend in Bitcoin's on-chain accumulation. After a period of lower activity, there's now less Bitcoin available on exchanges, suggesting a decrease in supply,” Kralow told Finance Magnates. “Considering the upcoming halving in 2024 and the growing interest from big investors in China, it indicates a positive long-term outlook for Bitcoin's price.”

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