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Ethena (ENA) Labs Integrates with Major Exchanges for Reward Program

Recently, Ethena Labs, a company that specialises in the development of synthetic dollars, made an announcement on its integration with major centralised exchange wallets such as Binance, Bybit, OKX, and Bitget. The purpose of this integration is to make it easier for users to participate in Ethena’s rewards programme and to increase the platform’s popularity among members of the decentralised finance (DeFi) community.

Ethena Labs is providing a reward increase of twenty percent to customers that lock their USDe stablecoins for a period of seven days or more using exchange Web3 wallets. This is done as an incentive for users. At the conclusion of each campaign, these incentives, which are referred to as “Ethena sats,” have the potential to be turned into the native ENA token of the system. Through the integration of well-known exchange wallets, Ethena Labs intends to simplify the process by which users may take part in the rewards programme and gain extra advantages.

In the present moment, the Ethena DeFi protocol has a total value locked (TVL) of $2.274 billion, which results in an annualised income of $178 million. Since the start of Ethena Staking Season 2, the incentives that are offered by the protocol’s ecosystem have garnered a large amount of interest and applications. Lookingonchain, a company that specialises in blockchain analytics, reports that the top 10 wallets have staked 37.5 million ENA, which is equivalent to 51 million United States dollars.

Shortly after its inception, Ethena’s USDe stablecoin has swiftly become the fifth-largest stablecoin in the market. This is a testament to the rapid growth of the USDe stablecoin. In the beginning, the system provided a high annual percentage yield (APY) of 67%; however, at the present time, it offers an APY of 24% on stablecoins. Concerns have been expressed, however, about the mechanism’s potential to continue operating in the long term. Guy Young, the inventor of Ethena, has addressed these issues by underlining the fact that the yields of the protocol are organic and sustainable. These yields are obtained from a variety of sources, including Ethereum incentives, execution fees, and trading profits.

Ethena’s popularity and use within the DeFi community are anticipated to increase even more as a result of its integration with big centralised exchange wallets. Ethena Labs’s goal is to raise the total value locked in the protocol by increasing the number of users who participate in the rewards programme by making the process of participating in the programme easier.

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Bitget Seeks 3x Workforce Expansion Amid Ongoing Layoffs

Emerging derivatives exchange platform, Bitget has announced its plans to strengthen its ongoing ecosystem growth with the addition of about 500 more new employees.

While many crypto platforms are struggling with the uncertainty triggered by the recent digital currency ecosystem meltdown, Bitget said it is well-positioned to increase its headcount by 100% before the end of the year.

The Bitget platform noted that its platform has been seeing remarkable growth over the past few years and will expand its scale by three times, compared with the current workforce of 150 workers in 2021. With the projected time span of 6 months, Bitget said the current long-term bearish sentiment is not affecting its business.

“Earlier this year, we announced our derivatives trading volume had reached an all-time high of $8.69 billion in March 2022. In the last 12 months, our trading volume grew by over 10 times, a notable achievement unlocked, moreover, our user base also grew significantly to two million users worldwide,” said Managing Director of Bitget, Gracy Chen, adding that;

“Of course, we were also eager to expand our team to cater to the rapidly growing market needs, however, we decided to adopt a more prudent approach right from the get-go. By scheduling frequent meetings with our global and regional teams to understand where resources are needed, we were able to systematically and effectively carry out strategic hires.”

The exchange said it continues to endure the crypto winter, believing that “it will be a perfect opportunity for us to attract talent in the market and strengthen our foundation, prioritise growth, and be prepared to welcome the next round of crypto adoption when the market regains strength.”

Besides Bitget, Binance and Kraken have also made such a move as this, an approach that is markedly different from Coinbase and Gemini’s, both of whom have cut down their staff strengths by 18% and 10% respectively.

The trading platform noted that those who will be hired will be absorbed into its product development and customer service fields respectively.

Bitget Announces New Partnership with Football Legend Lionel Messi

Bitget, one of the world’s fastest-growing cryptocurrency exchanges platforms for trading crypto derivatives has announced a collaboration with Argentina football star and winner of seven Ballon d’Or Awards, Lionel Andres Messi in a news article.

Through this collaboration, Bitget will provide Messi supporters with a special chance to learn more about Web 3.0 and the possibilities of trading cryptocurrencies on the exchange. Additionally, it is agreed upon that the collaboration will enable both sides to dedicate themselves to more significant initiatives that go beyond cryptocurrencies and football.

“I wanted to express my gratitude to Bitget for inspiring me to get involved in the cryptocurrency community. I have faith that both parties will launch worthwhile initiatives and provide web 3 to sports enthusiasts “Says Leo Messi.

“The partnerships we choose to attempt to portray the richness and diversity of our platform community. They let cryptocurrency traders into the field, and we let sports fans into Web 3”, says Bitget’s managing director, Gracy Chen.

Bitget is a leading cryptocurrency exchange that was founded in 2018. With over 55,000 professional traders and nearly 1.1 million followers, One-Click Copy Trade, Bitget’s main social trading tool, demonstrates the company’s substantial work and success in the social trading of cryptocurrencies.

While many cryptocurrency platforms are battling the uncertainty brought on by the recent collapse of the digital currency ecosystem. Bitget asserted that it is in a good position to increase its workforce by 100% before the end of the year.

Lionel Messi’s partnership is not the first to be occurring in the digital space. In related news, Usain Bolt, an 11-time world champion and eight-time Olympic gold winner, has partnered with Step App to elevate fitness and exercise through the use of Web3 and the metaverse.

In 2020, Italian soccer giant, Juventus Football Club enters into a licensing agreement with Sorare, a blockchain-based fantasy football company. As part of the partnership, Juventus will provide extremely rare digital collector cards of some of the team’s most famous superstars, including five-time Ballon d’Or winner Christiano Ronaldo while Sorare will provide digital cards that are created on the Ethereum technology.

Bitget Becomes the First Centralized Exchange to Offer Financial Transparency Through Space and Time

Victoria, Seychelles, 27th March, 2023, Chainwire

Bitget, the largest crypto copy trading platform, has announced a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing. The partnership will enable Bitget to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation.

Bitget is the first centralized exchange to leverage a decentralized data warehouse. The trustless Space and Time platform will provide Bitget users with verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients. Bitget users will also have full transparency about the exchange’s activity, liquidity, assets, and liabilities with the assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.

Bitget has launched its Proof of Reserves Page to demonstrate to users that it is a full-reserve exchange. Bitget’s Proof of Reserves (“PoR”), which uses the cryptographic-audited Merkle tree method, will also validate that users’ assets stored on the platform are safeguarded. To support further transparency, the exchange will work with Space and Time, which allows Bitget to provide proof of accounting and assure its users that all exchange operations are both valid and verifiable. Total reserve ratio is 231% according to the data as of Mar 6th 2023, which means Bitget holds more than 100% of the users’ total assets (BTC, ETH, USDT, USDC).

“Bitget strives to be the all-in-one global trading platform, and our partnership with Space and Time highlights our commitment to that,” said Gracy Chen, Managing Director of Bitget. “More than ever, users want to see transparency from exchanges. Bitget is first to work toward transparency of proof of accounting and operations through Space and Time. We aim to inspire people to embrace crypto with more protection, transparency and security, which serve as pillars for building a robust platform.”

Space and Time is the first decentralized data warehouse that joins tamperproof on-chain and off-chain data. Space and Time has developed a novel cryptography called Proof of SQL that cryptographically proves that query computations were done accurately and that both the query and the data are tamperproof.

“Space and Time is building the foundation for a verified and transparent financial economy,” said Nate Holiday, CEO and Co-Founder of Space and Time. “We’re thrilled to work with Bitget to provide market-leading proofs for accounting and verifiability of operations. This partnership marks a new era of transparency for centralized businesses.”

Bitget will leverage the Space and Time data warehouse to run verifiable computations against verifiable on-chain and off-chain data. The transparency enabled by Space and Time will help Bitget strengthen the trust it has built with its growing user base as it continues to expand its product offerings to become a one-stop investment solution.

About Bitget

Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord

About Space and Time

Space and Time is the first Web3-native decentralized data warehouse that joins tamperproof on-chain and off-chain data to deliver enterprise use cases to smart contracts. Space and Time has developed a novel cryptography called Proof of SQL™ that allows developers to connect analytics directly to smart contracts, opening up a wealth of powerful new use cases and business logic on blockchain technology. Space and Time is built from the ground up as a multichain data platform for Web3 developers in financial services, gaming, DeFi, or any project requiring next-gen analytics.

For media inquiries, please contact: Spencer Reeves, marketing@spaceandtime.io

Contact

Sylvia Huangmedia@bitget.com

BitKeep Wallet Surpasses 10 Million Users

Decentralized multichain digital wallet solution BitKeep Wallet has announced that it has surpassed 10 million users as of April. The platform has seen tremendous growth in recent months, with over 560,000 new users onboarded in March alone. This growth can be attributed to the success of BitKeep’s campaigns with popular blockchains like Arbitrum and Sui.

The recent Arbitrum campaign was a significant contributor to BitKeep’s surge in user numbers. The campaign involved the successful launch of ARBK, which recorded 708,800 on-chain transactions and was airdropped to over 100,000 users participating in campaign-related tasks and activities. ARBK was exchangeable for ARB, the official native token of the Arbitrum chain, and ranked first on Arbitrum’s ecosystem popularity chart with 150,000 token-holding addresses and an interaction volume of 330,000.

In light of BitKeep’s recent success, cryptocurrency derivatives exchange Bitget has invested $30 million into the platform. As a result of the investment, BitKeep will be rebranded as Bitget Wallet, but will continue to function as an independent entity both operationally and structurally. BitKeep will focus on building its ecosystem and independent tokenomics while protecting the rights and interests of existing BitKeepers and BKB holders during the transition process.

BitKeep Wallet’s success can be attributed to its multichain digital wallet solution, which allows users to manage their digital assets across various blockchains seamlessly. BitKeep currently supports over 20 public chains, including Ethereum, Binance Smart Chain, Polkadot, and more. This versatility has made BitKeep an attractive option for many crypto investors and traders looking for a user-friendly and secure wallet solution.

In addition to its digital wallet offering, BitKeep has also launched BitKeep Defi, a decentralized finance platform that allows users to access a variety of DeFi services, including staking, lending, borrowing, and more. BitKeep Defi aims to create a more accessible and user-friendly DeFi ecosystem, making it easier for everyday users to participate in the world of decentralized finance.

The investment from Bitget will enable BitKeep to continue to innovate and expand its offerings, providing users with even more options for managing their digital assets. The rebranding to Bitget Wallet will also help to solidify BitKeep’s position as a leading player in the digital wallet space, with a focus on providing users with a seamless and secure experience across multiple blockchains.

In conclusion, BitKeep Wallet’s recent announcement of surpassing 10 million users and the investment from Bitget marks a significant milestone for the platform. With its user-friendly multichain digital wallet solution and BitKeep Defi platform, BitKeep is well-positioned to continue its growth and innovation in the crypto space.

Dragonfly Capital Invests $10 Million in Bitget

Bitget is an exchange for bitcoin derivatives, and the San Francisco-based company Dragonfly Capital, which is a venture capital firm, just made a statement that it has invested $10 million in Bitget. Dragonfly Capital is a part of the company Bitget. The funds are going to be used toward supporting Bitget’s continuing expansion in the international market and in its services, as well as the company’s planned corporate social responsibility actions targeted at promoting crypto knowledge and acceptance.

Bitget was introduced to the public for the first time in 2018, and since that time, the platform has grown to include more than 80,000 dealers and 380,000 copy traders. Copy traders synchronize their trading positions with the trading positions of other traders by using automation to copy the other traders’ positions. As part of its 2023 strategy, Bitget plans to expand the functionalities of its spot trading, launchpad, and Bitget Earn products.

Dragonfly Capital is a well-known venture capital firm that is renowned for investing in major blockchain businesses such as Matter Labs, 1inch, and Polygon. The firm is also known for investing in other firms related to blockchain technology. In the year 2022, the corporation reportedly handled assets with a value of around $3 billion, as stated in the reports. Bitcoin derivatives exchanges have made a complete comeback despite the fact that FTX had a catastrophic meltdown back in November. Throughout that period of time, the exchange was accountable for enabling a daily trading volume of contracts totaling $6.6 billion, and it had an open interest of $5.1 billion.

As a result of the failure of FTX, the open interest on major exchanges has increased to around $68.5 billion at the time this article was published, according to information compiled by Coinmarketcap and CoinGecko. This number is much more than the predicted $60,1 billion that existed during the month of December 2022, when open interest was at its lowest point.

In spite of the recent spike in activity, the cryptocurrency company is still beset by challenges, like as the recent legal action taken against Binance by the Commodities Futures Trading Commission. Allegations made by the Commodity Futures Trading Commission (CFTC) state that Binance attracted around 2.8 million customers from the United States without first registering with the regulatory body. Since it is the responsibility of the seller to carry out processes of due diligence before registering potential customers in the United States, it is quite unlikely that the claimed users would be the ones to bear the costs of finding their way into the exchange.

Bitget Launches Web3 Fund

Bitget, a cryptocurrency exchange, has established a Web3 Fund to provide financial assistance to venture capital businesses and projects all over the globe that are Web3-friendly. The exchange will give priority to Asian initiatives that are headed by competent teams and have clear roadmaps, with an emphasis on finding solutions to challenges that exist in the real world. Gracy Chen, managing director of Bitget, has underlined the exchange’s dedication to make Web3 a worldwide phenomenon, just like Web2 was. Web2 was a sensation that spanned the whole globe. The objective of the Bitget Web3 Fund is to identify those initiatives that will have the greatest possible influence on the procedure.

Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker are just few of the venture capitalists that may be interested in participating in this endeavor as possible partners. Another prospective partner is Dragonfly Capital, which has just made an investment of $10 million in Bitget to assist the company’s continuous worldwide development.

Over 80,000 traders and 380,000 replica traders have joined Bitget since the platform’s inception in 2018. The exchange has ambitions to extend the goods it offers in 2023, including spot trading, launchpad, and Bitget Earn. Bitget has just just paid $30 million to purchase BitKeep, a Web3 access gateway that has more than 9.5 million customers.

Bitget established a fund with a capitalization of $200 million during the bear market that occurred in 2017 in order to protect the assets of its customers and regain the trust of investors. The value of the fund was guaranteed to be preserved by the exchange for a period of three years. Additionally, throughout the course of the previous year, Bitget instituted stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in order to prevent dishonest individuals from using its services.

The fact that Bitget has decided to establish a Web3 Fund is evidence of the company’s dedication to fostering growth within the Web3 ecosystem. The exchange intends to discover and support initiatives that have the potential to have the most significant influence on making Web3 a phenomenon on a worldwide scale, and it will do this with the assistance of its possible partners. Bitget’s goals for development through the year 2023 demonstrate the company’s commitment to satisfying the ever-evolving requirements of its client base while also preserving its position as a market leader in the cryptocurrency exchange field.

Bitget Registers as a Service Provider in Lithuania

The digital currency trading platform Bitget has made public the news that it has been officially registered as a service provider in Lithuania. Because the company in Seychelles has satisfied the compliance criteria set out by the local rules and regulations, it is now authorized to do business in the European nation. The digital asset market in Lithuania is only beginning to develop, and the country has quickly become a refuge for blockchain and cryptocurrency enterprises.

In late 2021, as part of Estonia’s ongoing effort to clamp down on cryptocurrency businesses inside the nation, the authorities cancelled hundreds of operational licenses. As a direct consequence of this, Lithuania has seen a boom in the registration of cryptocurrency companies, with a recent article from Bloomberg stating that this number is expected to climb by a factor of five until the year 2022. As a result, Lithuania’s status as an attractive location for businesses providing services related to cryptocurrencies has been strengthened.

The decision made by Bitget to register as a service provider in Lithuania enables the platform to meet the rising demand for services linked to cryptocurrencies in that nation. The marketplace allows users to engage in a variety of trade activities using cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Bitget is able to extend its operations into the European market and deliver its services to a larger client base as a result of the company’s registration in Lithuania.

The Republic of Lithuania’s Central Bank issued rules for cryptocurrency market participants in 2018, demonstrating the country’s proactive approach to the development of its digital asset market. The rules provide light on the legal position of cryptocurrencies and lay out the responsibilities of market participants in a clear and concise manner. This has contributed to the creation of a regulatory framework that is advantageous for cryptocurrency firms who are interested in operating inside the nation.

The registration of Bitget in Lithuania is a good development for the cryptocurrency sector since it reflects the rising interest and demand for digital assets in the European market. This is why the registration of Bitget in Lithuania is considered to be a positive development. It is possible that other cryptocurrency firms will follow Bitget’s example and register as service providers in Lithuania as a result of the favorable legal environment and expanding digital asset industry in the nation of Lithuania.

Bitget Pledges $10 Million for Fetch.ai Ecosystem

A big cryptocurrency derivatives exchange known as Bitget just just made the news that it will be spending $10 million towards the development of an ecosystem that is known as Fetch.ai. An artificial intelligence agent network is the primary offering made available by Fetch.ai, a startup that specializes in the provision of infrastructure for autonomous service providers. This network makes it possible for decentralized and autonomous agents to carry out a range of tasks, ranging from simple data processing to complex financial modeling. In addition, the smart wallet that is provided by Fetch.ai includes automation and interaction with OpenAI’s ChatGPT API. This API was first introduced in January 2023 and has amassed a user base of one hundred million users in only a few short months after its debut.

The investment that Bitget has made in the AI infrastructure provider Fetch.ai has two main goals: one is to contribute to the firm’s continued growth and the other is to encourage the extension of commercial partnerships that the company already has. Bitget cited the recent AI buzz that was generated by OpenAI’s ChatGPT as evidence that the technology has the potential to increase human productivity and creativity. As part of the partnership, Bitget will provide marketing consultancy and other services to Fetch.ai in order to aid the firm in growing its clientele.

According to CoinGecko, Bitget is now the ninth largest cryptocurrency spot exchange in the world, with a daily transaction volume of $990 million in bitcoin. This information was obtained from Bitget. Bitget, a company that now serves over 8 million consumers, has its headquarters in the Seychelles. The company’s clientele is spread out throughout more than one hundred countries and territories. In April 2023, Bitget was awarded a regulatory license, which cleared the way for the firm to start providing its services to customers in Lithuania. In the previous month, the firm made an investment of $30 million in the multichain wallet provider BitKeep. As a result of this investment, the corporation became the dominant investor in the company.

As a direct consequence of Bitget’s investment, it is projected that Fetch.ai would see increased levels of growth. The company is in the process of increasing the size of its infrastructure so that it can support autonomous services. As a result of Bitget’s financial support, Fetch.ai is in a position to both expand the scope of its commercial relationships and continue the development of innovative products. These are the kinds of problems that can be solved with the help of artificial intelligence.

Hong Kong to Release Cryptocurrency Exchange Licensing Guidelines

The Hong Kong Securities Futures Commission (SFC) is set to release guidelines for cryptocurrency exchange licensing in May, as it moves to support trading services to retail investors from June 1. According to Bloomberg, the plans were confirmed by the SFC’s CEO, Julia Leung, who revealed that over 150 interested parties had provided feedback during the consultation process on the licensing regime.

The upcoming guidelines will likely include regulatory requirements for Anti-Money Laundering (AML) and Know Your Client (KYC) measures, among other considerations. A February 20 report by the SFC also highlighted these factors as important for regulating virtual assets.

While most prospective Virtual Asset Service Provider (VASP) licensees are still awaiting confirmation, some trading platforms have already received licenses from the SFC. Among them are OSL and Hashkey Group, according to Reuters.

However, not all trading platforms have chosen to stay in Hong Kong amid its ambitions to become a major crypto hub. Bitget, which boasts $1.4 trillion in assets in reserve, announced on April 24 that it would cease offering services to its Hong Kong customers when the VASP regime takes effect on June 1.

Despite this setback, the release of the licensing guidelines is expected to bring further clarity and regulation to the Hong Kong crypto market, while also providing a framework for legitimate trading platforms to operate under. This could help to boost investor confidence in the sector and support the city’s wider efforts to establish itself as a leading hub for digital assets and blockchain technology.

Hong Kong has already made significant strides in this area, with its Securities and Futures Commission becoming one of the first regulators to issue guidance on digital asset fund managers in November 2018. The city has also played host to a number of high-profile crypto events in recent years, including the Token2049 conference, which attracts blockchain industry leaders from around the world.

Despite this progress, however, Hong Kong still faces stiff competition from other global crypto hubs, such as Singapore and Switzerland. By introducing clear licensing guidelines and regulatory requirements for crypto trading platforms, the SFC may be able to help Hong Kong strengthen its position in this increasingly competitive field.