Welcome to this week’s update on the latest in the world of cryptocurrency. In this edition, we will cover the most important happenings in the crypto industry. This week, we’ll be looking at the acquisition of FTX Japan by domestic rival bitFlyer, which is expected to bring stability to Japan’s growing crypto market. We will also discuss Mode Innovations’ partnership with Chainlink to enhance blockchain interoperability and security. Additionally, we’ll delve into MicroStrategy’s $800 million convertible note offering, Binance’s launch of HODLer Airdrops, and SITE Network’s ambitious $39 billion virtual tourism project with Enjin. Let’s dive into these significant stories that are shaping the crypto landscape.
FTX Japan, a subsidiary of FTX Trading, has been acquired by its domestic competitor bitFlyer following FTX Trading’s Chapter 11 bankruptcy filing in the U.S. last year. FTX Japan’s temporary suspension of asset withdrawals led to the search for a buyer, with bitFlyer’s parent company emerging as the frontrunner. The acquisition, estimated at several billion yen, involves bitFlyer purchasing all shares of FTX Japan. This acquisition coincides with significant growth in Japan’s cryptocurrency market, where accounts surpassed 10 million by April, according to the Japan Cryptocurrency Exchange Association.
Mode Innovations, an Ethereum Layer 2 solution, has partnered with Chainlink to integrate the Chainlink Cross-Chain Interoperability Protocol (CCIP) with Mode. This integration enhances Mode’s security for various decentralized (DeFi) and real-world asset (RWA) applications. Chainlink CCIP is recognized as a market standard for security and interoperability. Mode will enable cheap programmable token transfers and support cross-chain messaging through Chainlink CCIP-integrated oracles. This update will promote the use of Mode’s Layer 2 solutions, creating a more inclusive blockchain network.
MicroStrategy has completed an $800 million convertible-note offering at a 2.25% coupon rate with a 35% conversion premium. The notes, sold privately to eligible institutional purchasers, have a principal amount of $800 million, including a $100 million purchase option. The notes bear an annual interest rate of 2.25%, payable semi-annually on June 15 and December 15, starting December 15, 2024. The notes will mature on June 15, 2032, unless repurchased, converted, or redeemed earlier. MicroStrategy plans to use the proceeds to buy more Bitcoin and for general corporate purposes.
Binance has introduced HODLer Airdrops for BNB holders, rewarding users who subscribe to Simple Earn products with tokens from emerging projects. Binance announced the initiative on June 19, 2024, emphasizing their commitment to a sustainable market. Snapshots of user balances will be taken randomly to calculate hourly average balances, determining rewards. Rewards will be distributed to eligible users’ Spot Wallets within 24 hours of the airdrop announcement. Participation requires account verification (KYC) and adherence to BNB holding limits, specified in each announcement. Sub-accounts are also eligible, with separate snapshots for master and sub-accounts.
SITE Network has launched a $39B virtual tourism project in partnership with Enjin Blockchain, blending Augmented Reality and Virtual Reality to transform global tourism. This initiative connects consumers with top destinations through authentic digital exploration experiences. SITE Network will offer interoperable, rights-verified digital objects that can be won and accessed across SITE Network’s virtual worlds. This virtual tourism initiative aims to enhance real-world visits and provide immersive experiences.
In summary, this week has been transformative for the crypto industry, with significant acquisitions, strategic partnerships, and innovative projects that highlight the dynamic nature and expansive potential of blockchain technology. Stay tuned for more updates in the ever-changing world of cryptocurrency.
