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Thailand’s Bitkub aims for ASEAN expansion with 2025 listing

Thailand's Bitkub aims for ASEAN expansion with 2025 listing

(CTN News) – The founder of Thailand’s top cryptocurrency exchange plans to expand into Southeast Asia’s developing nations and compete with Coinbase and Binance through an upcoming IPO.

Bitkub Capital Group plans to use the funds from its Bitkub Online exchange’s IPO, which is scheduled for the end of 2025, to make a claim in the region’s undeveloped markets, specifically Cambodia, Vietnam, and Laos, where regulators are still creating frameworks for digital assets.

“Indonesia and the Philippines would be bloodbaths because the winners are already known. Topp Jirayut Srupsrisopa, CEO of Bitkub Capital Group, stated that the company will expand into other countries and begin engaging with local regulators from the outset to be the most trusted platform.

Bitkub boasts a daily trading volume of $44.5 million, outperforming Indonesia’s Indodax and Tokocrypto and the Philippines’ Coins.ph. However, in frontier areas, the firm intends to expand beyond trade volume and build use cases for cryptocurrencies by dominating the market for remittances from migrant workers and digital nomads.

“We want to focus on developing nations so that we can leapfrog the West with the latest technology,” Topp told Nikkei Asia in an interview. “For developing nations who still use cash-based transactions, they don’t have any legacy systems, so they have a much lower opportunity cost to switch the system.”

Topp stated that listing in Thailand is a “priority” for Bitkub, however a dual listing in Hong Kong or the United States will be considered in the future.

“We have $3 billion in customer deposits.” He acknowledged that Bitkub’s IPO could pose a systemic danger to the Thai economy, highlighting the importance of legitimacy and capital. “We are becoming a public good, so everyone needs to own this infrastructure together.”

According to industry estimates, Bitkub’s market share in Thailand is expected to be 75% by mid-2023. Even when global leader Binance entered the market in November, Topp claimed Bitkub controlled 95% of “authentic volumes,” or real trades.

“Customers usually prefer cheaper, better, and faster items. Topp emphasized the importance of trust as a fourth aspect of finance. “We adopted the appropriate plan from the start. We’re not growing as quickly, but many who cut corners are no longer around.”

Bitkub Online shares, he claimed, will become a proxy stock for Thailand’s digital economy, distinct from the country’s staple agriculture and industrial businesses.

“Thailand is mired in the middle-income trap due to its reliance on physical trade. We are accountable for generating new sources of wealth for our country by representing digital services and green trade,” he stated.

Bitkub Capital Group’s venture capital arm will continue to invest in Thai businesses as the exchange’s international operations grow. “The successful ones must pay it forward by reinvesting in new startups to rebuild the startup ecosystem,” Topp said.

Thailand has only three unicorns (startups worth at least $1 billion), falling behind Singapore and Indonesia. During takeover talks with Thailand’s fourth-largest bank, Siam Commercial Bank, Bitkub was valued at 35 billion baht ($1 billion).

The agreement was canceled in 2022 because of a drop in cryptocurrency prices, highlighting liquidity and governance difficulties and prompting regulatory attention.

According to Topp, the transaction strengthened Bitkub’s position for regional expansion but had no impact on the company’s performance or IPO plans.

Bitkub last announced revenues of 2.8 billion baht in 2022, a 48% decrease from the previous year due to the “crypto winter.” However, the company made a profit of 342 million baht when the winter eliminated its nearest competitor, Zipmex, increasing Bitkub’s market dominance.

“For the past four years, we’ve managed the company on cash profit. “We’re not like other startups; we don’t want to run the business at a loss,” Topp added.

He also blasted the startup world’s “move fast, break things” ethos, which has landed global giants Binance and FTX in hot water with regulators.

“Right now there is regulatory arbitrage, which opens up opportunities for bad actors to exploit,” he told me. “All the regulators need to speak the same language and set a standard.”

Binance’s plea deal with US regulators resulted in the approval of bitcoin spot exchange-traded funds and institutional investment, improving the cryptocurrency market. The price of Bitcoin increased by 126% over the preceding year.

When asked if decentralized exchanges, which allow direct transactions between traders, pose a danger to centralized exchanges, Topp stated that decentralized exchanges are growing faster than centralized ones.

But on an absolute basis, we’re talking about a lot of money pouring from institutional investors into the industry.”

He said, “We’re talking about big money now, not just retail money.”

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Google’s Search Dominance Is Unwinding, But Still Accounting 48% Search Revenue

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Google is so closely associated with its key product that its name is a verb that signifies “search.” However, Google’s dominance in that sector is dwindling.

According to eMarketer, Google will lose control of the US search industry for the first time in decades next year.

Google will remain the dominant search player, accounting for 48% of American search advertising revenue. And, remarkably, Google is still increasing its sales in the field, despite being the dominating player in search since the early days of the George W. Bush administration. However, Amazon is growing at a quicker rate.

google

Google’s Search Dominance Is Unwinding

Amazon will hold over a quarter of US search ad dollars next year, rising to 27% by 2026, while Google will fall even more, according to eMarketer.

The Wall Street Journal was first to report on the forecast.

Lest you think you’ll have to switch to Bing or Yahoo, this isn’t the end of Google or anything really near.

Google is the fourth-most valued public firm in the world. Its market worth is $2.1 trillion, trailing just Apple, Microsoft, and the AI chip darling Nvidia. It also maintains its dominance in other industries, such as display advertisements, where it dominates alongside Facebook’s parent firm Meta, and video ads on YouTube.

To put those “other” firms in context, each is worth more than Delta Air Lines’ total market value. So, yeah, Google is not going anywhere.

Nonetheless, Google faces numerous dangers to its operations, particularly from antitrust regulators.

On Monday, a federal judge in San Francisco ruled that Google must open up its Google Play Store to competitors, dealing a significant blow to the firm in its long-running battle with Fortnite creator Epic Games. Google announced that it would appeal the verdict.

In August, a federal judge ruled that Google has an illegal monopoly on search. That verdict could lead to the dissolution of the company’s search operation. Another antitrust lawsuit filed last month accuses Google of abusing its dominance in the online advertising business.

Meanwhile, European regulators have compelled Google to follow tough new standards, which have resulted in multiple $1 billion-plus fines.

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Google’s Search Dominance Is Unwinding

On top of that, the marketplace is becoming more difficult on its own.

TikTok, the fastest-growing social network, is expanding into the search market. And Amazon has accomplished something few other digital titans have done to date: it has established a habit.

When you want to buy anything, you usually go to Amazon, not Google. Amazon then buys adverts to push companies’ products to the top of your search results, increasing sales and earning Amazon a greater portion of the revenue. According to eMarketer, it is expected to generate $27.8 billion in search revenue in the United States next year, trailing only Google’s $62.9 billion total.

And then there’s AI, the technology that (supposedly) will change everything.

Why search in stilted language for “kendall jenner why bad bunny breakup” or “police moving violation driver rights no stop sign” when you can just ask OpenAI’s ChatGPT, “What’s going on with Kendall Jenner and Bad Bunny?” in “I need help fighting a moving violation involving a stop sign that wasn’t visible.” Google is working on exactly this technology with its Gemini product, but its success is far from guaranteed, especially with Apple collaborating with OpenAI and other businesses rapidly joining the market.

A Google spokeswoman referred to a blog post from last week in which the company unveiled ads in its AI overviews (the AI-generated text that appears at the top of search results). It’s Google’s way of expressing its ability to profit on a changing marketplace while retaining its business, even as its consumers steadily transition to ask-and-answer AI and away from search.

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Google has long used a single catchphrase to defend itself against opponents who claim it is a monopoly abusing its power: competition is only a click away. Until recently, that seemed comically obtuse. Really? We are going to switch to Bing? Or Duck Duck Go? Give me a break.

But today, it feels more like reality.

Google is in no danger of disappearing. However, every highly dominating company faces some type of reckoning over time. GE, a Dow mainstay for more than a century, was broken up last year and is now a shell of its previous dominance. Sears declared bankruptcy in 2022 and is virtually out of business. US Steel, long the foundation of American manufacturing, is attempting to sell itself to a Japanese corporation.

Could we remember Google in the same way that we remember Yahoo or Ask Jeeves in decades? These next few years could be significant.

SOURCE | CNN

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2024 | Supreme Court Won’t Hear Appeal From Elon Musk’s X Platform Over Warrant In Trump Case

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Washington — Trump Media,  The Supreme Court announced Monday that it will not hear an appeal from social media platform X about a search warrant acquired by prosecutors in the election meddling case against former President Donald Trump.

The justices did not explain their rationale, and there were no recorded dissents.

The firm, which was known as Twitter before being purchased by billionaire Elon Musk, claims a nondisclosure order that prevented it from informing Trump about the warrant obtained by special counsel Jack Smith’s team violated its First Amendment rights.

The business also claims Trump should have had an opportunity to exercise executive privilege. If not reined in, the government may employ similar tactics to intercept additional privileged communications, their lawyers contended.

trump

Supreme Court Won’t Hear Appeal From Elon Musk’s X Platform Over Warrant In Trump Case

Two neutral electronic privacy groups also joined in, urging the high court to hear the case on First Amendment grounds.

Prosecutors, however, claim that the corporation never shown that Trump utilized the account for official purposes, therefore executive privilege is not a problem. A lower court also determined that informing Trump could have compromised the current probe.

trump

Trump utilized his Twitter account in the weeks preceding up to his supporters’ attack on the Capitol on January 6, 2021, to spread false assertions about the election, which prosecutors claim were intended to create doubt in the democratic process.

The indictment describes how Trump used his Twitter account to encourage his followers to travel to Washington on Jan. 6, pressuring Vice President Mike Pence to reject the certification, and falsely claiming that the Capitol crowd, which battered police officers and destroyed glass, was peaceful.

musk trump

Supreme Court Won’t Hear Appeal From Elon Musk’s X Platform Over Warrant In Trump Case

That case is now moving forward following the Supreme Court’s verdict in July, which granted Trump full immunity from criminal prosecution as a former president.

The warrant arrived at Twitter amid quick changes implemented by Musk, who bought the company in 2022 and has since cut off most of its workforce, including those dedicated to combating disinformation and hate speech.

He also welcomed back a vast list of previously banned users, including Trump, and endorsed him for the 2024 presidential election.

SOURCE | AP

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The Supreme Court Turns Down Biden’s Government Appeal in a Texas Emergency Abortion Matter.

Supreme Court

(VOR News) – A ruling that prohibits emergency abortions that contravene the Supreme Court law in the state of Texas, which has one of the most stringent abortion restrictions in the country, has been upheld by the Supreme Court of the United States. The United States Supreme Court upheld this decision.

The justices did not provide any specifics regarding the underlying reasons for their decision to uphold an order from a lower court that declared hospitals cannot be legally obligated to administer abortions if doing so would violate the law in the state of Texas.

Institutions are not required to perform abortions, as stipulated in the decree. The common populace did not investigate any opposing viewpoints. The decision was made just weeks before a presidential election that brought abortion to the forefront of the political agenda.

This decision follows the 2022 Supreme Court ruling that ended abortion nationwide.

In response to a request from the administration of Vice President Joe Biden to overturn the lower court’s decision, the justices expressed their disapproval.

The government contends that hospitals are obligated to perform abortions in compliance with federal legislation when the health or life of an expectant patient is in an exceedingly precarious condition.

This is the case in regions where the procedure is prohibited. The difficulty hospitals in Texas and other states are experiencing in determining whether or not routine care could be in violation of stringent state laws that prohibit abortion has resulted in an increase in the number of complaints concerning pregnant women who are experiencing medical distress being turned away from emergency rooms.

The administration cited the Supreme Court’s ruling in a case that bore a striking resemblance to the one that was presented to it in Idaho at the beginning of the year. The justices took a limited decision in that case to allow the continuation of emergency abortions without interruption while a lawsuit was still being heard.

In contrast, Texas has been a vocal proponent of the injunction’s continued enforcement. Texas has argued that its circumstances are distinct from those of Idaho, as the state does have an exemption for situations that pose a significant hazard to the health of an expectant patient.

According to the state, the discrepancy is the result of this exemption. The state of Idaho had a provision that safeguarded a woman’s life when the issue was first broached; however, it did not include protection for her health.

Certified medical practitioners are not obligated to wait until a woman’s life is in imminent peril before they are legally permitted to perform an abortion, as determined by the state supreme court.

The state of Texas highlighted this to the Supreme Court.

Nevertheless, medical professionals have criticized the Texas statute as being perilously ambiguous, and a medical board has declined to provide a list of all the disorders that are eligible for an exception. Furthermore, the statute has been criticized for its hazardous ambiguity.

For an extended period, termination of pregnancies has been a standard procedure in medical treatment for individuals who have been experiencing significant issues. It is implemented in this manner to prevent catastrophic outcomes, such as sepsis, organ failure, and other severe scenarios.

Nevertheless, medical professionals and hospitals in Texas and other states with strict abortion laws have noted that it is uncertain whether or not these terminations could be in violation of abortion prohibitions that include the possibility of a prison sentence. This is the case in regions where abortion prohibitions are exceedingly restrictive.

Following the Supreme Court’s decision to overturn Roe v. Wade, which resulted in restrictions on the rights of women to have abortions in several Republican-ruled states, the Texas case was revisited in 2022.

As per the orders that were disclosed by the administration of Vice President Joe Biden, hospitals are still required to provide abortions in cases that are classified as dire emergency.

As stipulated in a piece of health care legislation, the majority of hospitals are obligated to provide medical assistance to patients who are experiencing medical distress. This is in accordance with the law.

The state of Texas maintained that hospitals should not be obligated to provide abortions throughout the litigation, as doing so would violate the state’s constitutional prohibition on abortions. In its January judgment, the 5th United States Circuit Court of Appeals concurred with the state and acknowledged that the administration had exceeded its authority.

SOURCE: AP

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Scientists Awarded MicroRNA The Nobel Prize in Medicine.

US Inflation will Comfort a Fed Focused on Labor Markets.

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