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⚡Singapore Approves MPI License🪪

Croxroad

03 Oct 2023 — 4 min read

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🇸🇬 Coinbase Gains MPI License

Coinbase, a cryptocurrency exchange based in the United States, is expanding its presence in Singapore following a significant regulatory milestone. They've just been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), as announced on October 1. This new license, which comes a year after Coinbase received initial approval in Singapore, allows the company to offer its digital payment token services to both individuals and institutions in the country. What's particularly notable about this MPI license is that it liberates Coinbase from transaction limits that typically apply to payment services. It's a significant development not only for Coinbase but also for the growing crypto and Web3 community in Singapore, reflecting both the company's validation and its responsibility toward this burgeoning sector.

Coinbase has been making noteworthy strides in tailoring its offerings for the Singaporean market. In March 2023, they introduced PayNow and FAST bank transfers, making it easier for users in Singapore to engage with their services. Furthermore, they've seamlessly integrated with SingPass, Singapore's digital identity service, streamlining the onboarding process for their users. To bolster their presence and capabilities in the region, Coinbase has been engaged in productive partnerships with prominent local blockchain companies such as Nansen.ai, Blockdaemon, and Infura. These collaborations are aimed at enhancing their product lineup, including the Base blockchain and wallet-as-a-service solutions.

Coinbase has recognized Singapore as a crucial market from the very beginning of its operations there, emphasizing this fact as they secure the MPI license. Their recent survey revealed that more than 30% of Singaporeans have been involved with cryptocurrencies at some point. Singapore's significance in the industry is further underlined by its role as the base for over 700 Web3 companies, making it a key player in the growth of the crypto and Web3 economy. It's worth noting that several other prominent global cryptocurrency firms have also been obtaining Singapore's MPI license, with Blockchain.com and Circle receiving it in August and June 2023, respectively, following the footsteps of Crypto.com. Coinbase has not yet responded to Cointelegraph's request for comment.

⛏️ Bitfarms Sets a Mining Record

Bitfarms, a prominent Canadian Bitcoin mining company, has been on an expansion spree, and it's paying off. In September 2023, they mined a total of 411 BTC, which is a notable 7.3% increase compared to the previous month, as reported in their recent update. Out of these, they sold 362 BTC, raking in $9.5 million. Currently, Bitfarms holds 703 BTC, valued at nearly $20 million. This surge in mining production is the result of their ongoing efforts to install new miners and fully power their Argentina facility, reaching a substantial operating capacity of 233 MW, a 24% increase for the year. They also amped up their hash rate by 9% in September, although it's slightly under their Q3 target due to electrical infrastructure delays in their Québec facility. Bitfarms seems to be on an impressive growth trajectory in the world of cryptocurrency mining.

Bitfarms' CEO, Geoff Morphy, holds a strong belief in the company's growth prospects tied to the next Bitcoin halving, anticipated in April 2024. This quadrennial event is poised to halve the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, substantially elevating mining expenses. Morphy emphasized the company's strategic focus on bolstering its infrastructure and ensuring a robust balance sheet to maintain financial flexibility. This approach positions Bitfarms to act decisively and seize opportunities for expansion when the conditions for growth align favorably in the lead-up to the Bitcoin halving. It's a calculated move to harness the potential benefits of the upcoming event in the cryptocurrency world.

Bitfarms, despite achieving a notable increase in mining production in September 2023, recorded slightly lower figures compared to the previous year. The amount of Bitcoin mined during September was 14.6% less than in 2022. Year-to-date, Bitfarms has mined 3,692 BTC, whereas in the same period in 2022, the company generated 3,733 BTC. This development coincides with the backdrop of Bitcoin's mining difficulty witnessing a 2.7% month-over-month rise in September, with miners anticipating higher BTC prices. Some estimates suggest that BTC mining difficulty is poised to drop by 0.7% at its next automated readjustment on October 2nd, reflecting the dynamic nature of the cryptocurrency mining landscape.

🧸 Bearish Rectangle

A bearish rectangle pattern in trading is essentially the opposite of a bullish rectangle. It occurs when the price of an asset appears to be confined within two horizontal levels, typically representing support and resistance. This pattern is called "bearish" because it often signals a potential downward movement in the price. Essentially, it suggests that the price is struggling to break through the resistance level and may continue its descent, making it a sell signal for traders who anticipate further declines. In simple terms, it's a pattern that indicates the potential for the price to keep dropping.