GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- HIVE Digital Expands with New ASIC Miners and Paraguay Facility

- Bitget Restarts UK Crypto Services Following FCA Compliance Overhaul

- Animoca Brands Raises $10M for Mocaverse Expansion

- Kaiko Acquires Vinter to Expand European Crypto Product Offerings

- Coinbase Launches COIN50 Index and Perpetual Futures

- El Salvador, Bhutan See Bitcoin Holdings Surge Amid Market Rally

HIVE Digital Acquires 6,500 ASIC Miners and Begins Construction of 100-Megawatt Bitcoin Mining Facility in Paraguay

On November 10, HIVE Digital announced major advancements in its Bitcoin mining capabilities, acquiring 6,500 Canaan Avalon A1566 ASIC miners and starting construction on a 100-megawatt mining facility in Paraguay. The new ASIC miners, supplied by Canaan Inc., are designed to generate up to 185 terahashes per second, representing a significant improvement in energy efficiency compared to HIVE's previous equipment. The upgraded machines will be delivered in stages, with the first batch of 500 arriving this week and the remainder expected in early 2025. Once fully operational, these additions are projected to enhance HIVE’s mining capacity to 6 exahashes per second by March 2025, boosting output and energy efficiency. Following the announcement, HIVE’s stock saw a 15% spike in intraday trading, reflecting market optimism around the company’s growth trajectory.

HIVE’s new Paraguay facility is another key step in its expansion strategy, aimed at leveraging sustainable energy sources for its mining operations. Set to come online in phases, the facility will initially activate 30 megawatts of capacity, equivalent to around 2 exahashes per second, by early Q2 2025. Once the full 100-megawatt infrastructure is operational by late 2025, HIVE’s total hashrate could reach an impressive 12.5 exahashes per second. HIVE’s commitment to energy efficiency and sustainability aligns with broader industry goals of reducing the environmental impact of cryptocurrency mining. The Paraguay site is positioned to operate on renewable energy, reinforcing HIVE’s focus on green energy solutions as it scales operations to meet growing demand in the cryptocurrency sector.

Bitget Relaunches UK Platform After Compliance Update with FCA’s Financial Promotions Rules

Cryptocurrency exchange Bitget has reintroduced its platform to UK users after implementing regulatory updates to comply with the Financial Conduct Authority’s (FCA) Financial Promotions (FinProm) regime. Bitget had restricted access to its UK services in May 2024, suspending new customer registrations and temporarily disabling its website to meet the FCA's regulatory requirements for crypto promotions. Bitget’s compliance journey culminated in November when the exchange announced it had received approval from Archax, an FCA-authorized reviewer responsible for ensuring that financial promotions meet FCA standards. Archax’s endorsement allowed Bitget to relaunch, ensuring UK-based users can access services like trading, custody, and tokenized real-world assets in line with local laws.

This compliance move grants Bitget’s UK users access to a substantial range of crypto assets, including over 150 tokens—reportedly double the variety offered by other exchanges in the UK. Bitget’s CEO, Gracy Chen, remarked that re-entering the UK market with enhanced services reinforces the platform’s commitment to delivering a wide array of digital assets to users, reflecting Bitget’s strategic adaptation to the UK’s increasingly structured regulatory environment. The UK’s FinProm regime, introduced in 2023 following consultations since 2021, aims to enhance consumer protection by ensuring crypto promotions are clear, fair, and not misleading. By meeting these standards, Bitget aligns with UK regulatory expectations and contributes to establishing a secure and transparent crypto trading environment.

Animoca Brands Secures Additional $10M to Drive Development of Web3 Platform Mocaverse

Animoca Brands, the Hong Kong-based digital entertainment company known for its investments in non-fungible tokens (NFTs) and web3 gaming, has successfully raised an additional $10 million to further develop Mocaverse, its innovative web3 platform. Mocaverse, a membership-based NFT collection featuring 8,888 unique digital characters, aims to advance web3 adoption by offering users digital ownership and interoperability. The new funding brings Animoca’s ongoing capital raise for Mocaverse to $41.8 million, with significant contributions from prominent investors, including OKX Ventures, CMCC Global, HongShan, Republic Crypto, and Kingsway Capital. According to a Nov. 12 release, this funding round also includes warrants for MOCA Coins, a utility token valued at a fully diluted market cap of $1 billion, provided to investors as a free-attaching option. With this capital, Animoca Brands aims to expand Mocaverse’s reach, targeting mass web3 adoption through the creation of an interoperable ecosystem.

Co-founder Yat Siu highlighted the strategic importance of the raise, emphasizing Mocaverse’s role in driving digital property rights and supporting decentralized systems within web3. He added that Animoca Brands’ ultimate vision is to promote interoperability, decentralization, and shared network effects across the wider web3 landscape. Mocaverse Project Lead Kenneth Shek stated that the mission is to make crypto accessible to hundreds of millions of people by appealing to fan bases in a meaningful way. The funding was structured using Simple Agreements for Future Equity (SAFEs), priced at A$4.50 per share, with shares set to convert in six months. Investors also received a warrant for MOCA tokens, priced at $0.113 each, which will vest over 30 months, supporting long-term commitment to the project.

Kaiko Acquires European Index Provider Vinter to Boost Crypto ETP Market Presence in Europe

Kaiko, a blockchain data analytics firm based in Paris, has acquired Vinter, a European provider of crypto indices, to strengthen its footprint in the exchange-traded product (ETP) market. Announced on Nov. 12, the acquisition supports Kaiko’s strategy to cater to rising institutional demand for crypto-based indices, particularly following the launch of spot Bitcoin ETFs in the U.S. earlier this year. By bringing Vinter into its portfolio, Kaiko aims to bolster its position in the evolving European crypto market. Kaiko’s CEO, Ambre Soubiran, stated that the acquisition is part of the company’s efforts to broaden its product offerings and expand global client reach. While the financial terms of the acquisition were not disclosed, Kaiko described the deal as its "third and largest acquisition to date," signaling its commitment to growth amid significant industry consolidation.

This acquisition aligns with Kaiko's recent expansion initiatives. In April 2022, the firm acquired data company Kesitys to launch a new unit focused on quantitative analytics. Later in June, Kaiko acquired Napoleon Index from CoinShares, enhancing its data products. Founded in 2014, Kaiko specializes in aggregating, normalizing, and delivering crypto market data, with a client base that includes institutional investors, exchanges, and other financial entities. Kaiko has secured $91.1 million in funding over three rounds, with notable backers like ConsenSys Mesh, Eight Roads, Revaia, and HashKey Capital. The firm’s broader mission is to support transparency and reliability in the crypto industry through advanced data solutions, positioning itself as a leader in regulated crypto financial products in Europe.

Coinbase Launches Coinbase 50 Index to Track Top 50 Digital Assets, Offers COIN50 Perpetual Futures

Coinbase has introduced the Coinbase 50 Index (COIN50), a benchmark tracking the top 50 digital assets on its platform, intended to serve as a representative gauge of the broader cryptocurrency market. Created in partnership with Coinbase Asset Management and Market Vector Indexes, COIN50 allows traders to benchmark returns and monitor overall market performance. The COIN50 Index methodology builds on the established three-year track record of the Core Coinbase Indices. Eligible assets undergo a rigorous vetting process based on key fundamentals, including token economics, blockchain architecture, and security. Additionally, all assets in the COIN50 index are vetted for legal, compliance, and technical security standards and are available for trading on Coinbase Exchange.

Coinbase also introduced a new trading option for the index: eligible traders can now access the Coinbase 50 Index through a COIN50 perpetual futures contract (COIN50-PERP), which allows up to 20x leverage. This product will be available on the Coinbase International Exchange for institutional users and on Coinbase Advanced for retail traders, though it will not be accessible to users in the United States, United Kingdom, or Canada. By covering approximately 80% of the total crypto market cap, COIN50 is a significant step for Coinbase as it aims to provide institutional and retail users with diversified exposure to the cryptocurrency market. Coinbase sees this as the start of a broader suite of index-based crypto products, enhancing its position as a leader in regulated digital asset offerings.

El Salvador and Bhutan Bitcoin Holdings Surge to Millions in Value as BTC Approaches $90,000

Amid a significant market rally, El Salvador and Bhutan have experienced substantial gains in their Bitcoin holdings as BTC nearly hits $90,000, greatly boosting the value of their crypto assets. According to Cointelegraph data on Nov. 12, Bitcoin’s recent surge to $89,700 raised its overall market cap to nearly $2 trillion. For El Salvador, this rally has added over $100 million in value to its Bitcoin reserves within a week. Blockchain tracking firm Arkham Intelligence revealed that El Salvador’s Bitcoin holdings rose from $402 million on Nov. 5 to $523 million by Nov. 12. El Salvador first adopted Bitcoin as legal tender in September 2021 and has accumulated about 5,900 BTC to date.

Bhutan, another unexpected player in Bitcoin investment, has seen its holdings surpass $1 billion. The Himalayan kingdom, through its state-owned Druk Holding and Investments (DHI), was revealed as a Bitcoin investor in 2023. Initially acquiring BTC in 2019 when it was valued at around $5,000, Bhutan now holds 12,568 BTC, as well as $2 million in Ether and other tokens. Recently, Bhutan moved $66 million worth of Bitcoin to Binance as BTC reached $71,000, hinting at potential plans to realize some gains from the rally. With both nations benefiting from the recent price surge, their increasing crypto portfolios highlight the potential of Bitcoin as a national investment.

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