GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Bhutan Moves $66M in Bitcoin to Binance for Potential Sale

- Sequoia Gains $100M from Stripe's $1.1B Bridge Acquisition

- FV Bank Launches VISA Debit, Corporate Expense Cards

- Circle, HKT to Launch Blockchain-Based Loyalty Program

- Shiba Inu Rallies 72% Amid Rare Bullish Pattern Formation

- Crypto.com Overtakes Coinbase as Top Exchange in North America

Bhutan Transfers $66M in Bitcoin to Binance, Marking Major Crypto Move by State-Owned Druk Holdings 

The Royal Government of Bhutan recently transferred 929 Bitcoin, valued at approximately $66 million, to Binance, according to Arkham, an on-chain analytics platform. The transfer, observed in two transactions totaling $66.1 million, marks Bhutan’s first Bitcoin deposit to a crypto exchange since it moved 381 BTC to Kraken in July. The rationale behind this transfer remains unclear, though such large deposits are often a precursor to asset sales. Bhutan’s impressive Bitcoin holdings are managed by Druk Holding & Investments, the country's state investment firm.

Bhutan currently holds around 12,456 BTC, equivalent to $886 million, positioning it as the fifth-largest known national Bitcoin holder after the United States, China, the UK, and Ukraine. Bhutan’s entry into Bitcoin accumulation and mining has been enabled by the country's extensive hydroelectric resources, making its eco-friendly Bitcoin mining operations a unique approach to building digital reserves. This large-scale Bitcoin reserve stands in contrast to many countries' holdings acquired through asset seizures, underscoring Bhutan's unique adoption of cryptocurrency mining as part of its national investment strategy.

Sequoia to Reap Over $100 Million from Stripe’s $1.1 Billion Acquisition of Stablecoin Platform Bridge

Venture capital firm Sequoia Capital is set to gain over $100 million following Stripe’s acquisition of the stablecoin platform Bridge for $1.1 billion, according to sources cited by Bloomberg. Sequoia, holding a 16% stake in Bridge, will see substantial returns on its initial $19 million investment from Bridge's Series A round last year. The acquisition is among Stripe's recent moves in the crypto industry, underscoring its strategic focus on stablecoin technology. The acquisition also benefits other major investors in Bridge, including Ribbit Capital, with a 10% stake estimated to be worth nearly $100 million.

Additional shareholders such as Bedrock, Index Ventures, and Haun Ventures will also see significant returns. Bridge, a three-year-old stablecoin platform, enables transactions with stable, fiat-backed digital currencies, making it an attractive acquisition as demand for stablecoin solutions rises. Stripe’s interest in stablecoins has grown recently, reflected in its Oct. 15 partnership with Paxos to incorporate USDC payments. With Bridge’s rapid growth, marked by a $14 million run rate, Stripe’s acquisition indicates confidence in stablecoin platforms, further solidifying its presence in the crypto sector.

FV Bank Unveils New VISA Debit and Corporate Expense Cards for Seamless Global Payments and Digital Asset Integration

FV Bank, in collaboration with Visa, has launched VISA debit and corporate expense cards, providing global access to both U.S. and international customers and businesses. Announced at the Money20/20 event in Las Vegas, these new cards enable users to seamlessly spend fiat and digital asset balances, marking a unique, vertically integrated service that blends banking, digital asset custody, and card issuing capabilities. As a principal Visa member, FV Bank’s debit cards are supported worldwide, with payment options including magstripe, chip, and contactless transactions at millions of merchants and ATMs.

Cardholders can manage their accounts through FV Bank’s online portal or app, where they can adjust spending limits, change PINs, and monitor transactions. CEO Miles Paschini emphasized this service’s role in advancing flexible payment solutions, reinforcing FV Bank’s commitment to integrating digital and traditional financial services. The corporate expense cards, designed for business clients, provide real-time expense management tools, such as setting individual spending limits and tracking transactions, supporting efficient oversight of corporate funds. FV Bank clients can fund their VISA debit cards with USD or convert digital assets like Bitcoin, Ethereum, and USDC into USD, enhancing financial flexibility and usability for global transactions.

Circle and Hong Kong’s HKT Join Forces to Create Blockchain-Driven Customer Loyalty Solution for Merchants

Circle and HKT, a leading telecom provider in Hong Kong, have signed a Memorandum of Understanding to co-develop a blockchain-based customer loyalty solution targeting merchants in the region. Announced on October 29, this partnership aims to enhance customer engagement and discovery through Web3-enabled loyalty services. Circle will leverage its digital wallets and blockchain tools to empower merchants in building stronger relationships with customers, using smart contracts to create customized, value-driven loyalty programs. Monita Leung, CEO of HKT Digital Ventures, expressed optimism, highlighting how these blockchain-backed solutions will deepen customer connections.

Circle’s CEO, Jeremy Allaire, noted that the collaboration is part of Circle’s broader strategy to explore digital asset applications in Asia, following earlier expansion efforts, including a USDC access partnership with Coincheck in Japan. Through this initiative, Circle intends to support merchants in the digital economy by offering advanced loyalty programs that integrate seamlessly into existing business models. The move comes amid growing demand for innovative loyalty solutions in Hong Kong, with Circle positioning itself to help local businesses transition to blockchain-powered customer engagement tools, staying aligned with the region’s evolving regulatory landscape.

Shiba Inu Price Surges as Rare Golden Cross Pattern Sparks Bullish Momentum

Shiba Inu, the popular meme coin, has surged in value, marking a four-day rally that aligns with a bullish trend in other cryptocurrencies like Bitcoin. Rising 72% from its September lows to $0.00001870, Shiba Inu has followed an upswing seen in other meme coins, such as Dogecoin and Floki, which also posted double-digit gains. Bitcoin, too, broke past a resistance level of $71,000, adding to market optimism. The rally is attributed to a mix of factors, including increased confidence in prediction markets showing favorable odds for a Trump victory in the upcoming U.S. election.

A Trump win could benefit crypto markets, given his stance on crypto regulation. Additionally, easing tensions in the Middle East have reduced geopolitical risks, further lifting investor sentiment. Lastly, a resurgence in meme coin popularity has fueled demand, pushing the total market cap of meme coins to $68 billion. On the technical front, Shiba Inu has formed a golden cross pattern—a bullish signal where the 50-day and 200-day EMAs intersected. The last such crossover in December resulted in a steep price increase for SHIB, suggesting potential for further gains if it breaks above the resistance level of $0.000021. A rise past this point could see the price reach $0.0000294, a high last seen in May.

Crypto.com Surpasses Coinbase in North America with Soaring Trading Volumes Driven by Diverse Token Offerings and Crypto ETF Popularity

Crypto.com has surged ahead of Coinbase to become North America’s top crypto exchange in terms of trading volume, with a notable increase from $34 billion in July to $134 billion by September. This growth positions Crypto.com significantly ahead of other exchanges, including Kraken, which reported under $10 billion for October. Overall, the North American crypto trading market saw $183 billion in activity, with Crypto.com handling the majority at $112 billion in early October, compared to Coinbase’s $46 billion. A key driver behind Crypto.com’s success is its extensive range of over 378 tokens, including popular assets like Bitcoin and Ethereum as well as niche tokens.

In contrast, Coinbase and Kraken maintain a more selective listing policy, with each offering fewer than 290 tokens. Citigroup also attributes Crypto.com’s expansion to the popularity of crypto ETFs, which have seen high investor interest in 2024. Additionally, the exchange’s high liquidity is attracting market makers, as shown by larger average BTC trade sizes on the platform, according to VanEck’s Matthew Sigel. Despite its dominance, Crypto.com faces regulatory scrutiny. The exchange recently filed a lawsuit against the U.S. SEC, aiming to limit what it describes as SEC “overreach” in crypto regulation. CEO Kris Marszalek emphasized the need to protect the industry’s future in the U.S. amid rising regulatory challenges.

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