Key Developments in Crypto Markets

1. Seagate Laborious Drives Recycled from Chia Farms Increase Considerations

An investigation by German information outlet Heise uncovered an increase in complaints about Seagate hard drives offered as new. Prospects declare these drives are used, probably from Chia crypto farms in China. Heise suspects unofficial resellers are behind these gross sales. Seagate clarified that its official distributors are usually not concerned.

Chia farming, launched in 2021, makes use of arduous drive storage to mine cryptocurrency. The extra storage, the upper the rewards. It induced a surge in demand for HDDs and SSDs, particularly in China. Chia’s mining course of damages SSDs rapidly, making HDDs extra widespread.

Nonetheless, Chia’s enchantment has pale. Its cryptocurrency, XCH, now trades round $13, far beneath its 2021 peak of $1,645. Complaints about recycled drives are spreading from Germany to Thailand, Australia, and Japan.

2. Japanese Agency Gumi Invests $6.5 Million in Bitcoin

Blockchain gaming firm Gumi, listed in Tokyo, has invested 1 billion yen ($6.5 million) in Bitcoin. The agency plans to stake its Bitcoin by way of Babylon to earn rewards and enhance income. Gumi goals to make use of surplus funds for Bitcoin holdings.

Gumi is energetic in blockchain gaming and launched the sport Courageous Frontier Versus with Sui Network in 2024. The corporate’s inventory jumped over 40% after the Bitcoin buy. Nonetheless, its cryptocurrency Oshi Token confirmed little change.

Different Japanese firms are additionally investing in Bitcoin:

• Nexon: Holds 1,717 BTC, purchased in 2021.
• Sony: Launched an Ethereum layer-2 network.
• Boyaa Interactive (Hong Kong): Asia’s largest public Bitcoin holder.
• Jetking Infotrain (India): Holds 12 BTC.

3. South Korea Plans to Elevate Company Crypto Restrictions

South Korea’s Monetary Providers Fee (FSC) introduced a roadmap to ease company crypto buying and selling guidelines. The modifications will occur in two phases:

• First Half of 2025: Regulation enforcement, charities, universities, and crypto exchanges can open real-name accounts to promote crypto.
• Second Half of 2025: A pilot program will let 3,500 listed firms {and professional} traders open real-name accounts.

South Korea at the moment blocks company accounts on account of anti-money laundering legal guidelines. Actual-name accounts are necessary for fiat-to-crypto buying and selling. The FSC additionally fashioned a crypto committee to discover lifting the ban on crypto exchange-traded funds (ETFs). Though ETFs stay prohibited, business leaders are pushing for his or her approval to supply safer choices for aged traders.

4. Coinbase Eyes Return to India

Coinbase is in talks with India’s Monetary Intelligence Unit (FIU) for a attainable return. The alternate left India after regulators blocked entry to the Unified Funds Interface (UPI), the nation’s key cost system.

The Indian authorities is reconsidering its stance on cryptocurrency. New management on the Reserve Financial institution of India (RBI) alerts a possible shift from earlier anti-crypto insurance policies. Coinbase just lately acquired approval within the UK and is exploring additional expansions, with CEO Brian Armstrong assembly officers within the Philippines through the World Financial Discussion board.

Abstract Desk of Key Developments:

These updates present rising crypto adoption throughout Asia, alongside regulatory modifications and company investments driving market traits.