Coinbase to Enhance EU Presence with Key Derivatives Acquisition

Hi NoRamp Community,

Daily News:

1) Upbit Secures Payment Institution License from Singapore

2) Coinbase to Enhance EU Presence with Key Derivatives Acquisition

3) Japan’s E-Commerce Giant Mercari Plans to Accept BTC Payments

4) MobiKwik Files for $84 Million IPO

5) e& Enterprise and Fils Launch Carbon Offset Platform for Digital Payments

Upbit Secures Payment Institution License from Singapore:

• Upbit Singapore, a subsidiary of South Korea's leading crypto exchange Upbit, has received a Major Payment Institution License from the Monetary Authority of Singapore, following its in-principle approval in October 2023.

• The MPI license places Upbit Singapore among the few fully licensed exchanges adhering to Singapore's regulatory standards, extending Upbit APAC's global digital asset exchange operations across Singapore, Indonesia, and Thailand.

• The achievement marks a strategic expansion into institutional and infrastructure-focused businesses for Upbit Singapore, joining a select group of crypto firms like Coinbase and Ripple with MPI licenses in Singapore's burgeoning fintech and crypto hub.

Coinbase to Enhance EU Presence with Key Derivatives Acquisition:

• Coinbase plans to offer crypto-linked derivatives in the EU, entering into an agreement to acquire a holding company with a MiFID II license, allowing it to provide regulated derivatives like futures and options in select EU countries.

• The move is part of Coinbase's ambition to cater to professional and institutional customers, marking its first entry into EU derivatives trading, pending regulatory approval with expectations to close the deal later in 2024.

• This strategic expansion is aimed at capturing a portion of the significant derivatives market, despite facing competition and regulatory challenges, as Coinbase continues to pursue international growth, with recent regulatory approvals for services outside the U.S. and efforts to align with upcoming EU crypto laws.

Japan’s E-Commerce Giant Mercari Plans to Accept BTC Payments:

• Mercari, a popular Japanese digital flea market platform, is planning to enable bitcoin payments for its over 22 million monthly active users by June, with transactions facilitated by its Tokyo-based blockchain subsidiary, Mercoin.

• The app will continue displaying prices in Japanese yen, but users can opt to pay with bitcoin, which Mercoin will convert to yen for the seller, potentially incurring transaction fees similar to fiat currency sales.

• This move follows Mercari's recent launch of its own bitcoin exchange within the app, as the company continues to report significant profits and revenue growth, reflecting its commitment to integrating cryptocurrency into its e-commerce platform.

MobiKwik Files for $84 Million IPO:

• MobiKwik, an Indian digital payments firm, has filed for an IPO worth up to 7 billion rupees ($84 million), scaling back from its initial 2021 filing of 19 billion rupees following the market's cold reception to its rival, Paytm.

• The company plans to use the net proceeds for customer and merchant acquisitions, as well as investments in data, machine learning, and artificial intelligence, while considering a pre-IPO placement that could reduce the IPO value.

• With a significant user base and ongoing efforts to reduce losses while increasing revenue, MobiKwik aims to bolster its position in the digital payments sector, supported by stakeholders like Bajaj Finance, Abu Dhabi Investment Authority, and American Express.

e& Enterprise and Fils Launch Carbon Offset Platform:

• e& enterprise announces a partnership with Fils to integrate sustainability into digital transactions, aligning with their commitment to environmental consciousness in the digital payment sector.

• The collaboration will incorporate Fils's platform into e& enterprise's Digital Payment Platform, offering precise carbon emission information and offset options per transaction, aiming to set new standards for environmental responsibility.

• This initiative reflects a broader commitment to embedding sustainability in business models, aiming to revolutionize sectors by prioritizing environmental responsibility, with both companies championing the integration of sustainable practices into financial transactions.

NoRamp:

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