- 1. FTX Japan Acquired by Rival bitFlyer
- 2. Chainlink and Mode Collaborate on Blockchain Interoperability
- 3. MicroStrategy Completes $800M Convertible-Note Offering at 2.25% for Additional Bitcoin Purchases
- 4. Binance Launches HODLer Airdrops for BNB Crypto Holders
- 5. SITE Network Launches $39B Virtual Tourism Project with Enjin
This week’s crypto news review covers the industry’s most significant developments. FTX Japan was acquired by domestic rival bitFlyer, strengthening its position in Japan’s growing crypto market. Mode Innovations also partnered with Chainlink to improve blockchain interoperability and security. MicroStrategy completed an $800 million convertible note offering to support further Bitcoin purchases. Binance launched HODLer Airdrops for BNB holders using Simple Earn products. SITE Network also started a $39 billion virtual tourism project with Enjin, combining AR and VR technologies for travel experiences.
FTX Japan Acquired by Rival bitFlyer
FTX Japan, a subsidiary of FTX Trading, has been acquired by domestic competitor bitFlyer. The deal follows FTX Trading’s Chapter 11 bankruptcy filing in the U.S. last year.
FTX Trading’s November bankruptcy affected about 130 group companies and led FTX Japan to temporarily suspend asset withdrawals. FTX Japan then sought a buyer, with bitFlyer’s parent company emerging as the frontrunner. The acquisition, estimated at several billion yen, involves bitFlyer purchasing all shares of FTX Japan.
The acquisition comes as Japan’s cryptocurrency market continues to grow. Accounts surpassed 10 million by April, according to the Japan Cryptocurrency Exchange Association.
User safety and protection remain concerns despite this growth. The deal is expected to strengthen bitFlyer’s market position and provide stability for former FTX Japan users.
Chainlink and Mode Collaborate on Blockchain Interoperability
Mode Innovations, an Ethereum Layer 2 solution, has partnered with Chainlink to integrate the Chainlink Cross-Chain Interoperability Protocol (CCIP) with Mode. The integration improves Mode’s security for decentralized finance (DeFi) and real-world asset (RWA) applications.
Chainlink CCIP is recognized as a market standard for security and interoperability. Mode will support low-cost programmable token transfers and cross-chain messaging through Chainlink CCIP-integrated oracles.
The update is intended to expand the use of Mode’s Layer 2 solutions and create a more inclusive blockchain network. Mode aims to help developers build and maintain connected applications while rewarding those who run their apps in its ecosystem.
Chainlink’s infrastructure secures over $12T in transaction value and provides a foundation for Mode. The Risk Management Network independently monitors cross-chain activity to help prevent security breaches.
MicroStrategy Completes $800M Convertible-Note Offering at 2.25% for Additional Bitcoin Purchases
MicroStrategy has completed an $800 million convertible-note offering with a 2.25% coupon rate and a 35% conversion premium. The notes were sold privately to eligible institutional purchasers.
The offering has a principal amount of $800 million, including a $100 million purchase option. The notes carry an annual interest rate of 2.25%, payable semi-annually on June 15 and December 15, starting December 15, 2024.
The notes mature on June 15, 2032, unless they are repurchased, converted, or redeemed earlier. Holders can require repurchase on June 15, 2029, or during certain events, at 100% of the principal amount.
The notes can be converted into cash or MicroStrategy Class A stock at a rate of 0.4894 shares per $1,000 principal amount. MicroStrategy plans to use the proceeds to buy more *BTC* and for general corporate purposes.
Binance Launches HODLer Airdrops for BNB Crypto Holders
Binance has introduced HODLer Airdrops for BNB holders. The program rewards users who subscribe to Simple Earn products with tokens from emerging projects.
*BNB* holders using Flexible and Locked Simple Earn products will be eligible for the airdrops.
Binance announced the initiative on June 19, 2024, and said it supports a sustainable market. The exchange will take random snapshots of user balances to calculate hourly average balances and determine rewards.
For example, snapshots from June 1 to June 7, 2024, may be used for airdrops on June 11, 2024. Rewards will be distributed to eligible users’ Spot Wallets within 24 hours of the airdrop announcement.
Participation requires account verification (KYC) and compliance with BNB holding limits specified in each announcement. Sub-accounts are also eligible, with separate snapshots for master and sub-accounts.
SITE Network Launches $39B Virtual Tourism Project with Enjin
SITE Network has launched a $39B virtual tourism project with Enjin Blockchain. The project combines Augmented Reality and Virtual Reality to develop digital tourism experiences.
It connects consumers with major destinations through digital exploration. Metinburgh is a virtual replica of Edinburgh, initially focused on Castlehill at the foot of Edinburgh Castle. The Mayaverse recreates the ancient Mayan civilization. Metahattan presents New York City’s culture and is being developed with Parallel Worlds.
SITE Network is using MRKD’s patented technology to offer interoperable, rights-verified digital objects. These objects can be won and accessed across SITE Network’s virtual worlds.
New York Culture Club (NYCC) also supports the project. It is helping integrate tokenized items and has a role in New York Fashion Week and the music industry.
This virtual tourism initiative aims to enhance real-world visits and provide immersive experiences.
This week brought several developments across the crypto industry. bitFlyer acquired FTX Japan, Mode Innovations partnered with Chainlink, and SITE Network launched a $39 billion virtual tourism initiative with Enjin.
MicroStrategy’s investment adds to its Bitcoin holdings. Together, these developments show activity across crypto exchanges, blockchain infrastructure, corporate financing, and virtual tourism.
