Image used for illustration purpose.
Jamil Khan, Senior Correspondent / Agencies
MEXC Global was recently named “Best Crypto Exchange in Asia” at the Dubai Crypto Expo which was held in Dubai. From a bear market in 2018, to a rapid rally in 2019, to a global market expansion in 2020, MEXC has now captured 5% of the global digital asset trading market.
MEXC entered the Middle East market last year and is now the number one trading platform in the region in terms of trading volume.
“Since the second half of this year, we have started focusing on the Arab market,” said Sand, Vice President and Head of Middle East and South America at MEXC.
“Since 2020, we have been launching the global market and strategizing global compliance operations. In terms of expanding the global market, we have received licenses from five countries, including Estonia, the United States, Australia, Canada and Switzerland. We are one of the most licensed platforms in the world for cryptocurrency trading. “.
He further stated that MEXC is one of the largest cryptocurrency exchanges in the world. Compared with other exchanges, MEXC pays more attention to good community culture and insists on listening to users’ feedback to make continuous improvement.
“Currently, many company executives and even its founders are taking off from the community every day to answer various questions from users.”
“MEXC has agile agility and the ability to offer comprehensive trading services for spot trading, futures, margin and ETFs. Currently, MEXC is the platform with the most comprehensive spot trading category with very rapid launch of new projects on the entire network.”
“Almost all of the pioneering projects, such as Web3.0 via the Polkadot web chain, the UniSwap decentralized commerce leader, the Metaverse Axie Infinity leader and hundreds of others, were first launched in MEXC,” Sand said.
He also mentions that 2021 was a very fast-growing year for the cryptocurrency market, and the market capitalization of the entire market grew rapidly. In the future, more and more major organizations will focus on and enter this field.”
In response to a question from the Metaverse, he said, “I think the metaverse is an area that both internet companies and the cryptocurrency market should pay attention to. In the metaverse, there will not only be social networking companies like Facebook (Meta), but any company can be expanded in the future using the metaverse. As a carrier, which would be an upgrade for the Internet.”
“For example, in terms of the social experience, we used to be able to send text messages and make video calls on the Internet remotely, but in the metaverse our virtual characters can communicate face-to-face in the same space. “The shopping experience will be in e-commerce,” he concluded. Also different, etc.”
Meanwhile, according to BarclayHedge, a division of global crypto fund Backstop Solutions made significant gains last year after the price of most digital currencies surged, led by bitcoin and ether amid strong institutional interest and greater acceptance from regulators around the world.
The BarclayHedge index of cryptocurrency traders is up 138.1% for 2021, according to data released by the company on Friday, which showed results for nearly 39 funds, or less than 50% of the digital asset managers it tracks. This followed a record 173% gain in 2020, as crypto funds benefited from the extreme volatility fueled by the coronavirus pandemic in financial markets.
Bitcoin gained 60% in 2021 reaching a record peak of $69,000 in November, while ether, the token used in the Ethereum blockchain, is up nearly 400%.
There is an air of legitimacy now. Bitcoin is no longer seen as an esoteric digital currency used only on the sidelines by technologists and cypherpunks,” according to CoinDesk’s 2021 Annual Review of Cryptocurrencies and Blockchain.
But for December, crypto funds showed losses of around 11%, with bitcoin and ether also falling. Bitcoin is down 19% last year, while ether is down 20%.
“Crypto was the only non-profitable sub-sector in December, as many of the industry’s major assets suffered a sharp price slide,” said Ben Crawford, head of research at BarclayHedge.
On the other hand, Crypto’s more traditional cousin, Foreign Exchange, generated modest returns in 2021.
BarclayHedge Currency Trader Index showed a gain of 2.2% last year, based on 60% of funds reported.
There are currently 40 forex programs that BarclayHedge tracks.
The 2021 gains for FX funds followed a 4% rally in 2020. Yields slumped last year as global central banks kept a lid on interest rates, reducing volatility.
Meanwhile, Currency Funds yields showed a meager 0.23% rise in December.
In a separate development, Kazakhstan may no longer be a haven for bitcoin as it once was, according to some major miners looking to leave the global crypto hub after the internet shutdown last week, raising concerns about tightening regulations.
Government web shutdowns during an explosion of unrest in the country, the world’s second-largest mining hub, has caused the global computing power of bitcoin to drop by about 13% as data centers used to produce the cryptocurrency are shut down.
Most of the cryptocurrency producers are now back online, said Alan Dorjiyev of the National Blockchain Industry and Data Center Association of Kazakhstan, which accounts for 80% of the country’s legal mining firms.
However, the resumption of operations may belie the upcoming problems of the fast-growing crypto industry, according to four senior miners interviewed by Reuters, with some saying they or their clients may look to other countries to work in.
Miners said the internet outage compounded growing concerns about business stability and prospects as stricter government oversight looms.
Vincent Liu, a miner who moved operations to Kazakhstan from China to take advantage of the country’s cheap energy, said the changing environment had led him to consider shifting operations to North America or Russia.
“Two or three years ago, we called Kazakhstan the mining industry paradise because of the stable political environment and stable electricity,” Liu said.