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Crypto Exchange Bitget Opens Dubai Office, Plans Middle East Expansion

The crypto trading platform plans to hire up to 60 new members of staff in the region.

Crypto trading platform Bitget plans to expand into the Middle East and hire up to 60 new members of staff, the company said on Thursday.

The company said it has already opened an office in downtown Dubai to support the expansion, and will explore opportunities in Bahrain and the United Arab Emirates (UAE). It also foresees setting up a regional headquarters.

Bitget said it has started recruiting for the new roles, with several members of staff already hired for middle- and back-office positions.

“We hope to scale our Middle Eastern team rapidly to support business growth, with between 30 to 60 hires over the next two years,” Gracy Chen, managing director, said in a statement.

The company has already started exploring license applications in order to operate in Middle Eastern markets. The expansion follows Biget’s launch in Turkey earlier this year.

In May, the crypto exchange said it was joining crypto custody firm Copper’s ClearLoop network, allowing clients of both companies to hold digital assets within Copper’s infrastructure while at the same time delegating those assets to trade on the exchange.

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SEC’s Stuttering Litigation Strategy Draws Comment From France

French officials boast of crypto-ready laws that contrast with a stuttering enforcement campaign from the U.S. SEC – and are looking to the next generation of Web3 gaming rules.

PARIS, France – Officials in France are boasting of the regulatory certainty they can offer, as U.S. enforcers wage a fierce – if not entirely successful – war on crypto.

With a crypto registration regime in effect for years, new EU laws known as MiCA set to take effect in 2024, and lawmakers discussing a regime for gaming involving non-fungible tokens (NFTs), officials are bullish about the country’s preparedness for Web3, a conference organized by lobby group ADAN was told.

MiCA, which lets wallet providers and exchanges operate across the EU with a single license, “will allow this sector to go to the next gear in terms of regulatory requirements,” said Marie-Anne Barbat-Layani, adding that France’s Financial Markets Authority (AMF), the regulator which she chairs, is “resolutely open to innovation.”

Barbat-Layani contrasted France’s situation with that across the Atlantic.

“Some of our peers, notably the U.S. SEC [Securities and Exchange Commission], have launched litigation strategies – strategies of which the successes aren’t totally clear – but which seek to treat crypto as a traditional financial instrument,” she said. “It’s a different choice to that made in Europe.”

MiCA, which passed into law in June and takes full effect in December 2024, adapts existing rules for trading in financial instruments, while the SEC has taken action against a number of crypto companies including Binance and Coinbase, arguing that they should have registered as securities trading platforms under existing rules, and that certain tokens they’ve listed should have been registered as securities.

That U.S. approach may have met a setback last week with a ruling that found Ripple’s XRP token doesn’t necessarily fall under the current, century-old securities laws.

Undimmed

France has positioned itself as a crypto hub, and companies such as Binance have registered under its existing crypto law known as PACTE, which is administered by the AMF. On Tuesday, the AMF awarded its first ever crypto license to Forge, the financial-technology arm of the bank Societe Generale, a still more demanding process that already puts Forge largely in line with MiCA.

Being regulated comes with ups and downs – as Binance found recently, when it was raided by the Paris public prosecutor for “aggravated money laundering.” Binance has said it’s cooperating with investigators, and the incident doesn’t seem to have dimmed its enthusiasm for the country.

There’s “no reason” to leave France because of that probe, Binance France’s Executive Director for Legal Stéphanie Cabossioras told the conference, adding that recent events were just part of adapting to life as a traditional finance-style regulated entity. “There are little surprises … but it will become day-to-day life.”

While entrepreneurs in France may complain of high taxes, employment restrictions, and a paucity of investment available via venture capital, the country also offers bonuses beyond regulatory certainty, says the founder of one of the country’s crypto success stories, Ledger.

“Why is Ledger in France? Its foundational technology is the smart card,” asked Éric Larchevêque, Ledger’s former chief executive officer, of the chip-based hardware. “It’s a French innovation, a technology really mastered in France… but not at all in the U.S.”

Gambling

Now, France is hoping to build on its regulatory success by legislating for a new regime for Web3-style games involving monetizable digital objects – tradable merchandise that gives rights within the game and whose value can be increased by playing more – known by its French acronym of JONUM.

If lawmakers agree a framework in the fall, there could be a “text by the end of the year,”

Isabelle Falque Pierrotin, chair of France’s National Gambling Authority (ANJ) told the event – adding that her preference was for legislation to merely set high-level objectives, such as protecting children, allowing her to negotiate details with the sector.

In May, French Web3 company Sorare, under regulatory pressure, announced changes to its NFT soccer game for the domestic market – though the ANJ only intended these as a short-term fix pending legislative changes.

If enacted, some believe those new gaming laws could make a real difference.

“What is currently being foreseen, the last versions of the regime that were discussed in the Senate a few weeks ago, show a true will and a true possibility of positioning France as the real pioneer and leader on this topic,” said Matthieu Lucchesi, an innovation and fintech specialist at law firm Gide255, adding that the law needed to be “well-calibrated” in order to be appealing.

Some quotations have been translated from French.

UK Government Rejects Lawmaker Plan to Regulate Crypto as Gambling

The Treasury says it has learned lessons from FTX’s collapse, and that gambling law doesn’t deal with crypto risks.

The U.K. government rejected lawmaker plans to regulate crypto like gambling, saying its existing proposals better address the risks posed by events such as the FTX collapse, in a document published Thursday.

In May, the House of Commons’ Treasury Committee expressed concern that government plans to apply rules broadly similar to those for traditional finance to crypto treats the sector too softly, creating a halo effect that makes people think investing in bitcoin (BTC) or ether (ETH) is safe.

“The Government firmly disagrees with the Committee’s recommendation” concerning retail crypto trading and investment, the Treasury response said.

“A system of gambling regulation, in isolation, would be unlikely to address these risk factors” such as the commingling of customer funds alleged of crypto exchange FTX, or correct problems linked to insider trading and market manipulation that are covered by traditional financial regulation, the government added.

“The recommendation to rely on gambling regulation would represent a fundamental departure from the Government’s intended approach which reflects recommendations from global standard-setting bodies,” the government said, citing recommendations from the Financial Stability Board recently endorsed by finance ministers from the world’s 20 leading economies, and warning that divergence would merely push crypto offshore.

In 2022, Rishi Sunak, then finance minister and now prime minister, said he wanted to make the U.K. a crypto hub, but the sector has warned its rulemaking is trailing behind rival jurisdictions such as the European Union.

Myanmar Shadow Government to Start Neobank With Crypto Rails to Fund Fight Against Military Junta

The National Unity Government (NUG) bank is set to run on Polygon and do currency swaps via Uniswap v3 pools and USDT stablecoins.

Myanmar’s shadow government, the National Unity Government (NUG), is set to start a neobank, which will run on Polygon and do currency swaps via Uniswap v3 pools and USDT stablecoins.

The bank plans to offer users currency swap, fixed deposits and prize-linked savings account services. Its web-based app will have a beta launch on July 22, and be available on Google Play and Apple’s App Store, a spokesperson for the bank said at a virtual press conference held on Thursday.

Led by supporters of the ousted leader Aung San Suu Kyi, the Spring Development Bank (SDB), will target Suu Kyi supporters as customers, including the Burmese diaspora, the spokesperson said. The NUG’s stance is that it is the legitimate sovereign and government of Myanmar, not the military junta.

SDB’s stated objectives are to disrupt the country’s financial system, controlled by the military government, the State Administration Council (SAC). In addition to accessing banking services, users will be able to donate directly to the revolutionary effort via SDB. It plans to deploy funds via the most efficient routes and help rebuild post-revolution Myanmar.

Myanmar has been sanctioned by various governing bodies including the U.S. and the EU over the February 2021 military coup that overthrew the civilian government, and ensuing human rights violations.

The NUG has been raising funds to challenge the SAC since 2021. Its efforts include issuing revolutionary bonds and auctioning off a villa held by army general Min Aung Hlaing. The NUG’s hope is that when it regains power, it will confiscate the house and give the sale proceeds to buyers.

The bank

The NUG’s Ministry of Planning, Finance and Investment is the sole shareholder of the bank. SDB’s shares will be offered to the public in two phases, the spokesperson said.

A pre-initial coin offering (ICO) round with the bank’s own token will be exclusively for SDB account holders and the first ICO round will be offered to institutional investors. The bank said that it will also raise funds via remittance, currency exchange, loans, and other monetary products.

SDB aims to onboard 100,000 active users in six months’ time.

It is set to support four currencies: the Myanmar kyat (MMK), U.S. dollar, Singaporean dollar and Thai baht.

“MMK will be swapped to USDT stablecoin,” an SDB spokesperson told CoinDesk. “The rest will be kept in the original or native currency to minimize currency and exchange risk.”

The NUG recognized stablecoin Tether (USDT) as legal tender at the end of last year.

Using SDB, there is a 2% spread on exchange swap, a more appealing rate than other options on the market. (At the time of this article’s publication, the reference exchange rate was 1 Singapore dollar to 2320 MMK on SDB, compared to 2164 on Western Union.) The bank also plans to launch an e-lottery program on the platform where tickets will be issued to customers as non-fungible tokens (NFTs).

Security

The bank will comply with the Basel Accords and Financial Action Task Force (FATF) regulations, the spokesperson said.

“Normal savings account balances will not be loaned out,” the spokesperson said.

The SDB spokesperson also explained that the bank has various layers of segregation of data, funds and different ‘vaults’ to separate customer funds.

“Our cyber security team (including red team and internal hackers) are working extra hard to protect users’ data security,” the spokesperson said.

For currency swaps, users will be able to deposit foreign currency into the bank and receive stablecoin in return. When the exchange rate is to their liking, they can exchange their foreign currency stablecoin for kyat stablecoin and use a local agent to swap that into cash within Myanmar.

On how they would protect local agents, the spokesperson said that they would draw on two and a half years’ worth of experience in protecting the safety and security of revolutionary forces.

Myanmar has a population of 55 million, many of them young, tech-savvy, and well-versed in VPN use to access content on the internet. QR code payments are more prevalent in Yangon than Singapore. While a predominantly cash-based society, it has extensive and fast 5G coverage with most of its network communications provided by Huawei.

Chainlink’s LINK Climbs as Whales Add to Holdings Following Protocol Release

The CCIP protocol is designed to help build cross-chain applications and services and went live for early access users on the Avalanche, Ethereum, Optimism and Polygon blockchains this week.

Chainlink tokens surged Thursday as wealthy investors swapped ether for link (LINK) following the release of the company’s Cross-Chain Interoperability Protocol (CCIP) earlier this week, data shows.

LINK exchanged hands for $8 around midday in Europe as trading volume more than doubled to $580 million, helping extend weekly gains to over 25%.

On-chain data shows some whales – or large holders of an asset – added upward of $6 million to their link holdings during the morning, with the increased demand lifting prices as much as 6%.

CCIP is designed to help build cross-chain applications and services. It was being tested by at least 25 partners that are now beginning to move to the mainnet, and was pushed live for early access users on the Avalanche, Ethereum, Optimism and Polygon blockchains.

On Thursday, CCIP will become available to all developers across five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.

Prices of some other oracle protocols also rose, CoinGecko data shows. In the past 24 hours, Band Protocol’s BAND added 9% while Uma’s UMA and API3 both jumped 5.4%.

Oracles are blockchain-based services that fetch data from outside a blockchain. Blockchains, by design, are immutable stores of data, but can’t verify the veracity of information. This is where oracle networks like Chainlink help – they refer multiple sources of information to provide reliable data to blockchain-based services and products for users.

Bitcoin Trading in Japan Rises as Yen Turns Volatile

The share of bitcoin trade volume on Japanese exchanges rose from 69% to 80% in the first six months of the year, data tracked by Kaiko show.

Since the Federal Reserve (Fed) started its aggressive interest rate hike campaign in March 2022, the Japanese yen has depreciated sharply, registering one of the most severe exchange rate turbulence on record.

The volatility has traders from Japan-focused digital assets exchanges turning to bitcoin (BTC), the world’s leading cryptocurrency by market value, widely touted as a hedge against traditional finance.

The share of bitcoin trade volume on Japanese exchanges rose from 69% to 80% in the first six months of the year, according to data tracked by Paris-based Kaiko. The total trading volume on Japanese exchanges was $4 billion in June, amounting to a 60% year-to-date surge.

The share of the bitcoin-Japanese yen (BTC/JPY) pair in total volume in bitcoin-fiat trading pairs has also increased from 4% to 11% this year.

“It signals rising appetite on Japanese markets,” Dessislava Aubert, research analyst at Kaiko, said in an email. Kaiko’s aggregate figures for Japan represent data from Bitflyer, Coincheck, Bitbank, Quoine, and Zaif.

Bitcoin is widely considered a digital gold and a hedge against traditional finance and fiat currencies, which are said to lack intrinsic or fixed value and are not backed by any tangible asset. Citizens from countries ridden with inflation and fiat currency volatility have previously embraced digital assets.

Bitcoin has surged 84% to over $30,000 this year while trading at a premium on Japanese exchanges.

“On average, BTC traded at a premium ranging between 0.5% and 1.25% on Japanese markets this year,” Dessislava Aubert, research analyst at Kaiko, said in an email.

The yen has depreciated 6.3% against the U.S. dollar this year, extending the past year’s near 14% slide. The divergent monetary policy paths adopted by the Federal Reserve and the Bank of Japan, which has maintained its pro-easing stance amid global tightening, have been primarily responsible for the yen’s decline.

The chart shows trading activity on Japan-focused exchanges has picked up faster than Korean markets and the Nasdaq-listed Coinbase exchange.

The trend might continue considering Japan already has a regulatory framework, unlike the U.S. where authorities still rely on enforcement to oversee the industry. Last month, Japan passed a landmark stablecoin bill for investor protection.

The yen volatility will likely persist as speculation is simmering that the Bank of Japan could announce a hawkish tweak to its policy next week.

Lastly, the unthinkable is happening – inflation is rising in Japan and a key gauge that excludes energy component recently hit a four-decade high. Higher inflation after decades of chronic deflation may see more robust demand for perceived alternatives like bitcoin.

UK Financial Regulator to Introduce Digital Sandbox

During a pilot phase, the environment was used to test the eco-friendliness of decentralized ledgers.

The U.K. Financial Conduct Authority (FCA) plans to provide access to a digital sandbox, or testing environment, for firms to see how their products perform at an early stage of development, the regulator said on its website on Thursday.

The sandbox, which started operating on a trial basis in 2020, is also open to data providers and will offer firms access to data sets, application program interfaces (API) and data security protection. During one of the two pilot phases, it was used to evaluate sustainability performance, including eco-friendly decentralized ledgers.

A sandbox provides a secure setting in which developers can test and evaluate their products in the knowledge that any unintended side effects will be isolated from a live environment. The FCA’s offering can be configured to support a number of distributed ledgers and digital-asset use cases, like building interoperability between networks, according to a person familiar with the project.

Former Economic Secretary John Glen set out plans for the sandbox in a speech last year, in which he said he wanted the country to foster crypto innovation, a sentiment echoed by his successor, Andrew Griffith.

Previously, the sandbox was available only during pilots and TechSprints, which brought people from the financial industry together to address industry challenges.

First Mover Americas: XRP Momentum Could Set Precedent for Bitcoin

The latest price moves in crypto markets in context for July 20, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

Top Stories

Bitcoin spot ETFs could increase BTC demand to the tune of $30 billion, according to a report by NYDIG. The crypto trading firm estimates that there are $27.6 billion in spot-like products, compared with $210 billion invested in funds for gold, to which bitcoin is often compared. “Bitcoin is about 3.6x more volatile than gold, meaning that on a volatility equivalent basis, investors would require 3.6x less bitcoin than gold on a dollar basis to get as much risk exposure. Still, that would result in nearly $30B of incremental demand for a bitcoin ETF,” NYDIG writes. The possibility of a spot bitcoin ETF in the U.S. looks far more likely since BlackRock submitted an application to list one with a “surveillance-sharing” agreement, which the SEC sees as necessary to prevent market manipulation.

El Salvador’s junk-rated bonds due 2027 have seen a substantial upward trend in the last six months amid bitcoin’s rally, defying some analysts’ expectations. The Central American country, which made BTC legal tender in 2021, had its debt rating downgraded by Fitch last September with a prediction of a debt default in January. In fact, the junk-rated bonds are up 62% since the start of 2023 and are trading at 72 cents on the dollar. Bitcoin rose 79% in the same period. El Salvador’s bonds have, however, even outperformed the Invesco Emerging Markets Sovereign Debt ETF (PCY), one of the largest holders of the country’s debt, according to Factset.

Kuwait’s financial regulator has banned crypto payments, investment and mining as a means to combat money laundering. The prohibitions are aimed at coming into compliance with the Financial Action Task Force’s (FATF) global recommendations for crypto assets, according to the regulator. “Securities regulated by the Central Bank of Kuwait and other securities and financial instruments regulated by the Capital Markets Authority are excluded from this prohibition,” the regulator said in a circular. FATF compliance does require guardrails against money laundering, but the international watchdog says it has not asked any countries to ban crypto, it told CoinDesk in May.

Chart of the Day

– Omkar Godbole

Macro State of Crypto – Where It Has Been and What’s Next

Analytics can offer insight into how recent and past crypto and regulatory events have affected prices and movement. Plus: A quick Q&A on retirement funds.

Geçen hafta ABD’li bir Yargıç, XRP’nin menkul kıymet olmadığına karar verdi ve SEC, BlackRock bitcoin ETF başvurusunu kabul ederek onay sürecinin bir sonraki aşamasına geçti. Bu XRP haberinden birkaç dakika sonra, token 0,45 dolardan 0,61 dolara sıçradı ve fiyatı %25’in üzerine çıkardı. Bu kararlar ve daha pek çok karar, daha da fazla düzenleyici soruya yol açsa da, kural değişikliklerinin dijital varlık oynaklığında önemli bir faktör olduğu açıktır.

Dijital varlıklar konusunda bir danışman olarak, mevcut düzenleyici olayların ve son başarısızlıkların bitcoin, ether ve altcoinler için fiyatlandırmayı ve ticaret hacmini nasıl etkilediğini düşünmelisiniz.

Aşağıda, Amberdata’dan Greg Magadini, bizi kripto ve düzenleyici olaylara götürüyor ve bu olayların fiyatları ve hareketi nasıl etkilediğine dair bazı analizler sağlıyor.

Also, can we include crypto in retirement funds? Thanks to Bryan Courchese from Daim for answering this week’s questions on the topic.

– S.M.

You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.

Macro state of crypto – where it has been and what’s next

In 2022, Terra Luna’s collapse, the crypto hedge fund 3AC’s bankruptcy, FTX’s scandal and other meltdowns pushed the industry into a bear market. These headlines drove the entire sector lower, often led by altcoins.

However, the first half of 2023 flipped a lot of these crypto relationships on their head as macro economic events splashed news headlines.

Bitcoin led crypto higher in January as the Fed’s hawkish narrative began to soften. This move was accompanied by a positive “spot/vol” regime, with traders buying options as Bitcoin rallied – a relationship not witnessed in 2022 when only price crashes seemed to drive volatility higher.

The takeaway was that bitcoin was trading on fundamental macro news, as opposed to crypto specific events.

If Ethereum is a crypto “technology bet,” bitcoin is a monetary alternative “pure-play.”

YTD performance of BTC (orange) and ETH (blue)

This narrative juxtaposition became obvious in March as the SVB banking crisis took hold.

Comparing the YTD performance of BTC and ETH spot prices, we can clearly see that BTC began an outperformance of ETH in reaction to the banking crisis and the Fed’s emergency response.

BTC has been able to hold onto this outperformance ever since.

YTD Ratio of implied volatility (ETH DVol divided by BTC DVol)

To see further evidence of a shift in these trading dynamics (a move towards macro events and a shift away from crypto specific news) we can observe the forward-looking option market activity.

The ratio of Deribit’s DVOL indexes, a comprehensive 30-day to maturity measure of option implied volatility (think the VIX of BTC and the VIX of ETH), shows us that the typical implied volatility premium of ETH over BTC began to dissipate in reaction to macro news events.

In mid-January we saw a market adjustment from the Fed beginning to slow down its hawkishness. This sent BTC higher and BTC IV (implied volatility) relatively higher (chart goes down).

Then in early February we saw a major outperformance linked to the Labor Department’s monthly non-farm payrolls (NFP) number. This quickly killed the idea of a Fed hawkish slowdown; BTC dropped (along with gold and other interest-rate sensitive assets) and BTC IV went down, relative to ETH IV (chart goes up).

The SVB crisis again nudged BTC IV higher, only to be temporarily paused by the ETH Shanghai upgrade.

Today, ETH IV trades around parity to BTC IV, even briefly at a discount.

Where does this leave us for the second half of 2023?

The Fed remains in a “wait-and-see” mode, after recently doing a “rate skip” at their June FOMC meeting. Although other central banks continue to raise rates, the U.S. macro picture is moving into the background as crypto specific news events become “top-of-mind.”

The regulatory events surrounding Binance, Coinbase and XRP are becoming major drivers of activity.

Today, BTC is defined as a commodity, while ETH’s categorization is more ambiguous.

This means there’s increased sensitivity for ETH’s “technology bet” narrative around regulation. A lot of ETH’s value comes from its utilization and the various DeFi, NFT and ERC-20 protocols built on top of the Ethereum infrastructure.

Lately, volatility surrounding the consumer price index (CPI), NFP and other macro events seems to have settled down, while regulatory clarity around crypto, a potential spot ETF approval and the XRP resolution is becoming a key focus; this paradigm shift could lead the market towards higher beta “altcoins” in the crypto space.

Historically, altcoins have outperformed BTC in bull markets, and the second half of 2023 is off to a bullish start, so far accompanied by mostly favorable crypto-specific news headlines.

That the recent events have increased ETH IV relative to BTC IV offers a hint that option traders are also paying attention.

– Greg Magadini, CFA Amberdata

Ask an Advisor

I help clients include crypto in their retirement accounts.

– Bryan Courchesne, CEO Daim

Q: Can advisors invest in crypto in 401K (retirement) accounts for their clients?

A: The short answer is yes, you can invest crypto in a range of retirement accounts from 401K plans to individual retirement accounts. First, make sure that you are speaking to a licensed investment advisor. Investment management is highly regulated so your Bitcoin advisor should be properly licensed. Ask for the advisor and their firm’s CRD #. You can look it up on brokercheck.org to vet that they are legit.

Q: Can my clients hold crypto in these accounts, or just funds?

A: Short answer both. The accounts could hold pure crypto, a crypto futures fund, a trust product (Like GBTC), or equities like COIN stock (which the company holds pure Bitcoin on their balance sheet.) In any investment besides pure crypto the main things to consider are tracking differences from the underlying and different fee structures.

Keep Reading

BlackRocks’ın Bitcoin ETF başvurusu, SEC tarafından “kabul edildi” ve onu bir sonraki değerlendirme aşamasına taşıdı.

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Muhaliflerin şimdi bitcoin’in 474 kez ölü olduğunu ilan ettiğine inanabiliyor musunuz?

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Binance Labs Invests $10M in DeFi Lender Radiant, RDNT Jumps 10%

The protocol was built on the architecture of LayerZero, which raised $120 million at a $3 billion valuation earlier this year.

The venture capital arm of Binance has invested $10 million in Radiant Capital, a decentralized finance (DeFi) lending and borrowing protocol.

The new funds will go toward tech and product development, which includes expanding collateral and deployment on the Ethereum mainnet

Radiant is built on architecture from LayerZero Labs, another Binance Labs portfolio company. The lending platform aims to take on DeFi’s fragmented liquidity problem by serving as a money market where users can deposit and borrow assets across multiple chains.

Traders, known as Dynamic Liquidity Providers, can lock in the native RDNT token to profit from interest and flash loan fees and have governance authority within the Radiant DAO. The protocol’s platform fees are paid out in bitcoin (BTC), ether (ETH), BNB Coin (BNB) and stablecoins.

Radiant, which currently has about $265 million in total value locked, according to DeFi Llama data. The platform supports more than 20 collateral options and plans to add new options in the future as the Radiant DAO expands the functionality to additional chains.

“Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi, and performance on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption,” said Yi He, co-founder of Binance and head of Binance Labs, in the press release.

Radiant was built on the interoperability and cross-chain messaging infrastructure of LayerZero, which raised $120 million in April at a $3 billion valuation.

Tokens of Radiant Capital RDNT jumped over 10% to 31 cents after the news of Binance’s investment.

UPDATE (July 20, 13:03 UTC): Adds RDNT token move in last para. Updates headline.