German Government Agency Moves $425M Bitcoin, Some to Crypto Exchanges

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Arkham previously identified the address as belonging to the German Federal Criminal Police Office (BKA), which had seized almost 50,000 BTC from a piracy site.

A German government agency today moved $425 million in bitcoin (BTC) to another wallet address, Arkham data appears to show, sending some on to crypto exchange deposit wallets and returning some to the starting point.

The wallet address, previously identified as belonging to the German Federal Criminal Police Office (BKA) by Arkham, moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself. Transactional data shows that a tranche of $32 million worth of bitcoin was deposited on crypto exchange Kraken and a similar amount on Bitstamp.

Arkham CEO Miguel More told CoinDesk over Telegram that the entity appeared to have moved $130 million in BTC to “service wallets,” which generally indicates an “intention to sell in the near future.”

Mantle blockchain strategist @Defi_Maestro flagged the movements on X earlier.

BKA seized almost 50,000 BTC, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website that was active in 2013. The BKA received the bitcoin in mid-January after a “voluntary transfer” from the suspects, according to Arkham.

Pacific Airlines reopens with 3 aircraft leased from Vietnam Airlines

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Pacific Airlines to Operate Routes to and from Tan Son Nhat Airport with Three Aircraft Leased from Vietnam Airlines

Pacific Airlines will resume operations with 3 aircraft. Photo: P.A.

According to sources from Tri Thuc – ZNews, Pacific Airlines has recently issued a document to its units, announcing the resumption of commercial operations. Specifically, after a period of restructuring its fleet, the airline will resume domestic flights to and from Tan Son Nhat Airport, starting from the end of June, using aircraft leased from Vietnam Airlines.

Confirming this information, Mr. Do Hong Cam, Deputy Director of the Civil Aviation Authority of Vietnam, stated that the airline will resume operations with three aircraft on routes to and from Ho Chi Minh City.

Previously, on March 19, a representative from Pacific Airlines stated that returning all its aircraft helped the company clear debts of approximately USD 220 million. This is part of Pacific Airlines’ restructuring strategy.

“Currently, Pacific Airlines has reached an agreement with the aircraft owners to clear debts of about USD 220 million. However, Pacific Airlines must commit to returning the entire A320 fleet to the owners. Therefore, from March 18, Pacific Airlines temporarily suspended flights to focus on ensuring the return of the aircraft as committed,” the representative said.

The low-cost airline’s representative also mentioned that they will dry lease three aircraft from Vietnam Airlines to restore operations. The airline will also leverage the existing resources of Vietnam Airlines Group to gradually enhance service quality with the goal of building Pacific Airlines into an efficient airline that quickly adapts to new environments and develops sustainably in the future.

During the suspension of flights, Pacific Airlines maintained its workforce by providing ground services for Bamboo Airways and Vasco.

The recently published annual report of Vietnam Airlines Corporation (HoSE: HVN) showed that in 2023, Pacific Airlines’ revenue increased by nearly 26% to VND 4,389 billion. However, the airline still reported a pre-tax loss of VND 1,499 billion, a decrease of 28% compared to the same period.

Thus, this low-cost airline has faced four consecutive years of losses, with accumulated losses exceeding VND 8,000 billion.

Regarding the fleet status of Vietnamese airlines, statistics from Planespotter indicate that Vietnam Airlines currently has a total of 91 aircraft. Meanwhile, Vietjet Air has 85 aircraft, Bamboo Airways has 7 aircraft, and Vietravel Airlines has 3 aircraft.

Recently, a representative from Vietnam Airlines announced that the company will receive three additional Airbus A320neo aircraft in 2024. The first aircraft is expected to be delivered at the beginning of July, during the peak of the summer travel season this year.

@Znews

Here’s why Vietnamese tourists visit South Korea the most in Southeast Asia

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Although not visa-exempt like Thailand, Vietnamese tourists have surpassed Thai visitors to become the leading source of Southeast Asian tourists to South Korea.

Data from the Korea Tourism Organization shows that in 2019, Thailand was the top Southeast Asian country in terms of tourist arrivals to South Korea with 572,000 visits, surpassing Vietnam (554,000) and the Philippines (504,000). However, in the early months of this year, Thailand (119,000 visits) dropped to third place after Vietnam (163,000 visits) and the Philippines (158,000).

Regarding the growth rate of tourists to South Korea, China leads with a 470% increase, followed by Japan with 86%. Other Southeast Asian countries also saw significant growth, including the Philippines (76%), Indonesia (51%), Malaysia (35%), Vietnam (29%), and Singapore (11%).

Tourists on the streets of Seoul

Experts in the industry explain the 59% drop in Thai tourists compared to the same period in 2019 and the overtaking by Vietnamese tourists as being due to negative sentiments arising from being denied entry at South Korea’s borders.

The K-ETA (Korea Electronic Travel Authorization) system requires tourists from 112 visa-exempt countries to register and obtain online entry approval before departing for South Korea. However, unlike Japan, Taiwan, Hong Kong, or Singapore, Thailand is not included in the exemption list.

Additionally, the high number of K-ETA rejections and the lack of clear explanations for these rejections have caused dissatisfaction among Thai citizens. Some tourists, even after receiving K-ETA approval, were still denied entry upon arrival in South Korea, exacerbating the issue.

These stories of entry denial have become a hot topic on Thai social media, contributing to the decline in tourist numbers. The stricter entry requirements for Thai citizens are partly due to Thailand being the top source of illegal immigration to South Korea.

The Korean Ministry of Justice emphasizes that these measures are necessary to prevent illegal immigration and are not discriminatory against Thai citizens.

However, tourism authorities, aiming to attract 20 million foreign tourists annually, are concerned about the decline in visitors from a country that was once the leading Southeast Asian nation in terms of tourism to South Korea.

@Thanhnien.vn

Vingroup enters the Top 50 largest enterprises in Southeast Asia

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Vingroup Corporation has just been announced by Fortune magazine (USA) as the leading private enterprise in Vietnam and ranked 45th in the Top 500 largest enterprises in Southeast Asia (Southeast Asia 500).

This is the first year Fortune has organized the ranking of the 500 largest enterprises in Southeast Asia, following its globally renowned rankings such as the Fortune 500, Fortune Global 500, and the World’s Most Admired Companies. The ranking is based on total revenue and financial indices of businesses from seven countries in the region, including Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.

Vietnam has 70 enterprises honored in the top 500 largest enterprises in Southeast Asia, with Vingroup ranked number 1 among domestic private enterprises and 45th among all seven countries.

Vinhomes Ocean Park 1 urban area with the iconic office tower Technopark is located in the Vingroup ecosystem

In addition to asset size criteria, Vingroup is highly rated in financial indicators and business efficiency. In 2023, the Group achieved $6,771.1 million in revenue, $86.3 million in profit, and total assets reached $27,521 million, as recorded by Fortune.

VinFast Company is rapidly expanding its presence in North America, Europe, Africa, the Middle East and Asian countries such as India, Indonesia, Philippines, Thailand…

Currently, Vingroup operates in multiple sectors, spanning industry, technology, commerce, services, and social philanthropy. Among them, VinFast, Vingroup’s pure electric car brand, has successfully listed its shares on the NASDAQ stock exchange (USA) and is rapidly expanding its presence in North America, Europe, Africa, the Middle East, and Asian countries such as India, Indonesia, the Philippines, and Thailand. Recently, VinFast was also honored by Time magazine (USA) in the Top 100 most influential companies in the world in 2024.

Other brands like Vinhomes, Vincom, Vinpearl, Vinmec, VinUni, Vinschool, VinBus, VinBigdata, VinAI, etc., are also leading the market in terms of product quality, services, and customer experience.

With the motto of connecting global intelligence, Vingroup is increasingly expanding its influence in the international market, continuously innovating and creating a high-class product and service ecosystem, contributing to improving the quality of life for people.

@Vietnamnet

Enhanced Business and Security – KYB Verification Company

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In this era of digitization, businesses generally concentrate on enhancing their fraud prevention measures to secure their landscape from cyber crimes. Security measures work to reduce the risks of financial losses and fraud attacks. Advancements in technology help organizations prevent crimes and fraud in this ever-changing modern world. Artificial intelligence and machine learning technology are used in fraud prevention strategies. 

 

The use of modern techniques leads companies to develop safety measures against cyber attacks. Know Your Business is regulatory compliance. It involves modern AI and ML technology for the automatic verification of potential companies and organizations. Business verification services enable firms to strengthen their ties with other companies and sustain their growth rate with reliable ID authentication measures.

What is the Role of KYB Verification Checks for Business? 

The Business Verification Process refers to verifying the partner companies before onboarding in order to combat money laundering and financial crimes. Business verification enables the organization to determine whether they are dealing with authentic entities or shell ones. It provides insight into organizational profiles to detect if they are reliable or not. 

 

Know Your Business {KYB) is regulatory compliance, it provides assistance in working with only reliable and legal companies for partnerships and secure B2B relationships. This process involves automatic business verification checks to analyze various business documents such as tax filings, registrations, UBO details, and financial statements. It allows companies to identify risk associations, have insight into potential companies, and have fraud prevention measures. 

Why is it Necessary to Avail Know Your Business KYB Service? 

The KYB process of business verification is fast and accurate, and it enhances organizational reliability for secure partnerships. KYB checks allow firms to obtain detailed information about specific entities and verify businesses online through automatic checks.  It enables companies to identify and validate business credentials online. Companies do not need to hire multiple entities for the KYB process. It secures their revenue and assists with automatic procedures. Additionally, Firms feel free to develop business relationships by using robust business verification checks. 

How can the Digital KYB Solution Assist Real-time Security?

Business verification services help firms gather and verify various details, such as the company’s registration and details about UBOs as well as business structures.  The KYB process involves various essential checks to regulate the secure business environment within the companies. Verification services aim to ensure the authenticity of the specific organization with which a business is dealing. It contributes to organizational security from various prevailing frauds such as money laundering, network breaches, and financial terrorism. The business verification process analyzes firms’ details and uncovers their ultimate beneficial owners,  a company that owns at least 25% of company shares.

How Does the Know Your Business Process Take Place?

Business verification is an essential step for firms to ensure their partners’ authentication. It involves various ID verification checks to ensure organizational security from fraudsters. The business verification process involves the following steps to identify the legitimacy of a potential organization: 

  • Collection and Inspection of Business Details

The initial step in business verification is to gather all the essential documentation, including all the legal papers, financial records, permits, and other proofs. All these documents ensure the companies’ legitimacy and authenticity.  For the online KYB process, firms offer platforms to submit various documents in scanned form, and they are verified through automatic checking algorithms of artificial intelligence. 

  • Verification of Companies License 

Companies are required to verify the business’s licenses and permits. It ensures that the company is running legally and within the boundaries of regulations. Automatic checks of artificial intelligence review the government’s relevant websites and check the business’s license validity.  It authenticates that the organization is aligned with all the legal requirements. Similarly, for businesses operating in the blockchain space, Ethereum RPC can be utilized to ensure real-time validation and transparency of transactions, adding an extra layer of security to the verification process

  • Outside Verification Through Social Media

In this age of modernization, every business has its media reputation and record. It is essential for companies to check industry publications and social media platforms to have enhanced verification of information. It serves as an additional layer of security and prevents fraudulent activities. 

 

Background checking involves the identification of ownership and directors to validate the business’s authenticity and structure. KYB checklist works systematically and delves into background information to authenticate organizational legitimacy.

Final Words

Online KYB checks provide an in-depth analysis of companies’ profiles for secure business relations. Other than security from shell companies, business verification enhances the organizational work process and omits the hassle of manual processing. Know Your Business KYB is regulatory compliance, protecting firms from getting enrolled in fake partnerships and money laundering. Hence, businesses enhance their security against prevailing fraud attacks in this age of digitization through artificial intelligence.

Tropical Depression and Storm Forecasted for East Vietnam Sea

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Around June 22-23, 2024, a low-pressure area is expected to form in the northern and central regions of the East Vietnam Sea. There’s a 65-75% chance it will develop into a tropical depression and a 20-30% chance of becoming a storm.

If it strengthens, the tropical system could impact the northern and central East Vietnam Sea, including the Paracel Islands and the Gulf of Tonkin, from June 23-25, bringing thunderstorms, strong winds, and large waves.

Weather solutions company Weatherplus forecasts a 40-50% chance of the low-pressure system becoming a storm early next week.

Mariners are advised to stay updated on weather developments through the Vietnam coastal information radio system on frequencies 7906 and 8294 kHz and to plan safe movements and shelters. For immediate assistance, contact 7903 kHz.

Due to the gradual shift to the La Niña phase, the storm season in the East Vietnam Sea started earlier this year, with the first storm appearing on May 31, 2024. The 2024 storm season is expected to see 11-13 storms and tropical depressions, with 5-7 directly affecting Vietnam’s mainland.

Bitcoin, Crypto-Related Stocks Are Ripe for Institutional Adoption: Bernstein

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Spot bitcoin ETFs are expected to be approved by major wirehouses and large private bank platforms in the third and fourth quarters, the report said.

Bitcoin (BTC) and crypto-linked stocks are underrated and ripe for institutional adoption, broker Bernstein said in a research report on Wednesday.

Bernstein notes that crypto bears have argued that the spot bitcoin exchange-traded fund (ETF) trade is over, that most of the early allocations were from retail investors, and that the majority of institutional demand was for the “basis cash and carry trade” and not new net long positions.

While this is true, “we see bitcoin ETFs as on the cusp of approvals at major wirehouses and large private bank platforms in Q3/Q4,” analysts Gautam Chhugani and Maihka Sapra wrote. Spot bitcoin ETFs were approved for the first time in the U.S. in January, dramatically broadening access to the world’s biggest cryptocurrency.

The institutional basis trade appears to be the “Trojan horse for adoption” and these investors are now evaluating net long positions as they become more comfortable with improving ETF liquidity, the authors wrote. The basis trade involves buying the spot bitcoin ETF and selling the bitcoin futures contract at the same time and then waiting for the prices to converge.

Bitcoin ETF inflows are expected to accelerate in the third and fourth quarters, the report said, and the next leg of adoption will be driven by large advisers approving ETFs and allocation headroom from existing portfolios.

The broker expects bitcoin to rise to a cycle high of around $200,000 by 2025, $500,000 by 2029 and $1 million by 2033.

Bernstein has an outperform rating on bitcoin miners Riot Platforms (RIOT) and CleanSpark (CLSK). The broker also has an outperform rating on software company and bitcoin acquirer MicroStrategy (MSTR) and trading platform Robinhood (HOOD).

SEC Ends Probe Into Consensys, Won’t Sue Over Ethereum

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The U.S. regulator closed its investigation into “Ethereum 2.0,” Consensys said.

The price of ether (ETH) rose after Consensys received letters from the U.S. Securities and Exchange Commission (SEC) saying the regulator had ended its investigation into the technology incubator company and was not going to recommend an enforcement action against it.

The SEC told Consensys, whose products include the MetaMask wallet, it was not bringing any enforcement actions in a pair of letters sent to its law firms on Tuesday. In a blog post, Consensys said the SEC was “closing its investigation into Ethereum 2.0.”

The letters had the subject line “Re: In the Matter of Ethereum 2.0 (C-08950),” but did not otherwise explicitly mention the blockchain associated with the second-largest cryptocurrency by market capitalization.

“We have concluded the investigation in the above-referenced matter,” one letter said. “Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against your client, Consensys Software Inc.”

The letter said that while it’s announcing the conclusion of an investigation, that should not be taken to mean there will never be an enforcement action.

“The Commission is instructing its staff that in cases where such action appears appropriate, it may advise a person under inquiry that its formal investigation has been terminated. Such action on the part of the staff will be purely discretionary on its part for the reasons mentioned above. Even if such advice is given, however, it must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation of that particular matter,” the letter said, citing a Wells Notice explainer on the SEC website.

A second letter echoed the language about concluding an investigation, while also saying it did not agree with any factual statements or legal conclusions expressed by Consensys’ own attorneys in a letter sent to the regulator asking about ETH’s status as a security given the SEC’s approval of certain spot ether exchange-traded fund application filings.

Consensys sued the SEC in April, alleging that the regulator was investigating whether Ethereum, post-merge, might be a security.

Ether rose as much as 2.6% after a Consensys post on X, data from TradingView show. It is up around 3% over the last 24 hours, according to data from CoinGecko. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, has added 1.2%.

American singer Justin Timberlake Arrested

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Justin Timberlake was arrested by police in a drunk and unconscious state, according to Page Six. The incident occurred in New York on June 18.

The Sag Harbor Police Department reported that Timberlake was driving his BMW south on Madison Street early in the morning when he failed to stop properly at a stop sign and did not stay in his lane.

A police officer pulled Timberlake over and determined he was intoxicated. His eyes were bloodshot, and his breath smelled strongly of alcohol. He was unsteady on his feet and unable to complete sobriety and attention tests.

Timberlake was detained overnight for investigation. He was released at 9:30 a.m. on June 18 under the guarantee of a lawyer without having to pay a fine. Ed Burke, Timberlake’s lawyer, confirmed to Us Weekly that Timberlake had refused to take an alcohol test and had committed two traffic violations: not stopping at the stop sign and not staying in his lane.

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Timberlake is scheduled to appear in court on July 26. The incident may affect his tour plans in Poland, although it is unclear if his lawyer can represent him at the trial.

The police released a post-arrest portrait showing Timberlake with bloodshot eyes and a lack of alertness.

Justin Randall Timberlake is an American singer, songwriter, and actor. Timberlake is known for his diverse artistry in songwriting, showmanship, tenor vocal range, and music production

Russian President Vladimir Putin Visits Vietnam Today

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Russian President Vladimir Putin arrives in Hanoi today, beginning a state visit to Vietnam at the invitation of General Secretary Nguyen Phu Trong. This marks President Putin’s fifth visit to Vietnam since 2001.

The visit, scheduled for June 19-20, includes a delegation of federal and regional leaders, as well as representatives from major Russian businesses, according to Russian Ambassador to Vietnam Gennady Bezdetko. It is a state-level visit, the highest protocol level in international relations, local media reported.

During his visit, President Putin will hold talks with senior Vietnamese leaders and participate in events with graduates of Soviet and Russian universities. Both nations plan to adopt a Joint Declaration and sign several cooperation agreements in higher education, justice, customs regulations, healthcare, and energy.

Vietnamese Ambassador to Russia Dang Minh Khoi emphasized the significance of the visit, highlighting its role in deepening the Vietnam-Russia Comprehensive Strategic Partnership across various fields. He stated, “President Putin’s visit to Vietnam sends a strong message of mutual respect and solidarity, enhancing both countries’ positions on the international stage for the benefit of their peoples and for regional and global peace and stability.”

Russian President Vladimir Putin, right, listens to Vietnamese Communist Party General Secretary Nguyen Phu Trong during their meeting in the Bocharov Ruchei residence in the Black Sea resort of Sochi, Russia, Thursday, Sept. 6, 2018. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP)

Vietnam and the Soviet Union established diplomatic relations in 1950, and after the Soviet Union dissolved in 1991, Russia was recognized as its successor. In June 1994, Vietnam and Russia signed the Treaty on the Basic Principles of Friendly Relations. Their Comprehensive Strategic Partnership was established in 2012.

Putin has visited Vietnam four times before: in 2001, 2006, 2013, and 2017, the latter to attend the APEC summit in Da Nang. Over the past three decades, Vietnam and Russia have signed over 100 cooperation agreements in various fields, including economics, trade, investment, security, and defense, strengthening bilateral relations.

As of recent data, Russia has nearly 200 projects in Vietnam, totaling almost one billion USD in investment, ranking it 28th out of 145 countries and territories. Vietnam has invested in 18 projects in Russia, valued at 1.63 billion USD, focusing on oil and gas, agriculture, processing, and manufacturing. In 2023, bilateral trade reached 3.63 billion USD, a 2.3% increase from 2022.

Educational cooperation is also a priority, with Russia offering 1,000 scholarships to Vietnamese students in 2023, and about 5,000 Vietnamese students currently studying in Russia. The Vietnamese community in Russia numbers around 60,000 people.

On June 16, leaders from both countries exchanged congratulatory letters celebrating the 30th anniversary of the Treaty on the Basic Principles of Friendly Relations. Both sides affirmed that the Treaty is a historical document symbolizing the beginning of a new phase in their multifaceted cooperation, laying the groundwork for their Comprehensive Strategic Partnership.

Vietnam Plans to Boost Internet Speeds with 10 New Subsea Cable Systems

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With the addition of 10 new routes, Vietnam will soon have a total of 15 undersea fiber optic cable routes.

On June 14, the Ministry of Information and Communications approved “Vietnam’s international fiber optic cable system development strategy to 2030, with a vision to 2035″.

This strategy highlights the importance of international fiber optic cables as a crucial component of Vietnam’s digital infrastructure. The system must be modernized and prioritized to ensure robust international connectivity. It should offer super-large capacity, wide bandwidth, safety, and sustainability, positioning some cities as regional data centers or Digital Hubs.

The primary goal is to establish autonomy in developing, deploying, and maintaining international fiber optic cables. This will secure Vietnam’s internet network, meeting the demands of digital economic growth, societal needs, and national security.

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By 2035, Vietnam aims for its international fiber optic cable system to be among the best in the region in terms of quantity, capacity, and quality. This will attract investment, facilitate the construction of large data centers, and support cloud computing service providers. The system will also enhance regional and international digital infrastructure and data transmission, promoting urban areas as Digital Hubs and driving digital economic development and transformation.

The strategy plans to deploy and operationalize at least 10 new undersea fiber optic cables with modern technology by 2030. This will bring Vietnam’s total to at least 15 undersea fiber optic cables with a minimum capacity of 350 Tbps. At least two of these cables will be owned by Vietnam and directly connect to regional Digital Hubs.

By 2030, Vietnam’s marine fiber optic cable system will be strategically distributed: connecting to the East Sea in both northern and southern directions, and to the southern sea. Additionally, at least two more international land fiber optic cables will be deployed, ensuring that land-based international capacity constitutes at least 15% of the total capacity of the undersea fiber optic system.

Currently, Vietnam has two land cable lines connecting to Hong Kong (China) and Singapore with a total capacity of 5 Tbps, and five international undersea fiber optic cables with a total capacity exceeding 20 Tbps and an available capacity of 34 Tbps.

According to the strategic deployment roadmap, by 2027, Vietnam will operationalize four new undersea fiber optic cables, increasing the total capacity to at least 134 Tbps, including at least one route owned by Vietnam.

From 2028 to 2030, six more undersea fiber optic cables will be added, including one owned by Vietnam, bringing the total designed capacity to at least 350 Tbps.

Vietnam will maintain key connections with Singapore, Hong Kong (China), and Japan as main Digital Hubs. Additionally, Vietnam plans to deploy at least one more international land fiber optic cable. It aims to keep up to 90% of marine fiber optic cable capacity connected to at least four major neighboring Digital Hubs in Asia, and maintain redundant connections of at least 10% to two major Digital Hubs in the Americas and Europe.

MicroStrategy Is Pioneering Bitcoin Capital Markets, Bernstein Says

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Michael Saylor’s firm is the only corporation that has developed institutional demand for bitcoin linked convertibles, the report said.

MicroStrategy (MSTR) is not just a software firm diversifying its corporate treasury into cryptocurrency, it is pioneering bitcoin (BTC) capital markets, broker Bernstein said in a research report on Tuesday.

“MSTR is the only corporate that has developed institutional demand for bitcoin linked convertibles,” analysts Gautam Chhugani and Mahika Sapra wrote.

The broker notes that to date MicroStrategy has raised $4 billion of convertible debt for the solpurpose of buying more bitcoin. A convertible bond is a type of debt security that can be converted into shares. Michael Saylor’s firm currently holds 214,400 bitcoin worth about $14.5 billion. It started buying the cryptocurrency as a reserve asset in 2020. “No other corporate has an active bitcoin investing strategy that can attract capital at scale,” the authors wrote.

MicroStrategy’s long-term convertible debt strategy means it has enough time to benefit from potential bitcoin upside with limited liquidation risk to the crypto on its balance sheet, the note said.

When bitcoin rises the Virginia-based company has more room to issue new debt, conversely when the crypto falls and leverage rises, the firm can issue new shares to cut leverage, Bernstein noted.

This use of both equity and debt has seen MicroStrategy grow its bitcoin per equity share nearly 67% in the last four years, the report said.

Bernstein notes that MicroStrategy has not sold any bitcoin since it started buying the crypto in 2020, and it expects the company to continue to raise capital to add to its stash.

The broker has an outperform rating on MicroStrategy stock with a $2,890 price target. The shares erased a drop of as much as 2.5% to trade little changed around $1,509.

RWA Tokenization Expands to Life Insurance with Infineo Minting $9M of Policies on Provenance Blockchain

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This was the first example of transferring tokenized versions of life insurance policies, the company said.

Life insurance is the latest traditional financial product to receive crypto’s red-hot tokenization treatment.

Infineo, a company that focuses on blockchain-based life insurances, said Tuesday that it has transferred the “first-ever” tokenized life insurance policy on distributed ledger system. The firm minted a total of $9.4 million worth of policies using the Provenance network, according to a press release reviewed by CoinDesk.

The policies were tokenized with Provenance Blockchain Labs, the ecosystem development organization behind the Provenance network. Imineo said it is also developing secondary markets for tokenized policies that enable peer-to-peer transactions and new offerings backed by tokenized life insurances.

Infineo’s minting happened as traditional capital markets and crypto are becoming increasingly intertwined, with institutions placing old-school financial products like credit, bonds and private equity on blockchain networks in the form of tokens. The process is often referred to as tokenization of real-world assets (RWA), and a Bank of America report said it could transform and disrupt legacy financial systems. Participants hope that tokenization could create more efficient systems, speed up settlements and increase transparency.

“The digitization of life insurance policies not only unlocks global accessibility to life insurance, but also delivers efficiencies and cost savings for industry stakeholders at every point along the value chain,” infineo founder and CEO Cole Snell, said in a statement.

Infineo said the $3 trillion life insurance market could benefit from using blockchain rails, for example by protecting policy holders and beneficiaries from more than $7 billion worth of unclaimed benefits.

Provenance hosts more than $7 billion worth of active home equity lines of credit, rwa.xyz data shows, and has a $13 billion of total value locked (TVL) on the chain, according to Provenance’s website. It’s a Cosmos-based blockchain created in 2018 by fintech lender Figure.

Best suburban hotel in Vietnam 2024

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Travel + Leisure Names Azerai La Residence (Hue) Best Upcountry Hotel in Vietnam 2024; New Best General Manager Category Awarded to Mr. Herbert from Alma Resort Cam Ranh.

The best suburban hotel in Vietnam 2024 belongs to Azerai La Residence (Hue). Photo: @azerailaresidencehue.

Travel + Leisure, a leading global travel publication, has announced the nominees for the prestigious Luxury Awards Asia Pacific 2024. The announcement was made on June 13th in Bangkok, Thailand, by its Southeast Asia, Hong Kong, and Macau editions.

In the category of Best Upcountry Hotels in Vietnam, Azerai La Residence (Hue) was ranked first among ten establishments located away from city centers. The travel site praised this classic villa for its iconic architecture in the region.

“From the lobby, guests can gaze out over the Perfume River. The villa boasts 122 rooms in a mansion dating back to the 1930s. Amenities include a gym, tropical garden, and a 40-meter saltwater pool,” described Travel + Leisure Southeast Asia.

Alma Resort Cam Ranh was honored by Travel + Leisure Southeast Asia readers as one of the 5 Best Hotel Pools in Vietnam. Photo: @almaresortcamranh.

Additionally, the Azerai property in Can Tho was also on the list, ranking eighth.

Melia Ba Vi Mountain Retreat (Hanoi) secured second place in this category.

This year saw the introduction of the new Best General Manager in Vietnam category in the Luxury Awards Asia Pacific 2024. Mr. Herbert Laubichler-Pichler, the managing director of Alma Resort Cam Ranh, received the most votes from Travel + Leisure Southeast Asia readers for this award.

Mr. Herbert Laubichler-Pichler is the best General Manager in Vietnam in 2024, according to Travel + Leisure Southeast Asia. Photo: @almaresortcamranh.

The travel publication wrote about Mr. Herbert: “Born in Austria into a family with a tradition in hotel management, Herbert Laubichler-Pichler is a veteran hotel manager at Alma Resort Cam Ranh, a resort with nearly 600 apartments and villas, 14 restaurants, and 12 swimming pools. With nearly 18 years of experience working at the best hotels in Vietnam, he possesses extensive experience, leadership talent, and an understanding of local culture to embody the hospitality of Vietnam’s tourism industry.”

Before joining Alma Resort Cam Ranh, he held management positions at other renowned hotels in Vietnam such as The Nam Hai Hoi An, The Reverie Saigon, and The Anam Cam Ranh.

Readers of Travel + Leisure Southeast Asia, Hong Kong & Macau also ranked Alma Resort among the top 5 Best Hotel Pools in Vietnam within the awards framework.

@Znews

Vietnam aims to welcome 25-28 million international visitors in 2025

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In 2025, Vietnam aims to welcome 25-28 million international visitors, with the tourism industry contributing directly 8-9% to GDP.

By 2025, Vietnam plans to welcome 25-28 million international visitors. Photo: Vietnam National Administration of Tourism.

Deputy Prime Minister Tran Hong Ha has just signed Decision 509 on June 13, approving the Tourism System Planning for the period 2021-2030, with a vision to 2045.

According to the plan, by 2025, Vietnam will become an attractive destination with a high tourism development capacity globally. By 2030, tourism will truly become a spearhead economic sector, developing in the direction of green growth; and becoming a leading destination with top development capacity worldwide.

Specifically, by 2025, Vietnam aims to welcome 25-28 million international visitors; and 130 million domestic visitors, maintaining a domestic visitor growth rate of 8-9% per year. By 2030, the goal is to attract 35 million international visitors, with a growth rate of 13-15% per year, and 160 million domestic visitors, with a domestic visitor growth rate of 4-5% per year.

Regarding economic efficiency, by 2025, the tourism industry is expected to contribute directly 8-9% to GDP and achieve 13-14% of GDP by 2030.

By 2045, tourism will affirm its role as a driving force of the economy. Vietnam will become a prominent global destination, among the top tourism-developed countries in the Asia-Pacific region. The tourism industry aims to welcome 70 million international visitors, generating a total revenue of about 7.3 billion VND, contributing 17-18% to GDP.

To achieve these goals, the plan outlines specific tasks for each market. For the domestic market in the 2021-2025 period, it will continue to maintain and develop, and from 2026-2030, it will exploit high-spending market segments, long-stay tourists, and new markets such as golf tourism, sports tourism, and adventure tourism.

For the international market, in the 2021-2025 period, Vietnam prioritizes the recovery of traditional markets, while also attracting emerging markets such as India and Middle Eastern countries.

From 2026-2030, Vietnam will maintain and expand the scale of traditional markets, including Northeast Asia, Southeast Asia, Europe, North America, Russia and Eastern Europe, and Oceania; while diversifying markets, shifting towards increasing the market share of high-spending tourists.

@Znews

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