Binance plans to discontinue its backing of the USDC stablecoin on the Tron blockchain network
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Binance plans to discontinue its backing of the USDC stablecoin on the Tron blockchain network
Binance intends to cease its endorsement of the USDC stablecoin on the Tron blockchain network.
Stablecoins are digital assets designed to uphold a consistent value, backed by fiat currencies.
Despite this change, traders can continue to conduct USDC transactions on Binance, with no anticipated disruptions for deposits and withdrawals via other compatible networks.
The cryptocurrency exchange has announced its resolution to end its support for the stablecoin on the Tron blockchain, effective April 5 at 2 UTC.
Following his assumption of the new role, Binance CEO Richard Teng was prompted to replicate former CEO Changpeng Zhao's iconic "four" pose, signaling Zhao's message to crypto investors to disregard fake news and attacks.
Teng raised three fingers, symbolizing his dedication to prioritizing users, collaborating with regulators, and fostering partnerships within the web3 ecosystem.
Bahrain-based loyalty app Ahlan raises $3M in funding at a valuation of $15M
Ahlan, a loyalty app headquartered in Bahrain, secures $3 million in funding, achieving a valuation of $15 million. Leading the round is Hope Ventures, accompanied by Al Rajhi Holdings and a group of angel investors.
Launched in 2021, the startup collaborates with 1,400 vendors, catering to more than 200,000 users, and has disbursed over $10 million in cashback credits to its users so far.
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Saudi’s ADES Holding enters Thailand with a $96.45m project
Saudi's ADES Holding ventures into Thailand with a $96.45 million project. The Saudi company has disclosed plans with PTTEP Energy Development Company Limited to advance a $96.45 million (SAR 354 million) jack-up drilling contract in the Gulf of Thailand, expanding their operations to a total of five jack-ups.
With recent expansion announcements in Indonesia, this agreement signifies ADES Holding's entry into its ninth operational country.
This expansion aligns with the company's strategic objective of broadening its client base and strengthening its position as a leader in the industry. In 2023, the Saudi firm reported a 13.57% increase in net profits, reaching $120 million (SAR 452 million) compared to $106 million (SAR 398 million) in 2022.
Industry expert predicts global boutique hotels market to reach $115 billion by 2032
A leading industry analyst anticipates that the global boutique hotels market will surge to $115 billion by 2032. The projection suggests incremental growth of $9.1 billion in the coming years, with an estimated value of $98 billion before reaching the projected milestone. These insights were shared at the Private Luxury Boutique event, an exclusive gathering held in Algarve, Portugal, scheduled for October.
The event aims to unite luxury buyers and exhibitors who specialize in boutique properties, products, and experiences. Anticipated participation includes 90 exhibitors from various parts of the globe and 100 luxury travel buyers.
Boutique hotels, characterized by their small and intimate nature, typically offer between 10 to 100 rooms, emphasizing unique decor and identity.
Although boutique hotels are not as prevalent in the GCC compared to larger international chains, notable developments have occurred. For instance, the XVA Art Hotel was among the pioneers in Dubai's Al Fahidi cultural district in Bur Dubai. Since then, the UAE and the Gulf region have witnessed the emergence of several boutique hotels, such as the Palm Yard boutique hotel in Bahrain.
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