No FTX, no problem! Binance is all fired up amid the crypto winter

We look at how Binance is thriving amid the crypto winter. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [How Binance is thriving amid the ongoing crypto crisis]( - A US$200 million investment into fintech unicorn PhonePe - Other newsy highlights such as stacking [GoTo and Grab against their global mobility and food delivery peers]( --------------------------------------------------------------- Hello {NAME} The recent FTX fiasco has probably led some folks to believe that the crypto winter is a relatively new phenomenon. On the contrary, this blizzard has been raging for around a year now, with Three Arrows Capital, Hodlnaut, Voyager Digital, and Celsius as some of its other high-profile victims. The end seems to be far from sight as this crisis is expected to last three more years - at least according to Binance CEO Changpeng Zhao. But the Chinese-born Canadian mogul, who goes by "CZ," is confident that his company - the world’s largest crypto exchange - is not only weathering the storm but has also been thriving so far. For instance, Binance’s market share stood at 76.4% as of January - a sizable jump from the already market-leading 48.7% it held in Q1 2022. It is also one of the few firms to survive the previous year without any job cuts. In fact, it claims to have hired around 5,000 employees in 2022. In today’s premium, Tech in Asia details how Binance strengthened its grip on the crypto world. It also assesses headwinds, including well-founded concerns over the use of native exchange tokens and a significant fall in crypto trading volumes, that could potentially derail the company. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Binance’s dominance grows in FTX’s absence]( Despite its falling trade volumes and the growing demand for DeFi exchanges, Binance continues to dominate the cryptoverse. --------------------------------------------------------------- TRENDING NEWS [Sea Group boss promises no ‘large-scale changes’ ahead]( While Sea has reached a “turning point” with its Q4 results, this shouldn’t be just “a momentary blip,” CEO Forrest Li said in an internal memo. [Ajaib crypto arm removes Bitcoin transaction fees]( Previously, the company implemented a 0.1% transaction fee for every purchase and sale using any crypto asset, including Bitcoin. [MoMo, Western Union partner to boost VN remittances]( Users will be able to route their Western Union transfers to the MoMo app without incurring additional fees. [CEO of Vietnam-based digibank Tnex to step down]( Tnex said it’s now serving over 1.6 million customers, targeting primarily Gen Z and millennial customers. [Benchmarking GoTo and Grab against global peers]( This gives us a sense of how Southeast Asia’s super apps are faring although the comparisons aren’t always apples to apples. [PhonePe secures $200m from Walmart to develop new businesses]( The India-based fintech major has raised a total of US$650 million this year. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: PHILIPPINES Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in the Philippines, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on April 25 at Draper Startup House – 5048 P. 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