Web3 chatting app Beoble acquires $2 million in pre-seed funding round

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

Indian Crypto Exchange CoinDCX Implements Workforce ReductionIndian cryptocurrency exchange CoinDCX has recently taken the step of reducing its workforce by approximately 12%.The strategic move was announced by way of a statement from CoinDCX founders Sumit Gupta and Neeraj Khandelwal, published to the firm’s website on Tuesday. The cutback is being made in response to the prolonged bear market and the consequences of India’s Tax Deducted at Source (TDS) policy on domestic exchanges.Photo by Hardik Joshi on UnsplashMacroeconomic and crypto market headwindsGupta and Khandelwal described the decision that they’ve taken as being challenging, although they outlined that it was taken with a view toward steering the business to profitability and sustainability amidst trying macroeconomic conditions in the crypto sector.The company has encountered significant headwinds due to the overall tough conditions in the crypto market. These challenges have resulted in decreased trading volumes and revenues for CoinDCX. In light of these circumstances, the company has determined that resizing specific teams within the organization is necessary in order to secure the viability and long-term growth of the operation.71 jobs cutApproximately 71 employees are being affected by the workforce reduction, out of CoinDCX’s total workforce of around 590 based in Mumbai. To mitigate the impact on these employees, the company has implemented a support package aimed at providing comprehensive assistance during this transition.This package includes severance pay equivalent to the full notice period, an extra month of salary, compensation for variable pay and incentives, encashment of unused leave days, extension of health insurance and wellness benefits, and access to counseling support.In spite of the necessity for workforce reduction, CoinDCX’s outlook on the Indian market remains optimistic. The company remains steadfast in its commitment to driving crypto and Web3 adoption to a target of 50 million individuals by 2025.No further reduction plansThe founders emphasized that this reduction is a unique, targeted action and that they have no further plans for team reductions. They claim to have engaged in thorough discussions with senior leaders within the company to ascertain the best path forward, with a commitment to overcoming challenges and reinforcing the company’s foundation.In spite of this setback CoinDCX maintains that its vision is intact, encompassing a presence not only in the Indian market but also further afield.Industry trendCoinDCX’s current struggle has been mirrored by a plethora of leading crypto exchanges over the course of recent months. In July, it emerged that Seychelles-based Kucoin was cutting jobs although the firm’s CEO asserted that it wasn’t a layoff plan and more so a reevaluation of the organization’s structure.Earlier that month, Thai digital asset exchange Bitkub cut its headcount in an effort to manage costs during this period of challenging market conditions. Recently, leading global crypto exchange Binance announced one thousand job losses while stating that more jobs may be cut in the future.The decision made by CoinDCX underscores the broader struggles that startups and businesses within the crypto space face. With the bear market’s impact and regulatory pressures, companies are being compelled to make difficult choices in pursuit of long-term sustainability.

Vauld Implements Key Leadership Changes Amid Bankruptcy ProceedingsFailed Singaporean cryptocurrency lender Vauld has unveiled a comprehensive overhaul of its board structure.Photo by Yibei Geng on UnsplashOngoing restructuringThe platform, which faced financial turmoil leading to its declaration of bankruptcy last year, is introducing fresh leadership to spearhead its restructuring efforts. The move involves the appointment of a new CEO, a creditor representative, and a scheme manager.The current CEO and Co-Founder of Vauld, Darshan Bathija, announced the proposed changes via a post on X (formerly Twitter) on Thursday. He emphasized that the new appointees would take charge of orchestrating a much-needed bailout.The challenges faced by the company through its ongoing bankruptcy proceedings have prompted Vauld to secure court approval for this new organizational scheme. In his social media post, Bathija stated:“Vauld (Defi Payments Pte Ltd) got its scheme of arrangement passed in Singapore courts. As part of the scheme, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager.” Additionally, Bathija noted that the exchange’s customers are actively updating their Know Your Customer (KYC) details.This announcement comes almost a year after Vauld came under scrutiny due to a money laundering investigation. The cloud of suspicion surrounding the firm at the time led to the freezing of assets worth $46.4 million from its domestic operations by Indian authorities.Nexo acquisition failureIn February of this year, the Singapore High Court granted Vauld an extension until March 24 to formulate a comprehensive strategy for repaying its creditors. The extension became crucial after a potential acquisition deal with Nexo fell through. However, despite this reprieve, the exchange was unable to secure a further extension, fueling discussions within the community about the challenge of meeting creditor obligations within a relatively short time frame.In a step to facilitate the resolution of outstanding amounts, the court established a committee of creditors (CoC). This move was prompted by allegations from a faction of creditors that Vauld was impeding communication and implementing unwarranted corrective measures. Notably, the exchange owes more than $2.2 million to these creditors.Vauld has contracted the services of risk and financial advisory firm Kroll as part of the restructuring efforts. In an isolated instance of good fortune, it appears that Vauld creditors are unaffected by a data breach which occurred recently at Kroll, while creditors of the Genesis, FTX, and BlockFi crypto bankruptcy processes have had their data compromised.Charting a path forwardBathija conveyed that more updates regarding the platform’s path forward would follow soon. Vauld’s financial instability can be attributed to several factors, chief among them being the ripple effect of Terra’s downfall. Further complications arose due to economic issues tied to the Celsius Network and Three Arrows Capital (3AC) defaulting on their loans. These cumulative challenges led to Vauld’s operational suspension.Despite this failure and similar issues relative to crypto lender Hodlnaut and 3AC, which were also based in the city state, Singapore continues as a jurisdiction that effectively balances regulatory control with the drive to foster innovation. Its central bank and financial regulator, the Monetary Authority of Singapore (MAS), recently unveiled a comprehensive framework for stablecoins.