Sejong Telecom to showcase real estate STO platform at 2023 Blockchain Grand Week

Dunamu & Partners Invests $109M in 60 Promising StartupsInvestment firm Dunamu & Partners (D&P), a subsidiary of South Korean cryptocurrency exchange Upbit’s operator Dunamu, announced that it has made 144.4 billion KRW ($109 million) investments in 60 promising startups, as per economic news media Moneytoday.Photo by Precondo CA on UnsplashDiversified portfolioHaving commenced its operations five years ago, the investment company started investing in fintech and blockchain domains and later diversified its investments into other cutting-edge fields such as artificial intelligence (AI) and data management.AI and data managementA D&P official said that more than half of the investment (52%) has been allocated towards AI and data management. The company made initial investments in nascent startups and continued to provide additional funds to support their noticeable growth.One of the best cases is Korea Credit Data (KCD), the company behind retail revenue management solution Cashnote. After receiving strategic investment from D&P in 2018, KCD secured another 35 billion KRW ($26.4 million) last October to turn into a unicorn company, elevating its status to a unicorn company — a privately-owned startup valued at over $1 billion.Other notable companies in D&P’s portfolio include cloud-based foreign exchange payment solution Travel Wallet, AI-driven investment tech provider Qraft Technologies, and AI chip design firm Rebellions.Positive social impactD&P has also made investments in areas that generate positive social impact. D&P has committed 10 billion KRW ($7.6 million) each to whole-genome sequencing analysis company Genome Insight and knowledge-sharing platform Classum.Investments with capitalD&P invests entirely with capital and does not rely on funds for financing its investments. D&P CEO Lee Kang-joon emphasized the firm’s preemptive monitoring of market trends and its persistent investment strategy in the quest to identify the next industry trailblazer.

Canaan’s Record Q2 Revenue Amid Profitability StruggleCanaan, a Singapore-based player in the Bitcoin mining sector, has reported a remarkable surge in its Q2 Bitcoin mining revenues, reaching an all-time high of $15.9 million despite continuing to struggle to achieve profitability.The growth, a 43.3% increase quarter-over-quarter, is attributed to the heightened sale of computing power in comparison to Q1, as indicated by the company’s unaudited second-quarter results, which were released on Tuesday.Photo by Rifath @photoripey on UnsplashRevenues boosted by multiple factorsThis surge in revenues was propelled by a range of factors, including the recovery of Bitcoin’s price, amplified computing power, and increased rewards. Notably, Canaan managed to sell 6.1 million TH/s worth of computing power. This marked 44.2% growth when compared with the previous quarter and an 11.7% surge from the same period last year.Despite this surge, Canaan’s overall financial status continues to exhibit challenges in terms of profitability. The company encountered $30.6 million in mining costs during the second quarter, which significantly contributed to a total net loss of $110.7 million for the same period. This net loss reflects a considerable increase from the $84.4 million reported in Q1 and starkly contrasts with the net profit of $90.1 million achieved in the corresponding period of the previous year.Inventory write-downs and impairment chargesThese losses can be attributed to several factors, including an inventory write-down and impairment of property and equipment. Nangeng Zhang, Canaan’s Chairman and CEO, addressed the complexities the company faces in the current market.He noted: “Admittedly, we are still facing a market that has yet to recover with soft purchasing power on the demand front, generating continued pressure on our sales.” Zhang also acknowledged that the company faced challenges stemming from regulatory changes and contractual breaches from a particular partner.Bitcoin mining difficulty and hash rates also proved to be a challenge for Canaan. The Bitcoin network hashrate currently stands at 326.26M by comparison with 226.91M a year ago. An ever higher hashrate is ordinarily a bullish sign for Bitcoin. However, Canaan has to deal with the higher cost of mining even though the Bitcoin unit price has not responded proportionally to meet that all-time high hashrate.While Canaan’s Q2 performance reflected resilience and expansion into new mining projects in Africa and South America, the company’s financial struggles underscore the ongoing volatility and uncertainty in the cryptocurrency space.In terms of cryptocurrency holdings, Canaan disclosed that it held 1,125 Bitcoin with a total carrying value of $28.8 million as of June 30. This inventory included both company-owned Bitcoin and those received from customer deposits. The company also noted an impairment on its cryptocurrency holdings in Q2, amounting to $2.4 million.Looking ahead, Canaan projected its Q3 total revenues to approximate $30 million, acknowledging the persistently challenging market conditions that are prevalent in the industry. The company remains vigilant about its financial outlook as it strives to navigate through the evolving landscape of the cryptocurrency market.In a recent announcement, Canaan unveiled plans to introduce a “groundbreaking, industry-redefining product that will shape the future of Bitcoin mining.” The debut is scheduled for September 12, coinciding with a gala event that commemorates the company’s 10th anniversary.

Busan City Houses Two Foreign Financial Firms on the Road to Becoming Blockchain, Fintech HubThe city of Busan said Monday that it has chosen two financial companies, UIB Korea and Lina One, as the new occupants of Decacorn-Space — an office space on the 63rd floor of the Busan International Finance Center (BIFC) — in an effort to position the southern port as the nation’s blockchain and fintech hub.Busan has been running an open call for foreign financial institutions to move into the recently renovated space since June. After a rigorous two-step evaluation process, UIB Korea and Lina One were selected, the city said.This comes as part of Busan’s efforts to further develop the BIFC and become a major financial powerhouse in Korea.“We have been relocating public financial institutions, fostering financial experts, and exploring new growth drivers such as fintech, blockchain, and digital innovation,” the city’s mayor Park Heong-joon explained.Photo by Minku Kang on UnsplashAbout UIB Korea and Lina OneUIB Korea, or UIB Insurance Brokers, is the Korean branch of UK-based UIB Group — a global insurance broker that offers risk management advisory services. In particular, the firm is set to work with other domestic companies such as DB Insurance and Meritz Fire & Marine Insurance to establish a consortium for providing insurance products and consulting services.Meanwhile, Lina One is the Korean branch of Chubb Group, the world’s largest publicly traded property and casualty insurance company. One of the firm’s major goals is to promote the insurance information technology market in Busan.Notably, both companies aim to leverage their digital capabilities, experience, and competitiveness to achieve similar goals, which include digitizing insurance for various partners, ranging from maritime and industrial companies to regional banks, fintech companies, and individuals. In turn, their efforts are expected to expand Busan’s network with the larger global financial community and present the city as an ideal spot for international conferences.On the road to becoming a financial hubDespite considerable challenges such as the withdrawal of foreign financial institutions from Korea and the impact of COVID-19 on international travel, the city has continuously made efforts in collaboration with the Busan Finance Center to attract international financial institutions through events like investor relations meetings and local networking activities.To support the successful landing of these companies in Busan, the city will also offer one-stop services such as business model development support and residential settlement consultations.Once settled, UIB Korea and Lina One are expected to generate significant synergy with partner firms such as local financial holding company BNK Financial Group during the third phase of the development of the BIFC whose objective is to house innovative financial workspace by 2025.“It is crucial for us to attract more competent domestic and foreign financial institutions that will have a great impact on the city’s financial economy,” Mayor Park emphasized.