Korean and Indonesian firms join forces to tokenize shipping assets

South Korean cryptocurrency exchange Flybit, which is operated by the Korean Fintech Industry Association, has passed the post-audit for its Information Security and Privacy Management System certification (ISMS-P), according to local news website News1 on Wednesday (KST).Photo by FlyD on UnsplashRigorous certification standardsThe ISMS-P is a security management system jointly operated by South Korea’s Ministry of Science and ICT and the Personal Information Protection Commission, representing the highest level of security management in the country. It combines 80 requirements for Information Security Management System (ISMS) certification and 22 requirements for Personal Information Management System (PIMS) certification, totaling 102 requirements that must be met. Once obtained, certification is valid for three years, and annual post-audits are required to maintain its validity. Flybit’s commitment to security"Cryptocurrency exchanges are businesses that manage customers' valuable assets. All Flybit members approach their work by recognizing the fact that the protection of personal information is our most important value,” the exchange said. "We will continually strive to maintain security accidents since the establishment of the exchange." Flybit first obtained the ISMS certification in December 2020 and the ISMS-P certification two years later in December 2022. The most recent ISMS-P follow-up audit was conducted last month. After a thorough examination, the results of the audit were delivered by the Korea Internet and Security Agency (KISA) on Dec. 12, which stated that the exchange could maintain its certification. In October last year, the firm also received the highest rating in the comprehensive anti-money laundering (AML) evaluation conducted annually by the Financial Intelligence Unit (FIU) under the Financial Services Commission.

Upbit Operator Doubles Down on ESG ManagementDunamu, the operator of the popular Korean crypto exchange Upbit, issued a press release on Friday stating it will donate 500 million KRW (~$385,000) to the Korean Red Cross in support of recovery efforts for the recent wildfire damage in Gangneung, a city located east of Seoul.©Pexels/Matthias ZomerESG managementThis is part of its efforts to double down on its environmental, social, and governance (ESG) management, according to Korean economic media Biz World.Wildfire recovery effortsLast year, Dunamu also donated 3 billion KRW (~$2.3 million) to Hope Bridge, a disaster relief association in Korea, to support the swift recovery from wildfires that ravaged areas near the cities of Uljin and Samcheok.Metaverse and NFTs for plant conservationUnder the slogan “climate change action,” Dunamu is engaging in various projects. Last month, the exchange operator launched the 2nd foRest campaign in collaboration with the Korea Forest Service and the Korea Forest Welfare Institute.The purpose of this campaign was to encourage citizens to participate in recovering wildfire-affected areas. Every tree planted in Dunamu’s metaverse platform 2nd Block led to the actual planting of two trees in the ravaged areas. More than 30,000 trees were planted through the project, and moreover, 10,000 of the participants were rewarded with coupons that can be exchanged for saplings.Dunamu has also made endangered plant conservation efforts with the Korea Arboreta and Gardens Institute. Upbit NFT Marketplace showcased ten endangered plants in NFT editions.Veronica Star Light, one of the editions revealed during the first airdrop, sold out within a day, reflecting its popularity. Dunamu will use the fees collected from these transactions to establish a fund for endangered plant conservation.Protecting plant diversityDunamu Chairman Song Chi-hyung said the company has been studying various means to utilize its technology and resources to contribute to society, and that it will continue to make multifaceted efforts to protect plant diversity.

Zodia Custody to Commence Yield Offering on StablecoinsIn a play that’s designed to entice institutional investors, Zodia Custody, a portfolio company of Japanese financial services conglomerate SBI, is gearing up to offer a yield on digital assets.Photo by CoinWire Japan on UnsplashIntroducing “Zodia Custody Yield”The crypto startup has introduced “Zodia Custody Yield,” a crypto staking option designed to reward holders of crypto assets stored within its platform. The initiative has been launched in partnership with Singapore-based DeFi platform OpenEden. It promises returns on stablecoins although full details on the offering remain undisclosed.Jeremy Ng, Co-Founder of OpenEden, expressed his belief in the potential of cryptocurrencies to generate substantial passive income for their holders. Ng stated:“There are billions of dollars worth of stablecoins sitting on the sidelines when they could easily be generating yields for investors.”TradFi embracing digital assetsZodia’s move aligns with a growing trend in the financial industry. Yesterday, a leading US bank, Citi, disclosed its collaboration with Maersk to facilitate services that convert funds into digital assets. The primary goal is to enable the bank’s customers to execute nearly instantaneous payments, unrestricted by traditional business hours.Simultaneously, several prominent asset management firms are awaiting a pivotal decision from the Securities and Exchange Commission (SEC) regarding their applications to launch a spot Bitcoin exchange-traded fund (ETF). This list includes major players such as BlackRock, Invesco, WisdomTree, ARK Invest, Valkyrie, and Franklin Templeton. BlackRock, the frontrunner in the efforts being expended towards ETF approval, submitted its application for a spot Bitcoin ETF on June 16.In a recent interview, Bloomberg analyst Eric Balchunas said that he expects $150 billion in capital to flow into the Bitcoin market within two years of a spot Bitcoin ETF approval in the US.The financial strategies of these entities now prominently feature blockchain and crypto-based products, once considered niche but now integral to their operations. Nonetheless, even with widespread anticipation of the approval of BlackRock’s ETF, the firm faces substantial obstacles. US regulators have subjected BlackRock to intense scrutiny due to concerns regarding its ties to China. Additionally, political figures have criticized the asset manager for prioritizing environmental, social, and governance (ESG) criteria over investor returns.Zodia was spun out of British multinational banking firm Standard Chartered. The bank has a positive outlook relative to crypto. In a bold prediction made in June, the UK-based bank forecasted that the value of Bitcoin could potentially surge to $50,000 by the end of the year, with an even more optimistic projection of $120,000 for 2024.In 2021 Standard Chartered, in collaboration with Northern Trust, a leading asset servicing firm, founded Zodia Custody. Since its inception, the venture has garnered a respectable level of success. It successfully secured $36 million in investments and solidified a partnership with SBI Digital Asset Holdings, enabling its expansion into the Japanese market.In May, the firm launched its crypto custodian service in Dubai, having signed a memorandum of understanding (MOU) with the Dubai International Financial Center (DIFC). In June, Zodia partnered with blockchain infrastructure provider Blockdaemon, in an effort to further its crypto staking offering. Earlier this month, the company announced its arrival in Singapore, with a view towards expanding its digital asset custody service there.