XPLA-Kado Partnership allows fiat-to-crypto transactions for XPLA users

Bithumb celebrates 10th anniversary with a commitment to changeBithumb, South Korea’s major fiat-to-cryptocurrency exchange, celebrated its 10th anniversary on Wednesday (local time), as per a report by local news agency Newsis.Photo by Adi Goldstein on UnsplashFoundation for the marginalizedTo celebrate this occasion, the platform has set up a foundation with a budget of KRW 10 billion (approximately $7.6 million). The foundation is dedicated to addressing the challenges faced by marginalized individuals in the community.Bithumb has also introduced a new slogan, “Deep change for customers,” reflecting the exchange’s commitment to transformation, its top core value.Demonstrating such efforts, the platform has implemented a zero-trading fee policy for all supported cryptocurrencies since October. This policy will remain in effect until further notice. In response to this competitive move, other players in the market followed suit. Later in the same month, Korbit introduced fee-free trading for all types of tokens, and Gopax removed trading fees for four major cryptocurrencies: BTC, ETH, XRP and USDC.IPO planned in 2025Furthermore, Bithumb is striving to go public on the Korean stock market, a move partly driven by criticisms of inadequate governance transparency. The virtual asset service provider aims to conduct an initial public offering (IPO) in the second half of 2025. Through this IPO, Bithumb intends to demonstrate its corporate transparency and strengthen its position as a trustworthy exchange.Identifying and fostering young entrepreneurs is another initiative Bithumb is spearheading. The crypto exchange is processing applications from aspiring business owners for its support program. These applicants will be assessed based on their creativity and the feasibility of their business models without any restriction on the type of business area they are involved in. For this purpose, Bithumb has allocated KRW 30 billion to support startups that have been operational for less than three years.User engagement eventsA customer engagement event called the “10 Bitcoin 1/N challenge” is also underway for Bithumb users. Participants in this event will have the opportunity to equally share a total of 10 BTC. To join, customers need to send the message “Happy 10th birthday, Bithumb” to Bithumb’s KakaoTalk channel. Upon successfully sending this message, customers will receive a coupon code. After receiving a coupon code, they must apply it on the Bithumb app. The distribution of rewards is set for Dec. 11.In addition, Bithumb is set to airdrop cryptocurrencies worth up to KRW 1 million to users who have been inactive for an extended period. To participate, these users simply need to log into the Bithumb app and enter the MISS-YOU coupon code. This promotional event will last from Dec. 6 to 12, with the airdrop occurring on Dec. 18.Lee Jae-won, CEO of Bithumb, remarked that Bithumb’s 10-year journey mirrors the rapid growth and evolution of the cryptocurrency market. He emphasized that the exchange believes growth stems from embracing new challenges and transformative efforts. Lee added that Bithumb is determined to implement authentic changes to better serve its customers.

p0x Labs Secures $25M Funding to Propel Manta Network Into Asiap0x Labs, the development team behind Manta Network, has successfully raised $25 million in a Series A funding round that will see the project expand into the Asian market.Photo by Towfiqu barbhuiya on Unsplash$500 million valuationThe funding round, led by Polychain Capital and Shanghai-headquartered Qiming Venture Partners, has resulted in a valuation of $500 million for p0x Labs, according to a blog post published by the project on Wednesday. This equity-based investment demonstrates a growing interest in not only the project’s token but also the team behind it.Manta Network aims to leverage zero-knowledge (ZK) technology to address the scalability challenges and privacy concerns prevalent on the Ethereum network. By harnessing zero-knowledge proofs, Manta enables users to verify the authenticity of information without disclosing the underlying data.This approach provides individuals with complete control over their identities while mitigating the risks of surveillance. Consequently, Manta Network is seeking to attract users who have reservations about utilizing DeFi protocols due to the transparent nature of transactions on public blockchain networks.At the recent EthCC event held in Paris, the project unveiled the testnet for its Layer 2 network, known as Manta Pacific. This testnet operates in an environment with low gas fees, fostering cost-effective transactions for users. Manta Pacific is designed to complement the existing Layer 1 solution, Manta Atlantic, which focuses on achieving compliant on-chain privacy.VC supportLuke Pearson, an investor at Polychain Capital, expressed his enthusiasm for Manta Network’s expansion within the Ethereum ecosystem and confirmed Polychain’s continued support through this Series A funding round. Meanwhile, Yi Tang, Principal at Qiming Venture Partners, believes that their contribution will not only help Manta Network penetrate the Asian market but also attract the attention of Web2 brands.With the additional funding, p0x Labs aims to establish a global presence for Manta Network. Kenny Li, a core contributor at Manta Network, emphasized the significance of partnering with one of China’s largest investors to gain a stronger foothold in Asia, particularly China. The team is enthusiastic about the opportunities this collaboration will bring.Industry partnershipsManta Network has already witnessed substantial demand for its offerings, with partnerships with projects such as Arbitrum and Linea resulting in the creation of over 300,000 zero-knowledge soulbound tokens. These tokens enable the verification of on-chain identities without compromising data confidentiality. Additionally, the native Manta Wallet has garnered more than 200,000 installations, and innovative features like email-based notifications have contributed to a collective user base exceeding 1.5 million users.Looking ahead, the newly launched testnet with its plug-and-play functionality is expected to streamline the development process for Manta Network’s ecosystem. Developers will be able to allocate their time and resources more efficiently toward building their core products, driving innovation within the zero-knowledge space.The successful funding round and the launch of the Layer 2 testnet mark significant milestones for Manta Network and p0x Labs. With continued support from prominent investors, Manta Network appears to be setting itself up to unlock the true potential of zero-knowledge technology and drive adoption across various industries.

South Korea’s financial regulator is preparing a second major cryptocurrency bill that would expand investor protections, strengthen stablecoin safeguards, and potentially impose governance changes at the country’s largest exchanges, as domestic token projects warn that regulatory uncertainty is curbing growth. The Financial Services Commission (FSC) is drafting the Digital Asset Basic Act, a so-called “phase two” bill that follows an earlier virtual asset user protection regime which took effect in July 2024. According to Yonhap News, the bill is expected to address stablecoin risks by requiring issuers to hold reserve assets in instruments such as bank deposits and government bonds, and to deposit or place in trust at least 100% of outstanding issuance with banks or other designated custodians. It would also extend existing financial-sector rules to crypto firms in areas including disclosures, terms and conditions, and advertising. In addition, the proposal could impose no-fault liability on virtual asset service providers for losses stemming from hacks or system failures, in line with standards under Korea’s Electronic Financial Transactions Act, which governs traditional financial institutions and payment services.Photo by Timothy Ries on UnsplashGovernance dominance at exchangesA separate report by KBS said the draft bill includes measures to overhaul governance at South Korea’s four major crypto exchanges—Upbit, Bithumb, Coinone, and Korbit—which together serve about 11 million users. The FSC has raised concerns about concentrated control by founders and major shareholders, and is considering a governance framework similar to that applied to alternative trading systems (ATS) under Korea’s Capital Markets Act. That could include limits designed to prevent any single shareholder from holding too much control, capping controlling stakes at around 15% to 20%. Under Korea’s current Capital Markets Act, an ATS is generally barred from holding more than 15% of voting shares, including those held by related parties, with limited exceptions allowing stakes of up to 30%. If similar limits were applied to crypto exchanges, the changes could affect Dunamu, the operator of Upbit. Dunamu Chairman Song Chi-hyung holds a stake in the mid-20% range and, under the proposal as described, could face pressure to sell roughly 10% of his holdings. The proposal could have implications for the deal, as Dunamu is pursuing a merger with Naver Financial through a comprehensive stock swap. While the bill’s broad outlines are taking shape, regulators are still working to narrow differences over stablecoin rules, and the final proposal is expected to be submitted to the National Assembly next year. Key unresolved issues include eligibility requirements for stablecoin issuers, whether to establish an interagency consultative body during the licensing process, initial capital thresholds, and whether a single entity should be allowed to both issue and distribute stablecoins. The core dispute centers on who should be allowed to issue stablecoins. The Bank of Korea is said to favor limiting issuance to consortia in which banks hold at least a 51% stake, while the FSC is believed to oppose writing a mandatory bank ownership threshold into law, arguing that such a requirement could limit broader participation by technology firms. ‘Kimchi coin’ listings stall amid cautionEven as policymakers push ahead, regulatory uncertainty is curbing growth among South Korean blockchain projects. News1 reported that Upbit listed only one token from a domestic project in 2025, out of 54 tokens added for trading since the start of the year—the native token of Story, a peer-to-peer intellectual property network powered by blockchain and co-founded by Korean entrepreneur Lee Seung-yoon. Upbit also removed 10 tokens during the period, seven of which were so-called “kimchi coins,” a colloquial term for tokens originating in South Korea or developed by Korean teams. Industry participants attribute the removals to increasingly risk-averse behavior by exchanges amid regulatory uncertainty, which can complicate promotional efforts and trust-building while constraining early-stage liquidity. TradFi players seek crypto integrationsWhile local token projects face headwinds, interest from traditional financial institutions appears to be picking up. Chosun Biz reported that Mirae Asset Financial Group is considering an acquisition of Korbit, with its non-financial affiliate Mirae Asset Consulting seen as a potential buyer of shares from major shareholders NXC and SK Planet. Industry analysts estimate the deal could be worth up to 140 billion won ($97 million). The group’s founder, Park Hyeon-joo, has said he is developing a strategy to bridge traditional and digital assets, arguing that it is time to prepare for the next wave of financial innovation. In payments, EBN Industrial News reported that BC Card has signed a memorandum of understanding (MOU) with U.S.-based crypto exchange Coinbase to test USDC payments in South Korea. The pilot would integrate BC Card’s QR payment system with wallets on Coinbase’s Base blockchain to assess whether USDC can function as a viable payment method at local merchants.