South Korean FIU rejects Hanbitco’s bid to become fiat-to-crypto exchange

South Korean NFT trading platform Eggverse has signed a strategic business agreement with blockchain gaming platform operator Weracle to target the global market for NFT-linked gaming and expand the ecosystem, according to local news site ZDNet on Thursday (KST). The two firms plan to sketch a business model and implement specific strategies to provide differentiated and more convenient gaming experiences for users by making trading NFTs faster and easier.Photo by Choong Deng Xiang on UnsplashCollaborative expansion"With our years of project experience with leading partners in each field and our in-house technology, we expect to create strong synergies in expanding the global gaming ecosystem of both companies," Eggverse said. "Through this collaboration, we will promote various types of Web3 games in new marketplaces. We expect it will yield the biggest progress among the events we plan to organize in the first half of 2024." Popularizing digital assetsBased in Singapore, Weracle provides a variety of services, including swapping its own governance token, Weracle (WERAC), and Weracle Wallet, which allows users to store and manage game NFTs. Eggverse, on the other hand, is known for its Web3-compatible service that allows customers to mint and resell real-life items like hotel vouchers and artwork as NFTs – the first of its kind in South Korea. Last November, the platform signed a business deal with Asian blockchain hub SPLabs to venture into the Southeast Asian Web3 market.

Circle introduces Circle Mint with zero-fee USDC mintingIn a move designed to enhance accessibility and compliance, Circle, the issuer of leading U.S. dollar stablecoin USDC, has introduced the “Circle Mint” facility.Singapore launchIn a recently published blog article on its website, the company outlined that the zero-fee minting service is set to launch initially in Singapore. In June, Circle Internet Singapore, the company’s Singapore-incorporated subsidiary, secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). In this most recent announcement, the firm indicated that given the MPI licensing award, it was most appropriate to launch the service initially in Singapore.Circle executives, alongside its co-founder and CEO Jeremy Allaire, were attendees at the Singapore Fintech Festival on Wednesday, an annually organized knowledge platform for the global fintech community. Taking to the X platform, Allaire stated:“It was an honor to host [Singapore President, Tharman Shanmugaratnam] with the @circle team at @sgfintechfest where we officially launched Circle Mint Singapore.”Photo by Mike Enerio on UnsplashCircle Mint facilityCircle Mint Singapore will attempt to strategically position itself as a trusted gateway to the world of digital currencies, emphasizing compliance with MAS regulations. For Singapore-registered entities, the facility offers a range of benefits.Rather than a traditional bank account, Circle Mint is a digital wallet that enables users to send, receive and store digital assets. There will be no minting fees as part of the offering. Customers will be able to take advantage of a zero-fee product offering for both the minting and redemption of USDC. The move eliminates additional risks and additional fees, as well as the ability to do away with the lengthy transaction times often associated with brokers and resellers.Circle Mint Singapore has been designed to align seamlessly with MAS regulations. In that way, the company can reassure its customer base that financial activities are conducted efficiently, securely and compliantly within the regulatory framework.Instant availabilityInstant availability is another feature that Circle is enabling through its Circle Mint product offering. Fiat funds from users’ bank accounts can be swiftly and automatically converted to USDC. That’s thanks to the instant settlement networks of participating banks. Circle Mint Singapore is also planning to expand access to regional banking rails for near-instant settlement, streamlining transactions for users.As digital currency adoption gains momentum in the Asia Pacific (APAC) region, Circle Mint Singapore’s initiatives have the potential to play a pivotal role in making digital currencies more accessible for businesses in this dynamic market.Asian market emphasisIn addition to this latest product offering, other recent activities of the global financial technology firm in recent weeks suggest that it has placed a strong emphasis on market growth in the APAC region.In September, the firm partnered with Southeast Asian super-app Grab. As part of that collaboration, Circle’s Web3 services platform is being integrated into the app to facilitate blockchain-enabled solutions. The move will see Grab’s 25 million users exposed to the facility of a digital wallet within the app.Similarly, the following month, Circle followed up with a deal with Taiwan FamilyMart, a convenience store chain, and the BitoPro cryptocurrency exchange. Once again, Circle’s Web3 services platform is being integrated, this time into the FamilyMart app, so as to enable the redemption of loyalty points in USDC.

Hivemind Capital Partners expands into Hong Kong marketHivemind Capital Partners, a prominent player in the world of Web3 and digital asset investment, has officially unveiled its plans for expanding its operations to Hong Kong.Photo by Chromatograph on UnsplashNew Head of Asia appointmentIn a press release published by the New York-headquartered firm on Tuesday, Hivemind outlined that alongside this significant Asian expansion, the company has appointed Stanley Huo as Head of Asia. Huo is a seasoned investment banker with over 15 years of experience at prestigious institutions like China Renaissance, UBS, Citi and BAML across Asia and Europe.Huo expressed his excitement, stating: “I’m thrilled to be joining Hivemind at such a transformative period. The intersection of traditional finance and burgeoning digital asset technologies in Hong Kong presents unmatched opportunities and I’m looking forward to leading our initiatives in this vibrant ecosystem.”Identifying an opportunityHivemind Capital Partners had nothing but praise for Hong Kong as a significant crypto hub. The company highlighted the distinct advantages that come with operating in the city-state, including a well-established ecosystem that facilitates access to traditional financial infrastructure, capital-raising opportunities and the exploration of blockchain-related innovations.Huo told The Block: “It was very interesting to see that the Hong Kong government welcomes all the Web3 capital and talents… They want to build up a Web3 center.”Matt Zhang, Founder and Managing Partner of Hivemind, is equally enthusiastic about the Hong Kong expansion, stating:“Our expansion into Hong Kong not only represents our firm’s growth, but our commitment to being at the center of financial innovation and technology. With Stanley leading our business in Asia, we are positioned to significantly contribute to, and influence, the evolving narrative of blockchain technology and digital assets in the region.”Zhang is a speaker at Hong Kong Fintech Week later this week, where he will participate in a panel discussion titled “The Future of Stablecoins: Exploring Virtual Asset Payment Infrastructure and the Rise of Non-USD Stablecoin Frameworks.” He founded Hivemind in November 2021, with a view towards deploying capital within verticals such as crypto infrastructure, virtual worlds, programmable money and blockchain protocols.Hivemind has been on a significant growth trajectory, as evidenced by its recent launch of a $1.5 billion investment vehicle, with available funds still waiting to be deployed. Additionally, the company introduced the Liquid Opportunity Fund, a $300 million crypto fund, earlier in the year, securing $60 million for the fund in June.Following a regional trendThe company’s move to Hong Kong aligns with the broader trend of cryptocurrency firms recognizing the region’s potential and considering it for their expansion plans. Notably, Zodia Custody, a digital asset custodian backed by Standard Chartered, recently announced its launch in Hong Kong.While Hong Kong has actively positioned itself as a hub for Web3 companies, boasting recent developments like the introduction of retail trading for licensed crypto exchanges in August, it has also faced challenges. The city recently witnessed the largest Ponzi scheme in its history, involving the embezzlement of approximately $166 million from JPEX crypto exchange users. The investigation into this incident is still ongoing.