Hashed Emergent to Host India Blockchain Week 2023 in December

Foblgate adds Ripple market for increased investor opportunitiesSouth Korean cryptocurrency exchange Foblgate has added a Ripple (XRP) market, where cryptocurrencies can be traded for XRP, according to an article published by South Korean news outlet Blockchain Today. This is the third crypto-to-crypto market on Foblgate along with Bitcoin and Ethereum, providing users with expanded investment opportunities and convenient trading options.Photo by Kanchanara on UnsplashThe Ripple market opened at 10 a.m. today (local time) with a transaction fee of 0.01% and a minimum order amount of 6.5 XRP. Currently, it supports trading for EOS and BNB. Foblgate plans to add more trading pairs in the future.Ripple’s rise in South KoreaThe exchange revealed that it decided to add a Ripple market due to the cryptocurrency’s fast transaction speed and low trading fees, along with its popularity in the South Korean market. The company also emphasized the widespread expansion of Ripple’s ecosystem based on its blockchain network, XRP Ledger, and active participation from the country’s Ripple community.Foblgate’s vision“We have always been sensitive to the demands of investors and market changes,” said Ahn Hyun-jun, the CEO of Foblgate. “The launch of our XRP market aims not only to provide new investment options but also to play a role in promoting the growth and innovation of the crypto industry.”

Seoul Auction Blue seeks to register security tokens with the FSS for Andy Warhol’s artworkSeoul Auction Blue, the operator of fractional artwork investment platform Sotwo, recently submitted an application to the South Korean Financial Supervisory Service (FSS), local news outlet Seoul Economic Daily reported on Wednesday (local time). Its aim is to register security tokens linked to artworks with the financial authority, marking it the third entity in the country to pursue this innovative financial venture.Photo by Guido Coppa on UnsplashAndy Warhol’s ‘Dollar Sign’The artwork investment app plans to issue security tokens based on Andy Warhol’s “Dollar Sign,” a piece measuring 51.0 cm in height and 40.5 cm in length. This artwork was purchased by Seoul Auction Blue at an auction for KRW 626.2 million (approximately $485,000). The total value of the security tokens, inclusive of issuance costs, is approximately KRW 700 million. The firm will issue a total of 7,000 tokens, each valued at KRW 100,000. Upon receiving regulatory approval, Seoul Auction Blue is set to open for subscription requests from Dec. 20 to 26.In its endeavor to issue digital investment contract securities, Seoul Auction Blue has meticulously prepared its documentation in line with the FSS’s guidelines. The selection of the artwork of Andy Warhol, the renowned and iconic 20th-century artist, aligns with the FSS’s recommendation to choose a significant piece by an internationally acclaimed artist. This strategic choice reflects the company’s commitment to compliance and the recognition of Warhol’s global stature in the art world.Preventing conflicts of interestThe registration application submitted by Seoul Auction Blue includes specific restrictions aimed at preventing conflicts of interest with its affiliates related to security tokens. As per these rules, the company is barred from buying idle assets of affiliates to back its security tokens. Instead, Seoul Auction Blue is permitted to acquire them only through public methods like participating in an open bid or a post-sale bid process. Notably, the token issuer is in principle prohibited from purchasing these assets via intermediaries in private sales or any other non-transparent settings.The acquisition of underlying assets requires approval from the compliance monitoring committee. Furthermore, this regulation strips Seoul Auction Blue of the capacity to determine the final trading prices or conditions for these transactions.In addition, the company is collaborating with a couple of securities firms to safeguard investors’ funds, creating a buffer against any potential bankruptcy of the issuer. The funds raised from subscriptions for the security tokens will be managed in accounts overseen by KB Securities. Additionally, an investor protection fund is being set up, which will be handled as a trust fund by Shinhan Securities. This fund acts as an extra layer of security, offering investors enhanced protection for their investments.

GRVT Debuts zkSync’s Inaugural ‘Hyperchain’GRVT, the hybrid crypto exchange incorporated in the British Virgin Islands, is all set to debut as zkSync’s inaugural “hyperchain,” marking a significant milestone in the zkSync ecosystem’s evolution.zkSync represents Ethereum’s second layer solution offering cheaper and faster transactions.Photo by Shubham Dhage on UnsplashCombining CEX and DEX qualitiesPronounced “gravity,” GRVT is an innovative platform that attempts to seamlessly blend the advantages of centralized and decentralized exchanges. It promises users a Robinhood-like experience while integrating self-custodial features akin to Uniswap-style exchanges. Matter Labs, the developer brains behind zkSync, shared news of GRVT's imminent project milestone in an interview with The Block.The introduction of GRVT as the first Hyperchain within the zkSync ecosystem has broadened the horizons of potential applications for this technology, according to Matter Labs. The project stated:“There is nothing like GRVT being built, not in the zkSync ecosystem nor outside of it. By being able to design and deploy custom hyperchains connected through hyperbridges, teams like GRVT’s can build entirely new use cases.”The ability to design and deploy custom hyperchains connected via hyperbridges opens the door to entirely new use cases, affording projects like GRVT the freedom to explore innovative possibilities.A layer 3 ValidiumGRVT will play a role as a Layer 3 Validium within the zkSync ecosystem. Validiums are Ethereum scaling networks that bear similarities to zk-rollups found in Layer 2 solutions. The critical differentiator is in how they handle data. Zk-rollups maintain data on-chain, whereas Validiums securely store it off-chain. This approach enhances user security by safeguarding against front-running and market manipulation.GRVT’s alpha version is set to make its debut next month, followed by the mainnet release in the first quarter of the upcoming year. Promising a transaction speed of up to 600,000 trades per second and less than two milliseconds of latency, GRVT leverages zkSync’s “horizontally scaling” infrastructure to deliver enhanced performance.Explaining the concept of horizontally scaling, Hong Yea, GRVT’s co-founder and CEO, told The Block:“Horizontally scaling means to deploy additional underlying pairs as new hyperchains. Say BTC/USDT perpetual futures is one hyperchain and so on. And we can look to add other infrastructure components like this as new hyperchains to scale throughout, as they can interoperate. This allows high-frequency traders to trade more efficiently with high transactions per second similar to a central exchange.”Token launchGRVT enjoys the backing of CMS Holdings, Hong Kong’s digital assets wealth manager Metalpha, alongside Matter Labs and others. Yea founded the company alongside CTO Aaron Ong and CCO Matthew Quek. Although incorporated in the British Virgin Islands, the firm employs people who are based in Hong Kong, the UK, Lithuania, and Singapore.It recently disclosed that it had successfully raised $7.1 million in pre-seed and seed funding in an equity with a token warrant round, achieving a $39 million post-money valuation. The launch of GRVT’s token is anticipated in 2024.GRVT is also making a concerted effort to obtain trading licenses in various jurisdictions. Currently, it has attained a virtual asset service provider (VASP) license in Lithuania, with work ongoing to achieve licensing in Bermuda. The firm hopes to then expand in Europe and the Middle East going forward.