Korbit Joins Zero-Fee Crypto Trading Trend in South Korea

Funding Round Sees HashKey Target Unicorn ValuationLeading financial technology company, Hong Kong-based HashKey Group, is looking to raise between $100 million and $200 million based on a $1 billion dollar company valuation that sees it take on unicorn status.According to an initial report by Bloomberg, early stage talks on the fund raise are progressing positively. It cites sources familiar with the matter in suggesting that as the fund raise negotiations progress, the terms of the offering, extent of the capital raise, and the valuation upon which its all based could change.Photo by Annie Spratt on UnsplashLeveraging a crypto-friendly environmentThe Web3 infrastructure developer and digital asset management firm has decided to take advantage of favorable conditions in Hong Kong in order to raise capital. The current business backdrop in the Chinese autonomous territory is particularly positive, and something that’s likely to make the capital raise a much easier task.Hong Kong has sought to create a crypto-friendly environment by way of both word and deed over the course of the past six months. With that being the case, it’s logical that there is tremendous opportunity for businesses like HashKey to achieve rapid growth in the nascent digital assets sector.Under the supervision of the Hong Kong regulator, Hashkey has already started to offer its services, one of only two companies (alongside OSL) to be permitted to trade in advance of the full implementation of licensing next month.While there have been some difficulties relative to banking the digital assets sector in Hong Kong, ZA Bank, Hong Kong’s largest virtual bank, has stepped up with the aspiration of banking the sector. ZA Bank is expected to facilitate crypto-fiat conversions with both of the currently licensed exchanges, HashKey and OSL, where customers can swap crypto into fiat currencies. The bank will also offer basic banking services to local web3 startups, a category that is currently underserved by traditional financial institutions.HashKey itself is cognizant of the conditions being right on the ground in Hong Kong and the opportunity that presents. Its chairman, Xiao Feng stated that Hong Kong is “very serious about building an international virtual asset center,” when speaking at the city’s Web3 Festival recently, an event that drew 13,000 attendees on its first day.Diversified service offeringThe firm’s activities in Hong Kong extend to HashKey Pro, a Hong Kong-compliant virtual asset exchange, and HashKey Capital, an investment firm. In April, the company established HashKey Wealth.This wealth management service offers investors access to a wide range of digital assets, including Bitcoin, Ethereum, and other cryptocurrencies, together with alternative investments such as decentralized finance (DeFi) projects and non-fungible tokens (NFTs).The program is designed to meet the needs of both institutional and high net worth individual investors. The investment strategies offered vary, ranging from passive to actively managed portfolios. Different risk profiles are employed to suit investors’ preferences. The program also provides a range of other services, including custody, trading, and portfolio rebalancing, to ensure that investors can manage their investments with ease.

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.

Memeland Coin Launch Secures $10M for the ProjectMemeland, a Web3 venture studio, made headlines on Thursday as its token sale for MEME tokens reached $10 million in commitments just after going live. The people behind the project are the Hong Kong-based team that is also associated with the popular meme-sharing site, 9GAG.Memeland represents a collection of 9,999 utility-enabled profile pictures (PFPs).9GAG is a meme-centric Hong Kong-based entertainment website that gained a significant following since its launch in 2008. With millions of followers across various social media platforms, 9GAG’s foray into the Web3 space through Memeland was eagerly awaited. Memeland had already introduced several NFT projects, including Captainz, Potatoez, and MVP, prior to launching its native token on Thursday.Photo by Nattanan Kanchanaprat on Pixabay42 minute sell-outSupporters of the project had joined a waitlist prior to them being granted access to the sale. Earlier in the week, the project had tweeted out that the MEME tokens that it was gearing up to sell had “No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.” In fact, this mantra has been etched into the project’s whitepaper from the outset. “$MEME is completely useless and for entertainment purposes only,” the whitepaper clarifies.Even though the sale had already sold out in record time, it was scheduled to continue until Friday morning. During this extended period, those who have previously joined the waitlist can gain access to the tokens.The team behind Memeland, having clocked up experience previously via 9GAG, has made them no strangers to the world of online humor and entertainment. The Memeland project introduces an array of non-fungible tokens (NFTs) and innovative applications that fuse elements from the metaverse, gaming, and NFTs.Project pipelineMemeland is gearing up to launch various additional platforms in the near future. These include Holders.com, a travel service; GMGM.com, a video-sharing platform; Stakeland, which will be a crypto staking application; and Petsland, a service centered around pets.MEME tokenomicsThe MEME token has a total supply of 69,000,000,000 MEME, with an initial price per token set at US$0.001. According to the Memecoin team, 2.75% of the total supply will be unlocked on the first day, with the remaining amount unlocked daily over the next 18 months.The token distribution breakdown is as follows:Private sale: 6,900,000,000 (10%) — Exclusively for Memeland Captainz holdersContributors: 13,800,000,000 (20%) — Partners and team members contributing to the Memeland projectFire sale: 8,280,000,000 (12%) — Reserved for the allowlist and certain waitlist participantsAirdrops: 17,250,000,000 (25%)Ecosystem fund: 22,770,000,000 (33%)Those who possess specific NFTs from the Memeland ecosystem have received varying allocations during the Fire Sale, depending on the type, rarity, and quantity of their holdings.With a strong foundation rooted in meme culture and a team experienced in delivering internet humor to millions, Memeland’s potential development going forward may be as exciting as the memes that inspired it.