Hong Kong Crypto Exchange Contemplates Sale at HK$1 Billion Valuation

Leading crypto exchange platform OKX has recently unveiled its plans to enhance its marketplace by incorporating Atomicals (ARC-20), Runes, Stamps (SRC-20) and Dogecoin’s Doginals (DRC-20) into its Web3 wallet. ‘First-to-market’ initiativeTaking to social media on Monday, the firm provided further details regarding the additions, outlining that it is part of a "first-to-market" initiative, solidifying OKX's commitment to the expanding realm of Bitcoin NFTs. The integration of these token standards is aimed at positioning OKX as a leading one-stop NFT ecosystem within Web3. Starting with the integration of Stamps on Feb. 5, OKX Wallet users will gain the ability to view and transfer Bitcoin token standards. Subsequently, in late February, OKX Wallet will extend its support to Atomicals, Doginals and Runes, enabling millions of users to engage in buying and selling these NFTs without incurring any trading fees. OKX Marketplace will also follow suit, integrating DRC-20, ARC-20 and Runes standards in late February, thus broadening the scope for users to participate in zero-fee trading.Photo by Shubham's Web3 on UnsplashDriving mainstream adoption of Web3Jason Lau, chief innovation officer at OKX, underscored the platform's dedication to driving mainstream adoption of Web3 technologies, making the exploration and realization of NFT potential more accessible for users. Despite concerns about potential blockchain congestion due to NFTs, Lau characterized these challenges as "growing pains," expressing confidence that they will be addressed over time. Lau told CoinDesk that “these things will last forever, as long as the chain lasts.” Emphasizing the surge in activity and user growth since the launch of their product, Lau positioned OKX as an evolving platform at the forefront of developing tools for users to access all of Web3. OKX Wallet's inscriptions tool presently supports minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C and Arbitrum One, among others. Boosting OKX MarketplaceThe move aims to establish OKX Marketplace as the largest NFT marketplace in the industry, boasting zero-fee trading across an expanding range of token standards. The platform's advanced NFT offering includes features such as hex error checking, liquidity across multiple standards, bulk minting capabilities and automatic error detection. Despite OKX's open embrace of Ordinals and other Bitcoin protocols, some members of the Bitcoin ecosystem express discontent, labeling Ordinals as digital spam. Jason Lau vehemently disagrees, asserting that in open and permissionless networks like Bitcoin, "there is no such thing as spam." He contends that as long as fees are paid and transactions adhere to consensus rules, they are valid. Lau emphasizes OKX's historical support for the Bitcoin ecosystem, including upgrades like SegWit, Taproot and Lightning. As debates surrounding the role of Ordinals and NFTs within the Bitcoin ecosystem persist, OKX's proactive stance signals a belief in the potential of Bitcoin-based NFTs to introduce innovative use cases and design possibilities. The disruptions experienced by various blockchains in December, attributed to increased transaction activity related to inscriptions, underscore the growing impact of these developments within the Bitcoin ecosystem and the broader crypto landscape. 

WEMIX Foundation launches omnichain walletThe WEMIX Foundation, a subsidiary of South Korean blockchain gaming publisher Wemade, has officially launched the una Wallet, according to an official announcement on the company’s website on Thursday (KST). una Wallet is a core application of the Unbound Networking & Accelerating Growth Initiative, or “unagi,” the company’s newest innovative omnichain network and interoperable Web3 gaming platform.Photo by Shubham’s Web3 on UnsplashEasy asset managementThe wallet service offers a solution for users to conveniently earn, manage and trade their digital assets like NFTs and tokens on multiple blockchains — such as WEMIX3.0, Ethereum and Polygon — in one borderless place. The WEMIX Foundation said it would add more supported chains in the future.Effortless access and robust securityIn particular, una Wallet’s convenience and security stem from an easy login procedure utilizing connections to social media accounts and multi-party computation (MPC) technology. MPC is a cryptographic security measure that enables multiple parties to assess a computation without revealing their private information or data. This technology splits private keys, or mnemonic phrases, and allows users to easily recover their wallets through social login even if they lose their keys.The service also provides transaction route recommendations, allowing users to move or trade assets across chains with minimal costs or signature procedures. Subsequently, they can also view their transaction history on each chain and the movement of assets between different chains.WEMIX plans to add various features to make authentication and asset-tracking processes even easier. una Wallet is currently available on Google Play and the Apple App Store.

Calls for Regulation of Crypto Investment Management Firms Amidst Growing ConcernsThere have been recent calls in South Korea for crypto investment management companies to be subject to the Financial Investment Services and Capital Markets Act amidst concerns about potential regulatory blind spots negatively impacting crypto investors.Photo by Conny Schneider on UnsplashPushing for regulatory oversightKang Seong-hoo, chairman of the Korea Digital Asset Business Association (KDA) went into detail regarding the issue during a forum held by the association on Thursday to discuss the efficient use of technology and safety management in the era of the digital economy.He emphasized that dealings related to virtual asset management such as deposits, lending, and staking must be regulated by authorities under the Financial Investment Services and Capital Markets Act. This is due to the fact that crypto investment management companies are not within the purview of the Act On Reporting and Using Specified Financial Transaction Information or the Virtual Asset User Protection Act, the latter of which is set to take effect next year.The Act On Reporting and Using Specified Financial Transaction Information defines financial companies as those that provide services for selling, buying, exchanging, transferring, keeping, or managing virtual assets; or act as a broker, intermediary, or agent for these services. However, there is no mention of crypto management companies.Echoes of past crypto platform controversiesThese concerns are driven by the looming possibility of another debacle like the class-action lawsuits against crypto platforms like Haru Invest or Delio arising again as a result of regulatory gray areas. Two months ago, investors had filed a legal complaint after the two lenders unexpectedly suspended customer deposits and withdrawals, claiming that they suffered around KRW 50 billion (approximately $39 million at the time of the incident) in damages as a result.Furthermore, the Financial Intelligence Unit (FIU), a division under the Korean Financial Services Commission (FSC), recently stated in a report that virtual asset deposits, lending, and DeFi services do not fall under the obligations of the Act On Reporting and Using Specified Financial Transaction Information.“Given the context of the ongoing crypto winter since last year, the business model of virtual asset management companies, which is heavily reliant on arbitrage between exchanges, poses a high risk of incidents similar to the Haru Invest and Delio cases,” said Chairman Kang.“In order to ensure virtual asset user protection and market safety, authorities should promptly explore regulatory measures under the Financial Investment Services and Capital Markets Act for virtual asset management such as deposits, lending, staking, and the like.”