Korea’s Content Industry: Thriving Amidst Global Tech Advancements and Ambitious Plans

HashKey Launches Wealth Management Service Amid High DemandHong Kong-based HashKey Group, a leading financial technology company in Asia, has launched Hashkey Wealth, a wealth management service in response to significant demand from investors looking for exposure to the digital assets market.©Pexels/Tima MiroshnichenkoPortfolio diversificationWith the increasing adoption of cryptocurrencies and digital assets, many investors are seeking ways to diversify their portfolios and gain exposure to this emerging asset class. HashKey’s wealth management service provides investors with access to a wide range of digital assets, including Bitcoin, Ethereum, and other cryptocurrencies, as well as alternative investments such as non-fungible tokens (NFTs) and decentralized finance (DeFi) projects.The wealth management program is designed to meet the needs of both institutional and individual investors. It offers a variety of investment strategies, ranging from passive to actively managed portfolios, with different risk profiles to suit investors’ preferences. The program also provides a range of services, including custody, trading, and portfolio rebalancing, to ensure that investors can manage their investments with ease.Established track recordHashKey has a strong track record in the digital asset market, having launched its own cryptocurrency exchange in 2018 and a blockchain accelerator program in 2019. The company has also established partnerships with leading players in the industry, such as Huobi, to expand its reach and provide investors with access to a wider range of investment opportunities.In a statement, HashKey Group CEO, Deng Chao, said, “We are excited to launch our wealth management service and provide investors with access to the emerging digital asset market. Our goal is to provide investors with a range of investment options and strategies to meet their needs, while also providing them with the tools and services they need to manage their investments effectively.”Growing interest in digital assetsThe launch of HashKey’s wealth management service comes at a time of increasing interest in digital assets from both institutional and individual investors. With the market for cryptocurrencies and other digital assets expected to continue to grow in the coming years, it is likely that demand for wealth management services in this space will also continue to increase.Additional servicesThe company also gained approval from Hong Kong’s Securities and Futures Commission (SFC) for a Type 9 asset management license which allows it to manage portfolios that are entirely invested in digital assets.Hashkey PRO, its regulated virtual asset exchange, is due to launch in Q2, 2023. In order to facilitate this, the firm has gained SFC approval for both a Type 1 license which covers dealing in securities and a Type 7 license which enables the provision of automated trading services.Overall, the launch of HashKey’s wealth management service and its virtual assets exchange is a positive development for the digital asset market, as it provides investors with a range of investment options and strategies to suit their needs. With the company’s strong track record in the industry and its commitment to providing investors with high-quality services and solutions, it is well-positioned to capitalize on the growing demand for digital asset investments.

Forkast Labs streamlines operations following mergerForkast Labs, a crypto media and data intelligence firm, has streamlined and consolidated its operations in the wake of a merger which was carried out earlier this year.CryptoSlam mergerIn January, Forkast News, a Web3 media publication which had been founded in Hong Kong, merged with United States-based blockchain analytics firm CryptoSlam. The merger led to the formation of a newly branded entity known as Forkast Labs — a “Web3-focused data intelligence and media platform.”Forkast Labs’ merger with CryptoSlam brought together their respective strengths, with CryptoSlam specializing in non-fungible token (NFT) data tracking since its establishment in 2018. In January 2022, CryptoSlam secured $9 million in funding, led by Animoca Brands. It is worth noting that Forkast.News is also a portfolio company of Animoca, with Yat Siu, the founder and executive chairman of Animoca, overseeing the merger process.Photo by Possessed Photography on UnsplashStrategic pivotThe tie-up aimed to create a synergy between data intelligence and media in the cryptocurrency space. According to a report by The Block on Friday, recent developments suggest a potential pivot away from traditional editorial operations. Citing a Forkast Labs internal memo that the publication claimed had been shared with it, the memo stated:“There will be an increased focus on the data side going forward, and the collective team will be focused on launching new data products.”With that change of direction, it’s understood that some editorial staff have been laid off. The internal company memo went on to state that “the majority of editorial operations have been incorporated into Forkast Labs as a result of the merger between Forkast and CryptoSlam earlier this year.”The original crypto news site Forkast.News was co-founded by former Bloomberg anchor Angie Lau and former McKinsey consultant Sarah Chang in Hong Kong in 2018. The company raised $1.7 million in a seed funding round in 2021. In the wake of the January merger, the company had expanded its offerings in subsequent months with the release of indices, including the Forkast 500 NFT Index. Additionally, a partnership with The Sandbox in June aimed to “index the metaverse.”Consolidation trendThe changes effected by Forkast News and subsequently Forkast Labs are very much in line with a recent trend evidenced relative to crypto media. The Block carried out a reorganization in March that saw the firm layoff 27 staff, accounting for around one-third of its workforce. Last month, the media outlet was sold to Singapore-based venture capital group, Foresight Ventures, with a valuation of $70 million.Another prominent crypto media platform, CoinDesk, carried out an editorial staff reduction in August. It was subsequently acquired last month by cryptocurrency exchange platform Bullish in an all-cash deal led by former New York Stock Exchange President Tom Farley. Bullish is also one of three bidders in the running to buy out failed crypto exchange FTX.The evolving dynamics in the crypto media sector underscore the industry’s adaptability and pursuit of new avenues. In this instance, it demonstrates the pursuit of a data-focused business proposition amid changing market demands.

Bitfinex Forges Strategic Partnership with Zodia CustodyCryptocurrency exchange Bitfinex has formed a strategic partnership with digital assets custodian Zodia Custody to fortify the security of its institutional clients’ assets.The deal struck with Zodia Custody, a subsidiary of the UK multinational banking titan Standard Chartered, aligns with a growing trend within the digital assets sector, one that emphasizes separating asset custody from trading activities. Such a division will result in heightened security measures while better meeting regulatory compliance.Photo by Ketut Subiyanto on PexelsSecuring digital assetsThis collaboration provides an opportunity for institutional clients who maintain accounts with both Bitfinex and Zodia Custody. They can now seamlessly replicate their custodial assets on Bitfinex’s cutting-edge trading platform, all while basking in the security offered by Zodia’s off-exchange settlement solution, aptly named Interchange.With this innovation, the need for actual asset transfers becomes obsolete as the settlement process unfolds periodically on the blockchain. This approach not only ensures efficiency but also provides greater security when interacting with the platform.Industry trendBitfinex’s move towards segregating trading and custodial functions aligns with best practices in the crypto industry but also signifies a wider trend observed among cryptocurrency exchanges as they increasingly adopt a more conventional approach akin to traditional financial institutions.Paolo Ardoino, the Chief Technology Officer (CTO) of Bitfinex, shared the exchange’s perspective, stating:“We are committed to shaping the future of digital market infrastructure and enabling institutional customers to thrive in this space. Working with Zodia Custody is a significant part of that strategy, and together we can look to enable even more institutions to enter or further participate in digital assets.”This partnership serves as a testament to Bitfinex’s continuous efforts to collaborate with reputable custodians, building upon past successful alliances with firms like Koine in 2020 and Digivault in 2022.The significance of segregating asset custody from trading operations has taken on greater importance, primarily in the aftermath of the collapse of FTX, where management gambled with customer’s assets.Zodia’s market expansionZodia Custody, with the backing of Standard Chartered Bank, has recently expanded its footprint into Singapore, offering digital asset custody services to financial institutions in the burgeoning Asian market.Not content with that, in May it launched its crypto custodian service in Dubai. The following month the fledgling firm announced a partnership with blockchain infrastructure firm Blockdaemon relative to crypto staking for institutional clients. There’s been no let up in the firm’s roll-out of services as earlier this month it commenced a yield offering on stablecoins in partnership with Singapore-based DeFi platform OpenEden.Bitfinex’s history includes one of the most infamous hacks in the cryptocurrency sphere, with the pilfering of 120,000 BTC, now valued at over $3 billion. Nevertheless, the exchange has undergone a transformative journey and presently boasts an extensive array of cryptocurrencies and trading pairs.As the regulatory landscape continues to evolve, the practice of separating custody from trading is poised to become a standard procedure, further enhancing the legitimacy and security of the cryptocurrency market.