Hana TI Partners with BitGo for Web3 Digital Asset Custody Solutions

Nano Labs, a Web3-focused semiconductor design company listed on the Nasdaq (NA) and headquartered in Hangzhou, China, has arranged $500 million in financing to fund a BNB treasury. In a press release published on the company’s behalf by GlobeNewswire on June 24, Nano Labs outlined that it has entered into a convertible notes purchase agreement with a number of investors. Convertible promissory notes to the value of $500 million will be issued. Holders of the notes, which mature in 360 days, have the option to convert them to Class A ordinary shares at an initial conversion price of $20 per share. Unconverted notes will not accrue interest, but will be repaid in line with the initial principal amount at maturity. 5%-10% of BNB’s total supplyNano Labs asserted that the agreement “marks an important step in the company’s strategic growth.” It stated that as part of the initiative it plans to conduct an in-depth assessment of the BNB token, the native token of the BNB Chain ecosystem. The token enables transactions on the BNB Chain and access to various services and decentralized applications (DApps) that run on the blockchain network. In the initial phase of the initiative, Nano Labs plans to acquire $1 billion worth of BNB through convertible notes and private placements. In the long term, the firm plans to build up a holding equal to 5% to 10% of BNB’s total circulating supply. On X, @Whdysseus, the pseudonymous founder of Asian Web3 and crypto financial media project BroadChain Finance, commented on Nano Labs' BNB reserve initiative, considering it to be a BNB version of the Bitcoin treasury strategy pioneered by American firm Strategy (formerly MicroStrategy).Photo by Vadim Artyukhin on UnsplashShare price surgeChangpeng Zhao (CZ), the co-founder and former CEO of Binance, who has been heavily involved in the development and overall vision of BNB Chain, outlined on X that Nano Labs’ share price “went through the roof” following the announcement. He added that none of his affiliated entities participated in the funding that Nano Labs has put in place. At the time of writing, Nano Labs stock (NA) was trading at $14.85, up 36.36% over the course of 24 hours. Nano Labs isn’t the only corporate entity to declare an interest in holding BNB. According to a report published by Bloomberg on June 23, former executives at Coral Capital, a Japanese venture capital firm, are understood to be in the process of raising $100 million through a newly formed entity called Build & Build Corporation, in order to launch a crypto treasury that will invest in BNB. In another positive development, on-chain analytics firm Nansen highlighted last month that the BNB Chain had seen active addresses double to two million.  Earlier in May, Geoff Kendrick, head of digital asset research at Standard Chartered, outlined in a research report that the BNB token could reach a unit price of $2,775 by 2028. Kendrick maintained that the deflationary nature of the token, together with its ties to the Binance exchange platform, are factors that support its long-term value.

OKX shores up App security following bug discoveryCryptocurrency exchange OKX has swiftly responded to a recently uncovered security flaw by releasing an updated version (v6.45.0) of its iOS app.User data and asset vulnerabilityThe flaw was identified by Web3 and blockchain security specialist CertiK. It posed a Remote Code Execution (RCE) vulnerability that had the potential to compromise sensitive user data and crypto assets. Notwithstanding that, no user assets were lost or security compromised.Taking to the X social media platform on Tuesday, CertiK wrote:”Attention! We urge users of OKX wallets to update their iOS app to the latest version immediately. Earlier this month, we identified and reported a critical Remote Code Execution (RCE) vulnerability in the OKX iOS App, leading to potential compromise of sensitive data and crypto assets.”Photo by FLY:D on UnsplashPrompt responseRecognizing the risk, OKX has acted promptly to rectify the issue and commit to protecting user assets. It too followed up on social media with its own announcement:”Thanks @Certik for the note. We’ve completed the relevant upgrade & this is no longer an issue. We have verified that this did not impact any customer assets. The fix has been deployed to iOS version 6.45.0 & we recommend you update the app asap.”Ongoing exploitsThis security incident has played out amid a backdrop that has seen a worrying number of hacks, exploits and vulnerabilities in the crypto space. In recent weeks, hacks at HTX (formerly Huobi), cross-chain bridge Heco and Poloniex have accounted for millions of dollars in losses.As recently as last week, users of the Ledger hardware wallet were told by the company not to connect to decentralized applications as it had discovered that a malicious version of its Ledger Connect software had been distributed.Industry collaborationThe collaboration between OKX and CertiK in addressing this security concern is demonstrative of how industry actors are having to cooperate in order to deal effectively with these vulnerabilities and threats.Transparent communication and a swift response in this instance are likely to have played a role in minimizing any potential loss. In a noteworthy development, OKX, in collaboration with Tether, has collaborated with the United States Department of Justice (DOJ) to freeze $225 million in USDT tokens.This unprecedented action primarily targeted a human trafficking syndicate in Southeast Asia, illustrating the increasing cooperation between crypto entities and law enforcement in addressing illegal activities involving digital currencies.The immediate resolution of the iOS app vulnerability in this instance resulted in no loss occurring. That outcome underscores the importance of the prioritization of user safety and data security.With the updated app version (v6.45.0) now available, users can proceed with their crypto transactions with renewed confidence in the platform’s security measures. As the cryptocurrency landscape evolves, crypto platforms and platform users will need to remain vigilant in order to safeguard and protect funds.

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.