Founders Exit Following Overhaul of NFT Startup Rario

Web3 company Carrieverse has partnered with Korea Digital Assets (KODA) to facilitate robust investor protection and safe and transparent trading of virtual assets, according to South Korean news site Money Today on Tuesday (KST).Photo by Kaffeebart on UnsplashEnhancing investor securityRecently, there have been cases where corporate entities have demonstrated unstable management of the virtual assets they hold, particularly where withdrawals and distribution are concerned. Many investors have subsequently suffered losses due to incidents such as hacking. This partnership was established to protect investors from such situations. Carrieverse’s partnership with KODA is aimed at protecting investors from such troubles. The firm plans to safely store its cryptocurrency CVTX in KODA’s custody system, and vowed to boost transparency of transactions and clarify investor protection measures. "Recently, the number of Carrieverse users has exceeded 30,000 per day, and we are seeing an increase in on-chain data and CVTX holders. Our partnership with KODA will provide an environment for transparent cryptocurrency trading and bolster investor protection,” Carrieverse said. About KODA and CarrieverseKODA is a virtual asset custody service provider jointly established by KB Bank, Web3 digital wallet developer Haechi Labs and blockchain investment firm Hashed. It is known for its one-stop digital asset custody services catered to corporate and institutional clients. Carrieverse’s Web3 services include a metaverse, a blockchain gaming platform called Cling and the card strategy role-playing game (RPG) Superkola Tactics, which is playable on Cling.

Coinone’s recent addition of USDT/KRW trading pair expected to reduce Kimchi premiumCoinone, a major South Korean cryptocurrency exchange, listed USDT, a stablecoin pegged to the US dollar on the platform’s Korean won-denominated market on Thursday (local time). Its listing price was KRW 1,289.Tether Limited, the company behind USDT, asserts that their stablecoin is “backed 100% by Tether’s reserves.” These reserves comprise a variety of real-world assets such as U.S. Treasuries, overnight reverse repurchase agreements, corporate bonds and precious metals. According to CoinMarketCap, USDT’s market capitalization stands at $89 billion, ranking it third in the cryptocurrency market, just behind Bitcoin and Ethereum.Photo by DrawKit Illustrations on UnsplashFirst to list USDT/KRW trading pairDespite the significance of USDT in the cryptocurrency market, Korean exchange users have faced the limitation of not being able to purchase the stablecoin using Korean won, although these exchanges did offer markets denominated in USDT. This limitation has prompted Koreans to turn to foreign cryptocurrency services for acquiring USDT. With Coinone’s latest move, the platform has become the first to facilitate USDT/KRW trading among the nation’s five fiat-to-crypto Korean exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax.Regarding this development, Kwon O-hoon, Managing Partner at the law firm Cha and Kwon, told local news outlet Decenter that there seem to be no particular legal concerns with the crypto exchange’s engagement in USDT transactions. This perspective stems from the absence of stablecoin regulations in the country.Reducing the Kimchi premiumAccording to Decenter, crypto experts anticipate that the introduction of USDT/KRW trading will help in reducing the Kimchi premium, a term referring to the discrepancy in cryptocurrency prices on South Korean exchanges compared to those in foreign exchanges.For instance, according to data from CoinNess, the average price of BTC on Korean exchanges is around KRW 51,177,250. This is about 2.34% higher than its average price on foreign exchanges, which stands at KRW 50,005,909. This difference means that users on Korean exchanges need to pay an additional KRW 1,171,340 to buy one BTC, compared to what they would pay on international platforms.However, the newly added trading pair will streamline transactions between exchanges, making it simpler for investors to engage in arbitrage. This ease of transfer is expected to lead to more balanced pricing across different markets, reducing the Kimchi premium.In light of this development, Jo Dong-hyeon, CEO of blockchain company Undefined Labs, said various institutions and blockchain projects will likely find USDT increasingly useful as a store of value, given USDT facilitates easy transfers between different exchanges.

DigiFT Unveils First Fully Regulatory-Compliant US Treasury TokenDigiFT, a pioneering decentralized exchange (DEX) for digital assets with a Singapore-based project team, has made waves in the financial landscape with the official launch of the DigiFT US Treasury Token.Photo by Karolina Grabowska on PexelsTradFi and blockchain convergenceThe company announced the launch of the Treasury token, known as “DUST,” via a press release on Thursday. It’s the first-ever fully regulatory-compliant US Treasury token issued on a public blockchain, signaling a powerful convergence of traditional finance and blockchain technology.DUST has the potential to be a game-changer in the crypto space, offering accredited and institutional investors an unparalleled opportunity to seamlessly invest in US Treasuries through a secure and transparent on-chain channel. One of its standout features is its backing by a single US Treasury note with a specific maturity date, instilling confidence and reassurance in investors seeking stable and reliable assets.Regulatory complianceThere are other tokenized treasuries in existence already. However, DigiFT differentiates its product through adherence to rigorous regulatory standards, ensuring that the tokenization process aligns with established financial norms.Henry Zhang, CEO of DigiFT, expressed his enthusiasm about this groundbreaking achievement:“The launch of DigiFT US Treasury Token represents our commitment to bring the best of both decentralized finance (DeFi) and traditional yield to investors.”He emphasized that DUST not only bridges the gap between DeFi and real-world assets (RWAs) but also upholds the highest standards of regulatory compliance.DUST’s innovative structure offers investors the flexibility to participate using US dollars or US dollar stablecoin (USD Coin). The product is accessible to all, given that it facilitates a minimum investment amount of 1 USD or USDC. To enhance accessibility further still, DUST ensures same-day settlement for investments below USD 50,000, contingent on liquidity conditions.Zhang emphasized the transformative potential of DUST, stating: “We believe that tokenization of RWAs is poised to become the future of investing, and DUST will support the wider adoption of digital tokens with its compliant features.”Rapid progressThe issuance of DUST tokens is overseen by Red Cedar Digital Pte. Ltd., an affiliate of DigiFT, with a yield to maturity (YTM) of 5.40% as of August 3, 2023. DigiFT’s journey began in 2020 when it became the first and only DEX to be accepted into the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox.Since then, DigiFT’s list of achievements has grown exponentially. The platform successfully listed a tokenized corporate note from Diners Club (Singapore), which achieved full subscription at its initial offering.Additionally, a tokenized bond, backed by a Barclays 8% Perpetual Bond and custodied with a licensed global financial institution, reinforced DigiFT’s reputation for innovation. The platform’s regulatory-compliant access to Matrixdock’s Short-term Treasury Bill Token (STBT) further solidified its role in pioneering secure and transparent investment avenues.DigiFT’s product offering demonstrates that we are likely to see an ongoing blurring of the lines between blockchain-based innovation and traditional products in conventional finance over the next few years. As DigiFT continues to champion regulatory compliance and innovation, investors can anticipate even more transformative solutions that harmonize the best of both worlds.