Cronos Labs $100 Million Accelerator Program Enters Hiring Phase

Bithumb to Launch Entrepreneurship Support ProgramSouth Korean cryptocurrency exchange Bithumb announced on Wednesday (local time) the launch of an entrepreneurship support program to commemorate its upcoming 10th anniversary. The initiative aims to discover and nurture promising young entrepreneurs with innovative ideas to grow the industry and drive business augmentation. It is divided into two parts: an entrepreneurship competition and an investment of KRW 30 billion (approximately $22 million) to support early-stage startups.“It is time for us to support startups and bring them one step closer to success,” said the exchange’s CEO Lee Jae-won.Photo by Hunters Race on UnsplashProgram detailsThe entrepreneurship competition is open to individuals, groups, and small and medium-sized enterprises (SMEs) based in Korea that are planning to start a business or have been in operation for less than three years. Participants in any and all fields of business are eligible to enter. It offers startup grants of KRW 100 million ($74,000) for one first-place winner, KRW 70 million for three second-place winners, and KRW 30 million for six third-place winners. Winners will also receive investor relations (IR) consultations and marketing opportunities to attract future investments.Meanwhile, the KRW 30 billion investment project is open to local startups in any field that have been in operation for less than three years. Evaluators will place emphasis on how innovative or profitable the businesses are deemed, Bithumb said.“Our entrepreneurship support program is not limited to one-time support. We will strive to contribute to society by supporting entrepreneurship in various fields — not just the crypto industry — for sustained mutual growth,” Lee added.Application process datesThe application period is from November 1 to 30, and the results of the first round of applications will be announced on January 4. Those who pass the first round will be called in for an on-site evaluation. The final pool of applicants chosen for participation and investment will be announced in February.

Korbit Report: SEC Commissioner Shares Insights on Crypto RegulationKorbit Research Center, a division of South Korea’s cryptocurrency exchange Korbit, on Monday, released a report that provides a comprehensive summary of its interview with Hester M. Peirce, a Republican Commissioner at the US Securities and Exchange Commission (SEC), which took place on August 18. The interview was conducted by Peter Chung, the head of research at Korbit Research Center.Photo by Joshua Hoehne on UnsplashKorbit’s meeting with US crypto expertsIn August, Chung made a trip to the United States, where he met with prominent figures and companies within the cryptocurrency industry to gain a deeper understanding of the ongoing institutionalization of cryptocurrencies in the United States. Through this opportunity, Korbit intends to release a series of reports that will encapsulate the valuable insights garnered during these interactions in the US.His first interviewee of the series was Commissioner Peirce, who serves as one of the five commissioners at the SEC. These commissioners are appointed by the President of the United States with the confirmation of the US Senate. To maintain political balance and impartiality, it is mandated that no more than three commissioners belong to the same political party.Peirce assumed her role as a Commissioner at the US Securities and Exchange Commission (SEC) in January 2018, following her appointment by President Trump. Before her tenure at the SEC, she held the position of Senior Counsel on the United States Senate Committee on Banking, Housing, and Urban Affairs. She is known as an advocate for technological innovation.Token safe harbor proposalPeirce earned the nickname “Crypto Mom” due to her advocacy for encouraging innovation within the cryptocurrency industry through the implementation of reasonable regulations. One notable initiative that exemplifies her perspective is the token safe harbor proposal. This proposal suggests giving blockchain network developers a three-year grace period during which they can work on building a decentralized network while being exempted from complying with the registration rules of federal securities laws, as long as certain conditions are met.During the interview, Peirce expressed concerns about recent actions taken by the SEC, which have added to the uncertainty surrounding cryptocurrency regulations. She also emphasized the need for swift legislative action to establish a framework for cryptocurrency regulation. Peirce noted that there appears to be a tendency to prioritize the classification of virtual assets over investor protection.Suggestions for KoreaAlthough Peirce hasn’t engaged in any direct interactions with Korean regulators, she suggested the Korean government optimize regulations for its own cryptocurrency industry. Her suggestion was to minimize unnecessary intervention and instead foster an environment where the sector can naturally evolve in accordance with the principles of a free-market economy.Furthermore, Peirce delved into detailed discussions on three pivotal topics: the classification of virtual assets as securities, the need for disclosure requirements, and the significance of assessing the extent of decentralization within a network.Classification of cryptocurrenciesThe Commissioner said that it is inappropriate for the SEC to contend that most cryptocurrency projects should fall under its regulatory purview. The SEC’s argument is based on the assertion that cryptocurrencies may constitute securities because they function as a medium of value exchange in fundraising activities, much like investment contracts in traditional financial markets. Despite this, she expressed optimism regarding the recent US court’s ruling on the Ripple vs. SEC case, which she believes may help rectify misconceptions surrounding the classification of investment contracts.Balancing investor protection and investor choiceMeanwhile, she expressed her viewpoint that regulations aimed at protecting investors should stay true to the disclosure principles introduced back in 1934 when the SEC was first established. However, she also argued that the SEC should avoid imposing arbitrary restrictions on investors’ choices. During the initial phases of a cryptocurrency project, there tends to be an inherent information asymmetry between crypto project leaders and individual investors. To ensure a fair investment environment, she advocated for legal mandates for disclosure. Notably, both her token safe harbor proposal and the Responsible Financial Innovation Act proposed by US Senators Kirsten Gillibrand and Cynthia Lummis incorporate such disclosure requirements.Decentralization assessmentCommissioner Peirce also approached the assessment of decentralization with a thoughtful perspective. Her Token Safe Harbor Proposal 2.0 states that after the three-year grace period, “token transactions may not constitute securities transactions if the network has matured to a functioning or decentralized network.” However, she admitted to grappling with the challenge of precisely defining what constitutes sufficient decentralization. During the conversation, she sought Mr. Chung’s perspective on this matter. In response, Mr. Chung shared that the Korbit Research Center regularly conducts measurements and assessments of the degree of decentralization for major blockchain networks every six months.Regarding the interview, Peter Chung expressed his admiration for the high-ranking official’s openness to innovation and strong communication skills. He also voiced his hope for more open discussions in Korea that could promote sustainable growth of the country’s crypto industry.

Coinone adds asset analysis service and fiat currency deposit featureSouth Korean cryptocurrency exchange Coinone has added a new asset analysis service, which allows users to easily track their profits and losses, as well as asset trends over time. The latest feature is designed to provide investors with comprehensive insights into their investment performance, including detailed information on their asset history. It is accessible through the “Assets” category on the Coinone website and mobile app.Photo by Markus Winkler on Unsplash“Coinone has been dedicated to enhancing user convenience, conducting over ten service updates this year alone. Moving forward, we will prioritize user needs by conducting in-house analysis and receiving customer feedback in order to provide the best crypto trading services,” said the exchange’s CEO Cha Myung-hun.Charting profit pathsUsers can analyze the trends of their profits and losses over certain periods ranging from weeks to years, the exchange explained, which are displayed on various charts and tables. They can choose to view either daily or cumulative figures along with other relevant information. The “Asset Trends” category also offers a detailed overview of the fluctuation in the total value of a user’s assets. This includes easily accessible data on how the values of the fiat currency (Korean won) and virtual assets that they hold have changed over time.Seamless transactionsCoinone has also added another feature where users can make fiat deposits directly during transactions. In the case that a user does not have enough fiat currency deposited into their account when purchasing virtual assets, a pop-up window appears, leading to a screen that displays the necessary amount that must be deposited and a function that allows them to do so. Upon completing the deposit, users can continue with their purchase. They can also navigate to the fiat deposit screen by selecting the plus symbol icon next to the available purchase amount.