Ethereum Co-Founder Highlights User-Friendly Crypto Wallets at Ethcon Korea 2023

The Thai Securities and Exchange Commission (SEC) has issued a directive mandating Zipmex, a Singapore-based digital asset trading and brokerage platform, to temporarily suspend its operations. This decision is driven by the SEC's call for significant changes in Zipmex's management structure and an improvement in its financial position. The regulator outlined that the cryptocurrency exchange can resume normal operations if it addresses these concerns.Photo by Dan Freeman on Unsplash15 days to rectify issuesIn an official announcement last Friday, the SEC conveyed that Zipmex has a specified period of 15 days to rectify its financial position and operational deficiencies, aligning with the prior orders from the financial regulator. The SEC emphasizes that once the crypto exchange fulfills the regulator's requirements, users should be able to resume fund withdrawals. The securities watchdog had initially issued an order to Zipmex on Jan. 12, instructing the exchange to adjust the maintenance of its net liquid capital and modify its business administration structure and personnel to enhance efficiency and protect customer interests. Anek Yooyuen, Deputy Secretary General of the SEC, explained the legal process involved, stating: "According to the process specified by law, if the digital asset business operator is unable to comply with the SEC’s orders within the specified period, the SEC may propose that the Minister of Finance consider revoking the order." Implementation of robust system to protect investorsIn addition to implementing the SEC's orders regarding its financial operation and operational deficiencies, the exchange is required to establish a robust system protecting investors' deposited assets against exploitation. Once these objectives have been achieved within the required timeframe, Zipmex is obligated to submit a report on these implementations for SEC approval, paving the way for the resumption of operations. The Thai regulator stated that “Zipmex will be able to resume normal business operations upon receiving permission from the SEC.” Longstanding regulatory scrutinyZipmex has been under the regulatory microscope since 2023, facing scrutiny following the company’s struggles off the back of the last crypto market downturn. The SEC's investigation includes a probe into an acquisition by V Ventures and whether Zipmex operated in Thailand without regulatory approval. V Ventures canceled its $100 million buyout of the company in 2023, which would have included the return of customer deposits. The Thoresen Thai Agencies subsidiary company deemed the entire deal terminated on the basis that Zipmex had not fulfilled its contractual obligations relative to the buyout. The platform suspended trading in November 2023, citing regulatory compliance as the reason. Despite the operational suspension, user withdrawals will remain accessible to facilitate an exit from the platform. The initial freeze of withdrawals in July 2022 due to Terra's ecosystem collapse, coupled with crypto lender bankruptcies, led Zipmex to seek court protection and legal assistance to raise capital for creditor payouts. The platform presented a reorganization plan last year, proposing creditor payouts of up to 30 cents on the dollar, subject to asset recovery. However, the initial offer was set at 3.35 cents, with the potential for a higher repayment figure based on the firm's eventual asset recovery. 

Strategic Partnership Sees BitKeep Add Mantle Network SupportBitKeep, a Singapore-centric multi-chain wallet project, has recently formed a strategic partnership with Mantle Network, an Ethereum Layer 2 modular network developed by BitDAO.According to a tweet posted by BitKeep on Monday, the collaboration brings with it the opportunity for BitKeep users to now manage and transact their assets on Mantle Network directly through their wallets.The latest version update of the BitKeep wallet incorporates support to enable users to store, transfer, and trade on-chain assets seamlessly within the wallet. This integration streamlines the user experience and provides easy access to the functionalities offered by Mantle Network.Photo by Shubham Dhage on Unsplash10,000 USDT prize poolTo celebrate this partnership and promote the growth of the Mantle ecosystem, BitKeep has announced a campaign open to all Web3 users. The campaign features a prize pool of 10,000 USDT, adding an element of excitement for participants. Additionally, BitKeep plans to further expand the ecosystem by integrating more DApps based on Mantle Network, ensuring diverse offerings and attracting users from various angles.Although at a corporate level, BitKeep is headquartered in the Cayman Islands, leading members of its project team including Founder Kevin Como are based in Singapore.Mainnet alpha releaseMeanwhile, Mantle Network has reached a major milestone by unveiling its highly anticipated mainnet alpha. The announcement took place at the Ethereum Community Conference (EthCC) in Paris, following an extensive six-month testnet phase. Mantle Network, as the first Ethereum layer-2 chain incubated and governed by a decentralized autonomous organization (DAO), has already gained attention for its innovative approach.With its modular design, Mantle Network separates key components such as execution, data availability, consensus, and settlement into distinct layers. By employing optimistic roll-up technology and leveraging Ethereum’s network for security, Mantle Network achieves efficient transaction processing at a lower cost and higher throughput compared to Ethereum itself.This unique architecture has been validated during the testnet phase, handling over 14 million on-chain transactions and facilitating the deployment of more than 140,000 smart contracts.$200 million EcoFundThe mainnet launch also marks the activation of a $200 million EcoFund, which aims to fuel the growth and development of the Mantle ecosystem. This substantial fund will support the ecosystem’s progress, ensuring resources are available to drive innovation and attract developers.Moreover, the merger between Mantle Network and BitDAO has created the Mantle Ecosystem, a unified Web3 ecosystem led by a DAO. Under the Mantle.xyz brand, this collaboration harnesses the strengths and resources of both entities. The merger bolsters the tokenized governance system, empowering token holders to govern the use and allocation of the significant treasury inherited from BitDAO.As BitKeep integrates Mantle Network into its wallet, users can expect an enhanced experience and increased accessibility to the Mantle ecosystem. Meanwhile, Mantle Network’s mainnet launch and the activation of the EcoFund signify significant milestones that lay the foundation for continued growth and development in the DeFi space.

Uniswap Competitor Maverick Protocol Raises $9M in FundingMaverick Protocol, a Singapore-centric DeFi project which aims to disrupt Uniswap’s dominance, has announced a fresh capital funding round.On Wednesday, Maverick announced that it successfully raised $9 million in a seed funding round led by Founders Fund. Prominent participants in the round include Binance Labs, Coinbase Ventures, Pantera Capital, and Apollo Crypto.It’s not clear what Maverick’s current valuation stands at, and in discussion with Fortune, Alvin Xu, one of the co-founders of Maverick Protocol, refrained from disclosing that valuation.Photo by Towfiqu barbhuiya on Pexels“Surgical approach to DeFi”Joey Krug, a partner at Founders Fund, expressed confidence in Maverick’s potential to contribute to the growth of the DeFi industry through its “surgical approach to decentralized finance.” Krug added that “Maverick has quickly established itself as a hub for liquid staking token trading whilst having greater capital efficiency for liquidity providers.”The injection of capital into Maverick comes at a time when crypto enthusiasts are seeking alternative platforms for purchasing and exchanging tokens. This shift in interest was sparked by the Securities and Exchange Commission (SEC) in the United States filing lawsuits earlier this month against two prominent centralized crypto exchanges, Binance and Coinbase.Following the news of the lawsuits, both Binance and Coinbase experienced significant outflows of cryptocurrencies. Simultaneously, the trading volume on decentralized exchanges, which are characterized by their lack of central ownership, surged from $1.2 billion the day before the Binance lawsuit was filed to $3.1 billion on the day the suit was made public, according to data from DefiLlama. These events occurred during the early afternoon when the SEC unveiled its charges.Crypto industry OGAlvin Xu has been actively involved in the crypto industry since 2018 when he joined the Tron Foundation and subsequently BitTorrent. For a time, he worked at Ethereum-centric blockchain infrastructure firm, ConsenSys, contributing to the development of the MetaMask wallet.In 2021, Xu embarked on the creation of Maverick Protocol, an automated market maker. Typically, market makers like Citadel Securities play a crucial role in traditional finance, matching buy and sell orders for stocks. In the crypto realm, where trading operates 24/7, Uniswap has gained popularity as it automates market making for a wide range of tokens.Xu believes that his new protocol can challenge Uniswap’s dominant position, stating: “That’s definitely our goal.” However, he acknowledges the substantial advantage Uniswap holds as a first-mover in the crypto world.Since its launch in March, Maverick Protocol, currently employing nine individuals, has set its sights not only on competing with Uniswap and other automated market makers but also on surpassing centralized exchanges such as Binance and Coinbase. Xu acknowledges that achieving this goal will require time and further development, stating: “I think it’s still early.”Maverick Protocol’s recent funding round provides a strong boost to its ambitions, stoking further competition with market leader Uniswap, while playing a role in shaping the future of DeFi.