China Unveils Blockchain-Powered Data Exchange

Switzerland and Singapore-based crypto bank Sygnum has successfully closed a funding round, securing over $40 million in capital, with plans to expand its service offering in Asia. On the brink of unicorn statusThe funding round was achieved based upon a post-money valuation of $900 million, with Sygnum edging closer to unicorn status. Led by global asset management group Azimut Holdings, the funding surpassed the initial target of $35 million, reinforcing Sygnum's position in the rapidly evolving digital assets space. In a press release, Mathias Imbach, Sygnum's co-founder and CEO, expressed excitement about the successful funding round, highlighting the company's commitment to building trust through regulation and good governance. Imbach stated:”Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles. ” Gerald Goh, Sygnum's co-founder and CEO of its Singapore operations, emphasized the importance of staying ahead as clients' needs and activities grow more sophisticated. The fresh funds will enable Sygnum to continuously upgrade and enhance its product and service offerings in response to evolving market demands.Photo by Towfiqu barbhuiya on UnsplashAsian focusThe funds raised in this round will be instrumental in expanding Sygnum's geographical reach into new markets in 2024, within the Asia-Pacific (APAC) region as well as within the European Union. Sygnum has already made in-roads in Asia. Having started out in Switzerland, in 2019 the company set up a base in Singapore, establishing Sygnum Singapore and obtained a capital markets license from the Monetary Authority of Singapore (MAS). Last June, the firm achieved in-principle approval for a Major Payment Institution (MPI) license from MAS. It fulfilled the regulator’s requirements to bring about full approval in October. Goh told Bloomberg that the company envisages achieving growth in Asia and Europe through acquisition.  Developing fully regulated productsThis latest capital injection has also been earmarked to accelerate the development of fully regulated products, including the bank-to-bank platform that currently powers crypto offerings for more than 15 banks and financial institutions worldwide. Sygnum's assets under management have surged to $4 billion, with a client base exceeding 1,700 from over 60 countries. At the end of 2023, the firm reported an annualized revenue run rate (ARRR) exceeding $100 million, marking a significant milestone for the company's financial health and positive cash flow. Sygnum's expansion efforts include collaborations with key players in the industry. In November, the bank furthered its partnership with the Singapore arm of 174-year-old private bank Bordier & Cie, strengthening their initial collaboration that started in Geneva in 2021. Giorgio Medda, CEO of Azimut Holding, highlighted the strategic partnership between Azimut and Sygnum since 2021, emphasizing their joint development of the first tokenization of a private credit portfolio in Europe. Despite the recent challenges in the crypto industry, Sygnum remains optimistic about the future. The broader industry is witnessing a resurgence, with investors and market participants seeking partnerships with trusted and well-managed financial institutions. This sentiment aligns with Sygnum's vision to provide fully regulated solutions and support investors as they increase exposure to the asset class. 

Korean Prosecutors Say Do Kwon and His Colleagues Knew Terra Was Unviable from the BeginningKorean prosecutors claimed that Terraform Labs founder Do Kwon and the key members behind the Terra-LUNA crash were aware of the project’s unviability from the beginning, according to a file issued by the Seoul Southern District Court.©Terraform LabsTerraform Labs founders misleading Korean investorsTerraform Labs founders Do Kwon and Daniel Shin attracted 280,000 investors in Korea alone, claiming that the Terra stablecoin is a means of transaction, even though the company leaders had been notified by the financial authority that Terra-accepting businesses were impermissible. It is reported that during a search and seizure of the company, Korean prosecutors collected evidence that its employees shared such knowledge on their internal messaging system.Terra’s cross trading on crypto exchangesKnowing their cryptocurrency’s unviability, Terra executives registered its sister token LUNA for listing on major Korean crypto exchanges in May 2019. According to the Korean prosecution, they used a bot to create a trade volume of more than 800 million won in three domestic crypto exchanges by cross trading between 2019 and early last year.Cross trading is illegal in the stock market, as it is considered as an act of price manipulation, but LUNA was traded in crypto exchanges and it hasn’t been determined whether their token is a security or not. Under current Korean law, the court has to accept it as a security to punish those behind the Terra collapse.Shin’s denial of allegationsMeanwhile, Daniel Shin denied the prosecution’s allegations and argued that they had never received such a notice from the financial regulator.

Gumi joins XPLA mainnet as newest validatorJapanese gaming company Gumi has joined South Korean gaming corporation Com2uS Group’s layer 1 blockchain mainnet XPLA as a new node validator, according to an official announcement on XPLA’s Medium page on Monday (local time).Photo by Shubham’s Web3 on UnsplashEmpowering the XPLA ecosystemThrough this partnership, Gumi is expected to play a crucial role in enhancing transparency, stability and scalability as a validator in the XPLA ecosystem. The collaboration aims to explore new possibilities in blockchain technology and integrate them into the gaming industry, thereby maximizing the benefits for all participants in the ecosystem and connecting game developers with players.Over a decade of global impactSince its establishment in 2007, Gumi has been active in the Japanese and global markets, engaging in various mobile gaming and blockchain projects. Recently, the company has not only been involved in the production of and investment in Web3 games but also operates as a key node operator in multiple blockchain projects. By working with Gumi, XPLA anticipates solidifying its position as a global Web3 gaming industry leader and expanding its influence in the Japanese Web3 market.“Through this partnership, we will gain insights into the Japanese market and strive to create a more reliable ecosystem,” said Paul Kim, leader of the XPLA team.Fortifying trust and redefining the Web3 landscapeXPLA’s validators are responsible for verifying the integrity of the blockchain, analyzing on-chain data to improve operations and ensuring the security of the XPLA ecosystem. By passing a proposal to increase the number of validators from 50 to 80 this year, XPLA aims to create an environment that accommodates more validators, thus building a more robust and trustworthy ecosystem.XPLA is an L1 mainnet that hosts numerous Web3 companies like Oasys, Animoca Brands, YGG, Blockdaemon, Cosmos Station and LayerZero as participants. It has onboarded multiple IP-based hit games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars, effectively becoming a global Web3 content and gaming hub.