Daegu Recruits First Cohort of Youth Blockchain Startup School

OKX maintains robust asset reserves with 103% BTC backingSeychelles-incorporated cryptocurrency exchange OKX has recently released its 12th asset reserve certificate, with its latest report revealing that the company maintains reserves of 103% for its top coins, which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT) and USD Coin (USDC). The measure is meant to reassure users that their funds are well-backed and, in fact, more than covered by the exchange’s reserves.Photo by rc.xyz NFT gallery on UnsplashBitcoin, Ether reserve surplusesOKX provided details on its latest asset reserve status via a blog post published to its website on Monday. Alongside providing the relevant asset reserve data, the exchange celebrated its first complete year of having utilized a proof-of-reserve-based system.For BTC, OKX holds a substantial reserve of 140,484 BTC, effectively exceeding the 136,227 BTC held in user accounts. Similarly, ETH reserves stand at 1.46 million ETH, providing a surplus over the 1.42 million ETH owed to OKX users.The exchange also demonstrated its considerable holdings in stablecoins, with over $5 billion in USDT reserves and over $327 million in USDC reserves. In an interview with CoinDesk recently, OKX Chief Marketing Officer (CMO) Haider Rafique, referred to the need to provide a mechanism to reassure platform users. He stated:“Customers often express concerns in person about centralized exchanges, highlighting issues with security, solvency and downtimes, even if they don’t always voice these concerns digitally.”Use of zero-knowledge technologyIn April, OKX upgraded its proof of reserve system, opting for the use of zero-knowledge scalable transparent argument of knowledge (zk-STARK) technology. This approach allows OKX platform users to independently verify exchange solvency, confirming their assets are backed by OKX reserves. A zero-knowledge proof demonstrates the truth of a statement without sharing the statement’s contents. Therefore, no account balances are made public to other service users, maintaining user privacy.Regular transparency is now crucial for exchanges like OKX, as it aims to provide users with the certainty that their funds are genuinely available for withdrawal at any given time. After the FTX insolvency incident, verifiable proof of reserves has become paramount in reassuring users about the safety of their investments.Trend towards improved standardsIn the wake of several high-profile crypto platform failures in 2022, many exchanges are making greater efforts towards reassuring users that their funds are safe and accounted for. This has given rise to the popularity of proof of reserve systems.On that basis, OKX hasn’t been alone in implementing a proof of reserves-based system. In July another Seychelles-incorporated crypto platform, Bitget, announced that it could demonstrate the debt-free status of its business through its proof of reserves system.Nic Carter, Partner at crypto venture capital and private equity firm Castle Island Ventures, has carried out some research into the various proof of reserve systems employed by a number of global crypto platforms. While accepting that the approach is not foolproof, Carter maintains that it’s still a move in the right direction. “The way PoR works is, if enough exchanges do it, the few exchanges that don’t do it end up sticking out like a sore thumb,” he states.

Bybit Leans on Innovative Tech by Launching AI-Powered Trading AssistantDubai-headquartered cryptocurrency exchange Bybit has introduced TradeGPT, an AI-powered educational tool aimed at changing the way in which traders interact with the cryptocurrency market.A ToolsGPT follow-upThe move follows on from the firm’s launch of ToolsGPT in June, an AI-based tool that aids platform users to generate technical analysis and takes a ChatGPT-like approach in providing responses to user queries. Vivien Fang, Head of Financial Products at Bybit, explained: “Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialized world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading.”Photo by Wance Paleri on UnsplashAI mentor and guideFor Bybit users, TradeGPT offers a multitude of benefits, including real-time market analysis, multilingual support, and personalized guidance. It functions as a mentor and guide, empowering users to comprehend market trends, formulate strategies, and select the most suitable investment products to achieve their financial goals.This offering addresses the limitations of traditional AI systems and provides real-time market data. TradeGPT leverages Bybit’s extensive market data, trading analytics, and technical analysis tools, making it a resource for traders navigating the complexities of the cryptocurrency landscape.Following industry trendBybit’s TradeGPT follows in the footsteps of Singapore-based platform Crypto.com, which unveiled its AI-enabled platform, Amy, in May. Amy leverages the technology of OpenAI’s ChatGPT to deliver real-time information about specific tokens, projects, price listings, and historical events to Crypto.com platform users.At the time Kris Marszalek, CEO of Crypto.com, highlighted the platform’s significance, stating: “Amy is the latest example of our incredible momentum.” The company added that it followed a series of notable product launches, including CFTC-regulated options trading, on-chain staking solutions, and the GEN 3.0 Crypto.com Exchange.Binance, the world’s largest cryptocurrency exchange by trading volume, introduced Binance Sensei in April. The company has integrated the AI-powered learning tool into Binance Academy and offers users of all skill levels an interactive chat window for guidance.As an increasing number of cryptocurrency companies launch AI-enabled platforms, the synergy between AI and the industry becomes more apparent. AI’s data processing capabilities could address scalability issues and expedite transaction processing for cryptocurrencies.Conversely, cryptocurrencies could incentivize research and development in the field of AI. Tokenized economies may reward contributors to AI projects, fostering collaboration and innovation. Furthermore, cryptocurrency-enabled decentralized networks could provide secure and transparent platforms for exchanging AI-generated insights without the need for intermediaries.Digital assets are developing in real-time alongside other technologies. The introduction of Bybit’s TradeGPT, alongside Crypto.com’s Amy and Binance’s Sensei, offers a step forward in harnessing the power of AI to empower cryptocurrency traders. As these AI-driven tools continue to evolve and gain traction, they’re likely to reshape how individuals and institutions engage with the cryptocurrency market.

Artifact Labs Raises $3.25MArtifact Labs, a Hong Kong-based start-up company that concerns itself with Web3 and metaverse products from leading brands, has raised $3.25 million in a recent funding round.Photo by Pixabay on PexelsThe NFT-focused company, which was spun out of Hong Kong’s South China Morning Post (SCMP) in 2022, has received funding from Blue Pool Capital and Animoca Ventures, with Blue Pool leading the funding round. Blue Pool Capital is the investment vehicle of Alibaba founders Jack Ma and Joe Tsai.The company was borne out of a decision taken by the SCMP in 2021 to launch an NFT standard called artifact, which was geared toward recording historical data. Its starting point in that endeavor was the sale of NFTs of its very own historical front pages. That included iconic historical snapshots such as the return of Hong Kong to the Chinese in 1997, the outbreak of avian flu, the onset of the Asian financial crisis and the death of the UK's Princess Diana in 1997.Expansion of operationsArtifact Labs has said that it intends to use the funding to expand company operations. Executing on that, the firm intends to fill multiple developer positions.Phillip Pon, CEO of Artifact Labs commented on the development via a press release:“It’s not about creating new IPs for speculation — for example NFT hype projects — it’s about driving new engagement with historically significant collections by using Web3. We want to carve new space in the younger public’s consciousness for historical brands and artifacts, while supporting these important organizations with new revenue streams to fund their preservation work, we are also solidifying immutable on-chain data preservation through NFTs.”It appears that the firm will release NFT collections on behalf of preservation organizations, while at the same time developing technology to assist institutions in preserving their archives on the blockchain.NFTs with inherent valueLast year, Artifact Labs Founder and former CEO of the SCMP, Gary Liu, said in an interview that NFTs need to contain a certain inherent value beyond just being endorsed by a number of people. Liu stated: “There has to be intrinsic value in the asset itself or the underlying asset that it represents. That’s what is going to drive NFT innovation.”That philosophy is borne out by one of Artifact’s recent collaborations. In February, the firm partnered with RMS Titanic, Inc, a company that’s dedicated to preserving the legacy of the infamous sunken ship. Central to the partnership was an intention to mint NFTs based upon over 5,500 artifacts that have been recovered from the sunken wreckage.In January Artifact Labs partnered with Dubai-based data intelligence and marketing technology firm, MEmob+. The objective of the firms in teaming up is to have the complete range of expertise necessary between them in order to offer brands and companies a strategic advisory service when it comes to delving into the metaverse. Artifact’s art platform Materia, will be harnessed by MEmob+ to assist brands who want to develop art projects in the metaverse.