Alchemic Investment and Nanuhm Angels Collaborate to Boost Web3 and Blockchain Investments

LG Group Hosts Super Start Day to Promote Innovation and Collaboration in Blockchain and MoreSouth Korean conglomerate LG Group recently hosted its open innovation festival at LG Science Park in Seoul from Thursday to Friday. The festival, dubbed Super Start Day, is an annual event dedicated to discovering and supporting promising startups. Since its inception in 2018, it has welcomed more than 260 startups from 26 countries and over 20,000 participants.Photo by Johannes Plenio on UnsplashForging novel technologiesThis year, 40 startups from various fields, including artificial intelligence (AI), biotechnology, clean technology, and lifestyle, as well as small and medium-sized enterprises (SMEs), showcased their technologies and services while seeking out opportunities for collaboration. Among the participants were companies like Zkrypto, which developed a public blockchain voting system that prevents fraudulent voting; Basgen Bio, which created a drug development platform based on genomic data; and Netspa, which possesses the technology to extract recycled materials from fishing nets.Nine startups supported by LG Group also shared their joint achievements from over the past year. Some noteworthy examples include Ujura Company, which is developing technology to detect and predict the development of diseases in domestic pets based on behavioral data, and We Meet Mobility, which offers AI-based solutions for optimal logistics operations and transportation.Additionally, speakers like Ahn Ikkjin, CEO of Moloco, the first unicorn company in Silicon Valley founded by a Korean, and Kim Dong-Su, CEO of LG Technology Ventures, LG’s corporate venture capital arm in Silicon Valley, shared their insights on global expansion strategies and investment trends.Month-long celebration of innovationLG is set to host more events this month at LG Science Park, including the LG Software Developer Conference from September 14 to 15, aimed at sharing achievements in research and development, as well as Culture Week from September 20 to 22, where LG employees, families, local residents, and industrial experts can interact. These events, along with Super Start Day, are collectively referred to as LG SPARK, which is dedicated to promoting innovation and collaboration across diverse sectors.

Hana Bank Enables Korean Art Collectors to Prove Ownership with NFTsHana Bank, one of South Korea’s largest banks, has announced a partnership with Trackchain, a Korean blockchain firm, to enhance digital art banking services based on Web3 technology, according to a press release.Photo by Debby Hudson on UnsplashArt banking and NFTsThe collaboration aims to develop and operate a platform that promotes art banking services, including the exhibition, advertisement, and distribution of artworks. Furthermore, the two entities will create non-fungible tokens (NFTs) to verify the ownership of artworks and introduce artwork custody products. They will also explore and construct business models that integrate finance and blockchain technology.Bank’s custody serviceHana Bank, recognized as a leader in art banking, has already established a comprehensive custody service that ensures secure management, storage, and liquidation of art collections. Through this partnership, Hana Bank plans to refine NFT technology, which will provide transaction history and ownership verification for artworks. The objective is to enhance transparency and convenience for art collectors during the trading process.Visitors who purchase artworks by Artist Cho Sung-hee at an exhibition hall in Gangnam, Seoul, and choose to store them in Hana Bank’s custody will receive NFTs issued by Trackchain. These NFTs serve as proof of ownership, authenticating the artworks. Cho Sung-hee is known for her collage works created with Korea’s traditional hanji paper, made from laminated sheets. The exhibition will run from July 4 to 28.Additionally, purchasers of the displayed artworks will receive Cho’s digital art NFTs. Meanwhile, customers who use Hana Bank’s mobile app, Hana 1Q, to create their own artworks will earn corresponding NFTs.Kim Young-hun, Head of Hana Bank’s Wealth Management Unit, expressed enthusiasm about their Web3-based art banking service, emphasizing that it will facilitate easier art purchases and provide enhanced security for managing art collections. Kim also stated that the bank intends to expand its services further to deliver exceptional cultural experiences.

Bgin Blockchain Limited, a crypto mining equipment manufacturer headquartered in Singapore, filed documentation last Friday with the Securities and Exchange Commission (SEC) with a view towards launching an initial public offering (IPO) in the U.S. The Feb. 21 filing, a Form F-1 registration statement, outlines that the company wishes to go forward with the IPO after the effective date of the filing has been established. Bgin identified itself as an “emerging growth company.”  The registration statement was filed on behalf of Bgin by Hunter Taubman Fischer & Li LLC, in conjunction with the underwriters represented by Robinson & Cole LLP. It proposes to offer the U.S. investing public 59.54 million Class A ordinary shares and 15.69 million Class B shares. As part of its plan, Class A shares would be listed on the Nasdaq stock exchange using “BGIN” as the ticker symbol.Photo by Leslie Lopez Holder on Unsplash$50 million raiseIn a statement published on Renaissance Capital's website, the independent investment bank outlined that Bgin is seeking to raise $50 million in capital through the IPO.  It’s understood that funds raised by way of the IPO will be utilized to ramp up research and development efforts. The bookrunners, responsible for managing the IPO, are Chardan Capital Markets and The Benchmark Company. As yet, no information has been provided with regard to how Bgin will price its share offering. Renaissance described Bgin as a digital asset technology company “with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies.”  The company, founded in 2019, focuses on the design, manufacture and distribution of mining equipment relative to Kaspa (KAS), Alephium (ALPH) and Radiant (RXD) blockchain networks. Bgin supplies 8nm and 12nm ASIC chips dedicated to these alternative blockchain networks, which all depend on the use of a proof-of-work (PoW) consensus mechanism. Additionally, Bgin mines cryptocurrency itself while providing a hosting service for crypto mining, with facilities in the U.S. and Hong Kong. It hosts 4,020 mining rigs for customers, with 3,330 of these located within facilities in Iowa and Nebraska.  Across various subsidiaries Bgin manages 33,862 active mining rigs in the U.S. within its own mining operations. And additional 12,000 non-operational rigs are currently in storage facilities in the U.S. and Hong Kong. Over a 12-month period ending on June 30, 2024, the company recorded revenues of $392 million. In 2023, the firm recorded sales of 68,000 mining rigs. In H1 2024, the company sold over 47,000 mining machines. The filing disclosed that the company’s Hong Kong subsidiary was responsible for considerable crypto mining facilities in mainland China prior to China deeming the activity to be illegal in 2021. Providing full disclosure in the lead-up to its IPO, the firm warned that it continued to operate crypto mining facilities in China for a number of months in violation of that law. It identifies this item as a risk factor as potentially, the firm could be penalized and fined.