LH Leverages Blockchain to Certify Legally Important Documents

Indian Crypto Platform Mudrex Expands Operations in ItalyMudrex, the Indian cryptocurrency investment platform, has achieved a new milestone by successfully registering to operate in Italy.News of Mudrex’s move into the Italian market emerged via a press release published on Tuesday, as well as through an interview given recently by CEO and Co-Founder Edul Patel to CoinDesk. The expansion into Italy marks a rare international move for Indian crypto entities, which have faced challenges due to stringent taxation policies and the global crypto market’s fluctuations.Photo by Mathew Schwartz on UnsplashGlobal expansion planPatel unveiled Mudrex’s ambitious plan for global expansion, with half of the team actively working on international initiatives. The firm’s journey into the Italian market involved gaining approval for registration with Italy’s Organismo Agenti e Mediatori (OAM), a crucial step for crypto firms operating in the country. This registration, granted on September 1, was a strategic move that the company had been carefully planning. Patel explained:“We just wanted some time to pass after the approval before we made the news public.”Coin Sets and thematic indexesDespite having only one million registered users, Mudrex stands out as one of India’s largest crypto platforms. It offers a unique investment approach, focusing on index investing through Coin Sets, an innovative alternative to speculative trading. These Coin Sets encompass various categories, including small, mid, and large-cap assets, as well as Bitcoin (BTC) and Ethereum (ETH). Additionally, Mudrex provides thematic indexes that cover layer one and layer two solutions, NFTs, metaverse projects, and Dow trackers.“While India is our home and where we initially grew, our international customers have told us that investment products in their regions lack diversity,” Patel noted. “We believe that our product is unique and offers distinct advantages.”Mudrex was established in 2018 in Bengaluru while also establishing an office in San Francisco. Alongside Patel, its other Founders included Alankar Saxena as CTO, Rohit Goyal in the role of VP of DeFi, and Prince Arora as VP of Engineering.In 2021 it raised $2.5 million in funding with a view towards launching crypto mutual funds and ETFs. It followed that up in 2022 when it raised $6.5 million in a pre-series A funding round, supported by Y-Combinator, Arkham Ventures, and Tribe Capital.The firm participated in what has become a crypto platform trend over recent months by incorporating an AI chatbot into its platform in June to assist platform users when it comes to learning about crypto.Lithuanian trading licenseMudrex’s expansion into Italy was facilitated by the company’s prior fulfillment of EU operating requirements. The company had obtained a license in Lithuania less than a year ago, enabling it to navigate the EU regulatory landscape efficiently. During the six months of pursuing registration in Italy, Mudrex’s presence in the EU grew substantially, with user numbers increasing from approximately 5,000 to 17,000.With its foothold established in Italy, Mudrex now seeks to make its investment products accessible through various registered entities, including banking partner apps. Patel confirmed ongoing discussions with potential partners, further signaling the company’s commitment to expanding its global footprint.

Xangle and CertiK Team Up to Promote Mass Adoption of Web3CrossAngle, the operator of the virtual asset data analysis platform Xangle, announced on Wednesday that it has teamed up with CertiK, a global blockchain security ranking platform, to promote the mass adoption of Web3 technologies and contribute to the formation of a secure and transparent blockchain ecosystem.Photo by Shubham’s Web3 on UnsplashStrengthening security and data insightsCertiK is a security-focused ranking platform for analyzing and monitoring blockchain protocols and DeFi projects. Through this new partnership, Xangle will gain access to Skynet, CertiK’s Web3 security analysis platform that monitors and visualizes on-chain and off-chain data with cutting-edge technology, along with other API data. In turn, CertiK will receive access to Xangle’s cryptocurrency reference price API and on-chain data analyses.CertiK’s industry analysis reports will also be regularly featured on Xangle’s research platform. Xangle’s research reports are well-regarded throughout the industry and have been featured on local and international financial information platforms such as Bloomberg Terminal, CoinMarketCap, Yonhap Infomax, and FnGuide.Positive outlooks“We are delighted to partner with CertiK, a global leader in Web3 security. We are already anticipating great synergy with our strong capabilities in on-chain data analysis,” said Jake Lim, Chief Business Development Officer (CBDO) of Xangle. “We believe that this collaboration between our two companies will accelerate the mass adoption of Web3 technologies.”Jason Jiang, Chief Business Officer (CBO) of CertiK, added that the partnership is expected to not only enhance security and transparency in the blockchain ecosystem but also help set new industry standards.This partnership between CertiK and Xangle reflects the growing importance of security and data analysis in the rapidly evolving Web3 landscape, as both companies work together to drive its widespread adoption.

Dubai’s VARA grants WadzPay ‘initial approval’ of trading licenseIn the latest demonstration of the emirate’s crypto-friendly credentials, Dubai regulator, the Virtual Assets Regulatory Authority (VARA), has granted an “Initial Approval” license to WadzPay.WadzPay was founded in 2018 in Singapore as a business-to-business (B2B) technology firm that concentrates its efforts on enabling digital asset-based transaction processing and settlement. This licensing approval is a significant step forward for the startup, as it inches closer to obtaining a full-fledged Virtual Asset Service Provider (VASP) license.Photo by Paul MARSAN on UnsplashGearing up for service roll-outWith this approval in hand, WadzPay is gearing up to offer a range of virtual asset services, specifically under the forthcoming VASP License for Transfer and Settlement, as well as Broker-Dealer trading activities.That said, the current VARA license places certain restrictions on WadzPay’s offerings. While WadzPay is known for providing a wide array of services to businesses (B2B) and individual users through its B2B2C platform, the “Initial Approval” license limits its scope to only a subset of its virtual asset products and services.Flurry of approvalsDubai has taken center stage in the realm of crypto-friendly jurisdictions, granting a flurry of operational licenses to numerous crypto firms and exchanges in recent months. The regulatory framework in Dubai is underpinned by robust guidelines for VASPs. To operate fully within this framework, crypto firms must navigate a meticulous three-tier licensing process, starting with provisional approval, followed by a minimal viable product (MVP) license, culminating in a total market product license.One of the recent beneficiaries of VARA’s approvals is Backpack, a virtual currency wallet provider. Last month, Backpack received its VASP license, allowing the introduction of the Backpack Exchange to the market. However, similar to WadzPay’s situation, Backpack’s license comes with certain limitations.It permits the offering of crypto exchange services within Dubai but restricts the rollout of other virtual asset services. The Backpack Exchange sets itself apart with advanced features, including zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for secure custody and lightning-fast order execution capabilities.Nomura portfolio company approvalsKomainu, a collaborative venture involving financial heavyweights like Nomura, CoinShares and Ledger, is another notable success story. After a diligent licensing journey, Komainu secured its full operating license from VARA, approximately 10 months after obtaining its MVP license in November 2022.Laser Digital, a crypto division under the vast umbrella of financial giant Nomura, also earned its operational license from VARA in August. Through its dedicated subsidiary, Laser Digital Middle East FZE, based conveniently in Dubai, Nomura has showcased its VASP license. The permit enables the firm to offer a suite of services, including brokerage, virtual asset management and investment offerings within the emirate.Notably, Laser Digital’s licensure followed closely on the heels of Binance, the global crypto exchange. Binance secured its operational minimum viable product (MVP) license from VARA, paving the way for providing crypto exchange and virtual asset broker-dealer services within the region.This flurry of licensing activities and approvals in Dubai is suggestive of the emirate’s commitment to fostering a progressive and regulated crypto environment.