Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer Convenience

Upbit Launches Campaign for Recovery of Mistakenly Transferred AssetsUpbit, the cryptocurrency exchange operated by Dunamu, announced on Tuesday (local time) that it is launching a campaign where users can get back the digital assets that they have transferred mistakenly as part of heightened efforts to protect investors and minimize their losses due to such errors.Photo by Luis Villasmil on UnsplashRole of secondary identifiersAmong the virtual assets that Upbit allows users to deposit, some require users to accurately input their unique identifiers — like a Destination Tag (D.tag) or Memo — in order to properly process a deposit. A D.tag or Memo is an additional address used to identify a transaction recipient beyond a wallet address, which is often required when trading altcoins like Ripple (XRP) and Monero (XMR). In the case of XRP, both the exchange address and the D.tag must be entered accurately for deposits to be processed properly.Enhancing investor convenienceHowever, misdirected transfers caused by incorrect or missing secondary deposit addresses occur quite frequently. Many users also remain unaware when their virtual assets have been mistakenly transferred.In response to this issue, Dunamu has organized its latest campaign to make it easier for Upbit users to recover the virtual assets that they mistakenly sent. A user can access the campaign page on the official Upbit website and search for the transaction ID (TXID) of the deposit where the secondary address was either not entered or entered incorrectly. If a matching deposit is found, they can click “Apply for Recovery” to submit a one-on-one inquiry.Previously, users were required to manually enter information such as the name and quantity of the cryptocurrency, as well as the TXID in the one-on-one inquiry. Now, this information is automatically filled in through the TXID search, boosting user convenience.In an effort to encourage campaign participation, Dunamu also said that it will waive all fees for the recovery of mistakenly transferred assets until the end of the year.As of July, the exchange has successfully processed over 99.5% of the total 45,474 recovery requests that it has received over the past five years by leveraging its industry-leading technical expertise.“Upbit will continue its efforts to protect user assets and provide convenient services,” Dunamu said.Global recognitionMeanwhile, Upbit has secured 9th place in the Kaiko Exchange Ranking for the third quarter of 2023, ranking first among Korean exchanges. Kaiko is a crypto market data company with offices in Paris, London, New York, and Singapore.The ranking evaluates exchanges based on the following criteria: governance (30%), security (20%), liquidity (15%), business (15%), technology (10%), and data quality (10%). Upbit earned a score of 76 points.Coming in first overall on the list was Coinbase with 90 points, directly followed by Bitstamp and Kraken with 86 and 82 points, respectively. Among Korean exchanges, Korbit ranked 15th worldwide with 72 points, followed by Bithumb in 17th with 72 points, then Coinone in 27th with 59 points.

Coins.ph, the leading crypto exchange in the Philippines, has announced its support for BRC-20 tokens. As part of that move, the exchange has successfully integrated the ORDI token, thereby becoming the inaugural platform in the country to embrace the BRC-20 standard. The platform clarified its support for BRC-20 in a recent blog post, which it published to its website. Coins.ph revealed its intention to expand its services further by adding support for additional BRC-20 tokens, showcasing a forward-looking approach to cater to the evolving needs of its user base. BRC-20 is a standard facilitating the creation of fungible tokens on the Bitcoin blockchain. The inclusion of this technical standard allows for the minting of tokens with unique features, introducing a new dimension to the capabilities of the world's flagship cryptocurrency.Photo by Kanchanara on UnsplashORDI memecoin additionORDI stands out as one of the most popular BRC-20 tokens, gaining traction and reaching an all-time high above $81 earlier this week. This surge in value followed the addition of trading support by crypto exchange Binance in early November, underscoring the influence of strategic partnerships and market dynamics on token performance. Wei Zhou, CEO of Coins.ph, expressed the company's commitment to staying at the forefront of digital asset innovation through this strategic move. Highlighting the remarkable growth in BRC-20 activity since its launch earlier in the year, Zhou emphasized the importance of enabling users to participate in these opportunities. He mentioned the recent listing of $ORDI and hinted at future product offerings enabled by the BRC-20 standard. Industry trendWhile coins.ph may have been the first exchange in the Philippines to introduce BRC-20 support, it's not the first mover in the broader Asian region. Back in May, leading crypto exchange OKX decided to support the BRC-20 standard through its OKX Wallet product. The company’s support of the standard was validated more recently when it emerged that BRC-20 support played a large role in OKX NFT Marketplace taking top rank as the NFT marketplace with the greatest trading volume earlier this month. Seychelles-based crypto derivatives platform Bitget has also identified the associated growth potential. Earlier this week, the platform unveiled a plan to support development within the Bitcoin ecosystem, inclusive of BRC-20. The fusion of ordinals and BRC-20 enables users to embed images, texts or audio, among other data, into satoshis—the smallest units of BTC. Bitcoin community controversyAmidst these developments, concerns have been raised by Bitcoin core developer Luke Dashjr. On Dec. 6, Dashjr disclosed that developers are working to remove Bitcoin inscriptions before the v27 update scheduled for the next year. This would imply the elimination of ordinals and BRC-20 from the Bitcoin landscape. Dashjr clarified that Bitcoin Core has allowed users to set limits on extra data size in transactions since 2013 through the "datacarriersize" setting. Despite this, inscriptions have found a way to bypass the limit by obfuscating their data as program code. He reassured the community that a recent bug in Bitcoin Knots v25.1 has been fixed, addressing concerns about vulnerability.

Circle Partners with Asian Convenience Store Chain to Push USDC AdoptionCircle, the issuer of US dollar stablecoin USD Coin (USDC), has entered into a strategic partnership with Taiwanese cryptocurrency service provider BitoGroup and Taiwan FamilyMart, the nation’s second-largest convenience store chain.The primary objective of this collaboration, which Circle announced on Thursday through the publication of a statement on its website, is to expand the utility of loyalty points and enhance their intrinsic value, all the while driving the adoption in the use of USDC in Taiwan.Photo by Jiachen Lin on UnsplashFocus on loyalty pointsThe partnership introduces an innovative service known as “Points-to-Crypto,” accessible through the Taiwan FamilyMart App and the BitoPro Exchange. This service empowers customers to seamlessly convert their FamilyMart loyalty points, commonly known as FamiPoints, into digital currencies such as USDC.This conversion not only preserves the value of loyalty points but also incurs no transaction fees, effectively democratizing access to the world of cryptocurrencies. This move aligns with Circle’s overarching strategy to push the boundaries of digital asset innovation.Broader strategyCircle unveiled a broader strategy along these lines in June. The focus has been on collaborations aimed at transforming how consumers and institutions in the Asia Pacific (APAC) region engage with the digital dollar, especially USDC, to facilitate quicker and more efficient financial transactions. In June Circle acquired a full trading license from the Monetary Authority of Singapore (MAS).Last month it emerged Circle has been actively integrating its Web3 Services platform into the well-known Grab platform. Grab is Southeast Asia’s super app for transportation, deliveries, payments, and more. This integration, initially set to debut in Singapore, seeks to elevate user experiences through blockchain-enabled solutions. Grab has 25 million monthly active users in Southeast Asia.Integrating Circle’s Web3 services and bringing them to these customers eventually will mean a direct touch point for Web3 in their daily lives, and the active use of a digital wallet for each and every one of them.This latest development assumes significance in Taiwan due to the country’s high density of convenience stores, where loyalty points hold substantial value. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, “Points Accumulation and Redemption” ranked as the most practical function among four primary retail app functions in their 2021 consumer behavior survey.Local industry partnersBitoGroup, one of the primary partners in this initiative, boasts a membership base nearing 800,000 and holds a market share of approximately 90% in Taiwan. BitoGroup offers a diverse range of services, including BitoPro, a cryptocurrency exchange; BELS, an NFT empowerment platform; and O2 META, which is a metaverse-focused social media platform.For nearly a decade, Taiwan FamilyMart and BitoGroup have offered customers the ability to purchase Bitcoin at convenience store locations nationwide. This new partnership signifies a shift from physical convenience stores to online experiences, enabling access to innovative financial tools and reinforcing Taiwan’s position as a digital economy leader.This latest partnership marks a significant milestone in bringing Web3 and digital currency into active and mass market use among ordinary people in Taiwan. The development coincides with Taiwan’s legislature and regulators currently working on the introduction of a regulatory framework for digital assets.