Bitget Claims Debt-Free Status via Proof of Reserves

As the cryptocurrency market’s sluggish performance stretches into another year, South Korean investors have largely engaged in a wait-and-see approach. According to local media outlet Dailian, users are now checking prices only occasionally rather than trading actively, a shift evidenced by sharp declines in engagement metrics at the country’s two dominant exchanges, Upbit and Bithumb.Photo by NordWood Themes on UnsplashHigh retention, low activityData from Mobile Index reveals a stark contrast between user retention and actual activity. Throughout 2025, monthly active user (MAU) levels remained relatively stable—Upbit recorded as many as 4.7 million MAUs, while Bithumb reached approximately 2.7 million at its peak. This suggests that while the market downturn has dampened enthusiasm, it has not driven users to exit the ecosystem entirely. However, the time users spent on these platforms plummeted as liquidity dried up. In January 2025, ample market liquidity drove aggressive trading behavior; Upbit users spent an average of 7 hours and 30 minutes on the app during the month. By December, that figure had crashed to just 2 hours and 30 minutes—a 66.4% decline. Bithumb experienced a similar contraction, with average monthly usage falling from 233 minutes in January to 120 minutes in December. Aggregate usage followed the same downward trajectory. On Upbit, total monthly time spent across the user base fell from 35.66 million hours in January to 10.54 million hours in December. Bithumb saw total hours drop from 10.63 million to 4.65 million over the same period. The altcoin freezeThis reduction in screen time correlated directly with collapsing trading volumes. Upbit’s daily trading volume shrank from approximately 270 trillion won ($187 billion) in January to 52 trillion won ($36 billion) in December. Bithumb saw a proportional decline, dropping from 85 trillion won ($59 billion) to 24 trillion won ($17 billion). Analysts attribute this trend to a capital concentration in major assets like Bitcoin, which hit a new all-time high in October. Conversely, altcoins—which typically account for a disproportionately large share of trading volume in South Korea—failed to spark a rebound. Despite aggressive listing strategies—Upbit listed 73 new tokens and Bithumb added 156 last year—the influx of new assets failed to prompt a broader rally. One industry expert noted that none of the newly listed tokens managed to stand out, adding that the decline in Bitcoin prices later in the year further soured sentiment toward altcoins. The expert also highlighted that stronger performance in traditional asset classes, including U.S. and South Korean equities and gold, drew capital away from the crypto sector. However, another analyst offered a less pessimistic interpretation, suggesting that 2025 was not a year of investor exodus but rather one of dormancy. Investors chose to stay on the sidelines due to a lack of clear profit opportunities, implying that a resurgence in altcoin momentum could restore trading activity. Institutional giants push forwardDespite the retail lull, traditional financial institutions are actively exploring the sector, positioning themselves for future utility. Last month, BC Card signed a memorandum of understanding with U.S.-based exchange Coinbase to test USDC payments at South Korean merchants. The pilot program aims to integrate Coinbase’s Base blockchain wallets with BC Card’s QR payment infrastructure. Simultaneously, the broader card industry is preparing for the second phase of crypto legislation, which is expected to focus on stablecoin regulation. Nine credit card companies—including Samsung Card, Shinhan Card, and KB Kookmin Card—plan to form a task force this month under the Credit Finance Association (CREFIA). This initiative will focus on building an end-to-end system for stablecoin-based card payments and merchant settlements, including pilot tests for stablecoin-linked debit cards usable at standard payment terminals. Investment interest also remains alive in the corporate sector. Mirae Asset Financial Group is reportedly considering acquiring Korbit, the country’s fourth-largest exchange, through its subsidiary Mirae Asset Consulting. Market observers estimate the potential deal could be valued at up to 140 billion won ($97 million). 

Animoca Brands Secures Funding to Expand Web3 Identity ProjectHong Kong-based Web3 firm Animoca Brands has successfully raised $20 million in a recent funding round, signaling a significant boost for its Web3 identity project, Mocaverse.Photo by Markus Winkler on UnsplashCMCC Global leads funding roundThe funding, announced via a blog post published to the firm’s website on Monday, was spearheaded by CMCC Global, a Hong Kong-headquartered venture capital firm that focuses solely on blockchain-related investments. Additionally, the round saw participation from prominent investors including Kingsway Capital, Liberty City Ventures, and GameFi Ventures.Prominent individuals within the industry also contributed, including Aleksander Larsen, Co-Founder of Sky Mavis, the developer of well-known blockchain play-to-earn game Axie Infinity, and Gabby Dizon, Founder of Yield Guild Games.Mocaverse, Animoca Brands’ ambitious project, is dedicated to the development of Web3-native tools catering to the gaming and entertainment sectors. This funding round points to the growing recognition of Web3’s potential to transform digital identities, particularly so within the areas of gaming, culture, and entertainment.Aiming to redefine Web3 user engagementMocaverse aims to redefine how users engage with these sectors by providing innovative solutions and unique experiences. One noteworthy aspect of this funding initiative is Animoca Brands’ commitment to granting investors “a free-attaching utility token warrant on a 1:1 dollar basis.” This strategic move not only bolsters investor confidence but also aligns their interests with the long-term success of Mocaverse.The injection of capital will be instrumental in advancing the Mocaverse project, with the imminent launch of Moca ID being a key milestone. Moca ID, a non-transferrable NFT collection, empowers users to create and nurture their on-chain identities, offering exclusive access to the Mocaverse ecosystem and the opportunity to earn loyalty points through active participation.Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, who also participated in this funding round on a personal basis, expressed his vision for Mocaverse, stating:“The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem.”Siu emphasized that Mocaverse’s scope extends beyond individual empowerment. It is poised to serve as a digital identity, reputation, and loyalty system for various decentralized organizations.Web3 thought leadershipThe Animoca Brands Co-Founder is catching the public eye with his commentary and thought leadership relative to the fledgling Web3 sector. In an interview last week, Siu voiced his belief that Saudi Arabia is proactively nurturing blockchain gaming, revealing that Animoca itself has partnered with the Gulf state on a Web3-related project.Giving a keynote speech at the Ethereum Community Conference (EthCC) in Paris in July, he voiced his opinion that Hong Kong’s recent crypto development has been sanctioned by mainland China.The $20 million raised signifies a significant stride toward realizing the potential of Web3 technology in shaping the future of gaming, culture, and entertainment. With Mocaverse at the forefront, Animoca Brands is poised to attempt to create a vibrant ecosystem where users can actively engage, redefine their digital identities, and unlock new economic opportunities, all within a collaborative and decentralized framework.

KLEVA, a decentralized finance (DeFi) service that until now has been based on the Klaytn blockchain, is set to move to Wemade’s WEMIX3.0 mainnet as a native service and undergo a new upgrade to “KLEVA omni”, according to an official Medium announcement by WEMIX on Tuesday (KST). As a result, KLEVA tokens will be issued on the WEMIX3.0 network instead of Klaytn. Existing tokens will be migrated to WEMIX3.0 as well.Photo by GuerrillaBuzz on UnsplashThe team at KLEVA revealed that it decided to move the service to WEMIX3.0 to gain access to broader inter-network connectivity. The decision also came as a result of security strengthening efforts related to custodial bridge services using the Lock and Mint method. Unveiling KLEVA omniKLEVA omni is an amalgamation of service advancements within the Trans-Chain DeFi protocol, rooted in the WEMIX Foundation's unagi initiative – a new innovative omnichain network and interoperable Web3 gaming platform. This innovative protocol integrates optimized tokenomics tailored for the omnichain ecosystem. By going beyond the limitations of single-chain DeFi and placing an emphasis on token rewards, the value of the Trans-Chain DeFi protocol is centered around the KLEVA token.  At its core, KLEVA omni is differentiated in its ability to process trans-chain transactions. It serves not only as a comprehensive solution for inter-chain yield farming but also as a bridge between service providers and users across boundaries.  Solution to variable yields and interchain risksIn addition, in the current market landscape, variations in deposit yields and loan interest rates exist for the same asset across different chains and services. KLEVA omni addresses this by sharing such information with users, streamlining their research and decision-making processes. This makes it easier for users to optimize their investment portfolios. The protocol will use una Bridge – a non-custodial omnichain bridge under the unagi initiative that mitigates the risks presented by wrapped tokens – to enable secure and efficient trading. It will also support various blockchains like Arbitrum, Optimism, Avalanche, Polygon, Ethereum, BNB and Solana.