Seoul’s Seocho District Leverages Blockchain Coins to Catalyze Social Impact

Dunamu likely to extend CEO Lee’s tenure, ensuring continuity in Upbit leadershipDunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange, recently convened a board meeting where a key decision was made to extend the term of Lee Sirgoo as Dunamu’s CEO, as reported by local news outlet Newsis, citing industry sources.Photo by Benjamin Child on UnsplashFinal decision on Dec 5The final decision on the extension of CEO Lee’s term at Dunamu is set to be made at the extraordinary general meeting on Dec. 5. The crypto industry is largely confident about Lee’s reappointment, especially given the presence of major executives, including Chairman Song Chi-hyung, at the recent board meeting.Responding to changing regulationsIn light of these developments, industry insiders are keenly observing whether CEO Lee will maintain Upbit’s market dominance in Korea. A key factor influencing Upbit’s future success will be Dunamu’s strategy in adapting to the changing market conditions, particularly in response to the upcoming Virtual Asset User Protection Act, which is due to come into effect in July next year.One source familiar with the matter said that Lee’s reappointment is almost assured, barring the emergence of any unexpected factors.If confirmed, this will mark Lee’s second reappointment as CEO of Dunamu since his first in 2020. This extension would bring his total tenure to nine years, continuing through 2026, considering that he initially assumed leadership in December 2017.Emphasis on stability and blockchain adoptionThis move likely underscores Dunamu’s prioritization of stability, especially considering Chairman Song’s emphasis on the company’s commitment to the widespread adoption of blockchain technology, as highlighted in the recently convened Upbit D Conference (UDC). Such a focus suggests that the company is leaning more towards maintaining its current status rather than embarking on new ventures.An executive from a Korean crypto research firm observed that Dunamu’s annual UDC event is a significant indicator of the company’s business direction. The person highlighted this by comparing it to last year’s event, where Dunamu officials focused on new initiatives, particularly in the realm of NFTs. This was evident in their collaboration with Levvels, a joint venture between Dunamu and HYBE, the management agency of the popular K-pop boy group BTS.The executive further elaborated that the widespread adoption of blockchain technology requires strengthening the Upbit business, an area in which Lee excels. The research expert suggested that if he had diverted his efforts towards other new projects outside of Upbit, the outcomes might have been different.CEO Lee’s ability to steer Upbit effectively in the burgeoning field of blockchain technology can be attributed to his rich academic and professional journey. He holds a diverse academic background with degrees from Seoul National University, the University of Hawaii at Manoa and Lewis & Clark Law School. His career spans journalism, law and corporate leadership, including roles as a reporter for JoongAng Ilbo, counsel for IBM Korea, CEO of NHN USA and co-CEO of Kakao Corporation.

3D Avatar Platform GoodGang Labs Joins Finschia as Joint Mainnet OperatorGoodGang Labs, a Singapore-based metaverse platform developer, is set to become a joint operator of the public blockchain mainnet Finschia, as reported by South Korean news agency Yonhap.The Finschia mainnet was launched by Line Tech Plus, a blockchain business subsidiary of Tokyo-based messaging app developer Line Corporation. It has been operated by the Finschia Foundations, a non-profit organization established in March in Abu Dhabi, United Arab Emirates.Photo by GuerrillaBuzz on UnsplashAdvancing Finschia’s governanceGoodGang Labs’ participation as a joint operator of the mainnet came as part of the Finschia Foundation’s establishment of a new consortium to advance its governance structure. Along with GoodGang Labs, many esteemed companies have joined as governance members to collaborate on operating the mainnet. These companies include Japanese telecom giant SoftBank, NFT platform operator LINE NEXT, blockchain infra-service provider A41, crypto firm AhnLab Blockchain Company, CeDeFi protocol Neopin, quantitative trading firm Presto Labs, and GameFi-oriented platform MARBLEX.GoodGang Labs specializes in developing technology that utilizes artificial intelligence (AI) to translate users’ facial expressions and behaviors into real-time 3D avatars. Leveraging this technology, the company is currently piloting Kiki Town, a 3D avatar communication platform.Finschia-based NFT projectsWith its involvement in Finschia, GoodGang Labs will allow various Finschia-based NFT projects to have access to the company’s services including the Kiki Town platform. FNSA, the base coin of the Finschia ecosystem, is currently listed on cryptocurrency exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto data tracking website CoinMarketCap.Ahn Doo-kyung, Co-Founder and CEO of GoodGang Labs, said that this partnership demonstrates the company’s capabilities during times of limited investment opportunities. He stated that GoodGang Labs will showcase a profit-generating platform that enables users to express their emotions through avatars and share their knowledge and experiences.The members of GoodGang Labs have acquired their tech expertise from notable entities such as SNOW, a subsidiary of South Korean tech behemoth Naver, and Meta, the parent company of Facebook. The company has received investments from Naver D2 Startup Factory, a startup accelerator; Naver Z, the operator of metaverse platform Zepeto; and Kakao Investment, the venture capital subsidiary of another Korean tech giant, Kakao.

RAK Properties has signed a strategic agreement with Hubpay that will allow international buyers to pay for homes in the United Arab Emirates (UAE) using digital assets, the real estate developer said in a Sept. 1 statement on its website. Under the arrangement, customers can settle property purchases with major cryptocurrencies, including USDT, Bitcoin (BTC), and Ethereum (ETH). Payments will be processed on Hubpay’s regulated platform, converted into UAE dirhams, and transferred directly to RAK Properties’ account. The company said it will not handle digital assets directly. Instead, all transactions will be processed by Hubpay and its partners, who are licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), to ensure compliance and transparency. The initiative is aimed at drawing new categories of overseas investors to Ras Al Khaimah, the UAE’s sixth-most populous city, including the developer’s Mina waterfront community.Photo by Precondo CA on UnsplashUAE’s crypto market expands amid rising risksThe move comes amid growing crypto activity in the UAE. A Chainalysis report last year ranked the Middle East & North Africa as the seventh-largest crypto market and noted that the UAE’s decentralized finance adoption was above the global average, citing regulatory clarity. From July 2023 to June 2024, crypto inflows to the UAE leaned heavily toward stablecoins, which represented 51.3% of value received, compared with 44.7% worldwide. Bitcoin’s share was smaller than the global average at 16.5% versus 22.3%, while altcoins and Ethereum showed little difference at 24.4% and 7.8%, respectively. At the state level, the UAE itself has emerged as a significant player. Based on Arkham’s tracking, it is the world’s fourth-largest government Bitcoin holder, with about 6,352 BTC ($703 million). In contrast to the U.S. and U.K., whose holdings largely stem from law enforcement seizures, the UAE’s reserves come from mining through Citadel Mining. The firm is majority-owned by 2PointZero under the International Holding Company (IHC), which is chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the UAE’s national security adviser and a prominent member of the ruling family in Abu Dhabi. As crypto use has grown, so too have the risks. In the first half of this year, the UAE recorded the world’s largest average per-victim losses from crypto crime, with nearly $80,000 stolen per individual, according to Chainalysis. Only the U.S. came close to that figure, while Chile, India, Lithuania, Japan, Iran, Israel, Norway, and Germany rounded out the global top ten. Harmonizing crypto rulesAmid a shifting crypto landscape, regulatory structures in the UAE are continuing to evolve. At the federal level, the Securities and Commodities Authority (SCA) supervises virtual asset services, while the Central Bank of the UAE (CBUAE) oversees payment tokens. The Dubai International Financial Centre and the Abu Dhabi Global Market operate their own frameworks. Last month, the SCA and VARA introduced a cooperation framework to harmonize oversight and allow mutual recognition of licenses, though the system stops short of automatic passporting in order to preserve national security controls. In related developments, the National Bank of Ras Al Khaimah (RAKBANK) became the first bank in the UAE to partner with Bitpanda Technology Solutions, a Vienna-based crypto exchange and digital assets infrastructure provider. The partnership, which builds on earlier work exploring the issuance of digital payment tokens, is expected to give RAKBANK customers access to a variety of crypto use cases.