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

Bullish Market Analysis Finding as Asia Doubles Crypto UsersComing off the back of the last bull run, the crypto sector has been challenged with cooling price levels also affected by global macroeconomic headwinds. Despite that, a recent crypto market study by financial news platform Finbold has found encouragement with a significant increase in crypto users, most notably in Asia.Photo by Jéan Béller on Unsplash37% increase in global usersAccording to the market data presented by Finbold on Thursday, the number of global crypto users has reached 417.5 million as of 2023, representing a year-over-year growth of 36.88%. This translates to an increase of 112.5 million users compared to the 2022 count of 305 million.Several factors contribute to the growth in crypto user numbers. The fear of missing out (FOMO) phenomenon plays a significant role, as individuals see market downturns as an opportunity to enter the market and potentially benefit from their investments.Mainstream adoption and awareness of cryptocurrencies have also attracted new users, aided by the accessibility and convenience of crypto platforms and exchanges. Additionally, the acceptance of cryptocurrencies as a form of payment by businesses has further fueled user growth.In emerging markets with unstable economies and limited access to traditional banking services, cryptocurrencies have been embraced as an alternative and inclusive financial solution, driving adoption in those regions.Standout growth in AsiaAsia leads the way with 260 million users as of May 2023, marking an astonishing 100% growth from the previous year’s figure of 130 million. North America follows with 54 million users, witnessing an addition of 3 million compared to the 2022 count of 51 million.When examining crypto ownership in relation to the population of each country, Thailand claims the top spot in 2023 with a share of 9.32%. India comes in second with 7.23%, followed by Brazil at 6.98%. Pakistan ranks fourth with 6.4%, while France rounds out the top five with 5.9%.Observers believe that regional crypto user trends will be influenced by regulations. Asia dominates the market, driven by the increasing adoption of blockchain-based payment solutions in countries like India, China, Singapore, South Korea, and Japan, particularly within the banking, financial services, and insurance sectors.African & European user declineAfrica experienced a decline of 28%, going from 53 million to 38 million users. Similarly, European users dropped from 43 million to 31 million. Notably, Europe has witnessed a drop in usage, coinciding with the enactment of the Markets in Crypto Assets (MiCA) law, which aims to create a legal framework for the crypto asset market.The growth in global user numbers is remarkable, considering the challenging phase the crypto sector has been going through. High-profile incidents, including the FTX crypto exchange collapse and the Terra (LUNA) ecosystem crash, have eroded trust within the sector. Moreover, the crypto market has had to navigate an uncertain regulatory landscape, with jurisdictions like the United States cracking down on the sector.Lawsuits filed by the US Securities and Exchange Commission (SEC) against Ripple, Binance, and Coinbase for alleged securities laws violations are likely to discourage investor involvement. Regions with stricter regulations, such as North America and Europe, are expected to lose crypto business to the Asia-Pacific region.

Midas Investments Founder Launches Locus FinanceIakov Levin, the founder of the recently failed Dubai-headquartered custodial crypto investment platform Midas Investments, has unveiled his latest project, Locus Finance, a DeFi platform.Photo by Shubham’s Web3 on UnsplashStarting overThat’s according to a recent report published by The Block. Locus Finance’s main focus lies in providing connectivity with high-yield tokenized vaults. In its initial stages, the company will introduce three yield-generating products, centered around Ethereum staking, DeFi expansion, and Arbitrum trading.Levin believes that investors are not interested in the intricacies of blockchains, protocols, or daily portfolio management. This is where vaults play a crucial role, catering to the retail yield market and generating profits for retail investors. In a statement Levin said:“Investors don’t want to worry about blockchains, protocols, transaction costs, and daily portfolio management. They need specific exposure in a set-and-forget style. Vaults represent a unique approach necessary for maturing the retail yield market, allowing for optimal wealth generation for retail investors.”With Locus Finance, Levin aims to learn from past experiences and provide a platform that meets the demands of retail investors seeking a more simplified and profitable DeFi experience. The company’s approach centers around yield generation and a seamless user experience, allowing users to focus on their investments without being bogged down by complex technicalities.Midas downfallMidas Investments, established in 2018, had seen significant success as a custodial crypto investment platform which offered yields on a range of digital assets. It managed assets worth over $250 million at its peak in 2021. However, the volatile market conditions in 2022 led to losses exceeding $50 million, forcing the company to close its doors in December 2022.The loss incurred accounted for 20% of the $250 million assets under management (AUM). The platform’s demise followed the collapse of prominent projects like Terra, FTX, and Celsius earlier in 2022. Those collapses prompted Midas Investments users to withdraw over 60% of their assets. That run on the platform rendered its fixed yield model unsustainable.Midas faced total liabilities of $115 million in Bitcoin, ETH, and stablecoins, with assets valued at $51.7 million. At the time of the platform’s collapse, Levin expressed his optimism about future plans. He disclosed plans to introduce an offering that would feature new investment strategies. Fast forward seven months and it appears that those plans have taken shape in the form of this newly-launched Locus Finance platform.However, Locus Finance’s success will be closely monitored in light of the challenges faced by its predecessor. A former Midas Investments customer took to Reddit three months ago to warn people to stay away from the new platform once launched.At that time, Midas Investments management had advised customers of its intention to start over via Lotus Finance. “Users lost tons of money and Midas got away with the bags. . . . I’d recommend staying as far away from them as possible,” the former customer warned.

Korean and Indonesian firms join forces to tokenize shipping assetsCentralized decentralized finance (CeDeFi) platform NEOPIN said Wednesday that it has signed a business agreement with the Klaytn Foundation, South Korean juggernaut Kakao’s Layer 1 public blockchain, and Pelayaran Korindo, the shipping arm of Southeast Asian conglomerate Korindo, to tokenize real-world assets (RWAs).Photo by Andy Li on UnsplashRevolutionizing shipping financeThe three companies will first tokenize shipping-related assets owned by Pelayaran Korindo. This integration of digital assets into the maritime industry — which up until now has been under the umbrella of traditional finance — is expected to increase accessibility to shipping investments not only for institutional investors but also for individual investors.Pelayaran Korindo specializes in comprehensive shipping logistics mainly in Indonesia. Under the newest collaboration, the company plans to enhance the accessibility of its RWAs to Web3 companies as well as share its knowledge on localization and partner networks. It aims to play an essential role in the joint venture by leading the decentralization of traditional finance and promoting the widespread adoption of RWA tokenization.On the other hand, NEOPIN, along with the Klaytn Foundation, plans to leverage its expertise in CeDeFi to help Pelayaran Korindo digitize and liquify their assets while optimizing the plaform’s user inferface.Ushering in an era of RWA tokensThe partnership is also a part of the Klaytn Foundation’s efforts to expand its ecosystem through RWA-related endeavors. By tokenizing RWAs and producing certifications of digital ownership, the enterprise hopes to popularize blockchain and create value through real-world use cases. To achieve this, the foundation will work with RWA tokenization experts both in Korea and overseas to build a business model that is profitable, technologically feasible and regulatory compliant.“The Klaytn blockchain enables the construction of a digital asset trading platform with fast processing speed and low fees that can satisfy both token issuers and also regular users,” explained Seo Sang-min, Representative Director at the Klaytn Foundation. “The foundation has accumulated practical experience in the entire service construction process, from discovering promising RWA tokenization projects to launching real services. Moving forward, we will collaborate with Pelayaran Korindo and NEOPIN to actualize various global RWA tokenization initiatives, starting with maritime finance.”NEOPIN’s CEO Ethan Kim also mentioned the company’s intent to work with Pelayaran Korindo and the Klaytn Foundation to introduce attractive RWA investment products that are easy to navigate and have strong factors of appeal, thus leading the global RWA market in maritime finance.