Korean Investment Firm Partners with Open Asset to Build Security Token System

Bybit Gets Outline Approval to Operate in KazakhstanBybit, the cryptocurrency spot and derivatives trading platform, is expanding its operations with a recent “in-principle” approval from the Astana Financial Services Authority (AFSA) in Kazakhstan. This approval allows Bybit to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC).Photo by Engin Akyurt on PexelsExpanding area of operationsBen Zhou, the co-founder and CEO of Bybit, expressed his belief in the promising potential of the Commonwealth of Independent States (CIS) region for the growth of the crypto industry. He also emphasized Bybit’s commitment to complying with local regulations, following the recent scrutiny the company faced in Japan for operating without proper registration.To obtain permanent authorization to serve the local market, Bybit must fulfill certain pre-conditions specified in the in-principle approval and complete the application process. In April, it emerged that the company had established its global headquarters in Dubai, where it has already secured “in-principle” approval to operate a virtual assets business. Bybit has also been active in Hong Kong and is in the process of obtaining a license to trade in the Chinese autonomous territory.Debit card and lending servicesAs well as a geographical expansion, in recent months Bybit has also been expanding its service offering. On May 2, the exchange announced the introduction of crypto lending services for its users. This addition allows users to lend and borrow cryptocurrencies through the Bybit platform, providing them with more opportunities to maximize their holdings.Earlier this year, Bybit collaborated with Mastercard to launch a new debit card tailored for cryptocurrency payments. This partnership aimed to bridge the gap between traditional financial systems and the growing crypto ecosystem, allowing users to spend their cryptocurrencies seamlessly in everyday transactions.Kazakhstan’s crypto strategyKazakhstan got off to a difficult start with crypto. Once crypto miners were banished from China, many of them moved operations to Kazakhstan, putting pressure on the local power grid.The local administration has since gotten to grips with the industry, restricting crypto miners’ access to cheap electricity. Bybit’s decision to offer services in Kazakhstan aligns with the country’s current efforts to position itself as a regional hub for crypto, mining, and blockchain.In February, local officials implemented a mandate that requires 75% of revenue generated from crypto mining to be sold through a crypto exchange, with the aim of combating tax evasion.CBDC developmentFurthermore, Kazakhstan has been actively exploring the development of a central bank digital currency (CBDC) and is currently in the pilot phase of its implementation. The introduction of a CBDC can potentially revolutionize the country’s financial landscape, offering faster and more efficient digital transactions while maintaining regulatory oversight.Bybit’s pre-approval in Kazakhstan signifies the company’s strategic expansion into a region with a favorable regulatory environment for cryptocurrencies. As the crypto industry continues to evolve, partnerships between traditional financial institutions and crypto exchanges, like the collaboration between Bybit and Mastercard, demonstrate the increasing integration and acceptance of digital assets in mainstream financial systems.

Maple Finance Secures $5 Million to Fund Asia ExpansionMaple Finance, a crypto capital network focused on institutional business, has recently concluded a funding round that raised $5 million, with a view towards using the funds to finance an expansion into the Asian market.Maple Finance operates as a platform that empowers lending pool delegates and credit professionals to establish their own credit facilities on the blockchain. These facilities cater to different borrowers who can draw from these pools.Notably, Icebreaker Finance initiated a $300 million lending pool on Maple to assist Bitcoin miners in 2022. Maple Finance functions as the infrastructure atop which these lending pools are built, with pool delegates and lenders independently evaluating and verifying their risk.Photo by Monstera on PexelsMaple Direct lendingThe capital infusion was led by Blocktower Capital and Tioga Capital, with participation from supporters including GSR Ventures, Cherry Crypto, Veris Ventures, and Spartan Capital. This funding will not only facilitate Maple Finance’s expansion endeavors but will also fuel the growth of its newly introduced pure-play lending division, Maple Direct.Maple Finance has spotted an opportunity that has opened up due to the collapse of lending giants like Genesis Lending, BlockFi, Voyager, and Celsius in the institutional lending space. In addition to its role as a platform for facilitating third-party pool creation, Maple Direct was launched in June. It offers overcollateralized loans secured by Bitcoin, Ethereum, and staked Ethereum as collateral.Sydney Powell, the firm’s Co-Founder and CEO explained that Maple Direct is designed to offer an over-collateralized lending product transparently on-chain, providing a differentiated approach in the market. Unlike other platforms, borrowed collateral isn’t rehypothecated for yield generation; instead, it is securely held with a qualified custodian. This strategy positions Maple Finance to cater to market demand while minimizing risk.Strategic expansionPowell told TechCrunch: “I think now is the time to do that because all the other competition exited, and so that’s created this opportunity for us to step in and offer a product.” He expanded further on how the company is thinking strategically, relative to the expansion of the services it is now offering: “Other players try to focus on just trying to build the technology, kind of like Uber and Airbnb. What we’ve tried to do is to act as an underwriter so we need to show credit expertise. I think it gives us a little bit more control over the outcome and it’s a little bit closer to Apple in that it’s more vertically integrated.”Pushing into AsiaThe newly raised funds are earmarked for global expansion, with a particular focus on the Asia-Pacific (APAC) region. This is a strategic move, considering that several jurisdictions in APAC, such as Singapore and Hong Kong, have adopted pro-crypto regulations.“In Asia, you have regulatory clarity, or rather, regulatory support, both coming out of Hong Kong and Singapore in terms of new legislation that’s come through, and you already have a very heavy trading focus over there,” Powell stated.Maple’s product development is ongoing. Earlier this month, the company launched a Treasury Bill Pool that provides accredited investors with access to US Treasury Bills with what it claims is a “risk-free rate” of return, given that the pool generates a yield of 4.67%.

Xsolla and Crypto.com Collaborate on Gaming Industry Payment SolutionXsolla, a well-known American company in video game commerce, has joined forces with Singapore-headquartered crypto platform, Crypto.com, to unveil an innovative partnership.The crux of this collaboration, which was announced via a press release published on Tuesday, lies in the seamless integration of Crypto.com’s cutting-edge checkout solution into Xsolla’s Pay Station platform.Photo by Andrey Metelev on UnsplashSetting the stage for crypto paymentsThe integration marks a significant stride forward for the gaming industry, ushering in new frontiers for both game developers and players. The collaboration sets the stage for the acceptance of cryptocurrency payments and the optimization of transactions within a secure and user-friendly environment, attempting to elevate the overall gaming experience to new heights.In an era dominated by digital payment methods, this development promises players a diversified array of transaction options, harmonizing with the digital and metaverse landscapes. Additionally, this collaboration stands as a milestone for Crypto.com’s endeavor to establish a strong foothold and network within the gaming realm.Eric Anziani, President and COO of Crypto.com, highlighted the immense potential lying at the crossroads of gaming and Web3. “By joining forces with a global gaming titan like Xsolla and harnessing our collective assets and expertise,” Anziani stated, “we are concretizing this potential, empowering developers, publishers, and players to seamlessly participate and create value within the crypto economy.”Xsolla’s Pay Station, renowned for enabling in-game purchases across over 200 regions using an array of compliant payment providers, is poised for an exciting evolution with the impending integration of Crypto.com Pay. This upcoming synergy promises a wider horizon for developers and publishers, enabling them to tap into diverse player demographics and access vibrant markets and novel revenue streams.Integration of Crypto.com PayChris Hewish, CEO of Xsolla, expressed his enthusiasm for the partnership:“Our collaboration with Crypto.com is a remarkable milestone, especially with the substantial integration of Crypto.com Pay into our Pay Station platform. As the gaming landscape evolves rapidly, our adaptability becomes paramount. The integration of cryptocurrencies as a mode of payment offers game developers and players an ingenious payment solution in harmony with the global shift toward digital currencies.”The alliance has the potential to be impactful within the gaming industry, heralding a paradigm shift toward an all-encompassing and secure gaming ecosystem. Patrick Yoon, General Manager of Crypto.com Korea, added to the sentiment, expressing eagerness for the future:“Our journey with Xsolla marks a crucial stride, kickstarting a broader collaborative venture in Korea and on the global stage. We eagerly anticipate our ongoing collaboration with Xsolla in propelling payment ecosystems and digital asset adoption forward.”Blockchain and crypto-based projects have been slowly making greater in-roads into the enormous gaming market. That has manifested itself through the inclusion of blockchain within games themselves and, as in this instance, through the integration of crypto-based payments.As Xsolla and Crypto.com meld their strengths, the gaming industry braces itself for an era of inclusive and secure payment solutions with a promise to redefine the gaming experience.