Huobi Expands Crypto Trading Services in Hong Kong

Mirae Asset Securities and NEAR Protocol Partner to Advance Blockchain TechSouth Korea’s leading securities firm, Mirae Asset Securities, has partnered with the Swiss-based NEAR Foundation to further the development of Web3 initiatives, according to Digital Today’s report.Photo by Shubham Dhage on UnsplashCollaboration on Web3 researchThe NEAR Foundation is a Swiss-based non-profit organization behind the NEAR Protocol, a blockchain platform designed to support the operation of decentralized apps (dApps). The collaboration between NEAR and Mirae Asset Securities will encompass various endeavors, including conducting research on Web3 and blockchain technology within the financial sector, organizing awareness-raising events for both entities, and establishing a cooperative system to enhance the business network between Web2 and Web3.An In-sung, the head of the digital division at Mirae Asset Securities, expressed the company’s commitment to advancing blockchain technology and collaborating with partners to gain a competitive advantage in the Web3 sector. NEAR Foundation CEO Marieke Flament highlighted the technical expertise of their platform, emphasizing its potential to drive innovations within the financial industry through cooperation with Mirae Asset Securities.NEAR’s broader engagement in KoreaThe NEAR Foundation’s collaborative efforts extend beyond the financial sector in Korea. Earlier this month, the organization forged a strategic partnership with MARBLEX, a blockchain arm of gaming publisher Netmarble. This alliance aims to foster the growth of the Korean Web3 gaming industry, indicating the foundation’s wider involvement in the East Asian country.

DAXA Implements Virtual Asset Alert System to Enhance Investor ProtectionThe Digital Asset eXchange Alliance (DAXA), a consortium consisting of the top five cryptocurrency exchanges in South Korea, has made an announcement today regarding the introduction of a standardized virtual asset alert system.That’s according to a report by local news outlet Edaily. This system aims to tackle the problem of information asymmetry and safeguard the interests of investors.Badging of assetsUnder this new initiative, member exchanges will continuously monitor the market in real time to operate their respective alert systems. Whenever a virtual asset meets certain predetermined criteria, the trading window for that asset will be labeled with a badge. While DAXA members have collectively agreed to run the alert signal for a maximum of 24 hours, each exchange will have the autonomy to determine specific durations based on their individual requirements.Photo by Sigmund on UnsplashFive categoriesThe alert system will cover five distinct categories, notifying users of market movements related to price fluctuations, trading surges, deposit surges, price gaps, and whale trades. Price fluctuations refer to instances where the prices of virtual assets experience a rise or drop of over 50 percent within a 24-hour period. Trading surges indicate an increase in trading volume by more than 100 percent over the past ten days. Deposit surges signify an increase in deposit volume by over 100 percent during the same ten-day period. Price gaps occur when virtual asset prices on DAXA exchanges differ by more than 5 percent from their corresponding prices on crypto information website CoinMarketCap. Lastly, whale trades refer to situations where specific individuals or entities account for more than 40 percent of the total transaction volume within the past 24 hours.It is worth noting that the guidelines pertaining to the alert system will be customized by each member exchange according to their specific trading volumes and requirements. While adhering to the aforementioned framework, the member exchanges will establish their own rules and regulations.The formulation of this initiative involved the collaboration of all five members, who collected valuable input from DAXA advisors since the alliance’s inception in June of last year. The alert system also underwent a trial test phase to ensure its stability before being implemented.DAXA Vice Chairman Kim Jae-jin said the DAXA alert system would address information asymmetry issues by promptly providing data that ordinary investors previously couldn’t find on charts or order books. Kim added that the alliance is committed to further improving the alert system.

Digital identity and financial network Worldcoin, the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has revealed its expansion into Singapore.Photo by Meriç Dağlı on UnsplashFive Orb-scanning locationsFollowing the successful launch of World ID 2.0 and the open-sourcing of the Worldcoin iris recognition pipeline in mid-December, the project now offers World ID verifications in Singapore through the Orb, its custom hardware device. The product launch in the Southeast Asian city-state comes hot on the heels of Worldcoin pausing its activities in India. According to a blog post published by the project on Wednesday, Singaporeans can now avail themselves of World ID verifications at five locations through the Orb, the iris-scanning device that forms a crucial part of the project's identity verification process. Adding to its presence in Singapore, Tools for Humanity (TFH), a Berlin-headquartered project contributor and the lead developer behind Worldcoin, has become a member of two prestigious startup and tech associations in Singapore: ACCESS and the Singapore Fintech Association (SFA). Through these associations the project’s developers are seeking to further embed Worldcoin within the region's technology ecosystem. Expanding global footprintExpanding its global footprint, World ID verifications are not limited to Singapore alone. The project has also extended its services to Seville and Bilbao in Spain. Moreover, in South America, World ID verifications in Chile have expanded to Concepcion, Curico and Viña del Mar, joining Santiago. Meanwhile, Argentina achieved a notable milestone, setting a national record with over 10,000 verifications in a single day. In Japan, Fukuoka on Kyushu Island now joins new locations in Tokyo for proof of personhood verification via World ID. Earlier in December, Worldcoin introduced World ID 2.0, an upgrade that builds upon its existing "proof of personhood" protocol. This upgrade introduces "Apps, Levels, and a series of core improvements" to the protocol launched earlier in the year. The accompanying apps enable World ID integration with various services, including Reddit, Discord and Shopify. Market challengesIt's worth noting that despite these positive steps being taken to expand the Worldcoin global footprint, the company has faced challenges in certain markets also. It emerged in recent days that it has temporarily halted its services in India, France and Brazil. Despite the temporary pause, World App continues to gain popularity in India, where thousands download the app each week. The Worldcoin Foundation explained that Orb-verified proof of personhood services has been scaled back temporarily as they work on developing a safe and orderly process to meet the increasing demand for World ID in India. Sources close to Worldcoin suggest a relaunch in India is anticipated in 2024. Despite its expansion, Worldcoin has faced criticism since its launch. Reports from August indicated that German regulators had been scrutinizing the project since 2022, while French officials raised concerns about the legality of collecting biometric data. The authorities in Kenya suspended the activities of Worldcoin within the country a few months ago, pending a review by public agencies in respect of security and data protection. Earlier this month, Tiago Sada, head of product for Tools for Humanity, tried to allay privacy concerns on the basis of the product’s anonymity. Sada stated:“You can use it completely anonymously; the only thing you’re doing is proving you’re unique.”