Survey Reveals Favorable Public Opinion on Binance’s Acquisition of Korean Exchange Gopax

Cryptocurrencies tied to the family of U.S. President Donald Trump began trading on South Korea’s major exchanges on Monday. Upbit, the country’s largest exchange, listed WLFI—the native token of World Liberty Financial, a DeFi platform backed by the Trump family—and World Liberty Financial USD (USD1), a stablecoin the platform says is pegged 1:1 to the U.S. dollar and backed by dollars and government money market funds. Bithumb also listed both WLFI and USD1, while Coinone listed WLFI only.Photo by Scottsdale Mint on UnsplashFrom global listings to a volatile debutWLFI’s first session was volatile. It opened on Upbit at a floor price of 433.76 won ($0.31) and, roughly 17 hours later, was down about 25% at 323 won ($0.23) at the time of publication.Source: WLFI/KRW spot trading pair on UpbitThe Korean launch comes alongside listings on major global venues, including Binance and Coinbase. Until its exchange listings, WLFI holders had been unable to trade their tokens. The Wall Street Journal estimated the Trump family’s holdings, representing less than a quarter of the supply, to be worth close to $5 billion after the listing. Trump’s three sons are named as co-founders of World Liberty, which says tokens allocated to founders and team members will remain locked. President Trump is described as the project’s “co-founder emeritus.” Political controversy over crypto and holdingsThe project has drawn criticism from those who argue it could serve as a conduit for influence, with partners and investors seeking political favor. In April, Democratic lawmakers Senator Elizabeth Warren and Representative Maxine Waters warned the U.S. Securities and Exchange Commission that the family’s stake posed “an unprecedented conflict of interest” in oversight of the crypto industry. Later, White House press secretary Karoline Leavitt said, “Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest.” Controversy over public officials’ crypto exposure is not new. Recently, it was reported by The Chosun Ilbo that as of Aug. 14, Lee Eog-weon, nominee to chair South Korea’s Financial Services Commission (FSC), held 10 shares of Strategy, a Nasdaq-listed Bitcoin treasury company with 632,457 BTC in reserves. The disclosure indicates no legal violation because the holdings predate his nomination, but it highlights tension with his public views. In a letter to parliament ahead of his confirmation hearing, Lee questioned crypto’s intrinsic value and argued its volatility undermines its utility as a store of value or medium of exchange. If Lee were not seeking a government post, his holdings of crypto-related stocks would hardly surprise South Koreans. According to Money Today, citing data from the Korea Securities Depository (KSD), Korean investors increased purchases of crypto-related U.S. equities amid expectations of U.S. rate cuts. Bitmine Immersion Technologies—a Bitcoin miner that also accumulates Ethereum as a treasury asset—was the second-most purchased U.S. stock by Koreans in August, with net buys of $252.77 million, or 7.6% of all purchases among the top 50 U.S. stocks. Stablecoin issuer Circle ranked 10th at $92.62 million, and the GraniteShares 2x Long COIN Daily ETF, which delivers twice the daily price movement of Coinbase, ranked 11th at $90.74 million. In total, crypto-related stocks and ETFs accounted for 30.4% of the top 50 U.S. equity holdings by value. South Korea weighs spot ETFs amid investor surgePolicy is moving in tandem with market interest. Spot crypto ETFs have recently been elevated to South Korea’s national agenda, opening the door to potential approval. Analysts say such products could repatriate demand that has been flowing overseas. Kim Jin-young of Kiwoom Securities argues that expanded regulatory approval could reshape Korea’s capital market by widening investor access, drawing in institutional capital, stabilizing prices, and diversifying available crypto-linked products. 

CoinFLEX Effects Partial Repayment of SmartBCH DebtCoinFLEX, a Seychelles-based crypto yield platform that operated the BCH to sBCH cross-chain bridge, has taken a significant step towards its restructuring plans by partially repaying its debts to SmartBCH Alliance.Photo by Towfiqu barbhuiya on PexelsBitcoin Cash sidechainAs part of the repayment, SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from CoinFLEX, including approximately 4.28 million rvUSD ($750,000), 652,000 USDC ($652,000), and 6,834 BCH ($1.6 million). Notably, 80% of the received USDC has been swapped into Bitcoin Cash, while the remaining portion has been reserved to cover legal and operational expenses. SmartBCH currently holds a total of 10,758 BCH.The repayment to SmartBCH comes amidst a significant surge in the price of Bitcoin Cash, which has witnessed a remarkable increase of over 110% in the past seven days. This surge has positioned Bitcoin Cash as a top performer among major currencies in the crypto market, according to data from CoinGecko.Bitcoin Cash, along with other Bitcoin forks, has been benefiting from the overall rise in the cryptocurrency market. The increased interest can be attributed to the flurry of spot Bitcoin ETF filings that have taken place recently.The positive developments surrounding CoinFLEX and Bitcoin Cash have also had a ripple effect on associated tokens. $FLEX and $OX, tokens connected to CoinFLEX, have experienced notable increases in value, rising by 53% and 65% respectively over the past week.CoinFLEX itself has been undergoing a significant restructuring process that was approved by the Seychelles Courts on March 6. The exchange initially suspended withdrawals in June 2022, citing extreme market conditions and uncertainty related to a counterparty.CoinFLEX was one of several crypto firms affected by the collapse of the Terra ecosystem in May 2022, resulting in the loss of over $40 billion in investor value within a short period. In September, the company revealed its restructuring proposal, which involved offering over 65% of its equity to creditors and allocating 15% to employees.OPNX rebrandLast March, CoinFLEX rebranded itself as Open Exchange (OPNX) following the approval of its restructuring plan. The founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, are collaborating with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), on the new Dubai-based venture.SmartBCH has announced its intention to open an account on OPNX and gradually convert rvUSD into Bitcoin Cash through the exchange. It is worth noting that, as part of the restructuring terms, SmartBCH is entitled to common equity in CoinFLEX and one board seat, although it has not received these benefits at present.Additionally, SmartBCH has burned 33,365.67 sBCH tokens, returning them to the old bridge address. As a result, the total sBCH in circulation on the sidechain now amounts to 67,756.766.To further enhance stability, SmartBCH has entered into an agreement with CoinFLEX to assume responsibility for maintaining the 1:1 peg between sBCH (the sidechain’s native token) and BCH.

OKX Ventures Invests in Data Bridging ProtocolOKX Ventures, the investment branch of the Seychelles-headquartered cryptocurrency exchange OKX, has made a strategic investment in Singapore’s 0xScope.Knowledge graph protocolIn a press release published by GlobeNewswire on Thursday, details of the deal between the venture investor and the data intelligence platform were laid out. 0xScope has carved out a unique niche by offering a knowledge graph protocol tailored for both Web2 and Web3 data, catering to a diverse audience, including developers, traders, and blockchain protocols.At the forefront of the startup’s offering is Scopescan, a blockchain analytics platform that harnesses the potential of the firm’s knowledge graph. Scopescan provides comprehensive data on over 84 million addresses, 600,000 tokens, 1.4 million labeled addresses, and millions of exchange wallets. The platform empowers users to track and analyze on-chain activities across various blockchain networks, a vital feature for the continued growth of the Web3 ecosystem.Dora Yue, the Founder of OKX Ventures, emphasized the crucial role of data in Web3’s three core technological pillars: cross-chain integration, decentralized storage, and privacy computing. Through its knowledge graph technology, 0xScope has made strides in advancing these areas. The collaboration between OKX Ventures and 0xScope has the potential to accelerate the development of Web3.Photo by Conny Schneider on UnsplashUndisclosed investment sumWhile the exact investment amount remains undisclosed, the deal signifies OKX Ventures’ interest in supporting 0xScope’s mission of decentralizing and democratizing Web2 and Web3 data sources. Together, they aspire to create an open-source environment that facilitates seamless uploading, downloading, validation, and processing of data within the Web3 realm.OKX Ventures, as the investment arm of OKX, boasts an initial capital pool of $100 million. It actively explores promising blockchain projects worldwide and champions innovative technology solutions. The collaboration with 0xScope aligns perfectly with their mission to drive innovation and progress in the blockchain and crypto sectors.Moonbox investmentIn addition to its investment in 0xScope, OKX Ventures recently allocated $1 million to Moonbox, a Hong Kong-based startup focused on artificial intelligence and Web3 technologies. This strategic move reinforces OKX Ventures’ dedication to nurturing cutting-edge technologies and further solidifies its presence in the blockchain and crypto space.Meanwhile, 0xScope is on a mission to democratize and decentralize connectivity in Web2 and Web3 data. Their unique ability to track all associated addresses of an entity offers what the firm believes to be unparalleled insights into user behavior across different addresses and blockchain networks. This capability positions it at the forefront of the Web3 data revolution.With their combined expertise and resources, the two companies are set to drive innovation, foster inclusivity, and empower users in the evolving Web3 ecosystem. Uplifted in having secured the deal, the 0xScope team took to X (formerly Twitter), stating:“Looking forward to collaborating and contributing to the growth of the OKX ecosystem. Together, let’s drive innovation and empower the future of decentralized finance!”With 0xScope gearing up to introduce new features in the fourth quarter of 2023, there’s likely to be more news to follow from the Singaporean startup relative to the future development of Web3 data.