Huobi Aims for Hong Kong License Within 6–12 Months

Blockchain Deposit Insurance Corporation (BDIC), an emerging crypto insurer based in Florida in the United States, with corporate headquarters in Bermuda, has disclosed that it is preparing to launch its cryptocurrency insurance platform.Photo by Kindel Media on PexelsStarting point in AsiaIn a press release published on Feb. 11, BDIC outlined that the launch would take place in Q2 2025, with its crypto insurance underwriting service commencing in key Asian markets to begin with.  The company has chosen Asia as its starting point, where it feels crypto adoption continues to build momentum. With that, it specified Hong Kong, Singapore, Japan, Taiwan and South Korea as target markets.  While the initial launch will take place in Q2, the company foresees having expanded into Southeast Asia by Q4 2025. Broader service coverage will follow across the greater Asia-Pacific (APAC) region by 2026, with particular emphasis on entering the Hong Kong market. Company CEO Jeffrey Glusman cited a growing demand for crypto wallet security across Asia. He underlined the growing crypto adoption rate in the region, suggesting that this will encompass 300 million users by 2028. Insurance essential for mainstream adoption Speaking about the product offering more generally, Glusman said that the crypto sector has reached a critical inflection point. With that, he believes that “institutional-grade insurance solutions are essential for mainstream adoption.” He added: “BDIC introduces a new paradigm in digital asset protection, using advanced risk assessment algorithms and real-time monitoring to safeguard users’ holdings.” Token launch The company is also planning to launch a native token for its platform, “BDIC Coin,” in Q2 2025. The purpose of the token launch will be to power the BDIC Foundation Reserve Fund, a reserve which will be used for the purposes of premium payments and claim settlements. Furthermore, the token will enable holders to participate in governance voting relative to the project. BDIC claims that it has established compliance protocols and a whitelist in order to provide for a robust and equitable tokenomics structure. Glusman believes that the timing of BDIC’s launch couldn’t be better. A recent report by information services company GlobalData corroborates his view. The report, published on the back of a GlobalData survey, outlined that only 10.8% of crypto holders worldwide have insurance in place for their digital assets.  The survey data suggests that 41.9% of non-policy holding respondents would purchase such insurance given the opportunity, while a further 26.2% were open to the idea. Theft or hacking of digital assets was perceived to be the most important risk to cover in a digital asset insurance policy in the case of a quarter of respondents. The number of insurers offering crypto-related insurance remains limited. However, it would appear that there’s a significant growth opportunity for firms like BDIC, based on the survey data. While there might be a growth opportunity, there are also challenges. Nischal Shetty, founder and CEO of WazirX, an Indian crypto exchange platform that suffered a $230 million hack in 2024, described the difficulties encountered by the company in trying to get insurance when interviewed last August. He stated: “We tried to get insurance in the past, but we did not get any provider who would be willing to insure these assets. It's not an easy process.”

Rotonda holds blockchain hackathon at GBIC 2023Rotonda, the operator of the digital asset wallet platform Bithumb Buritto Wallet, hosted a hackathon on Monday (local time) at this year’s Global Blockchain Incheon Conference (GBIC), centered around the theme of addressing a variety of local issues, such as carbon reduction, industrial and urban issues and public services using Web3 technology. Contestants from across the country gathered to create blockchain-based prototypes aimed at addressing such issues.Photo by Marvin Meyer on UnsplashOther blockchain and Web3 companies like Roa Core, Ret Games and ReFi Korea also participated as sponsors for the competition, which was held at Songdo Convensia, an international conference complex located in Songdo International Business District.Innovative solutions recognizedThe ten teams that made it to the finals presented a range of ideas related to the theme, which were judged based on how applicable, feasible and influential they are, as well as their potential for development and social contribution.“Through this year’s hackathon, we were introduced to innovative ideas and high-quality technologies to address various local problems. Discovering and supporting passionate entrepreneurs is in line with the values that we uphold within our ecosystem at Bithumb Buritto Wallet,” said Lee Sang-ho, Vice President at Bithumb Burrito Wallet.The grand prize of KRW 5 million (approximately $3,600) was awarded to DIY, a team that developed a project to promote cultural resources, tourism experiences and sports industries in Incheon using dynamic non-fungible tokens (dNFTs). dNFTs can be adapted or changed based on external events and data. The hackathon judges praised the team for adding gamification elements to increase citizen participation and streamlining administrative procedures through smart contracts. The team also won additional benefits like office space in Incheon’s Jemulpo Smart Town.“We are delighted to be recognized for the in-depth discussions we had amongst our members to develop a highly usable and differentiated platform,” the team said in a statement. “We will strive to leverage blockchain technology to create various success stories.”Additional winnersTwo runner-up prizes went to the Caffeine Addiction team, which developed a platform for motivating coffee drinkers to dispose of used coffee grounds, and the Datayo team, which developed dBus, a smart mobility platform with token-based crowdfunding processes. They received KRW 3 million and KRW 2 million, respectively, in prize winnings.

Lotte Group Leaps into the NFT Market to Boost Customer EngagementThe Lotte Group, a prominent industrial conglomerate in South Korea, has embraced the realm of non-fungible tokens (NFTs) in its efforts to boost customer engagement.Building the brand’s metaverseIn a collaborative endeavor, Lotte’s affiliates, Daehong Communications and Lotte Hotels and Resorts, have come together to introduce Magic Ride NFTs. These NFTs enable their owners to contribute to the development of LOLO:VERSE, Lotte’s metaverse where virtual meets reality. As community members, holders of Magic Ride NFTs will have the opportunity to engage in decision-making processes and contribute to the design of project roadmaps for LOLO:VERSE.Photo by Markus Winkler on PexelsCooperation with NFT marketplaceMagic Ride NFTs will be made available in three different types through Korea’s largest NFT trading platform, Pala, starting from June 30. Type A NFTs will feature tickets to Lotte World, the group’s renowned amusement park. Type B will offer 60,000 KRW ($46) worth of points for use at Lotte Duty Free. Type C will include an electronic voucher worth $50, redeemable at Lotte Hotels. The price of each of these NFTs is set at 50,000 KRW ($38) or an equivalent value in MATIC tokens.Daehong Communications, the advertising agency affiliate of the Lotte Group, has been actively establishing its presence in the Web3 landscape by fostering partnerships with various blockchain enterprises. The collaboration between Daehong and Pala on the Magic Ride NFTs marks the first joint project between the two entities. Pala’s launchpad offers a user-friendly experience, particularly catering to individuals who are new to purchasing and utilizing NFTs.