Taiwan’s Comma3 Ventures Raises $45M Crypto Fund

Seoul Labs to build layer 2 blockchain mainnet using SASEULSouth Korean blockchain solutions provider Seoul Labs announced Thursday (local time) that it will build a layer 2 mainnet utilizing the third-generation blockchain engine SASEUL. This comes in an effort to strengthen the scalability of the SASEUL network and improve capabilities for large-scale traffic processing. Layer 2 refers to a set of off-chain solutions built on top of a layer 1 network to reduce bottlenecks with scaling and data.Photo by Shubham Dhage on UnsplashScalability and stabilitySeoul Labs plans to actively utilize the mainnet’s core functions, such as its HAP-2 hypothesis acceptance verification algorithm and dual chain mechanism as well as its ability to solve storage space problems. In particular, the HAP-2 hypothesis acceptance verification algorithm is a more efficient method for generating blocks than the proof of Work (PoW) algorithm that is widely used in blockchain mainnets, significantly improving scalability.According to the company, the layer 2 mainnet will implement an approach to becoming a node on the network without a graphics processing unit (GPU).“By building the layer 2 mainnet, we will be able to build the SASEUL blockchain network into a stable and scalable platform,” said Dohee Jang, CEO of Seoul Labs.Multifaceted solutionThe project is also poised to become a solution to the excessive computing resources and electrical energy required to run blockchain networks that lead to environmental repercussions. In addition, the company is facilitating research and development for the implementation of central bank digital currencies (CBDCs) into the global economy. Notably, the South Korean government is also planning to launch a CBDC pilot project by 2024.“Recently, central banks around the world have been promoting the integration of CBDCs, but they are facing various problems in terms of scalability and speed,” said an unnamed employee at ArtiFriends, the company behind the SASEUL mainnet. “Layer 2 mainnet is a stable and scalable platform suitable for CBDCs.”

Kyrgyzstan and Malaysia are advancing separate stablecoin initiatives, signaling a regional shift toward digital assets backed by tangible state reserves. While the projects differ in their underlying assets, gold in Kyrgyzstan and sovereign debt in Malaysia, both employ a hybrid model that combines public-sector oversight with private operational management.Photo by Zlaťáky.cz on UnsplashKyrgyzstan introduces gold-backed stablecoinOn Dec. 9, the Kyrgyz Republic’s state-owned OJSC Virtual Asset Issuer launched USDKG, a stablecoin pegged 1:1 to the U.S. dollar, according to a press release. The initial issuance comprises 50 million tokens, which the issuer says are fully backed by physical gold reserves. The project structure separates regulatory authority from asset management. While the issuer operates under the Ministry of Finance, management of the gold reserves has been contracted to a private company registered in the Central Asian nation. Officials say this arrangement distinguishes USDKG from a central bank digital currency (CBDC) and that the stablecoin is intended to operate alongside the national monetary system rather than compete with it. According to the statement, the token is currently issued on the Tron blockchain, with future support planned for Ethereum. The project cites an audit by ConsenSys Diligence and says it complies with Financial Action Task Force (FATF) standards, including identity verification for redemptions. The private operator aims to raise the reserves to $500 million in the next phase and later to $2 billion. Malaysia develops bond-backed tokenIn a parallel development, a Malaysian infrastructure firm with ties to the monarchy is preparing a ringgit-pegged stablecoin. According to Bloomberg, Bullish Aim is introducing the RMJDT token, which will be backed by Malaysian ringgit deposits and short-term government bonds. The company is owned by Ismail Ibrahim, son of Malaysia’s king. The token is designed to operate on Zetrix, a layer-1 blockchain developed by Malaysian firm Zetrix AI Bhd. The network currently supports the Malaysian Blockchain Infrastructure, a government-endorsed platform for digital public services and part of the country’s National Blockchain Roadmap. This places the stablecoin on the same technical foundation used for state-level digital identification and trade facilitation. Bullish Aim also intends to establish a digital-asset treasury (DAT), beginning with an investment of 500 million ringgit ($121 million) in Zetrix tokens. A DAT is a type of company that purchases and holds cryptocurrencies on its balance sheet. The initiatives in Kyrgyzstan and Malaysia suggest that stablecoin development in Asia may continue to evolve through state-anchored, asset-backed models. As each country tests its own approach to reserve management, issuance, and compliance, the next phases of both projects will offer early indications of how such frameworks perform in practice. 

Crypto Exchange Bithumb’s Operator Closing BusinessesBithumb Korea, the operator of a major South Korean cryptocurrency exchange, has been streamlining its businesses in response to its ongoing struggle to generate profits.Photo by Tim Mossholder on PexelsAccording to a report by local news outlet Business Watch, Bithumb Systems, a tech solution subsidiary of Bithumb Korea, has recently ceased operations. Bithumb System was launched in March of last year with the aim of advancing blockchain and exchange technology. However, due to the decline in the crypto industry and challenges in profitability, the company had to undergo liquidation.An official from Bithumb Korea explained that the decision to close its tech solution arm was made in order to prioritize improving the competence of the exchange amidst the changing landscape of domestic and foreign markets.Other affiliates of Bithumb Korea are also facing difficulties. For instance, Bithumb Live, an e-commerce platform jointly established by Bithumb Korea and content production firm Bucket Studio, has been on hiatus since October last year. The platform incurred a net loss of 10 billion KRW ($7.75 million). Bithumb Korea, holding 37.5% of Bithumb Live’s shares, invested 6 billion KRW ($4.65 million) into the platform in 2021. Bithumb Korea recognizes these investment losses using the equity method.Additionally, Bithumb META, despite raising the highest amount of funds among its sister affiliates, has encountered challenges in making much progress since its establishment last year. Its NFT marketplace, Naemo Market, is still without a mobile application, and the introduction of its metaverse platform is still pending. Although Bithumb META managed to attract 9 billion KRW in investments last March from esteemed companies such as LG CNS, CJ OliveNetworks, and SK Square, it incurred a loss of 7 billion KRW ($5.4 million) in 2022.Furthermore, earlier this month, it was reported that the exchange closed its research center due to a decline in trading volume, despite its importance in assisting investors to make better-informed decisions.A representative from Bithumb stated that the company is actively seeking new sources of revenue through its mobile Wallet platform operator, Rotonda, and Bithumb META. However, given the market slowdown, Bithumb is now compelled to prioritize enhancing the competence of the exchange.