Binance Labs Invests in GOMBLE

NFT Seoul Conference 2023 to Picture the Future of Digital InnovationArt Token, a South Korean company that operates non-fungible token (NFT) marketplace 2R2, has made an announcement regarding the upcoming NFT Seoul Conference 2023, scheduled to take place at COEX on September 1. This conference is poised to provide insights into the future trajectory of the ever-evolving digital landscape.According to a local news outlet, the event is co-hosted by Art Token, along with The Korea Herald, an English-language newspaper in Korea, and Soongsil University. Noteworthy support is also coming from Crypto.com, a crypto exchange headquartered in Singapore.Photo by Riza Gabriela on UnsplashNFTs as economic vehiclesHong Ji-sook, CEO of Art Token, shared the motivation behind orchestrating this NFT-focused conference. According to her, the event focuses on the future of NFTs, which are anticipated to serve as economic vehicles in the emerging Web3 digital ecosystem. Hong added that the conference is designed to provide strategic responses to the burgeoning concepts in the expansive digital realm such as decentralization, decentralized autonomous organizations (DAOs), and crypto rewards.Highlighting the pivotal role of NFTs in embracing necessary digital innovations across the domains of art and finance, she emphasized that the conference agenda will showcase sessions and programs that foster a dynamic exchange of ideas. This collaborative environment is anticipated to pave the way for novel opportunities and solutions that hold relevance across blockchain technology, the tech industry, and the artistic landscape.Web3, NFT art, and security tokensThe in-person conference will be structured around three main themes: Web3, NFT art, and security token offerings (STOs). The keynote speakers will delve into the future trends of NFTs and their potential in the Web3 era. They will also analyze the utilization and significance of NFTs in the realm of art. Lastly, the presenters will assess the current state of the Korean security token market and discuss the diverse industrial applications of security tokens. Meanwhile, visitors will have a chance to glean insights from other separate sessions that shed light on the evolving global landscape.

HK Regulators Facilitate Dialogue between Banks and Crypto EnterprisesIn a recent column, Arthur Yuen, Deputy CEO at the Hong Kong Monetary Authority (HKMA), stated that the HKMA and the Securities and Futures Commission (SFC) will jointly convene a meeting on Friday to share opinions on providing banking services to virtual asset service providers (VASPs).Proportionate CDD measuresYuen said that banks should “differentiate the risk levels of customers and apply proportionate CDD [customer due diligence] measures,” and “refrain from adopting a ‘one-size-fits-all’ approach to reject account opening applications.” To address misconceptions about CDD, the HKMA issued a circular on Thursday, offering further clarification and sharing notable cases and best practices.The HKMA called on banks to enhance employee training on account opening procedures and create task forces to help companies seize new business opportunities. The HKMA plans to actively take part in developing and introducing international standards, and provide guidance and support for banks to adopt appropriate anti-money laundering measures.SFC’s guidelines in MayMeanwhile, SFC CEO Julia Leung said in a discussion with Bloomberg that the SFC will issue virtual asset guidelines in May.Reactions on TwitterIn his tweet, Justin Sun, the founder of blockchain DAO ecosystem Tron, hinted at the potential development of a Tron-based stablecoin in Hong Kong. The Hong Kong Innovation Encryption Fund (HKIEF), an investor in blockchain projects, also took to Twitter to predict the details of a regulatory framework for cryptocurrencies in the city.According to HKIEF, USDT and USDC will be classified as security tokens, while BTC and ETH won’t be deemed securities. Exchanges trading non-security tokens will need both a VASP license and a trust license. Hong Kong-based virtual asset exchanges will be required to obtain a full license by May 31, 2024.

Triple-A Secures Series A Funding to Advance Crypto PaymentsTriple-A, the Singaporean digital currency payments firm founded by Eric Barbier, has announced the successful closure of its $10 million Series A funding round.Photo by Towfiqu barbhuiya on Unsplash$10 million raiseIn a statement on its website on Wednesday, the firm outlined that the raise had been led by Peak XV Partners (formerly known as Sequoia India & South East Asia), who had previously invested in the company. In addition, the round received support from Abu Dhabi-based venture firm Shorooq Partners, alongside other undisclosed repeat backers.The company offers white-label solutions for businesses, facilitating the seamless integration of cryptocurrency payments with quick conversion to fiat money in their bank accounts within just one day. Triple-A currently supports various cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin.According to Barbier, stablecoins are a game-changer in payments, as they enable real-time settlements, in contrast to traditional payment methods like SWIFT transfers, which may take several days to clear. He stated: “With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”Barbier is known for his earlier success in founding the cross-border payments platform Thunes. The idea for Triple-A was born while Barbier was working at Thunes and recognized the potential of cryptocurrencies in resolving chargeback fraud issues.Barbier saw cryptocurrencies as a more efficient payment method for businesses engaged in cross-border transactions. He explained:“Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments. With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”Expanding operations globallyThis funding round follows Triple-A’s $4 million seed round, bringing the total funds raised to date to $14 million. The new capital injection will be directed towards expanding Triple-A’s operations in key regions, including the Middle East, North America, and South America.Moreover, the company plans to enhance its cryptocurrency solutions and offerings in its crypto payments and payout products. Currently headquartered in Singapore, Triple-A boasts a global presence with offices in Miami, Hong Kong, Paris, and Barcelona, supported by a team of over 70 professionals.Regulatory compliant pathTriple-A is trying to differentiate itself through adherence to regulation. The company holds licenses that permit it to operate globally, including one from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, allowing it to execute payment transactions across all EU member states.The company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and is actively looking to expand its regulatory footprint. In line with the regulatory path the business is treading, Triple-A’s target clientele primarily consists of enterprises that value compliance, regulation, and licensing and seek to engage in cryptocurrency payments without the associated risks and complexities.Triple-A has already gained traction, serving more than 20,000 businesses, including prominent names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, along with other large enterprises. In July, it partnered with universal payments platform Optty to enable crypto payments. The onboarding process is swift, with Triple-A completing the Know Your Customer (KYC) procedure and onboarding within one to two business days. The integration methods offered include API and no-code integration.