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KuCoin, the Seychelles-based cryptocurrency exchange, has revealed a strategic move in its investment and incubation initiatives through the KuCoin Labs program. In a press release which was published on Tuesday, KuCoin announced its investment in ISSP, a project focused on developing an inscription protocol on the layer one Sui network, renowned for its throughput and scalability.Photo by Towfiqu barbhuiya on UnsplashFirst cross-chain inscription protocolISSP introduces the first cross-chain inscription protocol system, seamlessly integrating an inscription marketplace and inscription swap. The project is in its early stages. Last week ISSP took to social media to announce its inscription-related product launch. It stated:”We are launching the first multi-chain interoperability system for inscription protocols, focused on the BTC ecosystem to enable interoperability between BTC's inscription protocols and other chains.” With the launch, it’s introducing the Sui network’s first inscription protocol under the SUI-20 standard. Leveraging the unique Objects model of the Sui network, ISSP aims to naturally enhance inscription systems. Having already launched the SUI-20 inscription standard protocol on the Sui network, it is utilizing the built-in indexer of the network node to index inscription data. Seamless CEX inscription integrationTo ensure optimal performance and stability of inscription data, ISSP utilizes the indexer integrated into the Sui Chain node. Notably, ISSP facilitates the integration of inscriptions with centralized exchanges (CEX), eliminating the need for additional development to interface with inscription protocols. While the exact financial details of the investment remain undisclosed, ISSP plans to utilize the funds to expand its operations and further its development efforts. ISSP recently achieved a significant milestone by completing its Free Mint process, attracting 13,947 addresses and 2,002,186 transactions (TXs). The surge in user activity led to the Sui Chain's transactions per second (TPS) exceeding 1,000 for the first time. Sui-related investmentsThis marks KuCoin Ventures' continued interest in projects related to the Sui network. Last year, the exchange participated in a funding round for Cetus, a decentralized exchange (DEX) and concentrated liquidity protocol built on the Sui and Aptos blockchains. Alongside KuCoin Ventures, prominent investors such as Comma3 Ventures, AC Capital, Adaverse, Animoca Brands, Coin98 Ventures, IDG Capital, Leland Ventures, NGC Ventures and OKX supported Cetus. In April, the KuCoin crypto exchange actively promoted the SUI token as part of its Spotlight Token Program. The Sui Network seeks to distinguish itself as the first Layer 1 blockchain designed to cater to creators and developers targeting the next billion users in Web3. It provides horizontal scalability for diverse dApp development. Claiming to be a step-function advancement in blockchain technology, Sui prioritizes high throughput, instant settlement speeds, rich on-chain assets and user-friendly Web3 experiences. KuCoin's investment in ISSP underscores its commitment to supporting innovative projects on the Sui network, reinforcing the exchange's role in shaping the future of blockchain development. Similarly, the ISSP's product development demonstrates that following a big year for inscriptions in 2023, further progress is likely to unfold in 2024.

Hitachi collaborates with Concordium on biometric crypto walletJapan’s Hitachi Solutions, a subsidiary company of the Hitachi multinational conglomerate, has joined forces with the Concordium Foundation, unveiling a collaboration that centers on a state-of-the-art biometric crypto wallet.Photo by Nuno Antunes on UnsplashAlternative approach to securing cryptoAnnounced on Tuesday by the Concordium Foundation, a Swiss-based development team behind the Concordium layer one blockchain, this “proof of technology” initiative has the potential to fundamentally change how users access and secure their cryptocurrency accounts.Breaking away from traditional methods, the proposed biometric crypto wallet leverages users’ fingerprints or facial scans to generate a set of seed words, eliminating the need for users to store or remember them. This novel approach simplifies the restoration process, allowing users to recover their accounts with a mere biometric scan.Improving UXIf crypto and Web3 are to be adopted by ordinary people en-masse, user experience has long been identified within the sector as an area that still requires development. Making users responsible for the storage of a private key is fraught with difficulty, given the likelihood of private keys being lost or compromised.Various approaches are being taken to solve this issue. Tangem Wallet is one such alternative that utilizes near-field communication (NFC) in combination with an app and a card with an inbuilt chip, negating the need for the user to memorize a private key.This biometric-centered approach from Hitachi and Concordium represents another user-friendly approach to the problem of user authentication, harnessing the power of Hitachi’s Public Biometric Infrastructure (PBI) and Concordium’s self-sovereign identity framework. The result is an account creation process based entirely on biometric data, enhancing both security and user convenience.Complementary technologyConcordium’s network, with its stringent ID process for account creation to combat malicious activities, stands to gain substantial benefits from this technology. The biometric wallet will fortify users’ access to their IDs, a critical aspect of network security. Moreover, the technology’s applicability extends beyond Concordium, offering potential integration with any blockchain network.Users of the biometric wallet will have the flexibility to unlock their accounts either by regenerating seed words through a biometric scan or by decrypting a copy of the seed words. This dual-layered approach ensures that access is granted solely through the user’s unique biometric data, enhancing security and mitigating the risk of loss or theft.Developing this cutting-edge technology poses challenges, particularly in handling the inherent “fuzziness” of biometric data, where no two scans produce identical results, even from the same individual. Hitachi’s team addressed this by employing fuzzy key generation and specialized error correction technology, effectively distinguishing between scans.Unlike traditional crypto wallets that necessitate secure storage of seed words, the biometric wallet by Hitachi and Concordium, alongside solutions like multiparty-computation wallets and magic links, aims to overcome this hurdle. The goal is to resolve the issue of lost backup, a significant barrier to wider crypto adoption.This is not Hitachi’s first foray into the crypto/blockchain space. In mid-November the company announced a collaboration with the Japan Exchange Group (JPX), banking giant Nomura and Nomura portfolio company BOOSTRY to launch a $69 million digital green bond on the blockchain. In October Hitachi joined a consortium of Japanese companies with a view towards developing decentralized identity technology.

Japan is taking steps to approve exchange-traded funds (ETFs) tracking spot cryptocurrency prices, a regulatory shift that could take effect as early as 2028, according to a CoinPost report citing a Jan. 25 article by Nikkei.Photo by Jezael Melgoza on UnsplashThe timeline reflects the legislative steps required before retail investors can access digital assets through traditional brokerage accounts. Japan’s financial regulator, the Financial Services Agency (FSA), plans to amend investment regulations to permit cryptocurrencies as eligible assets for investment trusts. SBI, Nomura prepare crypto productsAccording to the report, major financial heavyweights, including SBI Holdings and Nomura Holdings, are already developing products in anticipation of regulatory approval. If cleared by the Tokyo Stock Exchange, the listings would allow Japanese investors to trade Bitcoin products alongside standard stock or gold ETFs. Institutional interest appears robust. A Nikkei survey conducted in November identified six major firms weighing the development of crypto investment trusts: Nomura Asset Management, SBI Global Asset Management, Daiwa, Asset Management One, Amova, and Mitsubishi UFJ. These companies are reportedly exploring products tailored for both retail and institutional clients. However, the 2028 target is largely dictated by the pace of tax reform. Government plans call for crypto profits to be taxed at a uniform 20%, replacing the current progressive system and putting digital assets on the same footing as equities and foreign exchange. The revised tax treatment would also apply to crypto ETFs and derivatives. At present, crypto gains are treated as miscellaneous income, leaving investors subject to progressive tax rates that can climb to roughly 55% once local levies are included. Crypto market slides amid volatility As Japan maps out its long-term regulatory course, recent market activity has been volatile, tied to potential currency interventions and U.S. political uncertainty. Bitcoin briefly surged to $91,000 over the weekend, a move CoinDesk reports some traders attribute to suspected Japanese intervention in the foreign exchange market. The theory suggests a transient reversal in the yen’s recent weakness forced an unwinding of leveraged carry trades, temporarily boosting the world’s largest cryptocurrency. However, the momentum was short-lived. Bitcoin is currently trading near $87,500, down 1.45% over the previous 24 hours. Market sentiment has been dampened by fears of a U.S. government shutdown and renewed trade tensions. On the prediction market platform Polymarket, participants have priced in a 78% chance of another government shutdown by Jan. 31. Compounding investor anxiety are President Donald Trump’s tariff threats. Trump recently warned he would impose 100% tariffs on Canada should the U.S. neighbor sign a trade deal with China. Canadian Prime Minister Mark Carney has since announced that Ottawa has no plans to forge such an agreement, according to CNBC. Monetary policy remains a headwind for risk assets. Ahead of the Federal Reserve’s interest rate decision this week, the CME FedWatch Tool indicates traders expect the central bank to hold rates steady in the 3.5% to 3.75% range at the Jan. 28 meeting. Markets are pricing in only a 2.8% chance of a 0.5% cut. The prospect of rates remaining unchanged offers little incentive for investors to pivot aggressively toward riskier assets like crypto. Gold, silver reach record levels This risk-averse environment has funneled capital into precious metals, driving prices to record levels. Both gold and silver have hit all-time highs, surpassing $5,000 per ounce and $106 per ounce, respectively. Amid the uncertainty, retail investors in neighboring markets are showing caution. In South Korea, a weekly survey by CoinNess and Cratos of 2,000 respondents found that 43.2% of investors are holding existing crypto positions without making additional purchases. Another 22.7% said they are actively trading, while 21.4% reported having no current position and waiting for a more favorable entry point. The remaining 12.7% said they are staying out of the market entirely.