Busan Hosts Blockchain Conference with Aim to Become Digital Financial Hub

Web3 firm AIITONE rebrands as BU Technology, adding new business objectivesAIITONE, a Web3 and military technology firm located in South Korea, announced on Monday (local time) that it has rebranded and will now be known as BU Technology.Photo by Steve Johnson on UnsplashElectric trains, batteries as new objectivesDuring an extraordinary general meeting of shareholders on October 5, the company formerly known as AIITONE announced a change in its corporate identity to BU Technology. This rebranding coincides with an expansion of the company’s business objectives to include the manufacturing of electric trains, batteries and charging devices. With this move, BU Technology aims to diversify its sources of revenue.The meaning behind ‘BU Technology’BU Technology, which stands for “Beyond Your Technology,” embraces the motto “Beyond Your Today, Beyond Your Expectation, Beyond Your Imagination.” This slogan reflects the company’s ambition to be a forward-thinking tech enterprise that exceeds the expectations and imaginations of its customers.BU Technology applies extended reality (XR) technology to develop computer-based training (CBT) programs and simulators for military use. It’s also ventured into creating content for industrial safety that uses augmented reality (AR) and virtual reality (VR) technology. This content is recognized for its technical quality, notably in replicating realistic effects, including sound, wind and physical sensations.The fresh corporate identity and resolve of BU Technology are also anticipated to make a positive impression on its operations in the Middle East. Earlier this year, the company inked a memorandum of understanding (MOU) with the Royal Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). This agreement is directed at strengthening the fintech sector across South Korea, China and Japan.Additionally, in September, BU Technology successfully launched a proof-of-concept (PoC) platform tailored for the blockchain-based security token projects of securities and financial firms. This PoC platform enables the testing and demonstration of the viability and operational processes related to security token ventures.Lee Jin-yeop, CEO of BU Technology, said that the rebranding effort is aimed at enhancing the company’s brand value and introducing a fresh image for the firm. He further emphasized that BU Technology is committed to advancing the three foundational pillars of its business: military applications, XR and blockchain technology.Lee stated that incorporating new business objectives is a strategy for diversification, intended to elevate the company’s overall value. He also expressed his commitment to steering the newly rebranded BU Technology towards becoming a frontrunner in the Web3 era.

Sejong Telecom to showcase real estate STO platform at 2023 Blockchain Grand WeekSejong Telecom announced that it is participating in the upcoming 2023 Blockchain Grand Week from Wednesday to Thursday in Seoul to showcase BBRIC — its blockchain-based security token offering (STO) service that tokenizes real estate profit rights — while securing business partners in the process.Photo by Precondo CA on UnsplashLeveraging blockchain technology in real estateBBRIC is built and operated on distributed ledger technology, which protects investors by digitizing their real estate profit rights and recording them on the ledger. This customizable solution enables enterprises to operate and manage the life cycle of an STO, including token issuance, investment product sales, investor deposits and transactions.Corporate clients can seamlessly integrate BBRIC into their respective services or platforms to issue and trade security tokens, calculate dividends, conduct settlements and organize shareholder meetings. They can also securely manage tokens and digital wallets based on smart contracts.“Our technology-intensive STO solution will be a great help to companies that are preparing STO-related projects,” said Park Hyo-jin, head of Sejong Telecom’s marketing strategy division.Bringing BBRIC to the massesThe 2023 Blockchain Grand Week — hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP) — aims to promote the value of blockchain technology in enhancing trust in the digital age.Additionally, Sejong Telecom plans to introduce BBRIC at SoftWave, the largest software exhibition in Korea, set to take place at the end of this month. This follows the company’s presentation at the Busan Blockchain City Conference, which showcased the feats of technological innovation in regulation-free zones. Sejong also seeks to expand its network and accelerate the commercialization of its service.The company will also share updates on its submission for a proof of concept (PoC) project to the NIPA. This project involves building a blockchain-based platform for issuing and distributing security tokens and integrating systems for the utilization of mineral resources.Sejong Telecom also recently partnered with enterprises like Hyosung TNS and KOREIT to promote BBRIC and expand the products and services available on the platform.

Anboto Labs Reveals $3M Funding and Platform LaunchHong Kong-based crypto trade execution specialist Anboto Labs has successfully secured $3 million in funding and unveiled an institutional-grade non-custodial trading platform.Investors who participated in the funding round included Kronos Ventures, Cherry Crypto, Mechanism Capital, XBTO, and Singaporean digital assets financial services platform Matrixport, contributing to this funding round during the third quarter of this year. Anboto Labs, known for its crypto trading execution tools, has been on a steady growth trajectory, having raised $1.9 million last year, elevating its valuation to $35 million, according to Guillaume Forcade, the company’s co-founder.Photo by Csaba Nagy on PixabayCrypto trade executionFrom its inception, Anboto Labs has consistently generated revenue, and now it’s ready to introduce its execution platform to a broader audience of experienced traders. The public launch of the platform will enable Anboto to scale up to support thousands of traders simultaneously.The newly released platform underwent an extensive 18-month closed beta phase, during which it processed $4 billion in trading volume across 20 exchanges and blockchain networks. Anboto Labs is attempting to distinguish itself in the market with its execution algorithms, including TWAP, VWAP, and iceberg, which are designed to optimize pricing and execution quality.TWAP, or time-weighted average price, can be incorporated into a trading algorithm with a view towards optimizing a trade’s average price while executing the trade over a predefined time period. In recent days, the project’s Head of Quantitative Research, Suren Markosov, took to blogging site Medium to outline how Anboto’s TWAP algorithm is geared up to save on trading costs. According to Markosov, the firm’s approach could lead to traders saving between two and eight basis points in costs.VWAP, or volume-weighted average price, can be used to filter out the “noise” in the market to determine the real buy/sell price that exists within the market within a given period. Meanwhile, an iceberg order is executed such that it is sliced up into smaller orders. In this way, the impact cost of overall trade execution is minimized.Focus on securityAnboto Labs also places a strong emphasis on security. It allows users to sign up without the need for a time-consuming Know Your Customer (KYC) process, offering a streamlined experience. Additionally, the platform provides multi-factor authentication and the option to whitelist IP addresses, further enhancing security measures.Brett Sun, an investor with Cherry Crypto, took to X (formerly Twitter) to recognize Anboto’s platform launch. Sun stated:“Big strides from @guiviaje and the team at @anboto_labs. They’ve come out of beta to democratize access to professional-grade trading tools for all traders.”WOO Network integrationEarlier this week, Anboto announced the integration of Taipei-based liquidity provider WOO Network into its platform. Forcade said that the integration will enable the firm to offer even more efficient trading tools to its users.In the coming months, Anboto Labs plans to expand its trading features with the aim of democratizing access to institutional-grade execution tools for all crypto traders. With a track record and fresh funding behind it, Anboto Labs is setting itself up to potentially make a significant impact in the cryptocurrency trading space, offering traders the tools they need for success in the crypto market.