Hong Kong Launches Web3 Institute

Thailand’s KBank Furthers Crypto Business Through Satang AcquisitionKasikornbank (KBank), Thailand’s second largest bank, is expanding its involvement in the digital assets sector through the acquisition of a majority stake in the local crypto exchange Satang.Photo by Lisheng Chang on UnsplashTradFi embracing cryptoThe acquisition, involving a purchase of 97% of Satang’s shares, is a significant move in the context of an ongoing trend of traditional financial institutions embracing digital assets. The deal was officially announced on Monday, as disclosed on KBank’s official website.KBank executed the acquisition through its newly established subsidiary, Unita Capital, whose registered capital is valued at 3.7 billion Thai baht (approximately $103 million). Unita Capital specializes in investments within the digital asset sector. This move underlines the bank’s commitment to stay ahead in the dynamic world of digital finance.Subsidiary formationIn light of the acquisition, Satang Corporation is set to undergo a name change and will soon be known as Orbix Trade Company Limited. Unita Capital has established a number of other subsidiary companies as a consequence of the buy-out.KBank’s cryptocurrency venture will be structured into three distinct divisions. Orbix Custodian has been formed, focusing on secure digital asset storage and management. There is a growing demand for reliable digital asset custody services. KBank will use Orbix Custodian as a vehicle to capitalize on that growth opportunity.Orbix Invest has been established to act as the venture arm of the business relative to the digital assets space. It will focus on fund management in meeting the needs of clients looking for exposure to the digital assets sector. Lastly, Orbix Technology has been established to concentrate on blockchain technology development.Satang, a prominent player in the Thai cryptocurrency scene, operates a cryptocurrency exchange alongside a range of digital asset services. Notably, Poramin Insom, the founder of Satang, is recognized for his role in launching Firo (formerly Zcoin), a privacy-centric cryptocurrency. Insom confirmed the acquisition via a Facebook post on Monday, acknowledging the evolution of Satang as it transitions under KBank’s ownership.Insom stated: “I’ve been at Satang since 2017 until now, six years have passed. Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.” He also highlighted Satang’s diversified ventures, including Satang Technology, a blockchain service platform, and Satang Space, focusing on space-related endeavors.This strategic move by KBank follows its recent launch of a $100 million fund, introduced in September, targeting investments in Web3, fintech, and artificial intelligence (AI). In 2022, KBank launched Bigfin, a digital asset investment analysis platform. Bigfin has since been integrated with the Binance platform.Last year the bank backed Thai digital asset and blockchain startup Forward, a project that is working on developing a decentralized derivative platform.KBank is recognized as the second largest lender in Thailand based on assets, trailing behind Bangkok Bank. Thai NVDR Company Limited is the largest shareholder of KBank, as per data from the Stock Exchange of Thailand (SET), with the SET itself owning 99.9% of NVDR’s shares.

STX Token Debuts on Korean Exchange BithumbSTX, the native token of the Stacks network, made its debut on the KRW market of Bithumb, a renowned Korean cryptocurrency exchange, at noon (Korea Standard Time) on Tuesday. The listing price is 828.5 KRW per unit.Photo by Jonathan Borba on UnsplashBitcoin scalability solutionStacks is a Bitcoin scalability solution that addresses the challenge of transaction latency through the use of microblocks. It utilizes the programming language Clarity and benefits from the security of Bitcoin by employing its unique consensus algorithm called Proof of Transfer (PoX). This mechanism enables Stacks to settle transactions on the Bitcoin network.Stacks is one of the most anticipated projects associated with Bitcoin, and its token was approved by the U.S. Securities and Exchange Commission in 2019.STX token usageThe STX token serves multiple purposes within the Stacks blockchain ecosystem. Users can utilize it for stacking, participating in governance activities, and paying transaction fees.

Coinone Boosts Crypto Account Security with Naver Two-Factor AuthenticationCoinone, one of South Korea’s leading crypto exchanges, announced on Wednesday that it has added Naver as another channel for two-factor authentication (2FA) when signing up for an account. This move aims to enhance security and convenience for users by introducing another option for the second step of authentication in addition to KakaoTalk and one-time password (OTP) authentication.Photo by Franck on UnsplashCombatting social engineering attacks“As the popularity of investing in virtual assets is on the rise, attempts to gain unauthorized access to accounts through smishing and phishing have also increased. We hope that users can use Coinone services in a safer, more convenient manner by using Naver as an easy authentication channel,” said Cha Myunghun, CEO of Coinone.All users are required to go through 2FA when signing up for a Coinone account in order to simultaneously protect their credentials and conduct deposits, withdrawals, and transactions. Users must verify themselves with their phone number first, then once more through an additional channel like KakaoTalk, Naver, or OTP authentication.Using KakaoTalk or Naver is easy and convenient since most Koreans already have both of these apps on their phones, and it takes a relatively short amount of time to complete.Extra benefitsUsers can register for Naver authentication on both the Coinone website and the app. Once they do, they can verify themselves through the Naver app without a separate login. These users can be granted more benefits such as increased withdrawal limits, the exchange said. Those who have verified their bank accounts for storing Korean won can have a withdrawal limit of up to 500 million won (approximately $373,000).