Hot Wallet Exploit Results in $23M Bitrue Loss

Japanese Startup Drives Asian Digital Payment Network InitiativeSoramitsu, a pioneering fintech developer from Japan that focuses on blockchain-based solutions, is spearheading an initiative aimed at constructing a seamless cross-border payment system for Asian countries.Photo by Conny Schneider on UnsplashCBDC project involvementAt the core of this emerging international network is Cambodia’s central bank digital currency (CBDC), Bakong, which has garnered increasing attention for its potential to revolutionize digital payments within the region.Soramitsu has played a pivotal role in facilitating the issuance of Asian CBDCs, supporting both Cambodia’s Bakong and Laos’ Digital Lao Kip. Notably, Bakong has already demonstrated its prowess by facilitating QR code-based digital transactions between Cambodia and neighboring nations such as Malaysia, Thailand, and Vietnam. As of the close of 2022, Bakong boasts an impressive user base of 8.5 million individuals and has facilitated approximately $15 billion in payments.Replicating Cambodian CBDC successTokyo-based news outlet Nikkei reported on Tuesday that the firm’s strategic focus is now on replicating the success of Bakong by enabling comparable cross-border payments between India, China, Laos, and potentially Japan. To this end, Soramitsu’s initial step involves establishing a dedicated Japanese exchange platform for stablecoins.The envisioned system would enable streamlined transactions between countries, converting payments denominated in one CBDC to a stablecoin pegged to the recipient’s currency.Low transaction feesA key advantage of this innovative framework lies in its remarkably low transaction fees. By circumventing conventional interbank networks and intermediary banks, stablecoins can be directly transferred with minimal overhead costs.Although the precise fee structure for the stablecoin exchange remains under consideration, Soramitsu envisions a nominal charge, likely in the range of tens of yen per transaction — a fraction of the cost associated with conventional cross-border transfers.While exchanging stablecoins issued on the same blockchain is straightforward, the challenge arises when dealing with stablecoins issued on disparate blockchains. Soramitsu is actively collaborating with Mitsubishi UFJ Trust and Banking, one of the world’s largest financial services groups, and other prominent partners in Japan to develop the intricate exchange infrastructure necessary to facilitate such cross-blockchain transactions.Japan’s payment landscape received a significant boost in June with the implementation of revisions to the payment law, enabling banks to issue stablecoins. In line with these regulatory changes, local startup JPYC and regional banks are poised to launch yen-denominated stablecoins, some of which are anticipated to debut by 2024.Soramitsu’s vision for constructing a robust cross-border payment network has culminated in the formation of a dedicated project team. Collaborating with Tokyo-based digital services firm Vivit and the Tama University Center for Rule-making Strategies, Soramitsu is also exploring partnerships with major e-commerce platforms to maximize the network’s reach and impact.The underlying motivation is to harness the potential of CBDCs and stablecoins to bridge the gap between Japanese small and medium-sized enterprises and individuals and businesses in Southeast Asia. Given the region’s high smartphone penetration and limited access to traditional banking services, this initiative could prove transformative, granting previously underserved populations greater financial inclusion.

Singaporean crypto wallet provider SafePal has announced a strategic investment in Swiss bank Fiat24, together with the launch of a number of financial services. The partnership is a significant milestone in bridging the gap between the crypto world and real-world financial utilities.Photo by Henrique Ferreira on UnsplashVisa card and in-app bankingThe company outlined in a blog post on March 7 that the centerpiece of this collaboration is the introduction of a crypto-focused Visa card and in-app banking services, both designed to streamline the integration of digital assets into everyday transactions. The default deposit currency for these services is the dollar-pegged stablecoin USD Coin (USDC), providing users with a stable foundation for their financial activities. Through the SafePal mobile wallet app, users can convert their cryptocurrency holdings into USDC via Ethereum layer two scaling network Arbitrum, making for an efficient and reliable process. Once converted, the USDC can be stored in multiple fiat currencies, including USD, EUR and CHF, enabling seamless utilization in various transactions and expenses. Enabling Swiss bank account accessOne of the standout aspects of this initiative is the opportunity for users to establish individually owned, fully compliant bank accounts directly within the SafePal mobile wallet app. By completing the necessary know-your-customer (KYC) and onboarding procedures through Fiat24. Opening such bank accounts will be free, with no account creation or annual management fees being applied. However, transfer and deposit fees will be applied starting from a base rate of 0.6%. The project believes that the integration of NFT technology on Arbitrum will ensure the security and transparency of all related transactions. Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing the accessibility challenges faced by crypto users in a communication with CoinDesk. She highlighted the significance of providing a crypto-friendly banking experience that eliminates the hurdles imposed by traditional financial institutions. Additional payment platform partnershipsIn addition to the crypto Visa cards, SafePal has forged partnerships with leading payment platforms such as Paypal, Google Pay, Apple Pay and Samsung Pay, expanding the usability and convenience of its services. While the Visa card will initially be available in select European regions, plans are underway for its gradual expansion across the continent. Similarly, the in-app banking gateway will cater to users outside the United States and in non-U.S. sanctioned countries, fostering greater accessibility on a global scale. Working towards market growth through a partnership strategy is a route that SafePal has taken in the past. In May 2023 the company attempted to make further inroads into the Korean market by partnering with South Korean enterprise blockchain project Klaytn. In that instance, the wallet provider added support for digital assets that run on the Klaytn network via its mobile app, hardware wallet and browser extension-based wallet. In light of these developments, SafePal's SFP tokens have experienced a modest increase in value. At the time of writing, the token unit price stood at $0.8026, representing a 4.62% increase over the course of the past 24 hours.  

Crypto Exchange Bithumb Holds Free Trading Event To Boost User Base and LiquidityBithumb, South Korea’s second-largest cryptocurrency exchange, has announced a major “no trading fee” event in an attempt to narrow the gap with its competitor Upbit, the leading exchange in the market.The event started on August 1, with select listed virtual assets available for trading without having to pay a fee on the exchange’s Korean won market.Photo by Pierre Borthiry — Peiobty on UnsplashAssets with no trading feesAptos (APT), Stacks (STX), Flow (FLOW), Sui (SUI), Bitcoin Gold (BTG), FirmaChain (FCT2), Blur (BLUR), Waves (WAVES), Metal (MTL), and Loom Network (LOOM) will be the first assets to have no fees during the event.The cryptocurrencies eligible for free trading can easily be distinguished by the blue “Free” badge displayed next to their names. Users can also check the full list through the “Fee-Free” category displayed at the top of the exchange chart.The event is scheduled to continue until further notice and an additional ten assets eligible for free trading will be added every week as well.Boosting liquidityAccording to a Bithumb official, the virtual assets to be unveiled later on will be “subject to active domestic and international investment,” and the exchange will strategically select those that have the highest potential to expand liquidity.Through this event, Bithumb aims to support the diversification of cryptocurrency investors’ portfolios and increase its user base, thereby enhancing trading liquidity.