Mystic Land token to be listed on LBank

Datachain Secures Funding from Japan’s MUFG to Advance Blockchain Interoperability InitiativesDatachain, a Japanese blockchain interoperability solution provider, has secured funding from Mitsubishi UFJ Financial Group (MUFJ), one of Japan’s largest banking institutions, according to a press release. This investment will boost their collaboration as they work together to advance ongoing initiatives involving stablecoins, security tokens, and cross-chain technology.Photo by Shubham Dhage on UnsplashGrowing token marketIn a joint report by the Boston Consulting Group (BCG) and Singapore-based investment platform ADDX, it is projected that the market for illiquid asset tokenization could reach $16.1 trillion by 2030 (as a conservative estimate) or potentially $68 trillion in a best-case scenario. This growth in the illiquid asset tokenization market, coupled with the expanding stablecoins and cryptocurrencies market, is expected to drive the overall digital asset market’s expansion.Cross-chain techDatachain will collaborate with MUFG and other partners to develop an infrastructure that enables the transfer of digital assets across different blockchains. Boasting prowess in cross-chain technology, Datachain has been conducting tests and collaborative research with numerous companies in Japan and abroad. Notably, Datachain has been working closely with MUFG to drive initiatives utilizing stablecoins scheduled for issuance and distribution through the Progmat Coin stablecoin platform.Moreover, Datachain, MUFG, and cross-chain bridge provider TOKI will form a three-way partnership aimed at commercializing the issuance and distribution of stablecoins on public blockchains like Ethereum between April and June 2024.Datachain is also collaborating with MUFG to promote cross-chain settlements involving security tokens based on stablecoins. Their goal is to realize this initiative in cooperation with securities firms by 2024.Starting with this new funding, Datachain plans to expedite its business expansion by seeking investments from other companies that can create synergies.Tomohiro Kimura, Director and Managing Executive Officer at MUFG, commented on the investment, emphasizing MUFG’s commitment to the digital asset market’s anticipated growth. According to Kimura, MUFG has established and promoted Progmat Coin in preparation for the expanding digital asset market. Highlighting that multi-chain and cross-chain transactions are essential to the future of digital assets, Kimura expressed delight over MUFG’s investment in Datachain, citing the blockchain company’s unparalleled expertise in key technology areas such as multichains and cross-chain transactions. He also highlighted MUFG’s increased involvement as a shareholder in Datachain, underlining its dedication to making a substantial impact in the digital asset market.

Okto commits $5 million treasury fund to support Vauld usersOkto, the self-custody DeFi wallet app offered by Indian crypto exchange CoinDCX, has pledged a $5 million treasury fund to provide support to Vauld users.Vauld, a Singapore-based crypto lending platform, brought a halt to all trading, withdrawal and deposit activities in 2022 as it ran into liquidity issues. The business has been undergoing a process of restructuring under the protection of the courts in Singapore ever since.Photo by Towfiqu barbhuiya on UnsplashIncentivizing user asset transferIn response, Okto has stepped forward with a proactive approach to assist Vauld users in their transition. Okto is offering a 2% bonus to users who opt to transfer their assets from Vauld to Okto.Neeraj Khandelwal, the Founder of Okto, emphasized the company’s overarching mission while unveiling this $5 million initiative. He said: “While this $5 million fund represents one of our initiatives to support the crypto ecosystem, our overarching vision is to empower the Web3 community through cutting-edge technology-backed platforms and apps designed to tackle the broader challenges within the ecosystem.”Self-custody assurance featureIn addition to this incentive, Okto is also offering a self-custody assurance feature. This feature allows users to gain complete ownership of their private keys, ensuring that access to their funds remains exclusively in their hands. Moreover, users can benefit from round-the-clock access to monitor their assets. That delivers a reassuring sense of control and peace of mind regarding the users’ cryptocurrency holdings, against a backdrop of those users having had the experience of being unable to withdraw their funds when the Vauld platform paused trading.The concept of self-custody is central to what crypto was supposed to be about. It grants complete ownership of assets to the user. Khandelwal outlined that Okto was established on the basis that it could strike a balance between security, convenience and custody. In this way, it felt that it could resolve what could be termed as the crypto wallet trilemma. “Okto’s enduring mission has been to provide users with a secure and user-friendly app, and we will persistently strive to achieve this objective,” Khandelwal added.Mitigating riskLaunched globally earlier this year, Okto is a keyless, self-custody Web3 wallet that ensures secure access to DeFi services while prioritizing the safety of users’ funds. This all-in-one Web3 app approach eliminates the cumbersome need to safeguard seed phrases, ensuring users have full control of their funds.Moreover, it mitigates the risk of a single point of failure through its state-of-the-art, custom-built, consensus-driven Multi-Party Computation (MPC) technology. With MPC, private keys required for fund access and control are never fully exposed, guaranteeing the constant security of users’ assets.Vivek Gupta, Chief Technology Officer at Okto, elaborated on the technology behind Okto’s product offering, stating:“Okto uses state of the art Multi-Party-Computation algorithms to create users’ private keys. Our MPC algorithm never produces a complete private key. Our MPC algorithm uses three nodes which communicate with each other under proprietary encryption channels and create a unique sensitive material on each node.”In addition to its security measures, Okto wallet boasts compatibility with multiple Web3 chains such as Polygon, BSC and Avalanche, along with protocols like Stader and WooFi, among others.

Bybit Suspends UK Services Due to New Marketing RegulationsDubai-based crypto exchange Bybit has taken the proactive decision to suspend services in the UK market ahead of the impending implementation of new cryptocurrency marketing regulations by the Financial Conduct Authority (FCA).Photo by Nick Fewings on UnsplashNew marketing rulesThe FCA is set to enforce these rules starting next month, marking a significant shift in the regulatory landscape for crypto businesses operating in the United Kingdom. In an official announcement published on its website on Friday, Bybit stated: “In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses as outlined in the June 2023 Policy Statement (PS23/6) entitled ‘Financial Promotion Rules for Crypto assets,’ Bybit has made a choice to embrace the regulation proactively and pause our services in this market.”Efforts to remainLast week, there had been speculation that the crypto exchange platform would be exiting the UK market. However, Bybit responded on September 14, stating that it intended to maintain its presence in the UK over the long term.Clearly these new rules are proving to be an insurmountable challenge for the exchange platform, given its more recent decision to pause its services. The new rules aim to introduce a cooling-off period for first-time investors, with the ultimate goal of enhancing the transparency and accuracy of crypto product marketing.Their implementation has drawn criticism from within the industry. On Thursday, Nic Carter, Co-Founder of blockchain data aggregator Coinmetrics.io and Partner at Web3-focused venture capital firm Castle Island Ventures, shared his thoughts on the new regulations via X (formerly Twitter): “I have a hard time taking the UK seriously as a domicile for crypto companies based on their completely ludicrous advertising law — clown country.”Withdrawal timelineBybit has outlined a timeline for its withdrawal from the UK market. Starting from October 1, the exchange will no longer accept new user account applications from UK residents.Subsequently, on October 8, coinciding with the enforcement of the new regulations, existing UK users will no longer be able to “make any new deposits, create new contracts, or increase any of their existing positions for all products and services.” However, users will retain the ability to reduce or close their positions and withdraw their funds from the platform.Bybit has set a final deadline of January 8, 2024, for UK customers to manage and wind down their remaining positions. Any positions left open after this date will be automatically liquidated, with the resulting funds made available for withdrawal.While the duration of Bybit’s suspension in the UK remains uncertain, the exchange has expressed its commitment to aligning with UK regulatory requirements in the future. Bybit stated: “The suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future.”Bybit is not the only crypto exchange affected by the UK’s regulatory changes. Other major platforms, including OKX and Binance, are reassessing their strategies in response to the FCA’s stringent guidelines. The new rules have broad implications, with even having a website accessible to UK customers potentially being considered a promotional activity.