Glohow to promote UtopiaGames’ blockchain-based casino games on global stage

Viver Boosts Business Expansion with Blockchain IntegrationViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, is gearing up to expand its business by securing operating funds and implementing blockchain technology to enhance the transparency and security of trades.Photo by Caramel on UnsplashIn particular, designated services in which Viver plans to incorporate blockchain technology include the management of transaction history and the authentication of buyers and sellers, which can be used for watch appraisals and guarantees.“We do not plan to introduce services incorporating blockchain right away this year, but we are exploring ways to bring Dunamu’s strengths in blockchain to Viver,” the platform explained.From acquisition to nurturing growthAfter its establishment in February 2021, Viver was soon acquired by Dunamu, which injected KRW 9.5 billion (approximately $7.2 million) into the company on June 30 of that same year.Since then, the platform has been receiving continued financial support from Dunamu. It received KRW 2 billion in operating funds last year and an additional KRW 5 billion last Wednesday through board approval. In total, Viver has received approximately KRW 16.5 billion in funding from Dunamu over the past two years. “We decided to inject these operating funds to facilitate business growth,” Dunamu explained. The company also filed for trademark rights to Viver in July.This move contrasts with Dunamu’s actions in the first half of the year, where it divested its entertainment subsidiary, rrr Entertainment, for KRW 3 billion and its video production subsidiary, Knowmerce, for KRW 2.7 billion.In its first year of establishment, Viver recorded a net loss of approximately KRW 433 million, followed by a net loss of KRW 3.8 billion in 2022. While it has not yet achieved a turnaround in financial performance, the platform is facing promising outlooks as it has witnessed a substantial tenfold increase in its user base over the past year. Furthermore, since the launch of the service in August last year, the number of products directly listed by sellers as of July this year spiked nearly thirty times, with monthly trade count and transaction volume increasing almost fifteen times.Solid leadership and the beginnings of monetizationViver’s efforts to grow as a commerce service have been led by CEO Moon Jae-yeon and Chief Operating Officer Seo Hee-seon. Moon is known for his expertise in the management of commerce platforms through his experience working at eBay Korea and Coupang. Seo has similarly worked at notable companies such as BGF Retail, Interpark, eBay Korea, and 11th Street.Since Tuesday, Viver has started implementing service fees, signaling its move toward monetization. While transaction fees are still free due to an ongoing promotional event, order management fees are set at 2%, and sellers are now responsible for shipping costs.“Since our platform facilitates brokered trades, there are costs involved in order management, shipping, and our own evaluation and diagnostics processes. We have started charging fees for some of these costs so we could provide an improved trade experience,” Viver explained in regard to these changes.Viver also has its own magazine section, where it recently unveiled a special article for its 100th issue outlining its most popular and expensive high-end timepieces.

Singapore-headquartered crypto exchange platform Crypto.com has boosted its standing amongst its peers by achieving the largest spot crypto trading volume for the month of July where USD-supported exchanges are concerned. According to data published by The Block, the exchange platform achieved $68.85 billion in spot trading volume among USD-supported exchanges in July out of an overall total of $178.84 billion. American exchange platform Coinbase was next in the rankings, with a July trading volume total of $63.97 billion.Photo by Alexander Grey on UnsplashInstitutional client boost It’s understood that the uptick in trading volume experienced by the exchange platform is as a consequence of an increase in the number of institutional clients using Crypto.com’s trading services.  Giuseppe Giuliani, the managing director of Crypto.com, told Cointelegraph that more institutional clients are using the platform due to an improved product offering, together with stronger market conditions. Giuliani stated: “This growth has been primarily driven by the acquisition of new clients on the platform, both large institutions and advanced retail traders, and is being supported by stronger market conditions in 2024.” Giuliani told The Block that growth on the platform has played out over the medium term, stating:  "We have seen incremental market share growth month on month over the last 18 months.” Driving Bitcoin unit price Institutional adoption has been a developing theme in 2024. Some analysts have pointed to its importance in the attainment of an ever higher Bitcoin unit price. Crypto market analyst Willy Woo has suggested recently that a 3% allocation by institutions could lead to a Bitcoin unit price of $700,000. In its most recent quarterly report, global investment bank Canaccord Genuity outlined that there is growing institutional adoption relative to spot Bitcoin exchange-traded funds (ETFs). The launch of spot Ethereum ETF products in the U.S. last month is also understood to have helped towards an improved monthly trading volume for Crypto.com. Giuliani stated: “In the week of July 21 during which Ether ETF was launched, we have seen double-digit growth in our exchange’s Ether spot and perpetual volume week-on-week, building on consecutive weeks of robust volume growth.” Furthermore, the exchange platform claims to have seen increased interest and market participation from TradFi firms. Growing through licensing and sponsorship Crypto.com has attempted to further its market impact worldwide, including in Hong Kong, having applied for a trading license in the Chinese autonomous territory in February, and succeeding in that endeavor more recently according to subsequent reports. It received a license from the UK’s Financial Conduct Authority (FCA) in 2022, with the FCA awarding the company a further license, an Electronic Money Institution (EMI) license, in 2023. High profile sports sponsorships is another marketing strategy the firm has pursued in recent years. The company has claimed to be reaping the rewards of these deals, which it has made in Formula 1 (F1) motor racing and the Ultimate Fighting Championship (UFC).

Hong Kong Legislator Courting US Crypto Exchange CoinbaseRecently, Johnny Ng, a member of the Hong Kong Legislative Council, expressed his interest in the future development of Coinbase, a major US cryptocurrency exchange, in Hong Kong. In a tweet today, Ng said that he had been in contact with Coinbase and that he would keep the public updated on further progress.Photo by Ruslan Bardash on UnsplashNg’s invitation to crypto exchangesThis tweet follows Ng’s earlier invitation to Coinbase and other global crypto trading platforms to apply for licenses in Hong Kong. His comments are in line with Hong Kong’s efforts to become a hub for cryptocurrency and blockchain-related activities. As of June 1, a new licensing regime for centralized virtual asset trading platforms (VATPs) went into effect in the Chinese special administrative region.Differing opinionsDespite the enthusiasm shown by Ng, there are differing opinions on Hong Kong’s current suitability as a crypto-friendly jurisdiction. Leo Weese, the co-founder and President of the Bitcoin Association of Hong Kong, expressed reservations in an interview with crypto media outlet CoinDesk.Weese described Hong Kong’s current setup as “highly unattractive” for crypto businesses. He cited factors such as a relatively small and untested market, limited banking partnerships, and restrictive product offerings.Despite these challenges, Weese acknowledged some potential advantages, stating that Hong Kong’s classification of tokens as non-securities allows for the trading of securities that are deemed unregistered in other jurisdictions. It is important to note, however, that Weese cautioned against assuming that moving operations to Hong Kong would protect Coinbase from US regulatory measures.Moody’s altered outlook on CoinbaseMeanwhile, Moody’s, the American credit rating agency, recently revised Coinbase’s outlook from stable to negative, citing uncertainties surrounding the impact of the US Securities and Exchange Commission’s (SEC) charges on Coinbase’s operation as an unregistered securities broker.