Strategic investment sees C1 Secondaries Fund target Animoca Brands

Infinite Block Selected For Tech Startup Incubator ProgramSouth Korean blockchain fintech company Infinite Block announced Monday that it has been selected to participate in the Tech Incubator Program for Startups (TIPS) program.“Being selected for TIPS as the first domestic custodial services company to do so carries significant importance, as it acknowledges our technological capabilities and business viability on an international scale,” said the company’s CEO Jeong Gu-tae.Photo by Mimi Thian on UnsplashPaving the way for an innovative futureTIPS is a private investment-led technology entrepreneurship program organized by the Korea Business Angels Association and Korea Institute of Startup and Entrepreneurship Development (KISED) — two affiliated institutions under the Ministry of SMEs and Startups — to foster startups that possess innovative technology.The program appoints and designates venture founders to serve as angel investors and leaders of technological enterprises as a given startup’s incubator and/or accelerator. Throughout the two-year duration of the program, the startups can take advantage of angel investor networking and mentoring and receive KRW 500 million (approximately $370,000) in research and development (R&D) funding from the government. They can also receive an additional KRW 200 million in commercialization funds.Infinite Block, which specializes in custody services tailored to corporate-owned virtual assets, was selected for TIPS by attracting investment from the fintech innovation fund operated by venture company Infobank. This is part of a series of strategic investments that it secured within just six months of its establishment, including those from leading domestic financial institutions like banks and securities companies.Pioneering fintech developmentThe company has consistently been boosting efforts to expand into a prominent fintech platform, starting by receiving approval from Korea’s Financial Services Commission (FSC) to become a virtual asset service provider (VASP) and later on obtaining ISO 27001 certification for the information security management system of its blockchain platform. More recently, it launched a custody-based Ethereum staking service for corporate clients.“We will strive to provide trustworthy digital asset infrastructure by implementing a fintech platform that not only offers innovation through blockchain and cyber security technology but also meets regulatory requirements assigned by financial authorities,” Jeong stated.

Shanghai Embraces Blockchain, AI, and Digital Yuan with New GuidelinesIn a bid to stay at the forefront of technological advancements, the government of China’s largest and most populous city, Shanghai, has issued a set of guidelines aimed at promoting the widespread adoption of blockchain, the metaverse, and the digital yuan.Photo by Edward He on UnsplashIntegrating blockchain technologyThe objective of the measure is to further the use of these technologies across various industries within the city. Leading enterprises across a range of industry sectors, such as automotive, commodity trading, and e-commerce, are now required to look to incorporate these technologies into their operations.The guidelines, which were published last Tuesday, outline the government’s commitment to providing support for platforms that seek to enhance digitalization in production, operations, and management processes. Additionally, they emphasize the development of information technology services centered around big data, blockchain, the Internet of Things, artificial intelligence, and the mobile Internet.Bolstering commodity tradingA key focus for the government is the establishment of a robust internet system to bolster its local commodity trading service. This move is driven by a reliance on “the national financial factor market,” which aims to upgrade the over-the-counter derivatives platform for bulk commodities and strengthen the linkages between futures and cash.Furthermore, the guidelines pave the way for expanding e-commerce service platforms for industrial products, setting up a digital transformation service platform, and fostering the development and application of data resources.Shanghai’s status as China’s financial hub makes it an ideal testing ground for innovative technologies like blockchain and AI. However, China’s approach to cryptocurrency is more complex. It involves support for blockchain technology while at the same time applying strict measures against crypto trading and mining.Aligning with central government policyThe Chinese government’s support for blockchain technology stems from its recognition of blockchain as the underlying foundation of cryptocurrencies. Judging by the blockchain initiatives forwarded by the central government and regional Chinese administrations in recent months, it’s clear that China is keen to develop leadership in the use of blockchain across various sectors. It takes a different view, however, when it comes to projects related to decentralized cryptocurrencies and crypto trading.In recent years, China has cracked down on cryptocurrency activities. In 2013, the government banned initial coin offerings (ICOs), a fundraising method used for cryptocurrency projects. Subsequently, cryptocurrency exchanges were banned in 2017, followed by a prohibition on cryptocurrency mining in 2021.Several factors contribute to the Chinese government’s cautious approach to cryptocurrency. One major concern is financial stability, as crypto can be exploited for illicit activities like money laundering. According to a recent report, Chinese authorities are redoubling their efforts in pushing back against the use of crypto as they’re finding that it is being used to exploit capital control loopholes.These recent guidelines from Shanghai’s administrators aim to capitalize on the transformative potential of emerging technologies while ensuring prudent regulation and control over cryptocurrency-related activities in line with current central government policy emanating from Beijing.

South Korean blockchain solutions provider Seoul Labs has released SLUSH, an innovative launchpad built on its SASEUL blockchain designed to streamline and enhance the Web3 experience, according to a post on CoinMarketCap on Tuesday (KST).Photo by Shubham's Web3 on UnsplashPromoting sustainable ecosystem growthSeoul Labs explained that SLUSH is a solution to the setbacks of existing Web3 services and the difficulties that come with providing a comprehensive experience. As a hub within the SASEUL ecosystem, the launchpad allows users to access and manage a variety of services on a single platform. It will also serve as a medium for finding and supporting groundbreaking Web3 projects, offering safe and attractive investment opportunities in response to the current challenges posed by limited investment options and instabilities in digital asset trading. With a focus on long-term growth, SLUSH is designed to present users with tangible projects within the SASEUL ecosystem. Token sale successSLUSH is already off to a strong start, selling out one million SL tokens – Seoul Labs’ native token – in just 3 hours during its first pre-sale round on Jan. 16 and demonstrating investors’ interest in the service. The next round opened yesterday at an exchange rate of 1 SL to 0.1 USDT. Although the results have not been disclosed yet, if the second round also yields one million sold tokens, Seoul Labs will initiate a third. These pre-sales are expected to pave the way for onboarding various Web3 products and services onto the launchpad. The Seoul Labs team emphasized its commitment to funding blockchain projects, particularly dApps and Web3 projects, on SASEUL, thereby expediting their entry into the market. As the ecosystem’s growth accelerates, the team also plans to implement features like token swaps, NFTs and more.