Chinese VC plans $10 billion Web3 fund launch

Korean Crypto Exchange Group Installs Separate Division to Prevent Money LaunderingThe Digital Asset Exchange Alliance (DAXA), a group of five major Korean crypto exchanges, announced yesterday that it has installed a division to prevent money laundering.©Pexels/Anna TarazevichAML division’s roleThe anti-money laundering (AML) division will devise suspicious transaction report types, create guidelines to assess risks at virtual asset service providers, and hold various seminars.With the new AML division installed, DAXA now has five divisions, the other four of which are responsible for trading support, market monitoring, compliance monitoring, and education.Improving listing and delisting guidelinesDAXA also plans to improve listing and delisting guidelines that exchanges can share.DAXA vice chairman Kim Jae-jin said long-term efforts are required to build a healthy virtual asset ecosystem, calling for exchanges’ stronger voluntary compliance.

Cronos Labs $100 Million Accelerator Program Enters Hiring PhaseCronos Labs, a Web3 startup accelerator, is embarking on the hiring phase of its accelerator program with the objective of nurturing early-stage projects through financial support and mentorship. The endeavor has been bolstered by a substantial $100 million investment commitment aimed at fostering the growth of crypto startups.In an official announcement published to its website on Tuesday, Cronos Labs underscored the accelerator’s primary mission: to cultivate startups poised to “shape the future of Web3.” Moreover, the program seeks projects with a pragmatic focus on creating use cases that can drive the adoption of decentralized applications (DApps) genuinely, with a preference for authentic user engagement over bot-driven interactions.Photo by Shubham Dhage on UnsplashStartup selectionThe recruitment phase for the program officially kicked off on Monday, coinciding with the commencement of Korea Blockchain Week, scheduled to run until September 10. Cronos Labs will select eight startups to partake in a 12-week remote program laden with mentorship, master classes, marketing and financial support, and introductions to strategic partners. This rigorous journey culminates in a demo day designed to initiate discussions around fundraising opportunities.Charlotte Kapoor, the Head of Innovation Programs at Cronos, remarked on the immense interest previous accelerator iterations garnered, describing the number and quality of applicants as “overwhelming.” Kapoor emphasized the hunt for groundbreaking proposals capable of tackling real-world challenges while showcasing innovative applications of AI, blockchain, and decentralized technologies.Kapoor stated: “The number and quality of applicants to our previous accelerator program was overwhelming, and it’s going to be tough whittling the entrants for cohort three down to a final shortlist. With the Cronos Accelerator Program poised to open to applicants, we extend an open invitation to builders with original concepts and the willingness to turn them into a working product. We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain, and decentralized technology.”Heavyweight mentorsCronos has enlisted the expertise of a diverse array of industry leaders to serve as mentors and partners within the program. Among the notable contributors are technology titans like Google Cloud and Amazon Web Services (AWS), as well as blockchain security experts CertiK and PeckShield. Additionally, companies such as Protocol Labs, Hacken, and Covalent have also thrown their weight behind the accelerator program.Cronos, which was originally established by Singaporean crypto platform Crypto.com, recently received a further boost when world-renowned video game publisher Ubisoft became a Cronos network validator. Ubisoft has also been involved with the Cronos Accelerator project as a venture mentor.State funding for Web3In parallel, funding support for Web3 technology has been gaining steady momentum. Just last month the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, committed a significant $150 million Singapore dollars ($112 million) to support various financial technology solutions, including Web3. This initiative aims to nurture innovation by providing backing to projects harnessing cutting-edge technology.The development of the crypto and blockchain ecosystem has been non-linear and imperfect, but accelerator programs like this one are likely to result in the emergence of pioneering startups that will shape the future of Web3 while fostering genuine adoption and practical use cases.

South Korean blockchain firm Ozys announced today that it has entered into a strategic partnership with Creder, a company dedicated to integrating traditional assets into the blockchain realm, to tokenize physical assets like precious metals into real-world assets (RWAs), according to Korean news site Digital Today on Thursday (KST). "Gold is one of the major RWA assets as the market value of assets linked with physical goods is increasing in the global market. We will take a transparent approach in expanding the RWA token ecosystem and showcase our business performance through our cooperation," said Lim Dae-hoon, CEO of Creder.Photo by Jingming Pan on UnsplashDriving innovationAs a member of the Klaytn ecosystem, internet juggernaut Kakao’s blockchain, Ozys operates platforms like Allbit.com, a layer 2 decentralized exchange (DEX), and a cross-chain token transfer platform dubbed Orbit Bridge. The firm utilizes blockchain-based technologies like smart contracts and Inter-Blockchain Communication (IBC) to develop and run its platforms. Meanwhile, Creder is currently working on The Mining Club, a project that mints solid gold into NFTs for safe storage and transfer. The gold NFTs are available for purchase on the NFT marketplace OpenSea. It is also developing Gold Station, a platform that allows for the digitized purchase, storage and investment of gold through the Gold Pegged Coin (GPC). GPC is a physical gold-based RWA issued on the Klaytn network. Expanding the scope of Web3The two companies will work together to onboard GPC to KLAYswap – Klaytn’s on-chain swap protocol – which will be issued via smart contract on Jan. 3. The two companies also plan to tokenize other precious metals like silver, copper and palladium. By combining physical assets and blockchain technology, the companies aim to expand the Web3 ecosystem and lead next-generation markets. "The tokenization of gold, which is considered a safe asset, is expected to diversify the Web3 ecosystem," said Choi Jin-han, CEO of Ozys. "We plan to explore various collaborations with Creder, starting with the onboarding of the gold-based token GPC on KLAYswap."