FactBlock sworn in as newest member of WEMIX’s 40 WONDERS

Among various accounts within a bank, a demand deposit account is considered a “station” where people can temporarily store their money and easily withdraw it for future investments. These accounts are highly liquid, since users can deposit or withdraw funds at any time without having to pay a penalty to a bank.  Following the recent cryptocurrency boom, the five major banks in Korea – KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank – are seeing a significant influx of funds into their demand deposit accounts, according to local media outlet Money Today. This is partly attributed to an increasing number of youths who are seeking to invest in crypto assets, parking their money in these banks’ demand deposit accounts. Shinhan Bank and Nonghyup Bank have seen the highest increase in their deposits, owing to their affiliation with local crypto exchanges that have access to real-name accounts from these banks. Photo by André François McKenzie on UnsplashBTC’s surge attracting young investors to cryptoExperts say that these deposits could be potentially transferred to the crypto market by owners as Bitcoin’s value continues to climb. An insider from a crypto exchange noted that the bullish crypto market, spurred by the U.S. approval of spot bitcoin ETFs, is driving a number of young investors to turn to crypto investments, encouraging them to channel their deposits into buying crypto tokens.  Data from these five major banks shows their total demand deposits by the end of February exceeded KRW 614 trillion ($460 billion), seeing a month-over-month increase of about KRW 23.5 trillion. During the same period, the banks’ combined regular savings grew by KRW 23.6 trillion, while their combined installment savings saw a decrease of KRW 13.3 trillion. This came after the government-led savings product “Youth Hope Installment Savings” reached its maturity, which returns users their principal with relatively large interest gains.  Banks scrambling to attract crypto investors with new savings productsIn response to the potential decline in interest rates in the second half of this year, an increasing number of customers are seeking to put their money into savings products with an interest rate of as low as 3%, according to a banker. In a bid to attract more users, local banks are busy introducing new savings products.  KB Kookmin Bank launched a savings product offering a relatively high annual interest rate of up to 4%, and Shinhan Bank rolled out a savings product targeting youths with an annual interest rate of up to 3.85%.  Meanwhile, Kbank, an online-only bank, is deemed among the largest beneficiaries of the crypto boom, as the bank saw its average daily new customers triple compared to last year. Since 2020, Kbank has served as the provider of real-name accounts to Upbit, the leading crypto exchange in Korea.  Ha Joon-kyung, a professor at the Department of Economics at Hanyang University, said the sudden surge in demand deposits means that a significant portion of these funds will be invested in high-yielding but risky assets, including cryptocurrencies, stocks and real estate.  

NEOPIN works with Japan’s Jasmy to develop RWA-based DeFi productsSingapore-headquartered centralized decentralized finance (CeDeFi) protocol NEOPIN has formed a strategic partnership with Jasmy, a Japanese developer specializing in blockchain-based Internet of Things (IoT) platforms. This collaboration represents a step in their joint effort to expand into the global blockchain market, with a particular emphasis on data assetization.Founded in 2016, Jasmy has a management team in which most have a background with tech conglomerate Sony. In contrast to the dominance of tech giants like Google, Apple, Meta and Amazon over data, Jasmy concentrates on achieving data democratization. This concept empowers individuals to have control over their own data. The growing Japanese firm is convinced that the integration of IoT and blockchain technology is the key to realizing this vision of data democracy.Notably, Jasmy has its native token called JasmyCoin. As a regulated virtual asset in Japan, it is listed on centralized exchanges like Binance, Coinbase, Kraken and KuCoin.Photo by Shubham Dhage on UnsplashReal-world assets and security tokensThrough this partnership, the two will explore joint business ventures involving real-world assets (RWAs) and security tokens. They plan to utilize their combined business networks to expand their ecosystems beyond Korea, Japan and the Middle East. NEOPIN will introduce DeFi products using its native token, NPT, and JasmyCoin. Additionally, NEOPIN will become a validator on Jasmy’s mainnet to support its growth.Their collaboration is poised to boost NEOPIN’s advancement into the Japanese market. NEOPIN has been actively pursuing expansion into Japan since its announcement in August. With the Japanese government advocating for Web3 initiatives, a rise in the creation of tokens from local projects is anticipated, leading to a growing demand for DeFi and wallet services.NEOPIN’s partnerships in JapanAs Japan’s digital asset landscape evolves, NEOPIN is actively working to increase its market share in the country. This effort includes a variety of strategies such as focusing on gaming, developing their mainnet, engaging in local marketing activities and launching DeFi products. NEOPIN has also previously announced partnerships with other entities in the Web3 space, including SBINFT, Lena Network and Rokubunnoni, as part of its broader strategy to strengthen its presence in the Japanese market.NEOPIN’s CEO, Ethan Kim, highlighted the company’s goal to lead in the global RWA market. In partnership with Jasmy, they aim to develop and showcase DeFi products related to RWAs and security tokens. NEOPIN is also committed to strengthening its position in Japan by providing Japanese language support this year and actively forming alliances with promising Japanese blockchain enterprises.Hiroshi Harada, CFO of Jasmy, acknowledged NEOPIN’s proven expertise in the Korean market and expressed enthusiasm about the collaboration between the two companies in the blockchain sector. Harada said that their joint efforts will focus on building networks, developing use cases and expanding the market.

Binance Collaborates with Thai Police to Bust $277 Million Crypto ScamIn a crackdown on cryptocurrency-related crime, Binance, the world’s largest global exchange, has partnered with Thailand’s Royal Thai Police to aid them in dismantling a major criminal network behind a crypto scam.Photo by Dan Freeman on UnsplashOperation “Trust No One”According to a blog post published by the exchange, the operation, code-named “Trust No One,” has not only resulted in the arrest of five key members of the syndicate but has also seized assets worth a staggering $277 million. Importantly, the operation is likely to offer restitution opportunities for more than 3,200 victims.Binance collaborated closely with the Cyber Crime Investigation Bureau (CCIB) and the United States’ Homeland Security Investigations (HSI) to combat these illicit activities. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at CCIB, expressed his appreciation for Binance’s involvement, underscoring the exchange’s role in the fight against scams and cybercrimes.Successful collaborationsTigran Gambaryan, Binance’s Head of Financial Crime Compliance, reaffirmed the exchange’s commitment to partnering with authorities worldwide to restore trust in the digital asset ecosystem. This operation adds to Binance’s growing list of successful collaborations in its efforts to combat crypto-related crimes, following the recovery and freezing of $450,000 in stolen assets linked to the Curve Finance hack in 2022.In a separate case, Binance’s investigative team played a pivotal role in exposing a major cryptocurrency scam orchestrated by an extensive network of international criminal organizations. This investigation resulted in the arrest of suspects across 30 different locations in Bangkok and the provinces of Samut Prakan and Udon Thani. Binance provided critical information that facilitated these arrests, even sending an investigator to Thailand to support the process of obtaining arrest warrants.This collaborative effort empowered the Royal Thai Police to confiscate illicit assets, which included 16 opulent residences, 12 high-end vehicles, and 16 million Thai Baht (approximately $440,000) in cash.Notably, Binance’s proactive cooperation with law enforcement agencies has yielded an impressive average response time of just three days, surpassing the customary response times of traditional financial institutions. Taking to X (formerly Twitter), the company stated: “Our recent support helped [the Royal Thai Police] to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.”Ongoing issueCryptocurrency scams have been on the rise in Thailand, posing a substantial financial threat to its residents. Last month Thai authorities detained five foreigners due to their involvement in a $76 million crypto-related scam.In August, Thailand’s Ministry of Digital Economy and Society (MDES) issued Meta (the company behind Facebook) with a warning due to what it deemed to be an inadequate response by the social media giant in Thailand to the prevalence of crypto-related fraudulent ads on the platform.Binance has been active in collaborating with law enforcement in various jurisdictions to combat crypto-related crime. Over the last three years, the exchange has actively cooperated with and provided assistance in more than 103,000 law enforcement investigations worldwide.Although Thailand has witnessed a surge in cryptocurrency-related scams, the collaborative efforts between the Royal Thai Police and Binance serve as a commendable model for addressing these challenges going forward.