Seoul Labs’ Web3 launchpad SLUSH attracts investors

New Kazakh Platform Underscores Binance’s Push EastwardsGlobal cryptocurrency exchange Binance is making a significant move towards the East in response to mounting regulatory challenges in Western markets. The exchange has recently launched a regulated digital asset platform in Kazakhstan, marking a milestone in its expansion strategy.The announcement was made during a press conference held on June 20, attended by distinguished guests including representatives from Kazakhstan’s banking sector and Binance Kazakhstan’s leadership. The company followed up with a blog post detailing the development, published to its website on Wednesday.This milestone achievement follows Binance’s preliminary approval for operations in Kazakhstan received last August. By October, the Astana Financial Services Authority (AIFC) granted the exchange a permanent license to establish a digital asset platform and provide custodial services at the Astana International Financial Center.Photo by Engin Akyurt on PexelsBespoke platformThe newly established Binance platform in Kazakhstan aims to cater specifically to the needs of Kazakhstani users. It offers a comprehensive suite of services encompassing cryptocurrency exchange, conversion, fiat currency deposits and withdrawals, as well as custody of crypto assets.These financial services will be facilitated through a partnership with Freedom Finance Bank, Kazakhstan’s banking partner for Binance. Users of the platform will be able to transfer fiat funds to their accounts, with deposits and withdrawals currently supported through bank transfers or bank cards via Freedom Finance Bank.Adverse Western market conditionsBinance’s expansion into Kazakhstan comes at a time when the exchange is grappling with legal challenges in the United States and several European countries. In the US, Binance is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).Last month, Binance announced its withdrawal from the Canadian market, citing regulatory changes which the company described as “untenable.” Meanwhile, in Europe, the company has faced regulatory pushback, including an investigation into alleged “aggravated money laundering” in France and its exit from the Dutch market due to the absence of a virtual asset service provider license.Binance’s withdrawal from European markets has been attributed to its efforts to comply with the European Union’s approved Markets in Crypto Assets (MiCA) regulations, although there are reports indicating collaboration between European regulators and the SEC in their investigations into Binance.Eastern expansionWhile Binance has been facing ongoing setbacks in Western markets, it continues to expand eastwards. Late last month, the firm announced plans to establish a dedicated platform in Japan. Around the same time, it secured a trading license through its Thai joint venture company.Binance is not the only major crypto firm making a strategic shift towards Asia. Other global cryptocurrency exchanges such as Gemini and Coinbase, have also expressed their intention to strengthen their presence in the Asia Pacific region. This trend highlights a broader pattern of the crypto exchange landscape gradually shifting towards the East, reflecting a reconfiguration of the global market.As Binance expands its regulated operations in Kazakhstan, it aims to navigate the complex regulatory environment and continue providing secure and compliant services to users in a key market. The move not only positions Binance strategically but also underscores the evolving dynamics that may well be playing into a regional shift in leadership where the development of digital assets is concerned.

Leading crypto exchange platform OKX has recently unveiled its plans to enhance its marketplace by incorporating Atomicals (ARC-20), Runes, Stamps (SRC-20) and Dogecoin’s Doginals (DRC-20) into its Web3 wallet. ‘First-to-market’ initiativeTaking to social media on Monday, the firm provided further details regarding the additions, outlining that it is part of a "first-to-market" initiative, solidifying OKX's commitment to the expanding realm of Bitcoin NFTs. The integration of these token standards is aimed at positioning OKX as a leading one-stop NFT ecosystem within Web3. Starting with the integration of Stamps on Feb. 5, OKX Wallet users will gain the ability to view and transfer Bitcoin token standards. Subsequently, in late February, OKX Wallet will extend its support to Atomicals, Doginals and Runes, enabling millions of users to engage in buying and selling these NFTs without incurring any trading fees. OKX Marketplace will also follow suit, integrating DRC-20, ARC-20 and Runes standards in late February, thus broadening the scope for users to participate in zero-fee trading.Photo by Shubham's Web3 on UnsplashDriving mainstream adoption of Web3Jason Lau, chief innovation officer at OKX, underscored the platform's dedication to driving mainstream adoption of Web3 technologies, making the exploration and realization of NFT potential more accessible for users. Despite concerns about potential blockchain congestion due to NFTs, Lau characterized these challenges as "growing pains," expressing confidence that they will be addressed over time. Lau told CoinDesk that “these things will last forever, as long as the chain lasts.” Emphasizing the surge in activity and user growth since the launch of their product, Lau positioned OKX as an evolving platform at the forefront of developing tools for users to access all of Web3. OKX Wallet's inscriptions tool presently supports minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C and Arbitrum One, among others. Boosting OKX MarketplaceThe move aims to establish OKX Marketplace as the largest NFT marketplace in the industry, boasting zero-fee trading across an expanding range of token standards. The platform's advanced NFT offering includes features such as hex error checking, liquidity across multiple standards, bulk minting capabilities and automatic error detection. Despite OKX's open embrace of Ordinals and other Bitcoin protocols, some members of the Bitcoin ecosystem express discontent, labeling Ordinals as digital spam. Jason Lau vehemently disagrees, asserting that in open and permissionless networks like Bitcoin, "there is no such thing as spam." He contends that as long as fees are paid and transactions adhere to consensus rules, they are valid. Lau emphasizes OKX's historical support for the Bitcoin ecosystem, including upgrades like SegWit, Taproot and Lightning. As debates surrounding the role of Ordinals and NFTs within the Bitcoin ecosystem persist, OKX's proactive stance signals a belief in the potential of Bitcoin-based NFTs to introduce innovative use cases and design possibilities. The disruptions experienced by various blockchains in December, attributed to increased transaction activity related to inscriptions, underscore the growing impact of these developments within the Bitcoin ecosystem and the broader crypto landscape. 

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.