Bithumb’s college student supporter group Thumbs Up kicks off

Upbit Seeks Recruits for Program to Foster Digital Asset Investment CultureUpbit, South Korea’s largest cryptocurrency exchange, announced Monday that it is recruiting participants for its second Up!To program, aimed at cultivating a robust digital asset investment culture and leading the era of Web3.Empowering students in the Web3 eraTouting the slogan “Build Your Own Block,” the program will involve various activities, including creating content related to digital assets and investor protection, producing and uploading promotional materials, generating ideas for Upbit’s services, and attending Upbit’s offline events.Photo by Mimi Thian on Unsplash“Through Up!To, university students will gain a comprehensive understanding of digital assets and blockchain,” said Lee Hae-bung, head of the Upbit Investor Protection Center.Program detailsThe program will kick off with the inauguration ceremony on September 18, to be followed by three months of participation and activities. Along with a welcome kit and a designated stipend, participants will also get the chance to be educated and trained in the field of digital assets.Teams that show the most outstanding performance will be awarded a prize of 5 million KRW (approximately $3,800), and runner-up participants will receive a prize of 3 million KRW. A select few will also get the opportunity to intern at Upbit. The total quota for the program has been expanded to 30 — an increase from 20 participants last year.Any university students — excluding those set to graduate in February next year — who are interested in digital assets are eligible to apply. Applications can be submitted from August 7 to August 25 on the Upbit Investor Protection Center website. Final acceptance notifications will be sent via email on September 11.

Bakkt Holdings, a software as a service (SaaS) and API platform for owning and trading cryptocurrency, has unveiled its plans for an extensive expansion into Asia and other crypto-friendly international jurisdictions. Focus on Hong Kong and SingaporeAccording to a recent press release, Bakkt has broadened its footprint into two additional Asian markets, namely Hong Kong and Singapore. This strategic expansion aligns with the company's key objectives for 2024. Data from South Korean Web3 advisory and research firm Tiger Research suggests that Asia is poised to become the epicenter of the global crypto landscape within the next five years. In particular, Singapore and Hong Kong have emerged as dominant forces in the Asian crypto landscape. Their well-defined regulations, favorable tax structures and status as international financial hubs have attracted major players in the crypto industry. The announcement emphasizes Bakkt's commitment to making cryptocurrencies more accessible globally. The company envisions that crypto has the potential to enhance financial inclusivity and connect communities within the global economy. CEO Gavin Michael expressed excitement about the opportunities these regions present, highlighting the company's dedication to reaching millions of people through its crypto services.Photo by Jigar Panchal on UnsplashBroader global expansionBakkt's international expansion is not limited to Asia. Additionally, the company is targeting Latin America. Brazil, Argentina and Mexico lead the way in the adoption of crypto assets in Latin America. The digital assets solutions firm has successfully established crypto trading and on-ramp capabilities in Brazil and Guatemala, adding to its existing operations in Argentina and Mexico. Furthermore, Bakkt has plans to establish a presence in the United Kingdom and Australia in the coming months.   The decision to expand into these specific jurisdictions is influenced by the rapid growth of the crypto economy and the regulatory clarity observed in these regions. Despite global market fluctuations and recoveries, certain countries continue to welcome crypto-related businesses with robust regulatory frameworks. In collaboration with Bakkt Holdings, Hapi and SogoTrade have launched new crypto trading capabilities, expanding their offerings across Asia, Europe, North America and South America. Hapi, a stock trading platform, has extended its crypto trading services to Brazil, Guatemala and Spain, deepening its relationship with Bakkt. On the other hand, SogoTrade, a digital brokerage, has initiated crypto trading in Hong Kong and Singapore, marking the beginning of its foray into Asian markets. Bakkt, established in 2018, is focused on providing institutional-grade custody, trading and on-ramp capabilities. The company positions itself as a partner for sustainable, long-term crypto involvement. The firm was established with Intercontinental Exchange (ICE), the owners of the New York Stock Exchange, having a 66.7% controlling interest in the company.  Bakkt's strategic expansion into diverse international jurisdictions, including the Asian region, underscores its intention to enable global platform accessibility, together with its belief in the transformative power of cryptocurrencies within the financial landscape. 

Taiwan has built a prototype platform that potentially could provide for a central bank digital currency (CBDC). In light of that development, there are plans afoot to hold a number of hearings and forums in 2025 relative to CBDC development. In a report cited by local news media, Taiwanese Central Bank Governor Yang Chin-long stated that the development of a CBDC is not an international competition. Yang is not motivated by a desire to be the first to launch a CBDC on the basis that such a thing doesn’t ensure a successful outcome.  At the outset, Taiwan intends to introduce a non-interest bearing CBDC although this may be revised as further development and rollout progress. The system may encompass the use of both anonymous and registered digital wallets, the report suggests.Photo by Timo Volz on UnsplashWholesale CBDCReports last year had disclosed that the retail CBDC prototype supports 20,000 transactions per second. The central bank also plans to develop a wholesale CBDC (wCBDC) proof of concept to support three sets of functionality which it plans to test via a unified ledger, developed with the assistance of Taiwan’s commercial banks.  According to feedback from the office of the Taiwanese parliament’s finance committee provided to The Block, Yang is due to present the report on the current state of progress relative to a CBDC on July 10 at the Legislative Yuan, Taiwan’s parliament. While no projected timeline has been provided for CBDC issuance, Yang emphasized that Taiwan’s CBDC project is a long-term affair. He disclosed that the Central Bank of the Republic of China (Taiwan) will take a three pronged approach to the new digital currency. In the first instance, the wCBDC will be used for for the purpose of interbank settlement relative to tokenized deposits.  In practice, this will mean that when a payee transfers a tokenized deposit to another party, the other party will receive the money instantly. However, in the background, the payee’s bank will need to transfer funds to the second party’s bank. Taiwan’s central bank also plans to trial the settlement of tokenized asset transactions. Settlement of securities in this way is seen as an opportunity to minimize risk when compared with commercially issued stablecoins. Such tests will be similar in nature to the wholesale digital ledger technology (DLT) trials carried out in recent times by the European Union (EU).  Purpose bound money trialLastly, the Republic of China plans to trial purpose bound money (PBM), a concept which covers the middle ground between programmable payments and programmable money. PBM was introduced in a whitepaper in 2023 by the Monetary Authority of Singapore (MAS). It enables the sender to specify certain conditions relative to the digital currency being sent. This may include a validity period and further specification as to how the money can be spent. This development represents the latest installment in an ongoing pipeline of announcements from various central banks with regard to CBDC project milestones. Last month, Qatar’s central bank announced the launch of the first phase of its CBDC project.