FalconX further expands APAC reach into Hong Kong

Shinhan Bank and SCB TechX Succeed in Stablecoin Remittance PilotSouth Korean banking institution Shinhan Bank, Thai Siam Commercial Bank’s tech arm SCB TechX, and a Taiwanese financial institution recently announced the successful completion of a proof-of-concept (PoC) pilot of stablecoin remittances. The PoC was built on the hashgraph consensus-based public ledger, Hedera. Hashgraph consensus is a technology that provides an alternative to the more commonly used blockchain consensus mechanisms.Photo by Lea L on UnsplashThree currenciesThe pilot test was conducted to assess the feasibility and functionality of a system involving real-time settlement and real-time foreign exchange (FX) rate integration. The test was successful in implementing these capabilities for three currencies: the Thai Baht (THB), the New Taiwan dollar (NTD), and the South Korean won (KRW). Since the PoC is compatible with the Ethereum Virtual Machine (EVM), EVM-based stablecoins should be able to join the PoC framework without significant modifications.More efficient and affordableIn November 2021, Shinhan Bank developed this PoC on the Hedera network in collaboration with an international bank outside Korea, employing stablecoins for cross-border remittances. The success of the subsequent pilot test this year represents a major achievement in the pursuit of more efficient and affordable cross-border payments, especially given that the financial industry has been increasingly recognizing the transformative possibilities of blockchain and distributed ledger technology.These banks expect that this stablecoin solution will allow individuals and organizations to conduct transactions in locally denominated stablecoins, benefiting from remarkably low fees.Kim Byung-hee, Chief of the Blockchain Division at Shinhan Bank, said, “The successful completion of this second PoC marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world.”SCB TechX’s CEO Trirat Suwanprateeb echoed this sentiment, stating that this endeavor can help “increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.”

Korean Blockchain Startups to Showcase Products in KINTEX in NovemberSouth Korean blockchain startups are set to benefit from increased opportunities to participate in exhibitions organized by the Korea International Exhibition Center (KINTEX) in Ilsan, located northwest of Seoul, the nation’s capital.According to a report by local news outlet Dailian, KINTEX recently announced a collaboration with Onoffmix, a social gathering platform, with the aim of expanding exhibitions and bolstering the startup ecosystem.Under the newly signed agreement, KINTEX and Onoffmix will leverage the latter’s startup business network and event platform to encourage startups to take part in more than 20 exhibitions organized and hosted by KINTEX. Onoffmix, boasting a subscriber base of 1.45 million, will serve as a valuable resource in this partnership.Photo by Seungwon Lee on UnsplashGlobal trendThis move aligns with the global trend of increasing startup participation in exhibition shows. One notable example is the Consumer Electronics Show, a prominent annual tech trade show in the United States that features Eureka Park, an event for startups to showcase their products. With 1,340 startups participating this year, Eureka Park has been witnessing consistent growth in participation year after year.Another instance is 4 Years From Now (4YFN), the startup event held during the annual mobile tech show, Mobile World Congress. 4YFN offers opportunities for over 2,000 startups to connect with potential buyers and investors.Startup exhibition in NovemberIn line with this global shift, KINTEX and Onoffmix aim to assist local startups in exhibiting their cutting-edge technologies, establishing connections with industry experts and investors, and participating in conferences and pitching events. One of their first such endeavors is the Digital Media Tech Show (DMTS) scheduled for November. DMTS will showcase innovative products in various tech areas such as metaverses, non-fungible tokens (NFTs), and blockchain. In addition to the exhibition, conferences will be held to facilitate knowledge sharing among startups regarding industry trends, business ideas, and investment opportunities.Lyu Jaewon, the Chief Business Officer at KINTEX, said that this partnership will contribute to the convention center’s expansion of exhibitions and promotion of sustainable growth.Onoffmix CEO Yang Joon-cheol highlighted the company’s commitment to collaborating with KINTEX to expedite the growth of local startups and support their expansion into overseas markets.

Shots Fired in New OKX Ad CampaignGlobal crypto spot and derivatives exchange OKX has launched a daring ad campaign that sets US-based rival exchange Coinbase firmly in its cross hairs.The formerly Chinese and now Seychelles-based exchange has pushed out a global ad campaign along the following theme: “The system doesn’t need an upgrade; it needs a rewrite.” The ads were launched on Tuesday, pointing out the ills of the traditional, centralized financial system.Photo by Merakist on UnsplashCrypto exchange rivalryThe advert doesn’t explicitly call out its rival, Coinbase. However, it is nuanced in taking a subtle dig at the US-based exchange. Exactly two months prior, on March 9, Coinbase released its own ad campaign. Coinbase claimed in its ad that “it’s time to update the system,” with OKX’s subsequent commercial having been carefully worded to poke fun at the Coinbase commercial.With a number of high profile epic failures of crypto businesses over the past twelve months, including the fall of FTX, the remaining exchanges in the business have been tripping over themselves in an effort to convince the alternative asset-investing public that theirs is the safest platform upon which they can securely trade.In its sixty second commercial, OKX poses the question “why don’t we change everything?”, set up by its claim that the conventional finance system is broken.The last of the big spendersThere’s been a notable change of strategy in the marketing activities of crypto businesses since the height of the last crypto bull run. Gone are the marketing excesses exemplified most by the now bankrupt FTX exchange.FTX demonstrated itself to be a profligate spender on all manner and means of marketing, particularly during 2021 and 2022. It paid Wall Street investor and Shark Tank star Kevin O’Leary $15 million to be a spokesperson for the company. Similar deals were struck with a range of celebrities including former NBA star Shaquille O’Neal, NFL stars such as former New England Patriots quarterback, Tom Brady, and a host of others.At the height of its marketing opulence, the fraudulently run firm signed a $135 million sponsorship deal that provided it with the naming rights to the home stadium of the NBA’s Miami Heat. 2022's Super Bowl, one of the world’s largest single marketing opportunities, saw FTX and others pay out big on advertising spend.By contrast, this year’s Super Bowl was almost a complete washout as far as crypto business participation was concerned. Meanwhile, all of the celebrities that featured in FTX’s marketing activities have found themselves the subject of multi-million dollar class action lawsuits filed by FTX creditors.A more sobering marketing strategyDespite the reputational damage that crypto has suffered due to these high profile failures, firms like OKX and Coinbase have continued to maintain a responsible level of advertising and marketing activity.That’s best exemplified by OKX’s ongoing marketing relationships with McLaren’s Formula One racing team and Manchester City Football Club. In March, US-based crypto exchange Kraken announced a marketing partnership with the Williams Formula One racing team.Crypto.com is probably the only crypto firm that spent excessively during the last bull run yet has continued to maintain a relatively high level of marketing activity. Much of that may have been due to commitments it had made during a more buoyant market. Notwithstanding that, the firm did fall foul of the UK advertising regulator, who banned its NFT promotion in December 2022.