Korean crypto exchange Upbit launches BTC-ETH Duo Index

ZkLink Snags $10M Funding Ahead of Mainnet LaunchZkLink, a layer 2 multi-chain blockchain network project based out of Singapore, has secured $10 million in funding in advance of its mainnet launch which is scheduled for Q3, 2023.Photo by Markus Winkler on UnsplashStrategic funding roundThe Singaporean project offers a blockchain infrastructure layer that enables the ability to trade digital assets across various disparate blockchain networks. Coinbase Ventures, the investment arm of US cryptocurrency exchange Coinbase, focuses its attention on early-stage cryptocurrency and blockchain projects.That’s precisely why it has now participated in a $10 million investment in the Singaporean start-up, given that the ZkLink network doesn’t launch on mainnet for a number of months yet. Other participants in the funding round included Ascensive Assets, SIG DTI, BigBrain Holdings, Efficient Frontier, among others.In posting news of the funding to social media, ZkLink confirmed that the fresh strategic funding round has brought total funding to date to $18.5 million. “The funds raised take zkLink a step further to envision a multi-chain future with unified liquidity and seamless multi-chain user experience while remaining fully trustless and self-custodial,” the project stated.Its previous $8.5 million funding round was completed in October 2021. Among the early investors on that occasion were Arrington Capital, DeFi Alliance, Huobi Ventures, Ascensive Assets, Morningstar Ventures, GSR, Marshland Capital, Skynet Trading, ZBS Capital, and others. New York-based blockchain financing and investment platform, Republic Crypto, was the lead investor at that time.Bridging assets securely acrossZkLink uses zero knowledge technology in order to connect various layer one and layer two networks. A zero knowledge proof is the core innovation that the approach relies upon, with the proof presenting as a cryptographic technique that ensures that no data is revealed during a transaction, save for the exchange of some known value already evident to both prover and verifier.That approach makes for efficient cross-chain bridging, guaranteeing strong security without external trust assumptions. By connecting various layer one and layer two networks, zkLink claims that it empowers the next generation of decentralized trading products.Developers can access ZkLink application programming interfaces (APIs) in order to create order book decentralized exchanges (DEXs), NFT marketplaces, among other use cases. The project is harnessing zero knowledge technology to abstract away all the complexity of multi-chain trading while keeping it ultra secure and true to the ethos of crypto.A multi-chain futureWith blockchain networks being highly fragmented, the concept of a multi-chain future is one that is being increasingly embraced within the crypto space. Various projects have been launched in an effort to effect such a scenario. However, the first generation of bridging solutions have proven to be weak from a security perspective. Zero knowledge technology is seen as a potential solution to this issue.Effecting a seamless multi-chain will also bring about greater efficiencies. As a case in point, currently USDT-Ethereum and USDT-Solana exist as separate assets on distinct blockchains representing the very same USDT stablecoin. With seamless bridging, there would be no need for the duplication.In recent days, the ZkLink project team has been busy working on safety features related to securing decentralized finance protocols. In a press release associated with that work, ZkLink Co-Founder Vince Lang stated: “It is unacceptable that billions of dollars are lost each year due to custody fraud or cross-chain bridge exploits, so we encourage other DeFi protocols to conduct the same test to prove self-custody of user’s funds.”

Jersey-headquartered Komainu, a digital asset custodian backed by Japan’s Nomura Holdings, is in the process of acquiring Propine Holdings, a Singaporean competitor. Subject to approvalKomainu has signed an agreement in principle with Propine to acquire the company, according to a press release published on Oct. 22 by PR Newswire on behalf of the two firms. One of the key elements in completing the deal is attaining the approval of local regulator the Monetary Authority of Singapore (MAS). This is Komainu’s first acquisition, and according to the firm’s co-CEO Paul Frost-Smith, it will be the first of several. According to Bloomberg, Frost-Smith stated in an interview that “an absolutely key factor in building” the business is obtaining access to Propine’s Capital Market Services license, which the company was awarded in Singapore. Frost-Smith described the acquisition as "setting ourselves up for the future with a licensed platform that we can grow." The company intends to further its efforts in terms of compliance by applying for a Major Payment Institution (MPI) license in Singapore. Komainu is motivated in developing in this manner as it has identified increasing demand from established institutions in Singapore for advisory services.Photo by RDNE Stock project on PexelsStrategic hubThe Komainu co-CEO said that the Asia-Pacific (APAC) region was central to Komainu’s heritage. With that, he added that Singapore is “an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia.” Back in August, global crypto exchange platform Bitfinex signed a memorandum of understanding (MOU) with Komainu Connect, with a view towards enhancing trading security. In July Komainu was added by crypto infrastructure firm Fireblocks to its Global Custodian Partner Program. The Japanese market has been one that Komainu has been focusing on. Frost-Smith asserted that it will serve as a major hub for the company, given that it is home to its primary backer, Nomura.  In November 2023, the company partnered with Crypto Garage, a regulated Japanese crypto-asset financial services firm. The collaboration extended Komainu’s dealings with the firm, given that it had invested in Crypto Garage’s parent company, Digital Garage, previously. At the time, the companies claimed that the partnership would allow them both to leverage their collective expertise. Komainu has also been following a regulatory-compliant path in other markets. In the UK, where it’s stationed, it received permission from the Financial Conduct Authority (FCA) to operate as a crypto custodian in October 2023. In August of the same year, it was awarded an operating license by the Virtual Asset Regulatory Authority (VARA) in Dubai. Alongside Nomura, the company was also established with the backing of digital asset security firm Ledger and digital asset investment manager CoinShares. Earlier this year, Komainu was approved by Nasdaq to be a core custodian relative to its suite of crypto indices. 

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."