South Korea's prestigious university to launch philosophy major dedicated to Bitcoin

CoinFLEX Effects Partial Repayment of SmartBCH DebtCoinFLEX, a Seychelles-based crypto yield platform that operated the BCH to sBCH cross-chain bridge, has taken a significant step towards its restructuring plans by partially repaying its debts to SmartBCH Alliance.Photo by Towfiqu barbhuiya on PexelsBitcoin Cash sidechainAs part of the repayment, SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from CoinFLEX, including approximately 4.28 million rvUSD ($750,000), 652,000 USDC ($652,000), and 6,834 BCH ($1.6 million). Notably, 80% of the received USDC has been swapped into Bitcoin Cash, while the remaining portion has been reserved to cover legal and operational expenses. SmartBCH currently holds a total of 10,758 BCH.The repayment to SmartBCH comes amidst a significant surge in the price of Bitcoin Cash, which has witnessed a remarkable increase of over 110% in the past seven days. This surge has positioned Bitcoin Cash as a top performer among major currencies in the crypto market, according to data from CoinGecko.Bitcoin Cash, along with other Bitcoin forks, has been benefiting from the overall rise in the cryptocurrency market. The increased interest can be attributed to the flurry of spot Bitcoin ETF filings that have taken place recently.The positive developments surrounding CoinFLEX and Bitcoin Cash have also had a ripple effect on associated tokens. $FLEX and $OX, tokens connected to CoinFLEX, have experienced notable increases in value, rising by 53% and 65% respectively over the past week.CoinFLEX itself has been undergoing a significant restructuring process that was approved by the Seychelles Courts on March 6. The exchange initially suspended withdrawals in June 2022, citing extreme market conditions and uncertainty related to a counterparty.CoinFLEX was one of several crypto firms affected by the collapse of the Terra ecosystem in May 2022, resulting in the loss of over $40 billion in investor value within a short period. In September, the company revealed its restructuring proposal, which involved offering over 65% of its equity to creditors and allocating 15% to employees.OPNX rebrandLast March, CoinFLEX rebranded itself as Open Exchange (OPNX) following the approval of its restructuring plan. The founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, are collaborating with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), on the new Dubai-based venture.SmartBCH has announced its intention to open an account on OPNX and gradually convert rvUSD into Bitcoin Cash through the exchange. It is worth noting that, as part of the restructuring terms, SmartBCH is entitled to common equity in CoinFLEX and one board seat, although it has not received these benefits at present.Additionally, SmartBCH has burned 33,365.67 sBCH tokens, returning them to the old bridge address. As a result, the total sBCH in circulation on the sidechain now amounts to 67,756.766.To further enhance stability, SmartBCH has entered into an agreement with CoinFLEX to assume responsibility for maintaining the 1:1 peg between sBCH (the sidechain’s native token) and BCH.

BC Card Accelerates Launch of NFT Guarantees for Secondhand Luxury Goods TradesSouth Korean credit card issuer BC Card announced on Sunday that it has applied for two domestic patents for blockchain technology that will be used to issue digital guarantees for purchases of luxury goods, such as bags, watches, and more. These guarantees will be minted as non-fungible tokens (NFTs) that can later be accessed by buyers or sellers during secondhand trades, which often pose risks and uncertainty regarding product quality or authenticity.Enhancing trust and securityThese NFTs will be based on paper or digital payment receipts — which contain detailed information on purchase receipts, such as product names, payment amounts, purchase dates, and shop information — that a customer receives after purchasing goods at stores that accept BC cards.Photo by Towfiqu barbhuiya on UnsplashBecause the guarantees are stored on a blockchain, they are almost impossible to tamper with. BC Card anticipates that this service will offer advantages like boosted safety, convenience, and security for both buyers and sellers who wish to partake in transactions of secondhand luxury goods.In addition, the data distributed across servers eliminates concerns about data loss. To achieve this, BC Card plans to collaborate with telecommunications provider KT and BC’s subsidiary, VP, which specializes in electronic payment services.“Through this patent application, we expect to significantly enhance the trustworthiness of secondhand luxury goods transactions in Korea,” said Kwon Sun-moo, Director of the New Financial Research division at BC Card. “After the patents are registered, we plan to collaborate with companies under KT Group like KT Alpha as well as other distribution companies in a business-to-business-to-consumer (B2B2C) system.”Access through a digital walletCustomers can take a photo of a receipt with their phones or download it, then upload it to BC Card’s financial platform, Paybook. The photo is then converted into an image that is automatically stored as an NFT on the blockchain network.Once a seller registers a payment receipt for a product that they bought, then the subsequent NFT guarantee can be accessed or sent through their BC Card digital wallet — a feature that the company plans to launch soon — at any time during future transactions. This offers a convenient solution to the possibility of losing receipts, which traditionally requires manually downloading them again from the card company’s website or app.Revolutionizing secondhand tradeThis new technology could play a significant role in the booming resell and secondhand goods trading market, the company said. According to data from the Korea Internet & Security Agency last year, the domestic secondhand market has grown from a scale of KRW 4 trillion in 2008 to KRW 24 trillion in 2021 and is projected to exceed KRW 30 trillion this year.“Through the registration of payment receipts, we can analyze consumption patterns and even suggest improvements in spending habits to our customers,” Director Kwon highlighted.BC Card is also considering offering luxury appraisal and authentication services along with the future launch of the NFT service.

Zipmex proposes creditor repayments of 3 cents on the dollarBeleaguered Singaporean crypto exchange Zipmex has unveiled a restructuring proposal aimed at repaying creditors. According to a report published by Bloomberg on Wednesday, the initial offer stands at 3.35 cents for every dollar of the creditors’ claims.Photo by Alexander Grey on UnsplashRestructuring challengesThis restructuring proposal unfolds against the backdrop of a challenging period for Zipmex, triggered by the aftermath of last year’s crypto price downturn. The crypto exchange, which operates in Thailand, Indonesia, Australia and Singapore, is currently undergoing a court-supervised restructuring process based in Singapore.In its efforts to restructure the business, Zipmex is grappling with a debt of $97.1 million. That total debt level is contingent upon the eventual recovery of assets. Bloomberg cited sources familiar with the matter, suggesting that depending on the success of these recovery efforts, the repayment figure could potentially surge to 29.35 cents per dollar.Creditor dissatisfactionHowever, not all major creditors are on board with Zipmex’s proposed plan. Expressing reservations, they are pushing for an independent review to scrutinize recent changes in the company’s assets and liabilities, as outlined in an Oct. 4 court document. This external examination is deemed crucial to ensuring transparency and fairness throughout the restructuring process.In response to these developments, Marcus Lim, the Group Chief Executive Officer of Zipmex, refrained from providing detailed comments due to the confidentiality of the ongoing arrangement. While acknowledging inaccuracies in information sourced from external outlets, he chose not to elaborate on them further.Investor deal failureA previous attempt to sell Zipmex to V Ventures, a subsidiary of Thoresen Thai Agencies, fell through. To add to the struggling company’s woes, it emerged earlier this week that Thailand’s securities regulator, the Securities and Exchange Commission (SEC) recently instructed Zipmex to halt operations in the country due to insufficient net capital.The company had been fined 11 million baht ($315,000) by the SEC earlier this year. The SEC cited the co-mingling of corporate and customer funds as one regulatory breach. Furthermore, the Thai regulator claimed that between May and July 2022, Zipmex “did not have in place a system to effectively prevent conflicts of interest in such matters and the business operation does not have an adequate risk control system.”In response to this recent regulatory directive, Zipmex Limited issued a statement to its customers, expressing its commitment to ensuring proper and compliant business operations in line with the criteria set by the Thai SEC. Consequently, the temporary suspension of digital asset trading and deposit of all types was deemed necessary.The intricacies of Zipmex’s financial restructuring will be closely watched by market observers, especially considering the volatility in the crypto market and the regulatory challenges faced by the company in multiple jurisdictions. The success of the proposed repayment plan, contingent upon asset recovery, remains uncertain, leaving creditors and industry stakeholders on edge.As Zipmex grapples with these multifaceted challenges, its future trajectory hinges on navigating both the demands of the bankruptcy process alongside regulatory requirements.