Mt. Gox moves $9B in Bitcoin for first time in years

South Korean blockchain solutions provider Seoul Labs has released SLUSH, an innovative launchpad built on its SASEUL blockchain designed to streamline and enhance the Web3 experience, according to a post on CoinMarketCap on Tuesday (KST).Photo by Shubham's Web3 on UnsplashPromoting sustainable ecosystem growthSeoul Labs explained that SLUSH is a solution to the setbacks of existing Web3 services and the difficulties that come with providing a comprehensive experience. As a hub within the SASEUL ecosystem, the launchpad allows users to access and manage a variety of services on a single platform. It will also serve as a medium for finding and supporting groundbreaking Web3 projects, offering safe and attractive investment opportunities in response to the current challenges posed by limited investment options and instabilities in digital asset trading. With a focus on long-term growth, SLUSH is designed to present users with tangible projects within the SASEUL ecosystem. Token sale successSLUSH is already off to a strong start, selling out one million SL tokens – Seoul Labs’ native token – in just 3 hours during its first pre-sale round on Jan. 16 and demonstrating investors’ interest in the service. The next round opened yesterday at an exchange rate of 1 SL to 0.1 USDT. Although the results have not been disclosed yet, if the second round also yields one million sold tokens, Seoul Labs will initiate a third. These pre-sales are expected to pave the way for onboarding various Web3 products and services onto the launchpad. The Seoul Labs team emphasized its commitment to funding blockchain projects, particularly dApps and Web3 projects, on SASEUL, thereby expediting their entry into the market. As the ecosystem’s growth accelerates, the team also plans to implement features like token swaps, NFTs and more.

Bitget commits fund to bolstering Indian blockchain innovationBitget, the Seychelles-incorporated derivatives and copy trading platform, has unveiled its plan to invest significantly in Indian-based blockchain startups.Photo by Sylwia Bartyzel on Unsplash$10 million fundThe company announced the initiative by way of a press release published by PR Newswire on Monday. This strategic move is part of Bitget’s Blockchain4Youth (B4Y) initiative, which has earmarked a $10 million fund for Web3-focused projects.Bitget revealed that the B4Y initiative kicked off on Nov. 6 and will continue until Dec. 4, coinciding with BUIDL for Web3, India’s multi-chain summit event. This summit, sponsored by Bitget in collaboration with Lumos Labs and BuidlersTribe, provides a platform for Indian startups to showcase their innovative concepts to Bitget as well as prominent venture capitalists.Nurturing Web3 startupsThe core objective of Bitget’s investment initiative is to identify and nurture high-potential projects within the cryptocurrency space, offering them financial support to drive innovation in cutting-edge technologies.As part of the Blockchain4Youth project, Bitget has committed to deploying $10 million in investments over the next five years. Through complementary research the company has carried out recently, Bitget is likely to have identified that targeting the younger demographic is going to be good for business over the longer term.Gracy Chen, Managing Director at Bitget, lauded the developing blockchain and crypto sectors in India. Chen emphasized India’s status as a prime investment destination in Asia, citing the country’s abundance of talent and entrepreneurial drive.BUIDL for Web3Notably, the BUIDL for Web3 initiative is set to attract a diverse array of developers and founders, celebrating their resilience and creativity. The month-long program will commence by shortlisting over 100 startups, ultimately selecting 10 to present their projects to Bitget and well-known venture capitalists such as Sequoia Capital, Lightspeed Venture and Draper Labs. To facilitate this process, Bitget has established a dedicated portal to receive applications from aspiring startups.Chen stated:”India’s resilience and constant advancements towards blockchain and crypto makes it the most wanted place to invest in Asia currently. The talent, the entrepreneurial spirit, it’s everything celebratory and we’re here to empower it. With our Blockchain4Youth, we look forward to accelerating the next big fours of crypto space.”Strategic investmentThe crypto derivatives platform has been active when it comes to investment recently. Last month, it unveiled a $100 million crypto ecosystem fund. Titled the EmpowerX Fund, the initiative was revealed during the company’s fifth anniversary summit held in Singapore.In April, Bitget invested $20 million into Sei Labs, the development company behind the Sei layer one blockchain. The company has been actively progressing various aspects of the business in 2023. In August it rebranded the BitKeep Wallet to Bitget Wallet following the acquisition of the Singaporean project earlier in the year. Integration of that business had added additional users to its platform such that it exceeded the 20 million user mark.Bitget’s commitment to investing in the Indian blockchain ecosystem is a testament to the rapidly evolving landscape of crypto innovation in the country. However, India is not its only target market. In July, the firm indicated that it was looking to expand further within the Middle East and North Africa (MENA) region.

OKX Appoints Nomura Portfolio Co as CustodianSeychelles-headquartered OKX, the world’s second-largest cryptocurrency exchange, has partnered with Komainu, a digital asset storage firm backed by Tokyo-based global financial services group, Nomura, to provide digital asset custody services for institutional customers.This collaboration allows institutional users to store their cryptocurrencies within Komainu’s custodian while utilizing the funds for trading on the OKX exchange. The partnership highlights the trend of vertically integrated crypto exchanges adopting practices from traditional finance, employing third-party custodians to segregate operations and mitigate risks.Photo by Karolina Grabowska on PexelsInaugural Komainu clientAs the inaugural client of Komainu Connect, a regulated settlement and custody system for institutions, OKX now offers its customers 24/7 trading with a combination of cold storage, multiparty computation (MPC), and hardware security modules (HSMs). Lennix Lai, the Chief Commercial Officer of OKX, explained that funds deposited in a Komainu custody wallet are transferred to a Komainu collateral wallet, which is then linked to an OKX account. This integration allows for seamless balance mirroring and active trading across OKX’s extensive range of spot and derivatives markets.Asset custody optionalityIn a tweet posted on Tuesday, OKX President Hong Fang wrote: “We are agnostic re how customers want to custody their assets. Third party, platform, self-custody.”Komainu Connect’s collateral wallet, with full transparency to OKX, operates within a tri-party legal agreement involving Komainu as the custodian, OKX as the liquidity venue and provider, and Komainu’s client as the client of OKX. Sebastian Widmann, Head of Strategy at Komainu, elaborated on this agreement, emphasizing how it enables Komainu’s clients to trade directly on the exchange while Komainu handles the settlement requirements. This framework ensures a secure and efficient trading experience for institutional users.While specific details about the volume of assets to be transferred to Komainu were not disclosed, Lennix Lai stated that the amount was “significant” and expected to increase as both firms enhance their institutional product offerings. OKX believes in providing users with a range of solutions, including on-exchange, off-exchange, and third-party balance mirror custody options. By partnering with Komainu, the erstwhile Beijing-based exchange aims to expand its service offerings and cater to the evolving needs of its institutional clientele.Komainu was established in 2020 through a joint venture involving Nomura, digital asset manager CoinShares, and digital asset security company Ledger. The firm operates under regulatory oversight in St. Helier in the Jersey Islands and in Dubai, with offices located in London, Dublin, and Singapore. Its robust regulatory compliance measures and strategic partnerships position Komainu as a trusted custodian within the crypto industry.Market maturationThe collaboration between OKX and Komainu represents a significant development in the maturation of the crypto market. By leveraging Komainu’s custody services, OKX aims to enhance the security and reliability of its platform, mitigating potential risks associated with holding customer assets. This partnership also underscores the growing demand for institutional-grade infrastructure and services in the cryptocurrency ecosystem.As the crypto industry continues to evolve and attract institutional investors, custodial solutions provided by trusted and regulated entities like Komainu are crucial for fostering confidence and facilitating broader participation. The OKX-Komainu partnership demonstrates the convergence of traditional finance practices with the emerging crypto landscape, highlighting the importance of robust custody solutions and risk management frameworks in the digital asset ecosystem.