Crypto.com adds AED support in the UAE

3D Avatar Platform GoodGang Labs Joins Finschia as Joint Mainnet OperatorGoodGang Labs, a Singapore-based metaverse platform developer, is set to become a joint operator of the public blockchain mainnet Finschia, as reported by South Korean news agency Yonhap.The Finschia mainnet was launched by Line Tech Plus, a blockchain business subsidiary of Tokyo-based messaging app developer Line Corporation. It has been operated by the Finschia Foundations, a non-profit organization established in March in Abu Dhabi, United Arab Emirates.Photo by GuerrillaBuzz on UnsplashAdvancing Finschia’s governanceGoodGang Labs’ participation as a joint operator of the mainnet came as part of the Finschia Foundation’s establishment of a new consortium to advance its governance structure. Along with GoodGang Labs, many esteemed companies have joined as governance members to collaborate on operating the mainnet. These companies include Japanese telecom giant SoftBank, NFT platform operator LINE NEXT, blockchain infra-service provider A41, crypto firm AhnLab Blockchain Company, CeDeFi protocol Neopin, quantitative trading firm Presto Labs, and GameFi-oriented platform MARBLEX.GoodGang Labs specializes in developing technology that utilizes artificial intelligence (AI) to translate users’ facial expressions and behaviors into real-time 3D avatars. Leveraging this technology, the company is currently piloting Kiki Town, a 3D avatar communication platform.Finschia-based NFT projectsWith its involvement in Finschia, GoodGang Labs will allow various Finschia-based NFT projects to have access to the company’s services including the Kiki Town platform. FNSA, the base coin of the Finschia ecosystem, is currently listed on cryptocurrency exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto data tracking website CoinMarketCap.Ahn Doo-kyung, Co-Founder and CEO of GoodGang Labs, said that this partnership demonstrates the company’s capabilities during times of limited investment opportunities. He stated that GoodGang Labs will showcase a profit-generating platform that enables users to express their emotions through avatars and share their knowledge and experiences.The members of GoodGang Labs have acquired their tech expertise from notable entities such as SNOW, a subsidiary of South Korean tech behemoth Naver, and Meta, the parent company of Facebook. The company has received investments from Naver D2 Startup Factory, a startup accelerator; Naver Z, the operator of metaverse platform Zepeto; and Kakao Investment, the venture capital subsidiary of another Korean tech giant, Kakao.

Singapore’s FOMO Pay Forges Collaboration With NotabeneFOMO Pay, a regulated digital payment and banking solutions provider operating under Singapore’s regulatory umbrella, has joined forces with Notabene, a platform tailored for crypto-industry decision-making.Photo by Towfiqu barbhuiya on UnsplashPre-transaction decision makingThe strategic alliance was announced via a blog post published to FOMO Pay’s website on Thursday. Through that communication, FOMO Pay revealed that this collaboration with Notabene will be a key contributor towards the firm’s efforts to elevate its know-your-transaction (KYT) capabilities, ensuring access to accurate and verified business information.A focal point of this partnership lies in amplifying FOMO Pay’s compliance measures, bolstering customer security, and cultivating a foundation of trust in the domains of digital payments and digital assets.Wee Teck Lim, the Head of Compliance at FOMO Pay, emphasized that this partnership mirrors the company’s efforts towards full compliance with global regulations, enhancing anti-money laundering (AML) strategies and decision-making.Responding to regulatory pressureWith a regulatory spotlight on crypto and crypto-related businesses over the past year, market participants are making greater efforts to adhere to national and global compliance rules and guidelines. This move by FOMO Pay not only aids it in adhering to rigorous guidelines but also reinforces the battle against money laundering, terrorism financing, and other such concerns.Pelle Braendgaard, CEO of Notabene, articulated the symbiotic significance of this partnership. He noted that this collaboration stands as a tangible testament to the efficacy of the travel rule implementation, effectively fostering secure and streamlined digital asset transactions. This alignment of missions between FOMO Pay and Notabene, Braendgaard maintains, resonates with their shared aspiration to establish a digital asset ecosystem that is safer and more accessible.FOMO CryptoFOMO Pay, which has been licensed as a payment institution by the Monetary Authority of Singapore (MAS), boasts an array of products including FOMO Payment, FOMO iBank, and FOMO Crypto. Through FOMO Crypto, the firm is actively constructing Asia’s inaugural licensed gateway, which will offer a seamless connection between fiat and digital currencies.Notabene is headquartered in New York although it casts its operational net across several countries. The platform claims to empower real-time decision-making, while offering sanctions screening for counterparties and self-hosted wallet identification, all with a view towards enabling digital transactions.Partnership focusIn bootstrapping the business, it appears that FOMO Pay has been relying heavily on engaging in industry partnerships. In 2021 it joined the DBS Digital Exchange (DDex) as a member. Its purpose in doing so was to leverage the institutional grade digital custodian and exchange services offered by DDex, a service extended by DBS Bank, Singapore and Southeast Asia’s largest bank.Last year, the company partnered with Ripple, using Ripple’s On-Demand Liquidity (ODL) solution to support its cross-border treasury flows. Moving away from traditional payment rails towards Ripple’s ODL product meant that FOMO Pay could free up working capital and optimize business cash flow.As further evidence of FOMO Pay’s efforts to maintain regulatory compliance, in July the company partnered with Elliptic, a crypto asset risk management firm, in an effort to enhance its customer onboarding due diligence check process.

Backpack crypto wallet secures VASP license for crypto exchange in DubaiThe Dubai Virtual Assets Regulatory Authority (VARA) recently granted a Virtual Asset Service Provider (VASP) license to the Backpack crypto wallet project. This development has paved the way for the launch of Backpack Exchange, a crypto trading platform.Details of the licensing approval and exchange launch were provided via a press release published by Backpack on Tuesday. The VASP license obtained by the fledgling startup is specific to crypto exchange services within the Dubai jurisdiction. Although it restricts Backpack from offering other virtual asset products and services, the company is embracing the opportunity via the newly launched exchange.Photo by Wael Hneini on UnsplashBackpack ExchangeThe new exchange, Backpack Exchange, incorporates cutting-edge technologies such as zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody and low-latency order execution, among other features. These technologies are poised to enhance the security, privacy and efficiency of the exchange in an effort to set it apart in the competitive crypto market.By all accounts, this will not be the last licensing announcement from Backpack. Over the past five months, Backpack Exchange has been working to secure operational licenses across multiple jurisdictions worldwide. This global expansion showcases the company’s interest in taking its product offering in the form of a secure and transparent trading experience further afield.Fiat-to-dApp bridgeWhile the wallet currently operates without specific regulatory oversight, it serves as a bridge for users to transition seamlessly from fiat to on-chain applications. Armani Ferrante, CEO and Co-Founder of Backpack, expressed his ambition to bring greater transparency to the crypto exchange sphere. He emphasized the importance of trust and verification in a sector often shrouded in opacity.Ferrante believes that leveraging cryptographic techniques such as zk-proofs, MPC, and state machine replication can elevate industry standards. Backpack Exchange aims to set a precedent by providing users with the tools and knowledge to verify transactions, ultimately fostering trust and confidence within the crypto community.Dubai’s VARA regulator has been actively enhancing its crypto-friendly regulatory environment. In February 2023, the regulator issued guidelines for VASPs operating within the emirate, emphasizing the importance of adhering to marketing, advertising, and promotion regulations. Violators may face fines ranging from 20,000 UAE dirhams ($5,500) to 200,000 dirhams, with repeat offenders potentially incurring fines as high as 500,000 dirhams.Solana ecosystem projectBackpack is very much a Solana-centric project. As a lead developer of the layer one blockchain, Ferrante is bullish in terms of future development on the Solana blockchain. His Mad Lads NFT project is the top-rated collection by market cap within the Solana ecosystem.In a podcast earlier this year, he outlined that the prospects for the blockchain are bright going forward. Backpack was first established by crypto infrastructure firm Coral, the creator of Anchor, one of the most popular smart contract developer frameworks for Solana.For existing Backpack and Mad Lads users (Mad Lads is a collection of 9,966 NFTs created by Ferrante), exciting prospects are on the horizon via the new exchange. Initial access to Backpack Exchange will be granted starting in November, with full public availability anticipated in Q1 2024. During this interim period, Backpack plans to introduce various trading functionalities, including derivatives, margin trading and cross-collateralization.