Further Ventures invests $5M in GRVT

Bitget enhances crypto exchange app with Web3 wallet and swap serviceSeychelles-incorporated crypto derivatives and copy trading platform Bitget has advanced its DeFi capabilities by integrating a Web3 wallet and swap service into its crypto exchange application.Photo by Shubham’s Web3 on UnsplashEnhancing platform app featuresThis new feature empowers users to seamlessly swap their tokens and access DeFi services through the platform’s Web3 wallet, according to a press release the company published concerning the development earlier this week. Bitget outlined that the primary goal of the integration is to offer users diverse options for trading their crypto assets within the exchange ecosystem.Bitget Managing Director Gracy Chen set out the significance of the recently ushered in changes. Chen stated:“Integrating Web3 services into our CEX platform marks a significant milestone for Bitget. By offering users the freedom to access various DeFi services alongside the convenience and security of our CeFi platform, we are empowering them with a unique experience. Bitget aims to provide a comprehensive ecosystem that caters to the evolving needs of our users, all while maintaining the highest standards of security and reliability.”Service offering expansionFurthermore, the app is set to expand its services, gradually incorporating a non-custody wallet, an NFT marketplace and decentralized applications (dApps), Chen confirmed. Bitget users can now experience enhanced flexibility in their trading activities, as the exchange plans to make most listed currencies available in the Web3 wallet for DeFi trading. The swap feature, a core element of this integration, aggregates liquidity from 10 decentralized exchanges (DEXs), including popular platforms like Uniswap, PancakeSwap and Curve Finance. Chen confirmed further details to Cointelegraph, stating:“At the core of the recent integration is our Web3 Wallet, which facilitates the secure storage, management, and control of their digital assets. Alongside the wallet, we’ve launched a Swap service, which is an advanced DeFi aggregator.”The firm acquired the BitKeep crypto wallet earlier this year, with the product subsequently having been officially rebranded to the Bitget Wallet in August. The move has worked out well for the firm, with it confirming at the end of July that it had achieved 20 million users as a consequence. The more recent integration not only facilitates asset management services but also provides native storage solutions for users.$100 million fundThis initiative aligns with Bitget’s ongoing efforts to establish a strong foothold in the crypto space. The exchange has consistently pursued expansion, launching multimillion-dollar funds to support the growth of the Web3 ecosystem. At an event in Singapore recently, Bitget introduced a $100 million fund dedicated to supporting venture firms and investing in the next generation of Web3 projects.Earlier this week, the company committed a $10 million fund towards the objective of nurturing high-potential crypto startup projects in India.

LG Goes Further Down the Web3 Rabbit Hole with NFT PatentSouth Korean consumer electronics behemoth LG has delved deeper into the Web3 world, this time with a patent filing that would make NFTs more available to TV viewers.Enabling NFTs for the mass marketAccording to the filing, which was made with the World Intellectual Property Organization (WIPO), the electronics giant is seeking to acquire intellectual property protection on a capability to have a smart TV connect with an NFT market server.That ability would allow the user to then send, receive and display digital artwork. Furthermore, the consumer could complete purchases using an associated digital wallet, relative to NFT-based artwork that they would have the ability to browse through on their LG smart TV.While crypto and Web3 continue to garner a lot of attention, it can still seem sometimes that it exists in a bubble all of its own. Moves like this one from an organization as professional as LG are encouraging, as they demonstrate that LG believes that NFTs are going to be a part of the future, and most importantly, that they’re going to enable mass market participation and adoption.Blade WalletThis is not LG’s first venture into the world of NFTs. Last year, the corporation launched its very own NFT marketplace. Known as “LG Art Labs”, it enables users of US LG TVs that run the WebOS 5.0 operating system, to trade digital collectibles.Earlier this year, the firm launched the Blade Wallet, a third party audited, self-custody digital wallet which runs on the Hedera public ledger. That development has come out of a partnership that LG has developed with the Hedera Hashgraph platform much earlier in 2020. Just as with the Blade Wallet, the LG Art Labs NFT marketplace also runs on Hedera. To support these early stage products, LG itself has been a node operator on the Hedera network since 2020.This recent patent filing references an NFT marketplace and a digital wallet. As we’ve established, the corporation has already launched both of them already. All of that points to the electronics giant executing on a well thought through plan which will bring NFTs to the mass market.Broader interestLG isn’t going to have it all to itself. Samsung, yet another South Korean consumer electronics giant, has also dipped its toe in the water where NFTs are concerned. In January 2022, the company released an NFT marketplace on three of its TV models. That initiative was enabled due to its partnership with leading curated NFT marketplace, Nifty Gateway.Neither will the South Koreans have the consumer electronics-enabled NFT market all to themselves. Japanese consumer electronics conglomerate Sony filed a patent in March that will allow players of Sony products to access interactive Web3 gameplay. That application will be centered upon the use of NFTs also.Sony’s attempts to delve into the Web3 arena have been more recent. In February of this year, Sony Network Communications, its internet provider division, partnered with the project team behind the Astar blockchain in order to create an incubation program for companies who are working on NFT-based innovation and decentralized autonomous organizations (DAOs).Photo by Shubham Dhage on Unsplash

Taiwan Proposes New Crypto Business CategoryWith regulation having trailed the crypto innovation, more recently it seems like every day brings further developments, with the latest installment seeing Taiwan take a significant step forward. Officials in Taipei are proposing the classification of crypto regulations within their own novel business category.Photo by Jack Brind on UnsplashFostering self-regulationThe move aims to potentially allow cryptocurrency-related companies to establish industry associations, ultimately fostering the creation of self-regulatory guidelines. The Ministry of Economic Affairs, in a recent announcement, unveiled its draft amendment to the Standards of Classification of Commercial Group regulations. This proposed amendment centers on the inclusion of a distinct category for digital asset services.An official from the economic ministry informed The Block that the freshly introduced business category outlines the scope of operations within the cryptocurrency sector. This encompasses various activities, such as cryptocurrency to fiat or digital token exchanges, facilitating cryptocurrency transfers, offering services for crypto storage and management, and providing assistance related to cryptocurrency issuance or sales.The official further elaborated that cryptocurrency firms will be permitted to form industry associations once the proposed business category is successfully incorporated into the relevant regulations. Seeking public input, the ministry anticipates finalizing the amendment in collaboration with the Ministry of the Interior in either mid- or late-October.Encouraging trade associationsBy allowing the establishment of industry associations, cryptocurrency companies can proactively devise self-supervisory rules that address industry-specific challenges and concerns. This move is anticipated to bolster transparency, security, and responsible conduct within the cryptocurrency ecosystem.Taiwan’s approach to virtual asset services providers (VASPs) has mandated compliance with anti-money laundering laws since the implementation of anti-money laundering regulations by the Financial Supervisory Commission in July 2021. However, the overall industry remains relatively unregulated within the country.Binance, the world’s largest cryptocurrency exchange, has recently embarked on the process of obtaining registration for anti-money laundering compliance under the FSC.Regulatory guidelines being draftedAs the regulatory landscape evolves, Taiwan’s FSC, which assumed its role as the principal regulator overseeing the crypto industry in March, is actively formulating comprehensive guidelines. These guidelines will cover trading and payment aspects associated with cryptocurrencies for VASPs.An FSC official revealed that the agency plans to unveil the VASP guidelines by the end of September. It’s understood that the guidelines will comprise thirteen regulatory principles. It’s believed that the issuance of crypto assets will be permitted but that stablecoin issuance will be prohibited. One prerequisite for the issuance of digital assets will be a requirement to accompany that issuance with a comprehensive whitepaper, detailing fundamental and necessary information that investors can review, relative to the token offering.Taiwan’s proposition of a novel business category signifies a pivotal move towards enhanced self-regulation and industry cohesion within the cryptocurrency sector. As the regulatory framework takes shape, the introduction of self-regulatory guidelines is poised to contribute to the responsible growth of the cryptocurrency industry in Taiwan.