Bgin Blockchain files for Nasdaq listing

Leading cryptocurrency exchange OKX has acquired an in-principle approval from Singapore’s financial regulatory authority for a Major Payment Institution (MPI) license through its local arm, OKX SG.Photo by Mark Stoop on UnsplashEnabling broader service offeringAccording to a blog post published by the company on March 12, OKX confirmed the receipt of in-principle approval for the coveted license. The MPI license, issued by the Monetary Authority of Singapore (MAS), Singapore's primary financial regulatory body, represents an important step forward for the company. Once granted the full license, OKX will be empowered to offer digital payment token services and facilitate cross-border transfers within Singapore. A plethora of OKX executives took to social media to comment on the achievement. Hong Fang, President of OKX, expressed the company's long-standing interest in Singapore, describing it as a cornerstone of its global strategy. Fang emphasized Singapore's appeal to entrepreneurial ventures, citing its tech-savvy populace as early adopters. She praised the country's regulatory framework as "clear and thoughtful," enabling businesses like OKX to cultivate sustainable growth over the long term. With this regulatory approval, OKX intends to concentrate on bolstering its spot product offerings in the Singaporean market. Fang outlined plans to forge local banking partnerships to enhance customer experiences and expand service offerings in the future. In summarizing the company’s outlook, Fang wrote that OKX is looking to “build locally. Be compliant. Invest long-term.” OKX CEO Star Xu suggested that the firm intends to be a “long-term member of the Singapore fintech community” as a consequence of the approval. Global market expansionThe company’s CMO, Haider Rafique, pointed out that this latest license approval follows hot on the heels of further expansion in venues like Dubai, Argentina and Turkey. The in-principle license approval follows OKX's recent acquisition of a conditional license from Dubai’s cryptocurrency regulatory authority. On Jan. 16, the Virtual Assets Regulatory Authority (VARA) of Dubai granted OKX a license, enabling the exchange to provide regulated services as a virtual asset service provider within the region.On Feb. 27 the firm launched OKX TR, catering to the needs of crypto users in Turkey. In the same month, the company launched its services within the Argentinian market. MPI-licensed entities like OKX enjoy the privilege of facilitating multiple payment services, surpassing volume limitations prescribed for standard payment firms. This flexibility allows OKX to transcend the prescribed limits of three million Singapore dollars ($2.2 million) for individual payment services and a monthly cap of SG$6 million ($4.4 million) for multiple services. Joining OKX in the pursuit of regulatory compliance, BitGo, a prominent crypto custody business, also received an in-principle approval from MAS. BitGo announced on Jan. 10 that it had secured initial approval, subject to fulfilling additional requirements stipulated by the regulator. Several other notable cryptocurrency entities, including Crypto.com, Coinbase and Ripple, have already obtained complete payment institution licenses in Singapore. OKX's attainment of in-principle approval underscores the ongoing drive among market participants towards regulatory compliance and expansion into key markets. The move should help the firm to position itself well for further market growth as the digital assets space continues to progress.

Oobit, the mobile crypto payment app based in Singapore, has raised $25 million in a series A funding round with the assistance of leading stablecoin issuer Tether. Funding global expansionThe company aims to broaden its reach across Asia, the Middle East and Latin America, with a strategic focus on bringing its platform to more mainstream users. While the company’s primary markets currently lie within the European Union and the UK, Oobit will be targeting the Asia Pacific (APAC) region and specific jurisdictions such as the United Arab Emirates (UAE), Canada and Australia. This expansion aligns with the company's goal of accelerating the development of a Web3 gateway. The funding round was led by Tether alongside Anatoly Yakovenko, co-founder of Solana Labs. Additionally, Germany’s 468 Capital, a technology investment firm, and Hong Kong-headquartered CMCC Global joined as contributors. CMCC invested through its $100 million Titan Fund, which it established last year to support blockchain startups in the Asian region.Photo by micheile henderson on UnsplashEnabling users to spend cryptoOobit's mobile payment app allows consumers to make purchases using cryptocurrencies, while merchants receive payments in fiat currency. The tap-and-pay feature enhances accessibility, enabling users to pay at any point of sale accepting Visa or MasterCard funds from their Oobit wallet. Furthermore, Oobit facilitates the direct purchase of bitcoin, ether and more than 35 other popular cryptocurrencies within its app. Tether CEO Paolo Ardoino expressed support for Oobit's development, emphasizing a shared vision for driving widespread cryptocurrency adoption globally. Oobit's co-founder and CEO, Amram Adar, highlighted the funding round as a pivotal moment, propelling the company forward in its mission to offer a straightforward way to pay with digital assets worldwide. Introducing non-custodial paymentsThe company plans to extend its capabilities to third-party wallets, transitioning into a non-custodial crypto payments app. This move will allow payments to and from external e-wallets, bridging the gap between Web3 and real-world spending. A company spokeswoman stated via email:"We have several partnerships in the pipeline that will be announced in the coming months," hinting at Oobit's commitment to ongoing collaboration and expansion. Oobit's vision is to empower crypto holders to Tap & Pay at over 100 million retailers globally, accepting Visa and MasterCard. Merchants can seamlessly embrace digital assets as a form of payment, and customers can conveniently use their digital assets for transactions. Future updates to Oobit will enable customers to make crypto payments, ensuring merchants receive fiat currency in return, mirroring the simplicity of credit card transactions. The native cryptocurrency of Oobit is the OBT token through which the platform rewards its growing community and ecosystem. The token is used for transaction fees and payments. The OBT token is currently trading at $0.0992, according to CoinMarketCap data. With the backing of industry leaders and a user-centric focus, Oobit is attempting to position itself to make significant strides in its mission to facilitate frictionless transactions and promote the adoption of cryptocurrencies on a global scale.

Hana Securities chooses Itcen and INF Consulting as security token platform developersSouth Korea’s major securities company, Hana Securities, has recently chosen Itcen and INF Consulting to spearhead the development of its security token offering (STO) platform. After initial discussions in July about the project, the decision to bring these main partners on board is set to accelerate the launch of Hana Securities’ STO operations.Photo by Dave Weatherall on UnsplashComprehensive STO platformItcen and INF Consulting offer a spectrum of services from conceptualizing to building platforms. Hana Securities, in collaboration with these key partners, aims to create a comprehensive platform that manages the entire lifecycle of security tokens, encompassing everything from their issuance to circulation, by the latter half of next year. Following this development, the securities company intends to create an environment that allows various asset holders to issue security tokens. Hana Securities is also poised to orchestrate the development of the broader security token ecosystem.Choi Won-young, Head of Digital Division at Hana Securities, has expressed the firm’s commitment to the seamless development of an STO market. He mentioned that Hana Securities will engage in a range of activities, including platform development, to establish itself as a frontrunner in the STO space. The company plans to engage in dialogue with various businesses to explore collaborative opportunities that promise mutual growth.Expanding collaborative networkIn its pursuit to shape the STO market, Hana Securities has expanded its collaborative network by partnering with several entities, including Oasis Business, a prop fintech startup; Print Bakery, an art-centric platform; and Danal Entertainment, a distributor of digital content. These collaborations are centered around fractional investments and the creation of security tokens backed by diverse assets, including real estate, art pieces, precious metals like gold and silver as well as mobile content. Additionally, Hana Securities is a participant in the Next Finance Initiative (NFI) consortium alongside Mirae Asset Securities and SK Telecom via the Hana Financial Group. This alliance aims to solidify the STO market’s foundation and advance STO-related ventures.In line with this development, Hana Securities also forged a partnership with Finakle, a prop-tech enterprise that runs Rebit, a platform enabling fractional investments in commercial properties. Through this partnership, Hana Securities will manage accounts for transactions and aims to further this cooperation to refine business models going forward. Finakle, on its part, will concentrate its efforts on creating products and platforms for the issuance of security tokens tied to commercial real estate.Speaking on the joint initiative, Hana Securities’ Choi highlighted the company’s plans to widen their cooperative ventures with Finakle. This strategy is aimed at developing an array of business models and enriching the pool of commercial real estate investment options available to clients.