Sony Singapore partners with Crypto.com to enable USDC payments

Rotonda launches crypto wallet service Burrito Wallet in Latin AmericaRotonda, a subsidiary of South Korean crypto exchange Bithumb and the operator of the digital wallet Burrito Wallet, announced on Tuesday (local time) that it has launched its services in the Latin American region, marking its entry into global markets.Photo by Leon Overweel on UnsplashLaunched in February, Burrito Wallet’s primary functions include convenient chat-based cryptocurrency transfers and crypto swapping. It is the largest multi-chain wallet in Korea that supports 11 mainnets, including Bitcoin and Ethereum, as well as over 1,000 token currencies.Expanding region-specific servicesIn addition to these basic services, the Burrito Wallet’s available services in Latin America will include both on- and off-ramp functions for buying and selling crypto, which will be added by the end of this year. An on-ramp function facilitates users in acquiring crypto assets, whereas an off-ramp facilitates users in disposing of their crypto assets. Considering that many countries in the region recognize cryptocurrencies as fiat currencies, the company plans to expand its services to meet the market demand. Furthermore, the company aims to secure users by providing transfer services and various airdrop events.“The greatest advantage of Bithumb Burrito Wallet is the ability to use various functions such as cryptocurrency storage, management, transfers and swapping all in one platform,” explained Burrito Wallet’s Chief Financial Officer Chung Jae-kwon. Jeong recently visited Colombia last month to introduce the wallet service. “We believe that we can respond to the specific demands of the financial environment in Latin America through our user-friendly wallet service,” he added.Addressing economic challengesThe blockchain market in Latin America has been growing rapidly with rising demand for convenient and secure crypto services, driven by low accessibility to traditional finance and unstable economic conditions such as inflation.“As the global financial crisis worsens due to a lack of liquidity in banks, the need for financial instruments that can safely protect assets is increasing,” Chung said. “We anticipate a growing demand for our non-custodial wallet, which allows users to hold their own private wallet keys.”Earlier this month, Burrito Wallet signed a business agreement with the blockchain gaming platform Yooldo to expand their respective blockchain ecosystems and secure a global user base.

Nexo DWTC, the Dubai arm of the well-known crypto lender, has obtained initial licensing approval from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant milestone in the company’s growth and development.Photo by Carlos Alberto Gómez Iñiguez on UnsplashLending, borrowing and broker-dealer activitiesThe approval grants Nexo the authorization to engage in virtual asset lending and borrowing, management and investment relative to digital assets, together with broker-dealer activities within the region. Commenting on the development, Nexo Managing Partner, CFO and Co-Founder Kalin Metodiev, stated:”Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai's Virtual Asset Regulatory Authority." The United Arab Emirates (UAE) has played a pivotal role in promoting the region as a nucleus for global innovation and governance. Dubai's early adoption of blockchain strategies in 2016 and the establishment of VARA in 2022 underscore its commitment to emerging as a global epicenter for digital asset innovation. This initiative mirrors the city's longstanding influence in the traditional finance sector. Seven million worldwide usersFor Nexo, which caters to over 7 million users worldwide, the Dubai market represents a substantial opportunity for regional expansion and the delivery of premium services. Nexo is cementing its position as a leading digital assets institution. However, it hasn’t always been easy for the company. Amidst the broader cryptocurrency downturn post the 2021 market peak, Nexo faced significant challenges. In 2022 prominent crypto lenders faced bankruptcy, drawing heightened scrutiny towards Nexo given its involvement in similar business activities. This prompted speculations about the platform's sustainability. Additionally, Nexo grappled with regulatory pressures, notably agreeing to a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) for failure to register the offer and sale of its Earn Interest Product (EIP). It also faced money laundering charges in its home base of Bulgaria. These charges were later dropped. Subsequently, the company pursued $3 billion in damages from the Bulgarian state, refuting allegations that brought disrepute to the company following an investigation that found no evidence against it. Reflective of a more positive outlook more recently, Nexo Co-Founder Antoni Trenchev took to CNBC on March 1, offering his prediction that Bitcoin is on target for a $100,000 unit price in the not-too-distant future. VARA, established in March 2022 following the enactment of Law No.4 of 2022, assumes the responsibility of regulating, supervising and overseeing virtual assets and virtual asset activities across all zones in the Emirate of Dubai, excluding the Dubai International Financial Centre. VARA's pivotal role in crafting an advanced legal framework is geared towards safeguarding investors, setting international standards for virtual asset industry governance and bolstering the vision of a borderless economy. Nexo's attainment of initial approval from VARA signifies a major breakthrough in its expansion efforts, underscoring its commitment to compliance and innovation in the digital asset space. This achievement positions the company as one of the few crypto lenders making inroads into the influential Dubai market. 

Public Confidence in Crypto Wanes in Hong Kong Amid JPEX ScandalThe development of cryptocurrency in Hong Kong has been dented in terms of public sentiment following the JPEX cryptocurrency exchange scandal, according to a recent survey conducted by the Hong Kong University of Science and Technology’s (HKUST) business school.Photo by Alex Plesovskich on UnsplashA two-phase survey methodologyThe survey, the preliminary results of which were disclosed by the business school on Tuesday, aimed to gauge how public attitudes toward virtual assets had been affected by the JPEX scandal, which rocked the crypto community within the Chinese autonomous territory.While the survey is set to conclude on October 20, the preliminary findings have already revealed a noteworthy shift in public perception. Notably, 41% of respondents expressed a preference not to hold virtual assets, marking a 12-percentage-point increase from the earlier study conducted in May.Moreover, only 20% of respondents indicated a desire to hold virtual assets in the future, reflecting a five-percentage-point decrease compared to the previous survey. These findings suggest a growing skepticism among Hong Kong’s populace regarding the cryptocurrency industry.Post-JPEX public sentimentThe initial survey involved 5,700 participants aged 18 and above and was conducted between April 24 and May 23. Phase two of the survey commenced on September 28, approximately 11 days after the allegations against JPEX came to light. The results were compared to a similar survey conducted between April and May to assess the evolving sentiment. Between September 28 and October 5, phase two of the survey had compiled responses from 2,200 individuals.HKUST acknowledged that the second survey occurred in the “aftermath of an alleged financial fraud” involving a cryptocurrency platform but refrained from directly naming JPEX in the report.Professor Allen Huang, Associate Dean of HKUST’s business school, attributed the shift in sentiment to the recent financial scandal, which thrust the cryptocurrency industry into the spotlight. This heightened attention has led to a “more conservative investment appetite” among the public. He emphasized the need for greater educational initiatives to enhance public awareness and understanding of the risks and potential of this emerging field.HKUST’s business school stated that the survey’s primary objective was to assess the attitudes and viewpoints of Hong Kong’s residents regarding virtual asset investments, considering their experiences, intentions, and the regulatory safeguards in place.JPEX falloutThe JPEX scandal, which allegedly involved a $166 million fraud scheme, unfolded over several months before Hong Kong authorities publicly announced their investigation into the exchange. It forced local regulators to reassess the soundness of crypto trading-related regulatory measures applied within the Chinese autonomous territory.That reassessment led to regulators concluding that efforts needed to be intensified to combat unregulated platforms operating within Hong Kong. In response to the JPEX saga, the Hong Kong Police Force and the Securities and Futures Commission (SFC) established a cryptocurrency-focused working group earlier this month to combat illicit activities on cryptocurrency exchanges.The evolving sentiment in Hong Kong reflects the broader challenges and concerns surrounding the cryptocurrency industry. As regulatory scrutiny increases and major incidents like the JPEX scandal come to light, it’s clear that fostering public trust and understanding is a pressing priority for crypto businesses and the broader crypto community.