WazirX moves closer to trading comeback

Travala.com, the Cayman-incorporated company that provides crypto-native travel booking service, has unveiled an enticing offer for Bitcoin investors, involving cashback paid in the leading cryptocurrency in collaboration with the AVA Foundation. This initiative, announced by the firm on the X social media platform on March 7, aims to reward travelers who pay for their bookings in Bitcoin, encompassing an array of travel options, from flights to hotels and activities spanning across three million destinations globally.Photo by Kanchanara on Unsplash10% BTC cashbackUnlike traditional cashback systems, where waiting periods for rewards can be lengthy, Travala.com ensures swift crediting of Bitcoin cashback into users' accounts within 24 hours after the completion of their trips. As part of this offer, cashback will be paid to the value of 10% of the customer’s spend, payable in Bitcoin. Since its establishment in 2017, Travala.com has positioned itself at the intersection of cryptocurrency and travel, offering a diverse platform for bookings across various properties, activities and airlines. With support for over 90 digital currencies, the platform remains focused on cryptocurrency adoption, while aiming to provide value and flexibility for its users. Mass adoption opportunityJuan Otero, CEO of Travala.com, emphasized the growing appeal of Bitcoin to mainstream audiences, buoyed by recent developments like the approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States. Otero sees this initiative as a means to broaden the adoption of crypto for everyday transactions, providing travelers with an efficient way to utilize reward programs. The move towards Bitcoin-based rewards reflects the early stages of an industry-wide shift in travel loyalty programs. With traditional points-based systems losing traction, there's a burgeoning demand for innovative incentive schemes. Steve Hipwell, a contributor to the AVA Foundation, highlighted the success of the AVA Smart Program, which has already distributed over $2.1 million worth of travel rewards in AVA tokens to customers who completed trips booked through Travala.com. By integrating direct Bitcoin rewards, the aim is to capture an additional segment of travelers seeking ways to save on their journeys. Bitcoin stands out as one of the top three payment methods on Travala.com, accounting for approximately 9% of travel bookings on the platform. In 2023, travelers splurged over $5 million in BTC on flights, hotels and activities. Travel Tiger NFTsAccess to Travala's BTC cashback scheme comes with a degree of exclusivity. Users must possess a Travel Tiger NFT and stake 2,500 AVA tokens to activate Smart Diamond membership. This exclusivity stems from the limited availability of Travel Tiger NFTs, with only 1,000 in existence. These NFTs, minted on the Ethereum blockchain, serve as randomly generated utility collectibles. Market data from OpenSea places the floor price of Travel Tigers at 2.85 ETH, roughly valued at $11,165 at the time of writing. This tie-up with the AVA Foundation is not Travala’s first partnership. In November 2023 the company struck a deal with travel industry meta-search giant Kayak, allowing it to integrate with Kayak and enable platform users to search more effectively for travel deals. Back in 2019, the company had struck a similar partnership with accommodation booking platform Booking.com. 

SK C&C to provide ChainZ Security Token service for Hana SecuritiesSK C&C, a comprehensive digital solutions provider and the affiliate of South Korean conglomerate SK Group, announced Tuesday (local time) that it will provide the blockchain-based ChainZ Security Token service to Hana Securities for the securities firm’s construction of a security token system.Security tokens enable the conversion of assets such as real estate, art and carbon credits into digital tokens. These digital representations open up opportunities for retail investors to make fractional investments in assets that were previously beyond their reach due to high minimum investment requirements.Hana Securities’ involvement in security tokens emerged when its parent company, Hana Financial Group, joined a consortium called the Next Finance Initiative (NFI) in June to expand the security token ecosystem. In this collaborative effort, Hana Securities is set to develop infrastructure that will enable the establishment of extensive security token services. This infrastructure will support functions such as the issuance, distribution and procurement of security tokens.Photo by Shubham Dhage on UnsplashSecurity tokens on EthereumThe ChainZ platform allows the creation, issuance and trading of tokenized assets on the Ethereum network by simply calling an application programming interface (API). The company explained that being compatible with several Ethereum standards, including ERC-20, ChainZ enables users to create diverse token-related services with just a few clicks.SK C&C will leverage the ChainZ platform, which supports distributed ledger services, to manage token offerings and allocations. Additionally, the company will offer security token-related services, which will include processing investor orders and facilitating the buying and selling of tokens.Choi Cheol, Head of SK C&C’s Web3 and Convergence Group, said that the security token system of Hana Securities will lay a foundation for securities firms to adopt security token services and engage in business collaborations with each other. According to Choi, SK C&C is committed to providing secure trading services for security tokens, catering not only to securities companies but also to a broader range of enterprises and general investors. The tech company is also planning to take an active role in NFI and other consortiums with securities firms as a part of its strategy to enhance these efforts further.

Korean Financial Watchdog Warns Investors Against Crypto ScamsThe South Korean Financial Supervisory Service (FSS) issued a press release today to warn investors against fraudulent cryptocurrency investment schemes.406 reported scams in two monthsBetween June 1 and July 30, the FSS received a total of 406 reports of crypto scams that lured individuals with false promises of high returns. Some of these perpetrators went to the extent of misrepresenting themselves as employees at crypto exchanges or project foundations. The FSS installed a virtual asset scam report center two months ago, which will run until this year’s end, as an interim measure before the implementation of the Virtual Asset User Protection Act in July of next year.Photo by Growtika on UnsplashSix scam typesTo strengthen its efforts, the FSS has shared six reported case types with the public and has issued investment warnings accordingly. Investors are advised to exercise caution when dealing with unlisted cryptocurrencies at low prices, as accurately determining their value can be challenging. Similarly, the FSS cautions against investing in cryptocurrencies sold at low prices with trading restrictions, as this could lead to difficulties in liquidating tokens if the price drops.The FSS also emphasizes the importance of being wary of cryptocurrencies with low trading volumes, as they can experience drastic price fluctuations due to limited activity. To prevent falling victim to impersonation scams, investors are urged to be cautious of individuals claiming to be employees of domestic virtual asset service providers or presenting official documents to solicit investments.Furthermore, the financial watchdog stresses the risks associated with suspicious requests associated with electronic wallets, particularly connecting to them via unsolicited emails, as they pose a high risk of being hacked.Lastly, the watchdog warns against falling for promises of high returns linked to cryptocurrencies endorsed by celebrities or well-known companies, as these may be illegal deposit-taking activities performed by unlicensed entities. The FSS advises investors to remain vigilant, conduct thorough research, and approach investment opportunities with skepticism to protect themselves from potential crypto scams.