Crypto fraud hits 20% of Korean investors, global trend shows seniors most vulnerable

In a stride towards global expansion Alchemy Pay, the cryptocurrency payment gateway based in Singapore, has secured its inaugural Money Transmitter License in the United States.Photo by Jametlene Reskp on Unsplash Arkansas licenseThe license, issued by the Arkansas Securities Department on September 13, enables Alchemy Pay to provide a comprehensive suite of financial services, including crypto-to-fiat transactions, within the state of Arkansas. The license was issued to Alchemy Pay, Inc., the crypto payments firm’s US entity which was first registered as a corporation in the US in October of last year.This milestone represents Alchemy Pay’s inaugural foray into the US market and demonstrates the company’s intent in terms of regulatory adherence. The Singapore-based firm now joins the ranks of authorized cryptocurrency enterprises operating in Arkansas, including industry giants like Coinbase, Jack Dorsey’s Block, MoonPay, and the bitFlyer exchange. Global expansionIn a press release published to the firm’s website on Thursday, Robert McCraken, Alchemy Pay’s Ecosystem Lead, underscored the meticulous efforts invested in securing licenses across diverse global jurisdictions, emphasizing the company’s unwavering dedication to compliance.It’s evident that the company is pursuing a strategy to globalize its market offering. Alchemy Pay has previously obtained operating licenses in strategic markets such as Indonesia and Lithuania, while it is making ongoing efforts to secure Money Transmitter Licenses in additional US states.In April it secured $10 million in funding from Singapore’s DWF Labs, with the intention of using the capital to expand its business in South Korea. The following month it enabled a rupee-denominated on-ramp using India’s UPI real-time payments system. In July it announced a collaboration with Checkout.com, enabling transactions between fiat currency and cryptocurrency over Checkout.com’s Visa and Mastercard channels.Since its establishment in 2017, Alchemy Pay has continuously worked on its mission of bridging the gap between fiat and cryptocurrency economies. The platform currently facilitates seamless transactions between traditional fiat currencies like the US dollar and leading cryptocurrencies such as Bitcoin and Ethereum. It boasts a presence in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates (UAE), and India. The Singapore-based payments gateway has emerged as a key player in the global digital payment landscape. Cracking the US marketThis milestone in Arkansas aligns with Alchemy Pay’s broader strategy to penetrate the vast US market, delivering its services to American users and furthering its mission to harmonize fiat and cryptocurrency payments. The development closely follows Alchemy Pay’s recent strategic collaborations with global payment titans Mastercard and Visa, cementing its status as an influential contributor to the rapidly evolving digital payment sector.According to an updated version of its roadmap published in August, the company also plans to offer a digital banking service before the end of the year. That offering would enable users to open bank accounts directly through the Alchemy Pay platform once collaborations are firmly in place with EU and UK banks.The acquisition of the Money Transmitter License in Arkansas signifies a pivotal moment in Alchemy Pay’s ambitious US expansion agenda. It’s likely to be a crucial stepping stone for the firm in positioning itself as a prominent catalyst in the seamless integration of cryptocurrencies into mainstream financial systems. This achievement not only propels Alchemy Pay’s global presence but also reinforces its efforts to ensure safe, compliant, and accessible cryptocurrency-based financial services.

UAE’s Royal Office Visits Korea to Further Security Token Collaboration with AIITONEAIITONE, a Korea-based augmented reality firm specializing in security tokens, invited journalists to showcase its strategy to foster business collaborations between South Korea and the United Arab Emirates (UAE) on the occasion of the Korean visit of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi.Photo by Ethan Brooke on UnsplashPrivate Office’s return visitThe Private Office is a Dubai-based corporate conglomerate that operates businesses in various areas including real estate, energy, and finance. This visit by the Private Office marks a return visit following AIITONE’s visit to the UAE in July.The conference took place at a hotel in Gangnam, Seoul, and was attended by Lee Jin-yeop, CEO of AIITONE; Bruce Jeong, Chairman of Middle East Investment; and H.H. Sheikh Ahmed Bin Faisal Al Qassimi.Security tokens, CBDCs, smart defenseChairman Jeong, leading AIITONE’s global initiatives, said that their primary endeavor is to set up a Korean branch of the Royal Office. This branch will function as an international business hub, facilitating collaborations across three key sectors: security tokens, central bank digital currencies (CBDCs), and smart defense ventures.The event also featured presentations by AIITONE officials who introduced the company’s focus areas.Kang Man-soo, who leads AIITONE’s defense unit, highlighted the company’s technical expertise in maintenance training equipment, interactive electronic technical manuals, and integrated system support. He pointed out that AIITONE has been actively involved in the development of technical manuals and training simulators for various defense assets, including warships, guided weapons, and fighter aircraft. Kang emphasized that AIITONE’s strategic partnerships with Korean defense firms have propelled their engagement in initiatives aimed at exporting these products to countries such as Indonesia, Malaysia, and Poland.Lee Joo-hyung, the head of AIITONE’s extended reality (XR) content division, revealed the company’s plan to create portable products that can replicate the physical sensations of the real world, including sensations like physical contact and heat. Additionally, Lee introduced MOUM, a metaverse platform that features blockchain-powered security functions and generative artificial intelligence (AI) capabilities.Park Sang-il, who is at the helm of the firm’s security token project, showcased AIITONE’s comprehensive security token platform, which enables users to both issue and distribute security tokens. Notably, the platform is compatible with hyperledgers Besu and Fabric.Since arriving in Korea last Wednesday, the Royal Office has met with representatives from Standard Chartered Bank Korea and lawyers from law firm Kim and Chang, as well as lawmaker Yang Hyang-ja. Additionally, the Royal Office made a visit to smart farms located in South Jeolla Province.H.H. Sheikh Al Qassimi expressed a high regard for South Korea, acknowledging its beautiful natural landscapes and significant economic development. He underlined that this visit serves as an opportunity for the Royal Office to strengthen cooperation between UAE companies and their Korean counterparts, further fostering economic exchanges between the two countries.

Matrixport, a Singapore-headquartered digital assets financial services firm, announced the acquisition of Switzerland-based Crypto Finance Asset Management (CFAM), a regulated crypto fund management firm. The acquisition, completed by way of an all-cash deal, signifies Matrixport’s expansion into the European market. The company announced the deal via a blog post published on the Matrixport website on Sept. 30. Photo by Lin Mei on UnsplashCFAM rebrandAs part of the acquisition, CFAM will be rebranded to Matrixport Asset Management AG (MAM), providing institutional-grade crypto investment solutions, while continuing to act as a crypto market infrastructure provider.  CFAM CEO Stijn Vander Straeten stated that the company’s strategy focused on “trading, custody and staking as well as other post-trade services.” He added, “This move allows us to put all our focus on expanding our core services within the digital asset ecosystem in Switzerland, Germany and across the European markets.” CFAM had formed part of the Crypto Finance Group, an entity part-owned by the Deutsche Börse Group. Regulatory complaint acquisitionIn its press release, Matrixport outlined that the acquisition has been completed with regulatory approval having been granted by the Swiss Financial Market Supervisory Authority (FINMA), the Swiss independent financial markets regulator, which supervises banks, insurance companies and financial institutions in Switzerland. CFAM became the first FINMA-approved manager of a crypto fund in Switzerland. Commenting on the acquisition, Matrixport Co-Founder and CEO John Ge, stated: “We are delighted with the establishment of MAM and warmly welcome the team to the Matrixport family. The acquisition enables clients access to the most innovative, compliant crypto asset management products, and aligns with our strategy to further expand services in Europe.” Personnel changesA number of personnel changes have been made as part of the acquisition. Stefan Schwitter has been appointed as CEO of MAM. Schwitter previously held the role of head of asset management at CFAM. The executive claimed that the complementary strengths of Matrixport and CFAM “will add value to the existing and future client base of Matrixport Group on a global level.” Matrixport was established in 2019 and currently holds over $6 billion in assets under management (AUM). Its founders include Jihan Wu, the co-founder of Chinese crypto miner manufacturer Bitmain and Singapore-based crypto cloud mining company Bitdeer. The firm is licensed as a money services business (MSB) in the United States, while also being licensed to trade in Hong Kong as a trust or company service provider (TCSP) and as a money lender. Matrixport offers its accredited investor and institutional clients over-the-counter (OTC) services, prime brokerage services, digital asset custody through qualified custodian Cactus Custody, asset management and access to real-world asset (RWA) tokenization. In September, the company offered tokenized RWA access in the form of XAUm, a gold-backed token, via its subsidiary company, Matrixdock. It emerged earlier this year that Matrixport had been listed on the Global Unicorn Index, a list of companies compiled by the Huron Research Institute, believed to have a valuation in excess of $1 billion while not yet listed on a public exchange.