Aurora Mobile & VMS Group to invest in crypto

Busan Blockchain Special Zone Gears Up with Expert-Led Operations CommitteeGovernment officials and various executives from financial enterprises have been appointed as members of the operations committee of the Busan Blockchain Regulation Free Special Zone project, according to local news outlet Etoday on Tuesday. This project is geared towards growing the city as a blockchain hub and nurturing blockchain-related businesses in the special zone that are exempt from regulatory oversight. The operations committee will be responsible for overseeing the designated area, fostering new businesses and facilitating the development of Busan’s blockchain industry.Photo by Maicon Fonseca Zanco on PixabayDiverse lineup of expertsA total of 25 members have been appointed to the committee, including two ex-officio members — Lee Sung-kwon, Deputy Mayor of Busan for Economic Affairs, and Son Sung-eun, Policy Advisor for Financial Startups in Busan. Other members include Kim Sang-min, the leader of Busan’s initiative to establish its own digital asset exchange; Lee Keun-ju, President of the Korea Fintech Industry Association; and Jin Hyeong-gu, Vice President of KakaoPay, along with other relevant personnel and academic experts. Notably, the only representative affiliated with a cryptocurrency exchange is Seo Byung-yoon, Director of Bithumb’s Economic Research Institute.The participation of Jin Hyeong-gu, Vice President of KakaoPay, is also noteworthy given the fact that KakaoPay is under the internet juggernaut Kakao Group along with GroundX and Klaytn Foundation — two entities that served as the main driving force of blockchain projects at Kakao. However, KakaoPay clarified that its involvement in the operations committee is unrelated to any plans for blockchain and virtual asset-related businesses, instead attributing it to Jin’s experience and expertise in anti-money laundering (AML) procedures. Prior to joining KakaoPay, he had been an AML expert at prominent financial institutions like the Financial Services Commission (FSC) and Kookmin Bank.In addition, Kiwoom Securities and Hanwha Asset Management are both members of the Busan Blockchain Industry Association. Kiwoom Securities explained that it was asked to join the committee to serve as a representative of the association.Key milestones and plansThe committee’s first meeting is scheduled for Nov. 9, the first day of this year’s Blockchain Week in Busan (BWB) event, during which it will discuss matters such as the appointment of a chairman and detailed plans for setting the special zone in motion.The promotion committee of the city’s plan for a digital asset exchange, which has been active until now, is also being dissolved as the term for the members serving in the committee has ended. Subsequently, the new operations committee will become a priority.The committee’s detailed blueprint and action plan will be unveiled during BWB. Touting the theme “Target 2026 Blockchain Busan,” the event is set to host local and overseas experts in the field of blockchain and Web3 to jointly discuss the prospects and potential of Busan to become an urban blockchain hub by 2026.

Incheon Unveils Ambitious Four-Year Plan to Become a Leading Blockchain HubIncheon Metropolitan City, home to the largest international airport in South Korea, revealed on October 16 that it has successfully formulated a four-year comprehensive plan that aims to position Incheon as a blockchain hub and spearhead the digital economy sector. This ambitious strategy is slated from 2024 to 2027. The formulation of this plan was entrusted by Incheon to a third-party entity back in April.Shaping Incheon as a blockchain hub has been one of Mayor Yoo Jeong-bok’s policy objectives. Under his leadership, Incheon is dedicated to fostering an industrial ecosystem that supports the digital economy, with a special emphasis on blockchain technology — an essential component in the Web3 era.Photo by Shubham Dhage on UnsplashStrategic roadmapIncheon has crafted an action plan for the upcoming four years, with the primary aim of transforming itself into a city that promotes public involvement, fosters sustainable development, encourages cutting-edge innovation, provides a favorable environment for businesses, and advances technology.Mainnet launchAs the first step, Incheon will establish a blockchain mainnet in 2024. This infrastructure will serve as the foundation for the development of associated services and will offer citizens firsthand experiences of convenience.Through the construction of blockchain infrastructure, encompassing mainnets and testnets, Incheon strives to simplify the process for companies in need of blockchain technology. Even those without their own technological resources or substantial capital will find it more accessible to develop services utilizing blockchain within the city.Blockchain-based public servicesThe city has also discovered various blockchain-based public services for Incheon residents. One of them is constructing digital wallets that leverage resident identification cards through decentralized identifiers (DIDs). These digital wallets are designed to offer a streamlined, one-stop solution, allowing citizens to conveniently access a wide array of public services. For instance, Incheon residents will have the capability to gain entry to public facilities, access various discounts, make online reservations, and accumulate loyalty points, all through the straightforward authentication provided by these digital wallets.Furthermore, the city is looking to implement blockchain technology in the following public services. The “eco platform” will serve as an integrated system aimed at incentivizing citizens who actively engage in environment-friendly activities. The “volunteer platform” will simplify volunteer work processes, including certification and recognition. The “safety management platform” will ensure transparent and safe operations on construction sites.Incheon also plans to create a cluster for the blockchain industry in the Incheon Free Economic Zone (IFEZ). The plan is to attract a blockchain technology innovation support center in the Songdo area of Incheon to create synergies with local businesses.Support for blockchain startupsThe city seeks to create a support system for blockchain startups, assisting them from their inception to growth and global expansion. Additionally, efforts will be made to build a global cooperation network and attract foreign investment funds to further bolster the blockchain ecosystem.The four-year plan also delves into more specific objectives. Among them are the establishment of a system to nurture blockchain talent, creating a conducive environment for refining governance and policies, and initiating a branding campaign to bolster Incheon’s competitive edge in the global arena.Son Hye-young, who leads the Data Industry Division in Incheon City, emphasized that the four-year plan represents Incheon’s ambitious vision to establish itself as a blockchain technology hub. She also expressed the city’s commitment to actively support the growth of businesses in this sector and to create tangible and beneficial services.The detailed implementation strategy for the master plan will be disclosed at the Global Blockchain Incheon Conference (GBIC) 2023, a two-day event set to commence on October 30 at the Songdo Convensia.

Nano Labs, a Web3-focused semiconductor design company listed on the Nasdaq (NA) and headquartered in Hangzhou, China, has arranged $500 million in financing to fund a BNB treasury. In a press release published on the company’s behalf by GlobeNewswire on June 24, Nano Labs outlined that it has entered into a convertible notes purchase agreement with a number of investors. Convertible promissory notes to the value of $500 million will be issued. Holders of the notes, which mature in 360 days, have the option to convert them to Class A ordinary shares at an initial conversion price of $20 per share. Unconverted notes will not accrue interest, but will be repaid in line with the initial principal amount at maturity. 5%-10% of BNB’s total supplyNano Labs asserted that the agreement “marks an important step in the company’s strategic growth.” It stated that as part of the initiative it plans to conduct an in-depth assessment of the BNB token, the native token of the BNB Chain ecosystem. The token enables transactions on the BNB Chain and access to various services and decentralized applications (DApps) that run on the blockchain network. In the initial phase of the initiative, Nano Labs plans to acquire $1 billion worth of BNB through convertible notes and private placements. In the long term, the firm plans to build up a holding equal to 5% to 10% of BNB’s total circulating supply. On X, @Whdysseus, the pseudonymous founder of Asian Web3 and crypto financial media project BroadChain Finance, commented on Nano Labs' BNB reserve initiative, considering it to be a BNB version of the Bitcoin treasury strategy pioneered by American firm Strategy (formerly MicroStrategy).Photo by Vadim Artyukhin on UnsplashShare price surgeChangpeng Zhao (CZ), the co-founder and former CEO of Binance, who has been heavily involved in the development and overall vision of BNB Chain, outlined on X that Nano Labs’ share price “went through the roof” following the announcement. He added that none of his affiliated entities participated in the funding that Nano Labs has put in place. At the time of writing, Nano Labs stock (NA) was trading at $14.85, up 36.36% over the course of 24 hours. Nano Labs isn’t the only corporate entity to declare an interest in holding BNB. According to a report published by Bloomberg on June 23, former executives at Coral Capital, a Japanese venture capital firm, are understood to be in the process of raising $100 million through a newly formed entity called Build & Build Corporation, in order to launch a crypto treasury that will invest in BNB. In another positive development, on-chain analytics firm Nansen highlighted last month that the BNB Chain had seen active addresses double to two million.  Earlier in May, Geoff Kendrick, head of digital asset research at Standard Chartered, outlined in a research report that the BNB token could reach a unit price of $2,775 by 2028. Kendrick maintained that the deflationary nature of the token, together with its ties to the Binance exchange platform, are factors that support its long-term value.