Aurora Mobile & VMS Group to invest in crypto

Ret Games Teams Up with Binance to Support Blockchain Acceleration ProgramKorean Web3 gaming studio Ret Games said Tuesday it has signed a memorandum of understanding (MOU) with Binance, the world’s largest crypto exchange, to support a blockchain company acceleration program spearheaded by Incheon Technopark’s Blockchain Center.Bolstering blockchain startupsThe two firms will team up as a single operator of the accelerator program that will supply Incheon-based startups and small companies with the resources required to grow their blockchain businesses and establish Incheon, a city next to the nation’s capital of Seoul, as a blockchain hub. They will also be joined by a third member of the operator — on-chain risk rating solution developer Undefined Labs.Photo by Shubham’s Web3 on Unsplash“We plan to work with Binance to operate an efficient and innovative acceleration program for Incheon-based startups, fostering their growth and development,” said Kim Sung-yoon, CEO of Ret Games.Binance will provide global networking and business consultations in areas such as business modeling and blockchain technology development, while Ret Games will contribute its blockchain infrastructure and development. Additionally, Undefined Labs will provide comprehensive insights into the blockchain industry, covering technology, market trends, and use cases.Five companies for the acceleration program were chosen by Incheon Technopark — AO2, Bemuse, enterBlock, Swan Electronics, and Asia Auto Pacific. They will begin receiving support worth 20 million KRW (approximately $15,000) starting this month.The operator will be required to monitor the progress of these companies during the course of the program, which will end on November 30.Second operatorThere will also be another operator for the program besides the consortium, which solely consists of venture capital firm Nanuhm Angels. It will enable participants to test their business models by granting them access to Rotonda’s launchpad. Rotonda is a subsidiary of the Korean crypto exchange Bithumb and operates the Web3 Burrito Wallet.

Nomura-Backed Digital Exchange Acquires Trading License in DubaiKomainu, a digital exchange backed by Japanese financial services conglomerate Nomura, has achieved the milestone of acquiring an operational license in Dubai.The occasion marks a significant moment for Komainu’s expansion efforts in the Middle East, highlighting the progress the company has made in terms of regulatory approval. It follows Komainu’s previous success in obtaining its MVP license in November 2022, establishing the company as one of the first entities to receive such authorization from the local regulator.The operational license was granted by Dubai’s Virtual Asset Regulatory Authority (VARA) on Friday, with the firm being added to the regulator’s virtual asset service provider register.Photo by Emma Harrisova on UnsplashEnabling a broader service offeringWith this operational license in hand, Komainu is now equipped to introduce extended institutional staking and collateral management services to clients within Dubai. These services will be facilitated through Komainu Connect, a purpose-built platform tailored to cater to the precise needs of institutional clients.While Komainu is a Jersey-based entity, the company has an active presence in the Dubai market as it has established subsidiary firm Komainu MEA FZE, which is based within the city. This local presence indicates Komainu’s intention to play an active role in the institutional digital asset business in the region.Dubai growth potentialSebastian Widmann, Head of Strategy at Komainu, emphasized the exciting growth prospects that Dubai’s flourishing digital asset ecosystem offers. He noted that the region is currently experiencing an influx of assets driven by the launch of new exchanges.Widmann stated: “Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub.” He further emphasized that Komainu’s presence and its favorable regulatory status position the company uniquely as it embarks on the next phase of its business journey.It’s been a good month for Nomura-backed digital asset businesses in Dubai. A few weeks ago, another Nomura-funded company, Laser Digital Middle East FZE, was also successful in acquiring an operating license from VARA.VARA’s approach to crafting regulations has been instrumental in fostering a framework that supports permissible activities and services for customers and investors in Dubai. These regulations are designed to enhance clarity, establish certainty, and mitigate potential market risks. VARA’s overarching objective is to create a model framework that promotes both global economic sustainability and innovation.Bridging market gapFounded in 2018, Komainu’s inception was driven by the need to bridge a gap in the market by delivering secure and compliant custody services for institutional players venturing into digital asset investments.Komainu’s foundation is built upon a strategic joint venture involving prominent entities such as Nomura, CoinShares, and Ledger. It acquired its first client for Komainu Connect, the firm’s regulated settlement and custody system for institutions, in June when it signed up Seychelles-based crypto exchange OKX to the service.Headquartered in Jersey, the Jersey Financial Services Commission (JFSC) and Dubai’s Virtual Asset Regulatory Authority (VARA) now provide regulatory governance where Komainu’s activities are concerned.

South Korean crypto exchanges list USDTBithumb and Coinone, two of South Korea’s largest cryptocurrency exchanges, have recently listed Tether (USDT) — the USD-pegged stablecoin issued by Tether Limited — according to an article by local news outlet Kyunghyang Games on Thursday (local time). Both exchanges support Tether trading on the TRON network.Photo by DrawKit Illustrations on UnsplashTether gains momentum in South KoreaBithumb listed the currency today at KRW 1,316 in response to high investor demand. Meanwhile, Coinone, which listed Tether on Nov. 30 to become the first fiat-to-crypto exchange in the country to facilitate USDT/KRW trading, cited reasons such as Tether’s reliability and transparency, demonstrated by regular updates on its audits and reserves. The listing price was KRW 1,289.Industry sources anticipate that USDT/KRW trading in South Korea will eventually lead to reduced transaction fees and a simplified transaction process for domestic traders. Previously, in order to access most overseas markets where USDT is used as the default currency, users have had to sell their assets overseas first and then repurchase USDT to participate in trading.Simplified transactions are also expected to contribute to balancing pricing across different markets and reducing the Kimchi premium — a term used to describe the difference between trading prices of cryptocurrencies in Korea and in other foreign exchanges.Promotional eventsTo mark the occasion, Bithumb is offering a promotional event where 0.02% of the price of maker orders placed by Dec. 11 will be distributed to users in Bitcoin on Dec. 14. Maker orders are those that are placed at an asking price that differs from the current price, which means it is added to the order book instead of being matched or executed immediately. These orders add liquidity to an order book.Bithumb users can also make USDT withdrawals free of extra fees until Dec. 11. Coinone, on the other hand, requires a withdrawal fee of 1 USDT.According to CoinMarketCap, Tether has the third-largest market capitalization at approximately $90.1 billion as of this writing. The token’s trading volume in the last 24 hours was $49.3 billion.