SBI enters tokenized bond market with XRP incentives amid crypto market slump

Further Setback for Luno With Loss of Top ExecGlobal crypto exchange Luno has been challenged of late, with job cuts, the closure of its presence in Singapore and now the loss of a key executive from the company.According to a report published by CNBC on Tuesday, the embattled crypto firm is losing Vijay Ayyar, its Vice President of Corporate Development and International. The setback follows an announcement last month by the company to withdraw its presence from the Singaporean market.Photo by Marten Bjork on UnsplashUnrelated to Singapore closureAyyar made the following comment via WhatsApp message: “I’ll be leaving Luno after 7 years at the company. Given the time I’d spent at Luno, it just seemed like it was time for another challenge.” It’s understood that Ayyar has confirmed that Luno’s move to exit Singapore (where he was based) was not related to his own decision to move on. Instead the top executive has said that he will be joining another company within the crypto and over-arching Web3 space.Luno management had previously outlined that its decision to exit Singapore formed part of an overall “evaluation of [its] global strategy and presence.” As part of its retreat from that South East Asian market, it withdrew its licensing application from consideration by the local regulator, the Monetary Authority of Singapore (MAS).At the time of that announcement, the company stated: “ It’s not a decision we’ve taken lightly. It’s always been our mission to put the power of crypto in everyone’s hands. This is still true.”Organizational changesThe company is clearly going through a period of adjustment from a staffing and resourcing perspective. Last month, Luno announced that its co-founder, Marcus Swanepoel, would be stepping down as CEO. Filling his boots in that role will be Luno’s Chief Operating Officer (COO), James Lanigan.This organizational upheaval follows a further setback in January, when the company announced a 35% cut in headcount. The decision for those job cuts was taken as a knock on reaction to what had been a very challenging trading environment for Luno and crypto companies generally during a year long crypto bear market in 2022.A troubled parent companyLuno’s difficulties have been further compounded given that it is a portfolio company of crypto industry conglomerate, Digital Currency Group (DCG). DCG had acquired the company in 2020. DCG also owns digital assets-focused financial services firm Genesis which filed for bankruptcy in January. It owes $575 million to Genesis in a scenario that places DCG itself in default risk.Genesis and DCG have recently entered into a 30 day mediation process in order to reach a resolution relative to creditors who participated in the Gemini Earn programme associated with the Gemini cryptocurrency business run by Cameron and Tyler Winklevoss.As yet DCG has not sought to sell off any of its portfolio companies which includes Grayscale, CoinDesk and Foundry. However, it’s understood that Luno has hired investment bank Canaccord Genuity in an effort to garner suitors who would be interested in investing in the company. This may be part of a plan to unburden the troubled DCG parent company.

Remitano Struck by $2.7M Alleged HackHacks have been an unfortunate constant in the crypto and DeFi space with that reality having been compounded by news that Seychelles-based crypto exchange Remitano is believed to have been the victim of a $2.7 million heist.Photo by Growtika on UnsplashSuspicious transactionsIt’s understood that the firm encountered highly suspicious transactions, with the $2.7 million having seemingly vanished from its wallet, all at the hands of a single account. The incident unfolded on Thursday and has left blockchain analysts speculating about a potential security breach.The Remitano hot wallet initiated transfers to an address devoid of any prior transaction history. These transfers amounted to approximately $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 ANKR tokens (valued at $2,000 at the time). Those transfers raised concerns about the security of the platform.Israeli blockchain analytics platform Cyvers promptly sounded the alarm, notifying the crypto community about these suspicious transactions that had drained significant sums from Remitano’s coffers. This sudden event raised concern within the crypto space and naturally among Remitano customers.Tether freezes wallet addressAmid the growing apprehension, Tether, the issuer of USD stablecoin USDT, took decisive action by freezing the address associated with the alleged attacker. This swift intervention effectively halted any further movement of $1.4 million worth of drained cryptocurrency. Tether’s proactive response could potentially have prevented additional loss, preserving customers’ assets from further depletion.Remitano had remained notably silent initially in the wake of this incident, declining to issue any formal statement regarding the breach. It has since acted, as on Friday, it published a statement relative to the issue on its website. The absence of communication from the exchange had only fueled greater speculation surrounding the incident. However, the statement outlined:”On September 14, 2023, our Security Management team discovered a data breach from a third-party source that had compromised some of our sensitive information. As a result, a small amount of funds from the exchange’s hot wallets were transferred to suspicious wallet addresses through unauthorized withdrawal transactions.”Remitano, recognized as a peer-to-peer cryptocurrency exchange and payment processor, primarily caters to users in emerging markets across several countries, including Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.The firm sought to reassure its customers:”As of now, Remitano ensures that users’ assets have NOT been and will NOT be affected by this incident. We are working tirelessly to uphold our commitment to ensuring the security and protection of your crypto assets.”Remitano was established in 2015; it is operated by Babylon Solutions Limited, which is headquartered in the Seychelles.Unfortunately, this episode adds to the troubling trend of cryptocurrency exchange hacks witnessed in 2023. Authorities in the United States have attributed these attacks to the Lazarus Group, a notorious cyber-crime organization allegedly linked to the North Korean government which has wreaked havoc globally although disproportionately so within the Asian region.

Busan’s Digital Asset Exchange to Transform the City into a Global Financial HubBusan, the southern port city in South Korea, has unveiled an extensive plan for the creation of the Busan Digital Asset Exchange. The primary aim of this initiative is to establish a blockchain-based exchange that facilitates the trading of a wide range of valuable assets, including raw materials, precious metals, intellectual property rights, and carbon emission rights, all through tokenization.Photo by Joseph Pradipta on UnsplashDecentralized governance modelThis planned exchange will operate under a decentralized governance model, where separate entities will handle depository and settlement, listing assessment, and market monitoring. Such a governance framework is designed to ensure checks and balances and enhance investor protection. Busan is committed to providing both administrative and financial support for the establishment of these entities.The roadmap for this plan was presented yesterday at Busan City Hall by Mayor Park Heong-joon and the Busan Digital Asset Exchange Establishment Promotion Committee.The committee was introduced by the city in December of last year, and since then, it has been crafting specific plans. This committee is led by former lawmaker Kim Sang-min, who is recognized as an expert in blockchain policy.Operator selection processThe legal operator for the exchange is slated to be launched within this year. Starting from the middle of the upcoming month, the city of Busan will initiate an application-based process to find an exchange operator and intends to finalize the selection by November.The operator will be entirely funded through private contributions. Companies possessing blockchain technology and the capability to construct an exchange system will form a consortium to partake in the project and operate the exchange. The city of Busan will support the founding and operation of the exchange in accordance with the ordinance.Diverse asset tokenizationShould everything proceed as planned, the exchange is set to commence operations next year. It will tokenize and support the trading of items that pass through the Port of Busan, including gold, silver, copper, crude oil, and ammonia. Additionally, a marketplace will be developed to trade intellectual property (IP) rights, such as films, and carbon emission rights. Particularly, there are plans to broaden the spectrum of tradable items to include virtual assets and security tokens.In contrast to traditional stock exchanges that utilize home trading systems (HTS), the upcoming digital asset exchange will run on blockchain, which is immune to hacking and forgery. Users can trade their assets directly without intermediaries and benefit from reduced transaction costs.Highlighting blockchain as a pivotal technology in the era of the Fourth Industrial Revolution, Kim Sang-min, the chair of the committee, expressed that Busan will develop its digital asset exchange to set a global standard in the field.Mayor Park resonated with this perspective, emphasizing that in this age of digital transformation, Busan will leverage this opportunity to position itself as a global financial hub.