Hong Kong’s OSL crypto exchange receives $91M boost

Infinite Block Selected For Tech Startup Incubator ProgramSouth Korean blockchain fintech company Infinite Block announced Monday that it has been selected to participate in the Tech Incubator Program for Startups (TIPS) program.“Being selected for TIPS as the first domestic custodial services company to do so carries significant importance, as it acknowledges our technological capabilities and business viability on an international scale,” said the company’s CEO Jeong Gu-tae.Photo by Mimi Thian on UnsplashPaving the way for an innovative futureTIPS is a private investment-led technology entrepreneurship program organized by the Korea Business Angels Association and Korea Institute of Startup and Entrepreneurship Development (KISED) — two affiliated institutions under the Ministry of SMEs and Startups — to foster startups that possess innovative technology.The program appoints and designates venture founders to serve as angel investors and leaders of technological enterprises as a given startup’s incubator and/or accelerator. Throughout the two-year duration of the program, the startups can take advantage of angel investor networking and mentoring and receive KRW 500 million (approximately $370,000) in research and development (R&D) funding from the government. They can also receive an additional KRW 200 million in commercialization funds.Infinite Block, which specializes in custody services tailored to corporate-owned virtual assets, was selected for TIPS by attracting investment from the fintech innovation fund operated by venture company Infobank. This is part of a series of strategic investments that it secured within just six months of its establishment, including those from leading domestic financial institutions like banks and securities companies.Pioneering fintech developmentThe company has consistently been boosting efforts to expand into a prominent fintech platform, starting by receiving approval from Korea’s Financial Services Commission (FSC) to become a virtual asset service provider (VASP) and later on obtaining ISO 27001 certification for the information security management system of its blockchain platform. More recently, it launched a custody-based Ethereum staking service for corporate clients.“We will strive to provide trustworthy digital asset infrastructure by implementing a fintech platform that not only offers innovation through blockchain and cyber security technology but also meets regulatory requirements assigned by financial authorities,” Jeong stated.

Abu Dhabi Approves M2 for Crypto ServicesM2, a virtual asset firm based within Abu Dhabi Global Market (ADGM) in Abu Dhabi, has received authorization from the Financial Services Regulatory Authority (FSRA) to establish a multilateral crypto trading facility in the United Arab Emirates (UAE) capital.This pivotal development, announced on Wednesday, allows M2 to provide both retail and institutional clients in the region with the capability to engage in activities such as purchasing, selling, and safeguarding digital assets, including Bitcoin.Photo by Jametlene Reskp on Unsplash2023 platform launchScheduled for a launch later in 2023, the M2 platform’s creation has been a year-long process, designed to cultivate trust, security, and integrity within the burgeoning virtual asset landscape. The company’s mission is to empower users with access to the highest level of services, including the ability to transact with cryptocurrencies using fiat currency and tap into derivative and yield offerings.Stefan Kimmil, the CEO of M2, acknowledged the significance of this regulatory milestone:“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets.”Kimmil also expressed M2’s commitment to maintaining the high industry standards, as the UAE solidifies its position as a global front-runner in the virtual asset realm.Founded earlier this year, M2 claims to have a depth of credible expertise driving it, with executives having joined the firm from traditional finance giants such as Deutsche Bank, JP Morgan, and Goldman Sachs.Progressive regulationThe FSRA has taken a forward-thinking approach to digital asset regulation, having introduced a comprehensive framework for virtual assets in 2018. This framework has not only attracted numerous major cryptocurrency-focused companies to establish operations within its regulated financial and economic zone but has also fostered the region’s digital asset landscape.ADGM CEO Salem Al Darei underscored the organization’s mission of driving growth and investment opportunities in the virtual asset sector: “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.”This sentiment is well-aligned with the broader vision of expanding the digital horizons of the UAE. The approval granted to M2 follows in the footsteps of significant advancements in the UAE’s cryptocurrency landscape. In November 2022, cryptocurrency exchange giant Binance secured financial services permission, bolstering its presence in the region.Furthermore, Rain, a prominent cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, obtained regulatory approval last month to extend virtual asset brokerage and custody services to UAE residents.The emergence of M2’s platform points to the ongoing fostering of a dynamic virtual asset ecosystem that is currently ongoing in Abu Dhabi and the UAE at a national level. As the platform prepares for its forthcoming launch, it’s seeking to usher in a new era of accessibility, sophistication, and opportunity for the growing community of retail and institutional clients seeking to engage with cryptocurrencies in the UAE.

Nibiru Chain, a layer-1 blockchain and smart contract ecosystem, is venturing into the Asian market with key appointments poised to drive growth in gaming, DeFi, NFTs and real-world assets (RWAs). Crypto sector expertiseYura Nam and Nicholas Lo have been appointed to lead growth and business development efforts in the region. Seoul, South Korea-based Nam is a former Head of StarkNet Asia. She has extensive experience hosting conferences, meetups and other events. The crypto sector professional has been an active member of the Korean blockchain community Nonce, a distributed network of independent businesses and individuals dedicated to blockchain. Lo previously served as Asia Pacific (APAC) Growth Manager at Yuga Labs, the creator of the Bored Apes Yacht Club NFTs.  Based in Hong Kong, he brings with him a diverse background, having worked as an analyst at JPMorgan and spearheaded Asia expansion for various exchanges. He has a wealth of expertise and insight into the Asian Web3 landscape.  Jonathan Chang, Nibiru Chain's COO, expressed excitement about the new additions to the team, highlighting their deep understanding of the Asian markets and Web3 ecosystem. He emphasized their role in fortifying Nibiru's foothold in the region, particularly through their proven track record in relationship building and execution of growth strategies.Photo by Shubham Dhage on UnsplashMultifaceted expansion strategyThe expansion strategy is multifaceted, incorporating marketing, community engagement and business development initiatives to establish a strong local presence and drive adoption. Nibiru's focus extends to key markets such as Korea, Japan, India, Southeast Asia (SEA) and Chinese-speaking countries. Plans include hiring local community leads and nurturing relationships with regional stakeholders and businesses. Nicholas Lo will concentrate on solidifying Nibiru's presence in pivotal APAC markets. His role at Nibiru involves cultivating relationships with major protocols, ecosystem dApps, gaming entities, financial institutions and local partners. Lo will also collaborate with Asian media outlets to enhance exposure for Nibiru's layer-1 offerings, targeting verticals spanning gaming, DeFi, NFTs and RWAs. Meanwhile Yura Nam will leverage her partnership and event planning experience to bolster the platform's expansion efforts. Her seven years in the financial services sector equip her with a nuanced understanding of partnerships, sponsorships and event management within Asia, serving to strengthen Nibiru's ties in the region. VC FundingThe company's ambitious growth plans received a significant boost with a successful $12 million funding round earlier this year, attracting investments from prominent venture capital firms such as Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital and Banter Capital. This funding follows a previous seed round in April 2023, which raised $8.5 million, valuing the project at $100 million at the time. In a further effort to bootstrap growth in April, the project announced $15 million in developer grants to incentivize ecosystem growth. $5 million of that is being ring-fenced for the Asian region. Silicon Valley-headquartered Nibiru Chain officially unveiled its public mainnet in March. With a focus on a robust smart contract ecosystem offering high throughput and top-tier security, the project aspires to position itself as the preferred platform for builders in several blockchain sectors, particularly blockchain-based gaming. At the time of writing, the project’s native NIBI token was trading at $0.2932, according to data from crypto project data aggregator CoinMarketCap.