Gemini to Invest $24M as Part of India Expansion Plans

Barunson Labs and EQBR forge partnership to develop film-based security tokensBarunson Labs, a Korean blockchain-based platform for culture and arts, has joined forces with Web3 firm EQBR Holdings to offer film-based security tokens, aiming to bridge the realms of finance and cinema both in Korea and overseas.Photo by Felix Mooneeram on UnsplashBarunson’s diversified endeavorsBarunson Group, the parent company of Barunson Labs, has been a major leader in various cultural ventures involving film, drama, virtual reality, games and the metaverse. Notably, its production subsidiary Barunson E&A is known for its investment in “Parasite,” the critically acclaimed movie that won four Oscars at the 92nd Academy Awards.Earlier this year, Barunson Labs applied for a financial regulatory sandbox — a program under Korea’s Financial Services Commission that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness — to launch security tokens based on films. To gain approval, the firm also released the beta version of CRADE, a blockchain-based service that manages the flow of funds during the film production process.EQBR’s strategic expansionMeanwhile, EQBR has been developing a security token offering (STO) platform called Apanda Partners — a joint venture established with Shinhan Securities and Aegis Asset Management that received approval as a financial regulatory sandbox in December of last year. Apanda Partners’ Singaporean branch has since established a localized platform catered to the country’s securities firms and prepared for listing on the country’s regulated investment and trading platform SDAX. Barunson Labs and EQBR plan to list their first security token based on Korean content on SDAX in the first half of next year.“Starting with our collaboration with Barunson Labs, we are developing a process to make diverse assets available as products on various security token platforms built on EQBR’s technology,” explained Lee Hyun-ki, CEO of EQBR. “We will not simply talk about our technological possibilities but also demonstrate them through real-life cases, proving that investments can be diversified through the use of blockchain technology and smart contracts.”Lee is also set to participate in the STO Summit hosted by local news outlet Edaily from Thursday to Saturday (local time), where he will deliver a presentation on the application of STO solutions to actual financial services and the future trajectory of this trend. He will also introduce EQBR’s STO platform.“We are taking a dual-track strategy by simultaneously launching security token products in Korea and in overseas markets like Singapore, which is one step closer to institutionalization,” said Kang Shin-beom, CEO of Barunson Labs. He added that the company would launch more innovative investment products in the future that are poised to boost the status of Korean cultural and entertainment content on the global stage.

Crypto Titans Clash on Elon Musk’s XA subtle panel discussion photo posted by Andrei Grachev of Singapore’s DWF Labs turned into a war of words among crypto trading titans on Elon Musk’s X (formerly Twitter).Photo by Marek Piwnicki on UnsplashDWF vs GSRGrachev, who is a Managing Partner at the market maker and Web3 investment firm, thanked his fellow panelists in the post. However, the tone quickly soured as Cristian Gil, Co-Founder of rival market-making giant GSR, took offense to Grachev’s presence on the panel and voiced his disapproval on the platform.Gil didn’t mince his words, stating: “[Andrei Grachev] had absolutely no business to be on that panel. It’s insulting to [GSR] , [OKX] and [Wintermute] to be in the same room as [DWF Labs].”DWF vs WintermuteHis remarks received a “Like” from Evgeny Gaevoy, the CEO of market maker Wintermute. In response, Grachev defended his presence, asserting that DWF was superior in technology, trading, and business development compared to its rivals, going so far as to suggest to Gil: “Yeah, if I were you — I would be also crying all the time.”The exchange continued with Grachev claiming that DWF was capturing market share from Wintermute, and Gaevoy responded with a nonchalant “lol,” challenging Grachev to invest more if he believed DWF posed a threat.DWF Labs’ rapid growthWhile the exchange consisted of mere words, it shed light on DWF Labs’ sudden rise to prominence earlier over recent months. The company has featured prominently in an array of investments in Web3 startups and blockchain networks over the course of 2023. Prominent among them have been investments in EOS, the Algorand ecosystem, and the TRON ecosystem.Recently appearing on the BlockBeats podcast, Grachev defended the company, outlining that it was not involved in market manipulation in response to recent assertions to the contrary.“We do not engage in any manipulative behavior,” Grachev stated. “Of course, we have the futures market, which is a tool for hedging positions and trading clubs. We are completely different from directional traders,” he added.Gaevoy added some humor to the mix by sharing a meme, raising questions about the maturity level of these prominent figures in the crypto industry. The spat provoked a broad array of commentary from the crypto community.Crypto immaturityThe very public clash raises concerns about how traditional Wall Street firms, currently making bold moves into the crypto space, might perceive such behavior. Notably, firms like BlackRock have been involved in Bitcoin ETF applications, signaling a growing interest in cryptocurrency among mainstream financial institutions. In response to Gaevoy and Grachev, one commentator wrote: “The institutions are never coming back.”While it would appear that there’s no love lost between DWF, GSR, and Wintermute, it also seems evident that both market makers can agree on Singapore as being an appropriate location from where to operate a crypto business. While Wintermute is London-based, it revealed recently that it was expanding its operations in Singapore. Like Wintermute, GSR is primarily based in London although it too maintains a presence in Singapore to service Asia-centric business.

OKX Ventures, the investment arm of the well-known crypto exchange and Web3 technology company OKX, has recently disclosed a strategic investment in Singapore’s Orbiter Finance. Developing ZK-proof technologyThe investment marks a significant step forward in advancing the evolution of blockchain infrastructure, given that Orbiter Finance has achieved recognition for its innovation in the process of developing its zero-knowledge (ZK) technology-based omni-chain rollup on the Ethereum network. This initiative goes beyond Orbiter Finance's initial role as an asset cross-rollup bridge. Over the last two years, Orbiter has processed over 12 million transactions with a total transaction volume surpassing $7.8 billion. The protocol has amassed a user base of over three million and cultivated a community exceeding 700,000 users and enthusiasts.Photo by Shubham Dhage on UnsplashOrbiter Rollup announcementAccording to a series of posts on the X social media platform over the course of the weekend, the project is gearing up to launch a ZK-tech-based instant omni-chain rollup on Ethereum. A standout feature of the protocol is the integration of ZK Simplified Payment Verification (SPV) to authenticate Layer 2 transactions on the mainnet and combat fraudulent re-layers via the Ethereum Virtual Machine (EVM).  This development introduces a secure, efficient, low-cost and rapid communication mechanism for Ethereum, with the added security benefits of ZK-SPV enabling Orbiter Finance to grant complete access to the "Maker" role. This marks a significant milestone in achieving decentralization within blockchain infrastructure. Dora Yue, founder of OKX Ventures, expressed enthusiasm about spearheading the strategic investment in Orbiter Finance. She highlighted the protocol's ability to overcome traditional bridge limitations, specifically in terms of speed, and its crucial role in enhancing the efficiency of cross-chaining between various Layer 2s and the Ethereum mainnet. Other investors in the project include Redpoint China, Hash Global and Skyland Ventures. Supporting 19 networksCurrently supporting over 19 Layer 2 rollups and a multitude of native Ethereum assets, Orbiter Finance is positioning itself as a vital infrastructure component for the Layer 2 ecosystem. Yue commended the team's ongoing commitment to product upgrades and their dedication to ensuring a more decentralized and trustless foundation for the Layer 2 ecosystem's growth in 2024. With an initial capital commitment of $100 million, OKX Ventures is focused on exploring and supporting the best global blockchain projects, fostering cutting-edge technology innovation, and investing in projects that provide long-term structural value. The venture aims to nurture innovative companies by offering global resources and leveraging historical experience in the blockchain industry. Orbiter Finance also maintains an openness to incorporating additional networks. It has established strategic partnerships with key players such as Arbitrum, Optimism, Polygon, Linea, zkSync, Base, Starknet, Scroll, Manta Network and others. In this manner, it has solidified its position in the ecosystem. Notably, the protocol announced a collaborative strategic partnership with Ingonyama earlier this month, taking a step forward in advancing ZKP acceleration. Ingonyama is a next-generation semiconductor company specializing in ZK-proof technology. With that, it is actively exploring the integration of ICICLE, a GPU library for zero-knowledge acceleration, into Orbiter's ZKP system through multiple meetings and code-sharing initiatives.