RaonSecure Partners with Korean Savings Banks to Build Mobile ID Verification System

When Samsung Securities surveyed its high-net-worth clients about which investment assets they believed would be most effective for wealth growth in the future, only a small fraction, 1.9%, pointed to virtual assets, as reported by South Korean news outlet Newsis. The majority favored domestic and foreign stocks, which garnered a significant 45.4% of the vote. Following this, domestic and foreign bonds were chosen by 18.1% of respondents, and real assets like real estate and gold were also considered favorable, with 16.8% backing these options.Photo by Lukas on PexelsInvestment preferences of high-net-worth clientsThe survey conducted by Samsung Securities involved a select group of 368 participants, each with assets totaling KRW 3 billion ($2.3 million) or more. It focused on their perspectives regarding this year’s stock market trends and their individual investment strategies. This specific demographic provided insights into the investment preferences and outlooks of high-net-worth individuals. In the survey, when these individuals were queried about the methods they’ve used to accumulate their wealth, the most prevalent answer was investment in financial instruments such as stocks and funds, with 35.9% indicating this as their primary method. Business income was the second most common source of wealth, cited by 29.9% of participants. Wage income was also a significant contributor, mentioned by 19.6%. Additionally, gifts and inheritance played a role, accounting for 7.1% of wealth growth. Meanwhile, real estate investments were the least common, with only 6.5% of the respondents identifying it as a key wealth growth strategy. Regarding the optimal timing for stock purchases this year, a notable portion of the investors expressed a preference for the beginning of the year, with many pinpointing the first quarter as the ideal time, as indicated by 51.6% of respondents. This preference was followed by the second quarter, favored by 27.7%, the third quarter at 13.6% and the fourth quarter being least favored with only 7.1%. In terms of promising industries for investment, over half of the respondents, 50.6%, identified artificial intelligence (AI) and semiconductors as the most prospective sectors. These technologies are viewed as pivotal in shaping the future of the tech industry. Following AI and semiconductors, rechargeable batteries, which were the top-performing segment in the previous year, garnered notable interest, with 16.7% of respondents favoring them. The survey identified key figures likely to impact the stock market this year: former U.S. President Trump (30.4%), U.S. Federal Reserve Chair Powell (15.8%), U.S. President Biden (7.1%) and Saudi Prime Minister Mohammed bin Salman (3.3%). Business leaders like Tesla’s Elon Musk (6.0%), OpenAI’s Sam Altman (5.4%) and Novo Nordisk’s Lars Fruergaard Jorgensen (2.4%) were also mentioned for their influence. When asked about the most important issue of the financial market for the new year, 51.1% pointed to “interest rate cuts in major economies” as their top concern. Following this, 15.2% highlighted the outcome of the U.S. presidential election as a significant issue. Additionally, the advancement of new industries such as AI and robotics was flagged as an important topic by 10.3% of those surveyed. Stock market experts’ crypto optimismIn contrast, a 2024 stock market outlook survey by local media outlet Money Today, which polled 225 stock market experts, showed a more optimistic stance towards investing in cryptocurrencies this year. When questioned about their willingness to invest in crypto assets like bitcoin, 20% responded very affirmatively, and an additional 34.2% expressed a similar interest, totaling over half of the respondents showing readiness to invest in cryptocurrencies. Meanwhile, 18.7% were unsure, and 27.1% had negative views, including 16.4% saying “no” and 10.7% opting for “strongly no”. In the newspaper survey, when specifically asked about bitcoin’s future value, 24.9%, the largest group of respondents for this question, predicted that bitcoin’s price would reach or exceed KRW 70 million, the highest estimate provided in the survey’s options. Meanwhile, 17.8% of the experts estimated that the price would range between KRW 60 million and 70 million. 

Algorand Foundation and DWF Labs Partner for Ecosystem GrowthThe Algorand Foundation has joined forces with DWF Labs, a global digital asset market maker and Web3 investment firm, in a strategic partnership aimed at accelerating the growth of the Algorand ecosystem.An announcement of the collaboration was made on Monday, with the expectation that it will provide more opportunities for developers, businesses, and the wider blockchain community where the Algorand layer one blockchain is concerned.Photo by Shubham Dhage on Unsplash$50M token purchaseDWF Labs has committed to purchasing $50 million worth of $ALGO tokens, the native cryptocurrency of the Algorand network. This infusion of funds will enhance liquidity within the Algorand ecosystem, bolstering stability and growth.Beyond the token purchase, the partnership is reinforced by a memorandum of understanding (MOU), establishing a comprehensive funding framework to support projects built on the Algorand blockchain. This commitment will foster innovation across various sectors such as decentralized finance (DeFi), art and music, gaming, oracles and bridges, and infrastructure.Ecosystem collaborationsWeb3 investment firms like DWF Labs play a pivotal role in accelerating the growth of blockchain ecosystems. By investing in startups and projects that complement existing blockchain platforms, DWF Labs creates synergies that drive growth.It’s not the first time that DWF Labs has collaborated with blockchain network ecosystem projects. Earlier this month, the firm announced a deal with the project team behind layer one blockchain TRON, that will see it become a liquidity provider to that TRON network.In April, DWF entered into a partnership with the EOS Network Foundation (ENF) which included a $45 million $EOS token purchase agreement, with a further $15 million allocated towards investment into EOS ecosystem projects.Andrei Grachev, Managing Partner of DWF Labs, expressed enthusiasm for the partnership, highlighting Algorand’s technological superiority, security, and commitment to environmental sustainability and social impact.Through funding and strategic collaboration, DWF Labs will support the creation of diverse applications, services, and solutions within the Algorand ecosystem. This will foster the ALGO network effect, attracting more users and driving further growth.Algorand network stability and growthThe Algorand Foundation and DWF Labs partnership aligns with ongoing efforts to drive blockchain network adoption. Algorand’s platform offers scalability and security, while DWF Labs’ expertise and financial support will propel the ecosystem’s growth and adoption.The Algorand network is a proof of stake (PoS)-based blockchain network. It aims to accelerate the convergence between existing TradFi and emerging decentralized networks and technologies.The $50 million investment in ALGO tokens injects liquidity into the ecosystem, promoting stability and facilitating economic activities. The partnership’s funding framework ensures that projects built on Algorand receive the necessary resources.Collaborations like this drive blockchain adoption and development. The Algorand Foundation and DWF Labs share a vision of innovation and collaboration, fostering a thriving ecosystem.As the blockchain industry expands, strategic alliances play a crucial role in accelerating innovation and establishing interconnected ecosystems. The collective efforts of the Algorand Foundation and DWF Labs contribute to blockchain’s advancement, leading towards a decentralized future with transparency and inclusivity.

HKEX Launches Blockchain-Based Settlement PlatformHong Kong Exchanges and Clearing Limited (HKEX) has unveiled a blockchain-based settlement platform in a move that could potentially transform the landscape of international stock trading, bolstering transparency, efficiency, and operational security.Photo by Ruslan Bardash on UnsplashHKEX SynapseAccording to an announcement on Wednesday (local time), the new platform is called Synapse, and it is set to launch on October 9. The platform utilizes smart contracts developed in the DAML programming language, offering a range of benefits for market participants.Synapse’s primary objective is to streamline post-trade workflows, minimize settlement risks, and enhance transparency in the financial markets. It will be deployed on HKEX’s Stock Connect, a program that allows international investors access to over 1,000 mainland Chinese stocks through Hong Kong routing.With an average daily turnover of RMB 109.3 billion ($15.18 billion) in the first half of 2023, up 5% from the previous year, with a 50% increase from 2020 levels, Stock Connect has established itself as an important channel for international investment.DAML-based smart contractsOne of Synapse’s standout features is its use of DAML, an open-source smart contract language. DAML has the capability to synchronize data across both blockchains and centralized databases, which can significantly improve operational efficiency. By incorporating smart contracts into the settlement process, Synapse enables automatic generation of settlement instructions, reducing the time and manual effort required for trade confirmation. This not only reduces the likelihood of errors but also accelerates settlement, enhancing liquidity and boosting investor confidence.Additionally, Synapse facilitates concurrent processing by simultaneously generating settlement instructions for all parties involved in the trade. This near-instantaneous status update mechanism is especially crucial when connecting traders across different markets. HKEX’s connection to Hong Kong’s Depository Trust and Clearing Corporation via its Institutional Trade Processing service further centralizes cross-border transaction matching, creating a robust ecosystem for seamless trading.Synapse’s launch reflects HKEX’s interest in nurturing international participation where Mainland China’s equity markets are concerned. Glenda So, HKEX Group Head of Emerging Business and FIC, expressed her enthusiasm for the platform’s potential to strengthen both market and investor growth strategies. She believes that Synapse will not only enhance post-trade efficiencies but also contribute to building a more resilient financial ecosystem.Established interest in crypto/blockchainThis is not HKEX’s first expression of interest in blockchain-based technology. In a report it published earlier this year, the Hong Kong stock exchange concluded that crypto exchange-traded funds (ETFs) have the potential to play an important part in building the next phase of digital asset expansion in Asia. Trading in the first crypto ETFs commenced on the platform in December of last year.It’s worth noting that Hong Kong has been rapidly evolving into a hub for Web3 firms, further emphasizing the importance of platforms like Synapse to enhance the efficiency and security of financial transactions in this dynamic environment. While developments in the crypto space are ongoing, Synapse’s blockchain-based settlement platform represents yet another milestone in the evolution of crypto and blockchain-centric financial infrastructure in the region.