Cake DeFi Co-Founder Launches Ordzaar Ordinals Marketplace

Coinbase Acquires License to Enhance Crypto Operations in SingaporeUS crypto exchange business Coinbase has reached a significant milestone in its Singapore operations by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).The achievement, announced by the firm via a blog post published on Sunday, represents a pivotal moment for Coinbase as it expands its digital payment token services in Singapore to serve both individuals and institutions. The issuance of the full MPI license comes approximately one year after Coinbase initially received in-principle approval from MAS.Photo by Duy Nguyen on UnsplashEnabling broader service offeringThe importance of this development lies in Coinbase’s ability to provide advanced services, not only to individual traders but also to institutional investors. Hassan Ahmed, the country director of Coinbase Singapore, stressed the significance of this full license, stating that it will play a crucial role in strengthening relationships with stakeholders, especially regulated entities like banks. The regulatory milestone is anticipated to further cement Coinbase’s presence in the institutional finance sector in the region.Coinbase’s commitment to the Singaporean market has been evident in its continuous expansion initiatives. The company established a technology hub in Singapore last year, actively recruiting and training product managers and engineers specializing in Web3 technologies.In May the firm extended its product offering to Singaporean customers, introducing fee-less purchases of the USDC stablecoin and introducing digital asset staking. Meanwhile Coinbase Ventures, the firm’s investment arm, has also demonstrated confidence in the region by investing in more than 15 Web3 startups within Singapore over the past three years.Singapore earmarked for growthSingapore has emerged as the focal point for Coinbase’s Asia-Pacific institutional business, owing to its progressive stance on cryptocurrencies and a robust Web3 ecosystem boasting over 700 Web3 companies. According to Coinbase’s surveys, 25% of Singaporeans perceive cryptocurrencies as the future of finance, and 32% have had some form of crypto asset ownership. These statistics underscore Singapore’s growing importance in the global cryptocurrency landscape.Coinbase’s interest in meeting the demands of the local market is evident with the introduction of funding options like PayNow and the banks’ Fast And Secure Transfers (FAST) service, in addition to the integration of the Singpass onboarding system earlier this year.Despite facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) accusing Coinbase of operating illegally, the exchange continues to explore avenues to grow and expand the business further. In August, Coinbase reported a significant improvement in its financials, with a narrower net loss and higher-than-expected revenue. This performance is reflected in its appreciating stock prices, which have more than doubled in 2023.This move places Coinbase among a select group of just over a dozen firms licensed to offer digital payment token services in Singapore. Last month, institutional investor-focused AsiaNext was officially designated as a Recognized Market Operator (RMO) by MAS. The firm was building on previous success in Singapore, having acquired a Capital Markets Services (CMS) license from MAS in June.That same month USDC stablecoin issuer Circle was awarded a full trading license. Other crypto firms to achieve licensing success in the city-state include Crypto.com and Blockchain.com.

As Solana (SOL) gains institutional momentum through new investment products and major platform integrations, the blockchain is also becoming a target for sophisticated phishing scams in South Korea.Photo by GuerrillaBuzz on UnsplashFake websites and impersonatorsAccording to a recent Etoday report, attackers have been impersonating the Solana Foundation and Superteam Korea, a developer community within the Solana ecosystem. Using fake group chats on messaging platforms like KakaoTalk and Telegram, the scammers deploy official branding and fabricated partnership announcements to appear legitimate. Victims are lured with promises of five SOL tokens for creating wallets on fraudulent websites mimicking Solflare, a widely used Solana wallet. Users are then instructed to stake their tokens in exchange for daily yield, enabling the scammers to access their funds. The schemes have become more advanced, with perpetrators using names and photos of Superteam Korea members and generating fake wallet interfaces that display fabricated token balances. When victims attempt to withdraw funds, they are removed from chats, blocked from further communication and left with inactive websites as evidence is wiped. The Solana Foundation and Superteam Korea have issued public warnings, stating they do not solicit investments through messaging platforms or request payments to specific accounts. They have noted an increase in phishing sophistication and advised users to be cautious of unsolicited offers, particularly those that promise guaranteed returns. Solana adoption gains momentumThese scams stand in contrast to Solana’s recent growth. The Rex-Osprey Solana + Staking ETF, launched in the U.S., recorded $12 million in inflows and $33.6 million in trading volume on its first day. It is the first U.S.-listed ETF to offer SOL exposure with staking rewards available directly through brokerage accounts. Additionally, PancakeSwap’s V3 liquidity pool went live on Solana, offering up to 84% of trading fees to liquidity providers and enabling swaps starting at 0.01%.Amid these developments, Bitwise Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen expressed cautious optimism about Solana, predicting it could set new all-time highs this year, though likely with more difficulty than Bitcoin. They pointed to rising interest in stablecoins, ETF approvals and the emergence of treasury firms focused on SOL and Ethereum (ETH) as key factors that could support long-term value. The pair also reaffirmed Bitwise’s $200,000 price target for Bitcoin, citing sustained institutional demand.

Korean Crypto Exchange Coinone Protects Investors from Fraud Losses of $370K in H1Coinone, one of South Korea’s leading cryptocurrency exchanges, announced its achievement today in the battle against crypto fraud. The company successfully safeguarded 476 million KRW ($370,000) during the first half of this year by effectively countering various fraudulent activities, including voice phishing, as reported by local news outlet Etoday.Photo by Pixabay on PexelsFoiling 21 crimesThis accomplishment can be largely attributed to Coinone’s customer protection center, which has monitored and identified suspicious transactions while taking proactive measures. Since the beginning of the year, the exchange has successfully foiled 21 instances of crypto-related crimes. Among these cases, 18 were investment frauds, including romance scams, resulting in the prevention of potential losses amounting to 152 million KRW ($120,000). Additionally, there were three cases of voice phishing incidents, successfully averting potential losses of 324 million KRW ($250,000). Voice phishing is the use of fraudulent phone calls to extract personal information or deceive people into unwanted financial transactions.Fewer complaintsThe effective prevention of crimes has resulted in a decrease in the number of complaints received. Coinone’s customer center has experienced an average monthly decrease of 31% in requests related to “voice phishing” since March. Furthermore, the customer satisfaction rating for the center recorded an average of 89.1 points over the same period.Recognizing the growing prevalence of crypto crimes, Coinone has taken preemptive measures to address the issue. The exchange’s official website has been providing information on various types of crimes and preventative strategies.Jang Seok-won, the chief of Coinone’s customer protection center, emphasized the criticality of early detection and prevention of criminal activities. While acknowledging the success in countering voice phishing thanks to improved efforts by law enforcement, Jang expressed concern over the rising incidence of romance scams and similar investment frauds. He further highlighted Coinone’s full commitment to protecting investors and ensuring their safety.