Crypto.com faces criticism for forcing through 2021 token burn rollback

Dunamu Helps Adolescents Tell the Difference between Blockchain and BitcoinDunamu, the fintech company operating South Korea’s leading crypto exchange Upbit, announced on Thursday that its digital finance education program designed to help foster talent in digital finance amidst the current era of digitization and fintech has come to an end.Photo by Element5 Digital on UnsplashEmpowering digital finance literacy for the future generationDubbed “Duniverse” — a portmanteau of Dunamu and universe — the program was held from May to July for 4,100 middle school students throughout Seoul, Gyeonggi Province, and Incheon. The curriculum proved to enhance their understanding and literacy in digital finance.“Digital finance education for adolescents is essential in addressing various social issues, such as preventing financial accidents and income polarization,” said Lee Sirgoo, CEO of Dunamu.The first Duniverse program was held last year, hosting some 4,800 middle school students in vulnerable areas of Gyeonggi Province. Owing to the positive response, this year’s pool has been expanded to over 7,000 first-year middle school students in Seoul, Gyeonggi Province, and Incheon. In the first half of this year alone, a total of 4,120 students from 17 middle schools participated.The program featured lessons on the technologies of the Fourth Industrial Revolution, such as blockchain, NFTs, and metaverse, as well as basic financial knowledge. A total of eight sessions were led by a team of qualified instructors with years of experience in economic education. Dunamu employees also directly contributed to the review process of educational materials, the company said.Success recognized by students and teachers alikeIn a survey conducted by Dunamu targeting 435 participants, 93.1 percent of them expressed high satisfaction, stating that their understanding of digital finance improved. This portrays a meaningful upgrade from the answers of a previous survey conducted before the start of the program, where six out of ten respondents said that they had little knowledge about digital finance.They also reported that they now understand the difference between digital asset ownership and copyrights as well as blockchain and Bitcoin, and show interest when coming across digital finance-related content in the media.School teachers also praised the program for addressing blind spots in financial education and taking a proactive learning approach. “The students were able to learn about big data, ChatGPT, and more, which is especially valuable since such education for teenagers is still lacking. I believe it will help boost their competitiveness in the future job market,” said a teacher from Goam Middle School in Yangju, Gyeonggi Province.The teachers also approved of other topics that were covered, such as financial fraud prevention, to help teenagers avoid falling victim to financial scams. Suggestions were also made to expand teacher training courses.Upcoming programThis year’s second Duniverse program will be held from August to December for 2,712 middle school students in Seoul, Gyeonggi Province, and Incheon.Dunamu has continually devoted efforts to boosting social welfare and nurturing young talent. This includes “Dunamu Next Steppers,” a hope fund for young people with multiple debts, along with supporting emerging talents and artists with developmental disabilities in their participation in NFT projects.

Titi Financial Announces $TITI AirdropTiti Financial, the team behind Titi Protocol, a project that aims to further its $TiUSD algorithmic stablecoin, announced that it is currently distributing the first round of airdrops of its $TITI governance token.Taking to social media, the Singapore-based project encouraged interested parties to check their eligibility for the airdrop on the project’s website. In a Medium blog post, the project stated: “In order to give back to the users who have supported us all the way, TiTi protocol has decided to conduct the first round of airdrops to community users.”An algorithmic stablecoinTiTi Protocol is a decentralized, 100% collateral-backed, ‘use-to-earn’ algorithmic stablecoin. It aims to provide diversified and decentralized financial services based on the crypto-native stablecoin system, with an autonomous monetary policy.Alongside $TITI as the project’s governance token, $TiUSD is the accompanying stablecoin issued by TiTi Protocol.Initial DEX offering (IDO)The airdrop runs until May 9. Once that process has been completed, the project intends to launch on mainnet through an initial DEX offering (IDO). IDO volume will be 10 million $TITI, 1% of total issuance, with an initial price per token of $0.06.Launching on the Ethereum blockchain, the IDO commences on May 10, with the sale running until 8:00 UTC on May 13. Buyers have until 08:00 UTC on May 14 to claim their tokens. Total token supply has been set at 1,000,000,000 $TITI. Purchase amount parameters have been set, with a minimum to maximum range extending from $100 to $3,000. The $TITI token can be purchased using USDC, USDT or DAI stablecoin. The project has advised participants to prepare by having an Ethereum compatible wallet available, such as MetaMask, Gnosis Safe or WalletConnect.$3.5 million fund raiseLast month, the project disclosed that it had been successful in raising $3.5 million in funding. The funding round was led by California-based Spartan Group, a blockchain advisory and asset management firm. Other venture investors included SevenX Ventures, Incuba Alpha, DeFi Alliance, Agnostic Fund, Fourth Revolution Capital and Solidity Venture. A number of individual investors associated with Alpha Venture DAO and 0x1b from Fold Finance also participated.Overcoming algorithmic design shortcomingsIt’s interesting to see a renewed interest in algorithmic stablecoins after the epic collapse of Terra Luna in 2022. Additionally, it’s noteworthy that an institutional investment appetite exists given that backdrop. Lead investor Spartan Group cited the depegging risk alongside poor liquidity as being a known problem where algorithmic stablecoins are concerned. However, the investor believes that the Titi Protocol has the necessary design elements incorporated to counteract these issues.One of the key features of the protocol is that liquidity providers only need to provide single sided liquidity to Titi automated market makers (AMMs). The protocol itself covers the other side of that process, doing the math to mint the equivalent value of TiUSD.In April, the project also announced a partnership with Alpha Venture DAO. The decentralized venture capital fund is financed by its own community. Furthermore, Titi Finance can call on the expertise and skills of the DAOs members.Photo by CoinWire Japan on Unsplash

Indonesia’s Financial Regulator Appoints Hasan Fawzi to Oversee CryptoThe Financial Services Authority (OJK) of Indonesia has chosen Hasan Fawzi, a former executive of the Indonesia Stock Exchange (IDX), as the head of fintech and digital assets oversight and innovation.That’s according to a number of reports published in local and regional news outlets on Thursday. Fawzi, who has served as the Director of the Indonesia Bond Pricing Agency (IBPA) since 2008, brings a wealth of experience in the securities pricing sector. Alongside Fawzi, Lodewik Paulus Agusman, previously responsible for the internal audit department at Bank Indonesia, has also been elected as a member of the OJK Board of Commissioners. These appointments were approved by the House of Representatives Commission overseeing banking and finance.Photo by Tom Fisk on PexelsDigital asset oversightFawzi’s role as the Executive Director for the Supervision of Technological Innovation in the Financial Sector, Digital Financial Assets, and Crypto-assets places him in charge of overseeing peer-to-peer lending platforms, cryptocurrencies, and other components of the evolving industry.Indonesia’s stance on cryptocurrencies remains complex and multi-faceted. While the country is striving to launch a state-backed crypto exchange by mid-2023, as announced by Didid Noordiatmoko, head of the Commodity Futures Trading Regulatory Agency (Bappebti), recent statements by Bali Governor Wayan Koster suggest a tightening of regulations concerning crypto payments.Governor Koster emphasized that foreign tourists who use cryptocurrencies for payments, violate visa provisions, or engage in unauthorized activities will face strict consequences. The Bali Representative Office of Bank Indonesia reiterated that while cryptocurrencies themselves are legal in Indonesia, their use as a payment instrument is not.The appointment of Hasan Fawzi to OJK demonstrates Indonesia’s strategic efforts to strengthen oversight and foster innovation within the fintech and digital asset sectors. Fawzi’s extensive experience in securities pricing and leadership in the Indonesia Stock Exchange make him a valuable addition to the regulatory landscape. As Indonesia navigates the complexities of cryptocurrency usage, it will be fascinating to observe the evolution of regulations and how the country’s financial authorities shape the future of the industry.Controlled innovationThese recent developments highlight Indonesia’s determination to stay at the forefront of financial technology albeit with efforts to retain strict controls over the rollout of that innovation. The country recognizes the importance of effectively regulating emerging technologies while fostering an environment conducive to innovation. With Fawzi at the helm of fintech and digital assets oversight, the OJK aims to strike a balance that protects investors and consumers while promoting technological advancement.As these appointments await final approval from President Joko Widodo, the financial industry and crypto enthusiasts will closely watch Indonesia’s regulatory landscape. The decisions made in the coming months will shape the future of fintech and crypto in the country. Indonesia’s approach to this dynamic sector serves as a case study for other nations seeking to establish oversight and embrace the potential of digital assets. Their international regulatory peers will be monitoring efforts in Indonesia to bring about effective regulation of the digital assets space.