Busan to Merge Blockchain and Coffee through Smart Logistics Platform

Ripple Expands in Asia-Pacific with Full License to Operate in SingaporeEnterprise blockchain firm Ripple announced on Wednesday (UTC) that it has secured a full license to operate in Singapore, where it has established its Asia-Pacific headquarters since 2017.Photo by Sergio Sala on UnsplashFrom outline to full approval in 4 monthsThis development marks another step in Ripple’s strategic expansion within the Asia-Pacific region, known for its rapidly growing cryptocurrency market. Ripple’s journey to obtaining this full license began less than four months ago when the Monetary Authority of Singapore (MAS) granted it an initial in-principle approval in June. With the newly acquired full license, Ripple is now authorized to offer regulated cryptocurrency payment services in Singapore, a key financial hub in the region.Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm for the company’s continued growth in Singapore, stating:“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”Global expansion strategyThe company also highlighted the fact that over 90% of Ripple’s business occurs outside the United States, making the Asia-Pacific region, and Singapore in particular, a vital part of its global expansion strategy.Monica Long, President of Ripple, explained in a recent interview with CNBC that the Singapore office has seen substantial growth in the past year due to the booming business opportunities in the Asia-Pacific region. This expansion aligns with Singapore’s leadership in crypto regulation in the region. The introduction of the Payment Services Act, which has been in effect since January 2020, has played a large part in that, regulating payment services and crypto services to the public.Singapore’s regulatory framework also includes requirements for crypto service providers to safeguard customer assets in statutory trusts by the end of 2023 and restrictions on facilitating lending or staking of retail customers’ assets. These measures ensure consumer protection and responsible growth in the crypto industry.Praising SingaporeGarlinghouse commended Singapore’s regulatory approach, stating, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection and responsible growth.” Ripple’s experience in Singapore differs entirely from the ongoing legal battle it has found itself in in the United States with the Securities and Exchange Commission (SEC).Both Ripple and Coinbase have found themselves embroiled in lawsuits with the regulator in the US. In Ripple’s case, the firm and its founders have been accused of unlawfully selling their native cryptocurrency XRP without registering it with the SEC. However, a landmark ruling in July determined that XRP, as a token, may not necessarily be classified as a security.Long spoke to the contrasting experiences the firm has encountered between the United States and Singapore. Long stated:”Being in Singapore a couple weeks ago felt like night and day compared to the US in terms of open dialogue with regulators, and thus being able to build innovative *and* compliant products.”Ripple, along with Coinbase and several other crypto firms, has criticized the lack of regulatory clarity in the US and has even considered relocating operations due to the SEC’s stringent regulatory stance. Notably, Coinbase also recently announced its successful acquisition of a major payment institution license in Singapore, following its in-principle approval obtained about a year ago.

FPG Halts Withdrawals Following HackFloating Point Group (FPG), a prominent crypto prime brokerage platform, has temporarily halted trading, deposits, and withdrawals following a cyber security incident that occurred on Sunday.Photo by Thom Milkovic on UnsplashIncident responseFPG, headquartered in Singapore while maintaining a base in Hoboken, New Jersey in the United States, manages over $50 billion in assets. The firm took immediate action upon discovering the incident by engaging third-party forensics experts and law enforcement agencies.The company acknowledged the problem publicly via a tweet thread on Twitter on Wednesday. FPG stated that the company has locked all third-party accounts and secured its wallets while it investigates the extent and details of the breach. Although the full extent of the loss is still under investigation, the current estimate stands at approximately $15 million to $20 million in lost cryptocurrencies.Investigative cooperationIn response to the incident, FPG is collaborating with the FBI, the Department of Homeland Security, regulatory bodies, and Chainalysis to comprehend the nature of the attack and initiate asset recovery measures. As the investigation involving those entities is ongoing, specific details are not being disclosed at this stage, but FPG has pledged to provide updates as new information becomes available.The cyber security incident comes six months after FPG obtained a SOC 2 certification, which verifies the implementation of robust security, privacy, and control measures by service organizations to ensure the reliable handling of sensitive data and systems.Originally founded in 2018 at the Massachusetts Institute of Technology (MIT) in the US, FPG functions as both a crypto prime brokerage platform and an agency trading desk for asset managers, offering access to liquidity across various markets. In December, FPG announced that its blockchain foundation customers accounted for 5% of the total treasury management market.Backed by prominent investors such as Coinbase Ventures, Anthony Scaramucci of SkyBridge Capital, and Naval Ravikant, the founder of AngelList, FPG has raised a total of $12 million in funding thus far.In August of the previous year, FPG successfully registered as a virtual asset service provider (VASP) in the Cayman Islands. This registration ensured the secure custody of customer assets and safeguarded them from the company’s creditors in the unlikely event of bankruptcy.Broader crypto issuesIt has not been a good couple of weeks for the crypto sector relative to hacks and platform withdrawal pauses. Within the past twenty four hours, two Asia-based crypto lending platforms, Haru Invest and Delio, have suspended withdrawals. In those cases, the issue is suspected to relate to platform contagion and solvency issues.Earlier this month, the Atomic Wallet platform was hacked despite the understanding that the project offered self-custodial wallets. Originally, the loss was estimated at $35 million, but more recent reports are now estimating that figure to be in excess of $100 million.As FPG continues its efforts to mitigate the aftermath of the cyber attack, industry participants eagerly await further updates and measures undertaken by the company to recover from this incident and restore trust among its clients.

Renault Korea Establishes Metaverse Space for Car EnthusiastsRenault Korea Motors made an announcement on Friday that it will establish the Renault Korea Hub, an immersive automotive experience located within a metaverse, according to a report by Korean news media Dailian. The company intends to commence operations of this unique venture in the upcoming autumn season.Photo by Richard Horvath on UnsplashThe Sandbox and Korean brandsThe Renault Korea Hub will operate within K-verse, a designated area of Korean brands within The Sandbox, a metaverse platform based on blockchain technology.The Sandbox metaverse has recently announced its latest Korean brand partners, and as part of this development, a land sale event is being organized where their adjacent land will be raffled off. The event is named “Hallyu Rising.” Hallyu or the Korean Wave is a cultural phenomenon that has experienced a significant surge in global popularity since the 1990s, mainly thanks to its pop songs and TV shows.During the land sale event, users have the chance to acquire land adjacent to various prominent brands associated with Korean culture. This will be made possible through raffles and auctions facilitated by the metaverse platform. Other notable partners besides Renault Korea are Channel A, a TV broadcasting network; Netmarble, a game publisher; and CJ ENM, an entertainment company.Unique experiences for car enthusiastsThe Renault Korea Hub, the first of its kind in Korea, will provide a unique space for automobile enthusiasts to indulge in a diverse array of experiences and games. As per the automaker’s announcement, visitors will have the chance to engage in activities like developing their own vehicle designs.Visitors will have the opportunity to experience Renault Korea’s vehicles in voxel form, allowing them to explore the technology, design philosophy, and stories associated with each vehicle. A voxel can be understood as a 3D counterpart to a 2D pixel, representing a value on a regular grid in 3D space.Renault Korea CEO Stéphane Deblaise stated that the carmaker intends to continue its pursuit of diverse Web 3.0-based activities centered around metaverses and non-fungible tokens (NFTs). He said the automaker’s projects aim to establish a connection between customers’ mobility experiences and their digital lives. Deblaise also highlighted that these projects will undergo further development through the integration of artificial intelligence (AI) technologies.Storytelling contestEarlier this month, Renault Korea introduced the storytelling contest titled “create your SM6,” which concludes today. This campaign inspires customers to utilize emerging AI technologies to design their own SM6 vehicles and transform them into NFTs. The SM6, Renault Korea’s midsize sedan, initially debuted in 2016 and has undergone subsequent facelifts to enhance its features and aesthetics.The top ten performers in the storytelling contest, who create captivating renditions and stories featuring the SM6, will be rewarded with utility NFTs and KLAY, the native token of the Klaytn network. The first-place winner will receive a prize package consisting of 1 million KRW ($750) worth of KLAY, along with six SM6 NFTs.The announcement of the winners is scheduled to take place between May 31 and June 9. Following the announcement, the airdrop of rewards will be conducted from June 30 to July 7.