Bitget Exec Speaks to Utility of Enhanced KYC

Bitget enhances crypto exchange app with Web3 wallet and swap serviceSeychelles-incorporated crypto derivatives and copy trading platform Bitget has advanced its DeFi capabilities by integrating a Web3 wallet and swap service into its crypto exchange application.Photo by Shubham’s Web3 on UnsplashEnhancing platform app featuresThis new feature empowers users to seamlessly swap their tokens and access DeFi services through the platform’s Web3 wallet, according to a press release the company published concerning the development earlier this week. Bitget outlined that the primary goal of the integration is to offer users diverse options for trading their crypto assets within the exchange ecosystem.Bitget Managing Director Gracy Chen set out the significance of the recently ushered in changes. Chen stated:“Integrating Web3 services into our CEX platform marks a significant milestone for Bitget. By offering users the freedom to access various DeFi services alongside the convenience and security of our CeFi platform, we are empowering them with a unique experience. Bitget aims to provide a comprehensive ecosystem that caters to the evolving needs of our users, all while maintaining the highest standards of security and reliability.”Service offering expansionFurthermore, the app is set to expand its services, gradually incorporating a non-custody wallet, an NFT marketplace and decentralized applications (dApps), Chen confirmed. Bitget users can now experience enhanced flexibility in their trading activities, as the exchange plans to make most listed currencies available in the Web3 wallet for DeFi trading. The swap feature, a core element of this integration, aggregates liquidity from 10 decentralized exchanges (DEXs), including popular platforms like Uniswap, PancakeSwap and Curve Finance. Chen confirmed further details to Cointelegraph, stating:“At the core of the recent integration is our Web3 Wallet, which facilitates the secure storage, management, and control of their digital assets. Alongside the wallet, we’ve launched a Swap service, which is an advanced DeFi aggregator.”The firm acquired the BitKeep crypto wallet earlier this year, with the product subsequently having been officially rebranded to the Bitget Wallet in August. The move has worked out well for the firm, with it confirming at the end of July that it had achieved 20 million users as a consequence. The more recent integration not only facilitates asset management services but also provides native storage solutions for users.$100 million fundThis initiative aligns with Bitget’s ongoing efforts to establish a strong foothold in the crypto space. The exchange has consistently pursued expansion, launching multimillion-dollar funds to support the growth of the Web3 ecosystem. At an event in Singapore recently, Bitget introduced a $100 million fund dedicated to supporting venture firms and investing in the next generation of Web3 projects.Earlier this week, the company committed a $10 million fund towards the objective of nurturing high-potential crypto startup projects in India.

South Korea’s ruling Democratic Party has set up a new task force to accelerate the creation of a clear regulatory framework for stablecoins, aiming to unify competing legislative proposals ahead of government guidelines expected in October. According to Etoday, the nine-member group, chaired by Representative Lee Jung-moon of the National Policy Committee, is composed of lawmakers from three key parliamentary committees. Its primary objective is to consolidate the party's position on digital asset policy and coordinate with the Financial Services Commission (FSC) to establish a definitive rulebook for the burgeoning sector. Lee stated that the task force would work to harmonize multiple stablecoin bills already circulating within the party, noting that there was mounting pressure from both regulators and the private sector. He explained that government agencies had urged swift legislative action, while financial institutions and exchanges preparing to launch won-pegged stablecoins were waiting for regulatory certainty.Photo by SC Jang on UnsplashRegulatory debate over capital standardsA central point of contention for the task force will be establishing appropriate capital requirements for stablecoin issuers. Current proposals vary in scope, with suggested thresholds ranging from 500 million won (approximately $358,000), a figure intended to encourage fintech innovation, to as high as 5 billion won (about $3.58 million) to prioritize investor protection. The committee is tasked with striking a balance between fostering market growth and ensuring financial stability. Seoul's initiative reflects a broader global movement toward formal oversight of fiat-backed digital currencies. The U.S. passed its GENIUS Act for stablecoins in July, while the EU has implemented its Markets in Crypto-Assets (MiCA) regulation. Similarly, Japan amended its Payment Services Act in 2023 to restrict stablecoin issuance to licensed banks and registered financial firms. Former White House crypto advisor’s inputThe push for clear rules has drawn keen interest from industry leaders. Speaking at Korea Blockchain Week 2025 in Seoul, Bo Hines, chief executive of Tether USAT, stressed the regulatory clarity provided by the GENIUS Act in the U.S. According to ZDnet Korea, he noted that his company's new dollar-backed token, USAT, is designed for full compliance with U.S. law, featuring one-to-one reserves and audits by top-tier accounting firms to attract institutional investors. Hines, a former digital assets adviser at the White House, clarified that USAT is intended to serve the regulated U.S. market, complementing Tether’s flagship product, USDT, which has a global user base exceeding 500 million. He also discussed Tether’s view of South Korea as a key market, pointing to the significant USDT trading volumes there. Hines encouraged the country to adopt comparable stablecoin standards and expressed optimism that it would move toward a more open and efficient global financial network. With the FSC’s guidance approaching, the Democratic Party’s task force is working to reconcile differing legislative proposals. The resulting framework will shape the pace at which stablecoins move from pilot projects to an established part of South Korea’s financial system. 

WOO Network Repurchases Shares in 3AC SettlementWOO Network, a Taiwan-based liquidity provider, has reached a settlement with Teneo, the liquidator of bankrupt Singapore hedge fund Three Arrows Capital (3AC).The settlement involves the repurchase of shares and tokens acquired by 3AC during WOO’s Series A fundraising round in November 2021. This resolution brings finality to 3AC's contentious involvement with the Taiwanese firm.Photo by Joss Woodhead on UnsplashClosing out 3AC involvementOn Wednesday WOO announced the share and token repurchase via a blog post published to its website, signaling the resolution of its dealings with Three Arrows Capital and, consequently, bringing an end to the uncertainties that had enveloped their partnership.In addition to this, a total of 20 million WOO tokens, valued at over $3 million, were repurchased and sent to a burn address to ensure they couldn’t be accessed by anyone. 3AC had not only acquired equity but also 25 million WOO tokens, with the remaining set to vest over the next 12 months.Jack Tan, Co-Founder of WOO Network, emphasized the significance of resolving the 3AC-related issues. Tan commended the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate. Tan also welcomed the opportunity to move on from the 3AC entanglement, stating:“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”Equally WOO Network community members are happy with the outcome, with one stating on X (formerly Twitter): “This is a huge win for the project and its community.”By repurchasing these shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, paving the way for a more focused growth trajectory in the upcoming year. Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments in recent times, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.According to data from CoinGecko at the time of publication, the WOO Network token price experienced an increase of 1.45% over the past 24 hours, settling at $0.1709, with its trading volume increasing by 2.8% to $8.79 million. However, over the past 30 days, the crypto token has recorded gains of nearly 10.8%, indicating resilience and a positive outlook as it navigates the evolving landscape of the digital asset market.This development, along with the cryptocurrency’s recent performance, underscores the potential for growth and renewed promise within the WOO Network ecosystem. More clarity has been brought to the future of the business as a consequence of bringing finality to this contentious issue.