Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer Convenience

South Korean gaming publisher Wemade’s layer 1 blockchain WEMIX has announced the listing of stWEMIX — the tokenized form of staked WEMIX — on the global cryptocurrency exchange BitMart, according to an official announcement on WEMIX’s Medium page last Saturday. stWEMIX acts as a liquidity token of the native coin WEMIX that allows users to participate in trading, yield farming and borrowing.Photo by Maxim Hopman on UnsplashBitMart’s servicesEstablished in 2018, BitMart offers services like futures contracts and different types of trading, including currency, over-the-counter, decentralized and network-wide trading. The token was listed for trading on the exchange last Friday at 10 a.m. (UTC) and is currently priced at $3.48 as of this writing. Exclusive eventsThe exchange said that it is independently holding several events with the help of the WEMIX Foundation until Jan. 4 to celebrate the listing. This includes rewards in the form of stWEMIX, which will be distributed to new and existing users alike on BitMart who deposit or buy at least 100 USDT of stWEMIX. 50 users who record highest stWEMIX trading volume during the event period and those who participate in stWEMIX Fixed Savings will also receive rewards. BitMart’s Fixed Savings subscription is a system that pays interest on cryptocurrencies that are deposited during a designated period ranging from a week to one month. Users can redeem their funds only after the period is over, and both the principal and interest are paid to their spot wallets without extra fees.

Korean crypto exchange Upbit adds one-second interval chartsSouth Korea’s largest cryptocurrency exchange, Upbit, now offers one-second interval charts for its users.Dunamu, the blockchain and fintech company behind Upbit, announced on Friday (local time) that it has introduced a one-second interval feature to Upbit’s “original” charts. This makes Upbit the first Korean cryptocurrency exchange to offer this functionality.Photo by m. on UnsplashResponding to user demandUpbit has rolled out this one-second interval feature in response to user demand. This addition facilitates a broader range of investment strategies, allowing Upbit users to fine-tune their decisions based on their investment preferences. Now, the time frames available on Upbit are 1 second, 1 minute, 3 minutes, 5 minutes, 10 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month.A representative from Upbit said that they have incorporated the one-second interval feature into their original charts to provide users with quick and easy access to virtual asset price information for their investments. The official added that the company will remain committed to fostering a user-friendly and comfortable trading environment.Available on both web and mobileUsers can access the one-second interval feature on both the web and app versions of Upbit. To utilize this feature, they can select the “1s” time frame on the original charts found under the “Exchange” tab of Upbit.

India has once again emerged as the global leader in cryptocurrency adoption for the second consecutive year, according to the latest Chainalysis Global Crypto Adoption Index for 2024. Despite strict regulations, including high taxes and restrictions on foreign exchanges, India continues to see widespread participation in digital assets, showcasing resilience in the country’s growing cryptocurrency ecosystem.Photo by Jovyn Chamb on UnsplashIndia leads in crypto adoptionIndia ranked first out of 151 countries in the 2024 Chainalysis report, maintaining its top position from 2023. Indian investors have continued engaging with both centralized and decentralized finance (DeFi) platforms despite regulatory challenges such as the 30% capital gains tax and a 1% tax deducted at source (TDS) on crypto transactions. This activity highlights the country's strong interest in digital assets. India received $143 billion in crypto inflows from July 2023 to June 2024, placing second in the Central and Southern Asia and Oceania (CSAO) region behind Indonesia, which received $157 billion. CSAO as a whole accounted for $750 billion in crypto assets over the same period, making up 16.6% of global crypto activity. Offshore exchange restrictions and workaroundsIn December 2023, India’s Financial Intelligence Unit (FIU) issued show-cause notices to nine offshore cryptocurrency exchanges, including Binance, Kraken and KuCoin, for non-compliance with anti-money laundering laws. The FIU also blocked access to these platforms for Indian users. However, many investors found ways to bypass these restrictions, continuing to access these exchanges via pre-downloaded apps. Despite these regulatory hurdles, Binance and KuCoin have since re-entered the Indian market after paying fines and complying with local laws. Binance settled a $2.25 million fine in June 2024, while KuCoin resolved a $41,000 penalty in March 2024. Indonesia’s rapid growth in cryptoIndonesia on the other hand has emerged as the fastest-growing crypto market in the CSAO region, climbing four places to third in the global rankings. The country experienced a nearly 200% year-over-year increase in crypto activity, driven primarily by retail investors seeking alternative investments such as meme coins. Indonesia received $157.1 billion in crypto inflows during the 12-month period, reflecting strong engagement with decentralized finance services. Broader regional trendsSeven of the top 20 countries in Chainalysis’ adoption index come from the CSAO region, including Vietnam, the Philippines and Pakistan. This growth is fueled by investment opportunities and an embrace of digital assets as new financial tools. Countries with lower purchasing power tend to have higher adoption rates, with retail-sized transactions making up a significant portion of activity.India’s resilient crypto marketDespite regulatory challenges, India’s crypto market continues to thrive. The government's strict policies have done little to dampen enthusiasm for digital assets. Chainalysis found that investors remained committed to crypto, even as the country enforces strict tax policies. India’s high adoption rate reflects strong demand and adaptability in the market. Future outlook for India’s crypto ecosystemIndia’s leadership in crypto adoption is expected to continue. The FIU is reviewing applications from more foreign exchanges, with at least two expected to be approved by the end of 2025. As the regulatory landscape evolves, clearer guidelines could encourage further growth and innovation in the digital asset space.