Hong Kong Moves to Enable Retail Crypto Trade

Haru Invest Announces Withdrawal & Deposit PauseHaru Invest, a crypto yield platform founded in South Korea and headquartered in Singapore, has announced the suspension of deposits and withdrawals on Tuesday, citing concerns over the accuracy of information provided by one of its service partners.Photo by Muhammad Zaqy Al Fattah on UnsplashInternal investigationIn a statement, the company expressed its apologies to investors and customers, assuring them that the suspension was a necessary measure taken to protect their interests. In another blog post, the company stated: “For the purpose of protecting our users’ assets under our custody, we have come to make a tough decision that any deposit and withdrawal requests will be suspended until further notice, starting from June 13, 2023, at 0:40 UTC.”Following an internal inspection process, Haru Invest conducted a thorough investigation into the matter and concluded that immediate action was required. The company stated that it is currently engaged in a fact-finding process against the operator in question and intends to take the necessary measures to address the situation.“Rug pull” denialHaru Invest emphasized that this issue does not involve a “rug pull,” a term commonly associated with scams in the cryptocurrency space. The company assured its stakeholders that it remains committed to protecting its investors and is actively working towards a resolution.Earlier reports suggested that Haru Invest employees were working remotely and that the company’s offices had closed. However, Haru Invest clarified that certain media articles contained inaccurate information regarding these claims. The company expressed regret over the misinformation and emphasized the importance of factual accuracy in reporting.According to Haru Invest’s website, the platform boasts a significant user base of over 80,000 members. It has facilitated crypto-earn payouts totaling 9.8 million and processed a staggering $2.27 billion in transactions. Haru Invest aims to provide an annual yield of 12% on most of its earn products, offering investors an attractive opportunity in the crypto space.Haru MiningIn September of the previous year, Haru Invest successfully raised $4 million in funding, valuing the company at $284 million. This achievement demonstrates the confidence investors had in the platform and its potential for growth.As recently as last month nothing looked untoward when it emerged that the company had launched Haru Mining, a collaboration with Canadian crypto miner, Pow.re. In a press release at the time, the firm explained that the move would help to diversify its products, with mining always having been an area of interest for the company.In the same month, Haru had announced an integration with Mercuryo, a London-based digital asset management platform.As Haru Invest continues to address the concerns raised by the investigation, investors and customers await further updates regarding the resumption of normal operations. The company has promised that “more details will be shortly announced on the Haru Invest Blog as soon as we get to the bottom of this.”

Maxst launches extended reality-based metaverse platformSouth Korean augmented reality (AR) technology firm Maxst has officially launched its spatial AR platform dubbed “Maxverse” on Tuesday (local time). This comes after a series of various field tests and improvements since the platform’s beta launch last year.“Maxverse is a new platform that enables the construction of reality-based metaverses along with extended reality (XR) content creation and distribution,” explained Kang Min-soo, who leads the development of the platform. “We are currently working with several local governments and businesses to develop services that use our platform, and we expect Maxverse to play a significant role in hastening the impending metaverse era.”Photo by julien Tromeur on UnsplashMetaverse as captured on cameraMaxverse, unlike traditional virtual reality-based metaverses, allows users to create metaverse experiences based on the real world as captured on camera. It is equipped with an array of tools including Space SDK, an XR software development kit (SDK) that allows seamless implementation of spatial maps to virtual reality applications; Space+ Maker, where users can author their own XR content; and Space+ Viewer, where they can share their original content on apps and websites to be experienced through AR and VR.The platform leverages three-dimensional reconstruction technology to create spatial maps and a visual positioning system (VPS) to recognize a user’s location. Maxst highlighted that these would become a vital feature in connecting the metaverse and the real world in the future.Maxverse also comes with a Passport social login feature — a Web3 service that allows users to sign in to various services with their Passport account. It makes use of the OAuth 2.0 authorization framework and the OpenID Connect protocol to simplify the complex authentication and authorization processes, granting developers access to Maxverse’s resources.Anticipation for real-world use casesMaxverse’s purpose is to ultimately let anyone easily create and participate in metaverse spaces. Users can generate their own unique services by locating self-created content assets like images, videos and audio on XR metaverse spaces that closely resemble the real world. Maxst expressed hopes for the platform’s potential to be extensively utilized across a diverse range of industries such as e-commerce, real estate, education and tourism.

Busan to Merge Blockchain and Coffee through Smart Logistics PlatformThe Korean southern port city of Busan and its regional institution for industrial innovation, Busan Techno Park, announced that they will begin developing a collaborative platform that facilitates smart logistics in the local coffee industry through the use of blockchain technology. The project is aimed at enhancing transparency and trust in the industry by tracking the entire logistics process — from the importation of raw coffee beans through Busan Port to distribution to businesses, then purchase by consumers.Photo by Theo Crazzolara on UnsplashTracking production and flavor profilingThe platform will use artificial intelligence (AI) technology to track the distribution of coffee beans as well as objectively analyze various types of coffee to arrange flavor profiles based on factors such as weather, storage conditions, and the environment. This would eliminate any room for subjective opinions that are usually associated with taste evaluation.“This project aims to develop blockchain technology that can be used to trace the background of coffee beans starting from their country of origin,” said Kim Hyung-kyun, Director of Busan Techno Park. Blockchain technology’s strength lies in its ability to solve the problem of a lack of transparency between coffee producers and consumers.The platform was selected in April as a technology commercialization initiative under the Korean Ministry of Science and ICT’s 2023 Special R&D Zone Development Project. It is set to receive a total of KRW 11.8 billion (approximately $8.9 million) in governmental, private, and municipal funding until December 2025.Fostering transparency and securing a competitive edgeA ceremony was held at the Asti Hotel in Busan on Tuesday to kickstart the project and form the Busan R&D Innovation Valley Committee — consisting of two subcommittees dedicated to distribution and technology, respectively — to carry out the initiative.“It will be possible to manage data on changes in ingredients and quality due to storage conditions and duration. This will give sellers a competitive advantage and allow consumers to enjoy better-quality coffee at reasonable prices,” explained Oh Dong-joon, who is in charge of the distribution subcommittee.After the platform has been developed over the next three years, it will be available for coffee businesses and startup entrepreneurs in Busan. “In the case of specialty coffee, traceability and transparency are important. When the platform is established, it will be a significant help in verifying objective data related to problems that may occur during the import and storage of coffee beans,” remarked Jeon Joo-yeon, CEO of Busan-based specialty coffee brand Momos Coffee.Jung Yo-han, leader of the business mining division under the project’s technology subcommittee, added that consumers will be able to buy coffee that they can trust after it has been traced through the distribution process. The city will also be able to stimulate startups by leveraging blockchain technology and take advantage of the project’s scalability by applying it to all agricultural and marine products that are imported through Busan Port.