Alchemy Pay extends market reach through two new industry alliances

Bitget Adopts Stricter KYC Measures in Line with Global RegulationsBitget, the cryptocurrency derivatives exchange registered in Seychelles, has announced a significant update to its Know Your Customer (KYC) requirements.Announced via a blog post published to its website on Sunday, the move is aimed at enhancing user security and ensuring compliance with evolving global regulatory guidelines, joining other exchanges like KuCoin and OKX in tightening its KYC policies.Photo by Brett Jordan on UnsplashChanges taking effect in SeptemberStarting from September 1, Bitget will enforce level 1 KYC verification for all new users accessing its services, including depositing and trading digital assets. Existing users are also required to complete this level 1 verification by October 1. After this deadline, users who have not completed the verification will have limited functionality on the Bitget platform, including only being able to withdraw, cancel orders, redeem subscriptions, and close positions. They will be unable to initiate new trading orders.The KYC process involves verifying users’ identities and is commonly used by regulated entities to assess risk. Bitget emphasizes the importance of this verification process to maintain a secure trading environment and comply with regulatory recommendations.Following an industry trendBitget’s decision to reinforce its KYC standards aligns with the broader trend observed across the cryptocurrency exchange landscape. In the wake of increased regulatory scrutiny earlier this year, many exchanges have taken steps to strengthen their verification procedures. KuCoin, for instance, introduced mandatory identity checks in July to align with global Anti-Money Laundering (AML) regulations. Similarly, OKX is implementing a KYC process for identity verification, with a deadline also set for September.As regulatory frameworks evolve worldwide, cryptocurrency exchanges are under increased pressure to align with stricter standards. Bitget’s decision to enhance its KYC measures signifies its intention to maintain a secure and compliant trading environment for users, and to appease global regulators. This announcement follows a series of proactive steps taken by the exchange this year, indicating its dedication to navigating the changing regulatory landscape and promoting user security.Bitget has made headlines throughout the year for various developments, including the inclusion of Liquid Staking Derivatives (LSDs) as a margin option for crypto futures customers. As recently as last week, the platform garnered attention within the crypto sector, having gotten itself embroiled in a legal dispute with crypto influencer Evan Luthra.Earlier this year the platform acquired the Singapore-based BitKeep cross-chain wallet business. It’s believed that acquisition has assisted the company in achieving further growth in 2023, with 20 million users.Bitget invested $10 million in Fetch.ai, an artificial intelligence platform, and launched a referral program to expand its user base. Moreover, Bitget’s collaboration with comedian Adam Devine for a promotional campaign underscored its innovative marketing strategies.Bitget’s adoption of stricter KYC measures reflects the broader trend of exchanges bolstering their verification procedures in response to global regulatory changes. As regulatory expectations continue to evolve, exchanges worldwide are revisiting their policies to ensure a secure and trustworthy trading environment for their users.

Foblgate adds Ripple market for increased investor opportunitiesSouth Korean cryptocurrency exchange Foblgate has added a Ripple (XRP) market, where cryptocurrencies can be traded for XRP, according to an article published by South Korean news outlet Blockchain Today. This is the third crypto-to-crypto market on Foblgate along with Bitcoin and Ethereum, providing users with expanded investment opportunities and convenient trading options.Photo by Kanchanara on UnsplashThe Ripple market opened at 10 a.m. today (local time) with a transaction fee of 0.01% and a minimum order amount of 6.5 XRP. Currently, it supports trading for EOS and BNB. Foblgate plans to add more trading pairs in the future.Ripple’s rise in South KoreaThe exchange revealed that it decided to add a Ripple market due to the cryptocurrency’s fast transaction speed and low trading fees, along with its popularity in the South Korean market. The company also emphasized the widespread expansion of Ripple’s ecosystem based on its blockchain network, XRP Ledger, and active participation from the country’s Ripple community.Foblgate’s vision“We have always been sensitive to the demands of investors and market changes,” said Ahn Hyun-jun, the CEO of Foblgate. “The launch of our XRP market aims not only to provide new investment options but also to play a role in promoting the growth and innovation of the crypto industry.”

Infinite Block Selected For Tech Startup Incubator ProgramSouth Korean blockchain fintech company Infinite Block announced Monday that it has been selected to participate in the Tech Incubator Program for Startups (TIPS) program.“Being selected for TIPS as the first domestic custodial services company to do so carries significant importance, as it acknowledges our technological capabilities and business viability on an international scale,” said the company’s CEO Jeong Gu-tae.Photo by Mimi Thian on UnsplashPaving the way for an innovative futureTIPS is a private investment-led technology entrepreneurship program organized by the Korea Business Angels Association and Korea Institute of Startup and Entrepreneurship Development (KISED) — two affiliated institutions under the Ministry of SMEs and Startups — to foster startups that possess innovative technology.The program appoints and designates venture founders to serve as angel investors and leaders of technological enterprises as a given startup’s incubator and/or accelerator. Throughout the two-year duration of the program, the startups can take advantage of angel investor networking and mentoring and receive KRW 500 million (approximately $370,000) in research and development (R&D) funding from the government. They can also receive an additional KRW 200 million in commercialization funds.Infinite Block, which specializes in custody services tailored to corporate-owned virtual assets, was selected for TIPS by attracting investment from the fintech innovation fund operated by venture company Infobank. This is part of a series of strategic investments that it secured within just six months of its establishment, including those from leading domestic financial institutions like banks and securities companies.Pioneering fintech developmentThe company has consistently been boosting efforts to expand into a prominent fintech platform, starting by receiving approval from Korea’s Financial Services Commission (FSC) to become a virtual asset service provider (VASP) and later on obtaining ISO 27001 certification for the information security management system of its blockchain platform. More recently, it launched a custody-based Ethereum staking service for corporate clients.“We will strive to provide trustworthy digital asset infrastructure by implementing a fintech platform that not only offers innovation through blockchain and cyber security technology but also meets regulatory requirements assigned by financial authorities,” Jeong stated.