Web3 chatting app Beoble acquires $2 million in pre-seed funding round

Report: Vietnamese Crypto Investors Rely Heavily on ReferralsWhile Vietnam has been leading the way in terms of cryptocurrency adoption among ordinary people, the decision-making process of Vietnamese crypto holders also sets them apart, according to a new report.The report, a collaboration between Vietnamese venture capital firms Kyros Ventures and Coin68, in association with Hong Kong-based Web3 firm Animoca Brands, reveals a striking trend. 76% of Vietnamese crypto holders base their investment choices on recommendations from friends and acquaintances.Photo by Silver Ringvee on UnsplashThe importance of referralsReleased on Wednesday, the report relied upon a survey involving 3,300 participants. A staggering 75.5% of respondents admitted that their crypto investment decisions were significantly “influenced by recommendations or referrals.” This figure stands at 2.5 times the equivalent percentage reported in the United States.Aside from word of mouth, Vietnamese crypto investors rely heavily on self-study, community groups, and media news as primary sources of information relative to crypto. Nearly 50% of survey participants indicated their reliance on these methods for staying informed about the crypto market.Market sentimentThe “Vietnam Cryptocurrency Market Report” for the first half of 2023 also sheds light on the sentiments of the crypto community. It indicates that 70% of survey participants believed that the bear market has already concluded or is approaching its end.Notwithstanding that, another data point could be interpreted such that market participants are still exercising an abundance of caution. Around 60% of respondents confirmed that they hold stablecoins as a significant constituent of their portfolios. Stablecoins are widely used by traders when exercising risk-off positioning.Interestingly, another finding of the report is the fact that an overwhelming 75% of respondents expressed a desire for increased regulatory intervention within the crypto sector. It’s unlikely that this is coincidental, given the number of high-profile crypto platform failures that took place in 2022.Vietnam leading adoptionChainalysis data confirms Vietnam’s dominant position globally in terms of crypto adoption and its impressive second-place ranking in decentralized finance (DeFi) adoption. Remarkably, more than 19% of adults in Vietnam own digital assets while Vietnam ranks among the top five countries when it comes to trading volume on global crypto platform Binance.However, this level of adoption stands in contrast with the limited educational infrastructure supporting it. Only nine educational institutions in the country offer blockchain courses.The survey also probed into user behavior within various crypto domains. The findings show a significant engagement in DeFi activities, with nearly 90% of respondents participating. By the end of 2022, there were in excess of 200 active blockchain projects in operation within Vietnam.GameFi, non-fungible tokens (NFTs), centralized finance (CeFi), and SocialFi are also popular among the Vietnamese crypto community, with engagement rates of between 55% and 91%. The research also found that users maintain a balanced preference between centralized and decentralized exchanges.The report concludes by highlighting the rapidly evolving local tech landscape and its synchronization with global trends. Largely, the report points to a positive sentiment in Vietnam relative to the future of cryptocurrency and Web3 innovation in the country.

CipherBlade Opens Singapore OfficeThe emerging crypto hubs in Asia continue to make progress and on this occasion blockchain and crypto investigations firm, CipherBlade has decided to be part of that emerging growth in Singapore, opening an office in the city state.Cybercrime investigationsAccording to Asia-centric digital assets publication, Blockhead, the firm’s decision to open an Asian base was rooted in a need to service the requirements of a growing client base in the region, as demand intensifies for its services. CipherBlade has developed an expertise in the particular niche of blockchain analytics, cryptocurrency investigations and digital forensics.The firm was co-founded by its lead investigator Richard Sanders in 2018. Initially based out of Pittsburgh, CipherBlade has team members distributed internationally, in Europe, and now also in Singapore via its new office location.CipherBlade’s CEO of Americas, Justin Maile, said that “Singapore is a perfect location for us, with its strong reputation as a financial hub and its commitment to technological innovation.”With the expansion, it is understood that the company is currently recruiting to fill a variety of specialist positions.Photo by cottonbro studio on PexelsTracking down hackersAs the crypto and blockchain sector as a whole grows, it has also been accompanied by a significant component of illegal and illicit activity. This includes money laundering, fraud and hacking. The stand out example in the Asian region would be the activities of hacker collective, Lazarus Group.The hacker group has become notorious in the crypto space, given the extent to which it has pulled off hacks of various entities and DeFi networks in the sector. Hacks and exploits of DeFi networks accounted for 82% of all digital assets stolen in 2022. Lazarus Group has received particular attention as it is understood to be affiliated with the North Korean regime.The default approach for start-ups across all sectors is to focus on growth. The danger for start-ups in the DeFi space is that they overlook elements of network security in pursuing that growth, when achieving a high level of network security is an incredibly difficult task to begin with.Collaborating with industry stakeholdersThe activities of Lazarus Group and other more disparate entities like them, have created a need for the services of companies like CipherBlade. To that end, the firm collaborates with a wide range of industry stakeholders, including regulators, law enforcement, intelligence agencies and cryptocurrency exchanges.Recent work the blockchain forensics and cybercrime firm has been involved in includes a class action lawsuit brought against failed crypto lender Voyager. The allegation of the class action is that Voyager built in hidden fees to the detriment of customers.From crypto divorces to ‘pig butchering’ scamsPointing to the diversity of the firm’s work, it has been involved in over 150 crypto divorce cases. That is to say, tracking down digital assets belonging to one of the parties to a divorce so that those assets are recognized and made part of any divorce settlement.CipherBlade’s investigators have worked on cases involving ‘pig butchering’ crypto scams. These are instances of scams that lure the victim into contact with the scammer before the scammer gains their confidence, directing them onwards towards fraudulent crypto investment platforms where they’re encouraged to invest.

Korean Firms Join Forces to Expand the Security Token MarketSouth Korean tech firm AIITONE announced today that it signed a memorandum of understanding (MOU) with real estate developer Korea Asset Development to expand security token businesses, according to a report by news agency Newsis.Photo by Shubham Dhage on UnsplashVentures into fintechAIITONE is renowned for its expertise in applying extended reality (XR) technology to smart defense and metaverse projects. In their latest strategic move, they have hired a blockchain tech group to venture into fintech sectors, with a specific focus on security tokens.Real estate expertiseKorea Asset Development, a real estate developer engaged in multiple projects nationwide, is currently involved in the development of upscale housing in Seoul and Busan, high-end residences in Songdo, as well as luxury resorts in Chungcheong and Gangwon Provinces.Through their collaborative endeavors, AIITONE and Korea Asset Development seek to capitalize on their respective technological expertise and knowledge. They plan to share their know-how and establish a comprehensive cooperation framework, specifically targeting content development associated with security tokens. Furthermore, both parties have committed to consistently exploring new areas of cooperation.Security token opportunitiesIn particular, the two companies have identified real estate due to its relatively easier valuation compared to other assets. The market for real estate security tokens in Korea is projected to reach 34 trillion KRW ($26 billion) by 2024. It is estimated that financial services, including real estate, account for approximately 70% of the total security token market size.AIITONE CEO Lee Jin-yup underlined the importance of cooperation with a range of players that bring diverse resources, considering that the security token market involves high-value tangible assets such as real estate, music, and artworks. He said the partnership with Korea Asset Development will help the company secure a competitive edge in the burgeoning real estate security token market.Development in JapanNot just South Korea, but other East Asian nations too are experiencing significant strides in the security token market. Japan serves as a case in point, with companies like Mitsui & Co. Digital Asset Management (Mitsui & Co. DAM) exploring the potential of this emerging market.Mitsui & Co. DAM last month introduced a platform that allows retail investors to access security tokens backed by real-world assets. This initiative opens up previously inaccessible investment opportunities to a broader range of participants.Moreover, the Tokyo Metropolitan Government has taken an active role in supporting security token businesses within its jurisdiction. From May 31, 2023, to February 29, 2024, the government runs a subsidy program for security token projects based in the capital city. Under this program, eligible businesses can receive subsidies of up to 5 million yen ($36,000) per project.