Modhaus attracts $8M in advancing blockchain-based K-pop fan engagement

Taiko Labs Raises Funding to Build Ethereum-Equivalent zkEVMTaiko Labs, a crypto startup focused on scaling the Ethereum blockchain, has successfully raised a total of $22 million in two funding rounds.According to a blog article published to the startup’s website on Thursday, the first funding round, a $10 million seed raise, was led by Sequoia China and concluded in the third quarter of 2022. The second round, a recent pre-Series A round, raised $12 million and was led by Generative Ventures, according to co-founder Daniel Wang.Photo by cottonbro studio on PexelsBroad investor participationNotable investors in the two rounds include IOSG Ventures, GSR, and GGV Capital, as well as angel investors like Patricio Worthalter, the Founder of the Proof of Attendance Protocol (POAP), Tim Beiko from the Ethereum Foundation, and Anthony Sassano, Co-Founder and COO of the decentralized virtual world, The Sandbox. Taiko Labs has not disclosed its valuation.Scaling EthereumThe primary focus of Taiko Labs is to develop a scaling solution for the Ethereum blockchain that closely adheres to Ethereum’s design and ideology. The company refers to its product as a Type 1 zero-knowledge Ethereum Virtual Machine (zkEVM).Vitalik Buterin, the inventor of Ethereum, emphasized the importance of Type 1 zkEVMs for scaling the Ethereum layer 1 in a blog post. Taiko Labs aims to extend Ethereum’s capabilities by sticking to the Ethereum Virtual Machine (EVM) specification and leveraging its best properties, as explained by Matthew Finestone, co-founder of Taiko Labs.On Wednesday, Taiko Labs released its latest version, its alpha-3 testnet, Grímsvötn, marking a significant milestone on its path to a decentralized and Ethereum-equivalent ZK-EVM.Taiko backstoryThe journey towards Taiko Labs began when Daniel Wang and Matthew Finestone worked together at Loopring Foundation, a trading and payment protocol based on zk-rollup technology. Wang served as the founder and CEO of Loopring Foundation from July 2017 until November 2021, while Finestone worked as the head of business for three years.Wang initially intended to build a decentralized social network but encountered a major obstacle — the lack of infrastructure and scalability. This realization led to the birth of the idea for Taiko Labs.Wang commented on the funding milestone, stating: “We believe that we are now on the cusp of having a truly decentralized Ethereum-equivalent ZK-rollup. This is our core mission at Taiko and we are incredibly proud to partner with leading investors who share our uncompromising vision.”The successful financing rounds will enable Taiko Labs to ensure a successful launch of its mainnet. However, the company is considering raising additional capital, partly to establish an ecosystem investment fund that will attract decentralized applications (dApps) and developers to the ecosystem.In terms of organizational structure, Taiko Labs plans to follow in Ethereum’s footsteps. Wang told The Block: “We are going to quickly convert the organization into a non-profit one. Ideally, we’ll operate very similarly to the Ethereum Foundation.”These successful funding rounds provide a solid foundation for Taiko Labs’ future endeavors, and the company is aiming to make a meaningful impact on the global adoption of blockchain technology with its focus on scaling.

Julius Baer Expands Crypto Wealth Management Services in DubaiJulius Baer, a renowned Swiss private bank, is making strides in the world of digital assets with the expansion of its crypto wealth management services in Dubai.This move, reported by Bloomberg on Wednesday, represents the bank’s first major crypto product offering overseas. The Middle Eastern subsidiary of Julius Baer, JBME, has announced its intention to apply for a “digital assets license variation” to complement its existing permissions granted by the Dubai Financial Services Authority.If successful, this license variation will empower the company to offer advisory and custodial services for digital assets like Bitcoin, Ether, and other cryptocurrencies.Photo by Sascha Bosshard on UnsplashUAE “key geography”Jonathan Hayes, the head of digital assets development at Julius Baer, has underscored the United Arab Emirates (UAE) as a “key geography” for the bank’s expansion. He points to the region’s substantial economic development as a catalyst for venturing into the Dubai market.Julius Baer has already made strides in the crypto space within Switzerland by offering lending services to select crypto clients. This pioneering service allows customers to leverage their digital assets held by the bank. However, it is currently limited to clients with diversified portfolios that include traditional assets.Attracting international interestThe UAE, along with other individual Emirates in the country, has been actively striving to attract crypto businesses. As US authorities tighten regulations, numerous companies are seeking more crypto-friendly environments to operate in. It started to accept crypto business license applications in April. US crypto exchange Coinbase indicated its interest in locating a base there the following month.In Dubai, prominent cryptocurrency exchanges such as Binance Holdings Ltd., OKX, and Crypto.com have all submitted license applications to the Virtual Assets Regulatory Authority. Binance was among one of the first to secure a license while its understood that it may be looking towards the UAE as a strategic base for the company going forward. Meanwhile, another US crypto platform, Gemini, has suggested that it will now work towards obtaining a crypto license in the UAE.Julius Baer has witnessed a broad demand from affluent individual clients ranging in age from 25 to 70, according to Lucia Desmarquest, the Deputy Head of the bank’s central and eastern European division.Having first launched its crypto services in May of the preceding year, Julius Baer currently provides standard advice on digital assets to investors domiciled across 25 countries, including Luxembourg and Singapore.The bank’s wealth management services cover approximately the top 15 cryptocurrencies in the market. Each token undergoes meticulous due diligence and is subject to review by a dedicated panel.This expansion aligns with the broader trend of TradFi firms exploring opportunities in the digital assets space, as the industry continues to evolve and gain traction globally. Julius Baer’s expertise and established reputation position it well to navigate the evolving landscape of crypto wealth management and cater to the needs of its savvy clientele.

Military Bank (MB Bank), a subsidiary of Vietnam’s Ministry of National Defence and a top-five bank in Vietnam serving 33 million customers, has partnered with South Korea’s Dunamu to launch the Southeast Asian nation’s first domestic digital asset exchange. Dunamu is the operator of Upbit, South Korea’s largest cryptocurrency exchange. In a statement published on its website on Aug. 13, Dunamu outlined that the two companies had signed a memorandum of understanding (MOU) with the objective of forging a technical partnership to foster Vietnam’s virtual asset market. With that overarching aspiration, the companies plan to establish a digital asset exchange. The deal was signed on Aug. 12 at the Korea-Vietnam Business Forum, an event that was held at the Lotte Hotel in Seoul. Through Upbit, Dunamu has considerable experience and know-how in the crypto exchange business. Its purpose in this partnership is to bring that ability and Upbit’s technology to the establishment of a new exchange in Vietnam.Photo by Peter Nguyen on UnsplashDunamu CEO Oh Gyeong-seok commented on the development, stating: “Vietnam's potential is shown by the more than 20 million virtual asset holders, annual trading volume of more than $800 billion and the inflow of global top 5 blockchain assets.” The Dunamu CEO added that when Vietnam’s proven growth potential meets the Upbit model, it will provide an opportunity to go further than the creation of a crypto exchange, with the development and design of “the entire national digital financial infrastructure based on trust.” Growing and developing Vietnam’s digital financial marketThis aspiration was shared by Military Bank Chairman Liu Zongtai, who stated: “In the future, Vietnam and Korea, Military Bank and Upbit will work together to grow and develop Vietnam's digital financial market as reliable cooperation partners.” As well as sharing its technology and infrastructure, Dunamu will also advise the company on matters such as regulatory compliance and investor protection. Vietnam has previously been hailed as a market that is seeing a significant level of crypto adoption. According to Statista, the market is expected to experience significant growth in the coming years. Crypto user penetration has been forecast to reach over 21% by 2026. The Vietnamese government has also been putting things in order to accommodate crypto assets. In June, the Vietnamese National Assembly passed the Digital Technology Industry Law. The legislation goes some way in providing regulatory clarity, with the categorization of virtual assets and crypto assets. Last October, the authorities set out a blockchain strategy for the Southeast Asian nation, with the aspiration of achieving regional leadership relative to the digital assets sector by 2030. Upbit is a significant player in the crypto sector. According to CoinMarketCap data, it’s the fourth-largest spot exchange platform globally, measured in terms of trading volume. For the month of July, it achieved a trading volume of $110.21 billion, trailing Bitget at $126.05 billion and Bybit at $122.3 billion, while Binance led the market with $683.41 billion.