DeFi investment platform Allbit.com adds portfolio and analytics services

RaonSecure Partners with Korean Savings Banks to Build Mobile ID Verification SystemRaonSecure, a South Korean tech security firm and blockchain solutions developer, announced yesterday its partnership with the Korea Federation of Savings Banks (KFSB) to build a system that verifies customers’ identities through mobile identification cards, according to local news outlet Financial News.Photo by Brett Jordan on UnsplashImproving customer convenienceThe KFSB has undertaken the establishment of a mobile ID verification system with the goal of improving customer convenience. This system enables mobile ID cardholders to easily verify their identities during the know-your-customer (KYC) procedures of savings banks, whether they are conducted remotely or in-person. In pursuit of this objective, RaonSecure was chosen through a selection process that sought out a company with experience in constructing mobile IDs.Blockchain-powered DID solutionRaonSecure CEO Lee Soon-hyung said the company has demonstrated its technological prowess by providing cutting-edge services based on its blockchain-powered decentralized identity (DID) platform, OmniOne. These offerings include an application tailored for civil servant IDs, along with an app specially crafted to support citizens who entered or completed military service.Under this agreement, RaonSecure will develop a system designed to ensure both convenience and security in verifying mobile IDs across the integrated computer network of KFSB’s member banks. The company has future plans to extend its services to individual banks, aiming for wider implementation and utilization.During the initial phase of the service rollout, verification will be limited to driver’s licenses. However, RaonSecure’s overarching objective is to establish a dynamic and adaptable system capable of accommodating a broader array of identification documents, such as resident registration cards, in the future.Most Korean commercial banks have already accepted mobile IDs for their identification processes. Other financial institutions, including insurance companies and card companies, are also embracing this trend and introducing similar services. This collective shift is anticipated to expedite the growth and expansion of the industry.

BitMEX, the Seychelles-headquartered cryptocurrency derivatives exchange, has officially launched a new options trading platform in collaboration with PowerTrade, a specialized crypto options platform.  The exchange announced details of the new product offering via a blog post published to its website. The firm intends to provide traders with a comprehensive suite of options for major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Solana (SOL) and Dogecoin (DOGE).  Crypto options are being offered in an effort to cater to the needs of institutional traders. Mario Gomez Lozada, CEO of PowerTrade, highlighted the synergy between BitMEX's deep market liquidity and PowerTrade's trader-centric technology. This strategic alliance aims to furnish traders with a seamless and high-performance trading experience, with the objective of meeting the demands of serious traders seeking effective and efficient trading tools. Taking to X, PowerTrade described the partnership as “a new era for options.” The firm outlined that although options only account for 3% of the crypto market, its expanding rapidly year-on-year. Not to be outdone, BitMEX also took to X, posting that “BitMEX invented the perp - now we’re reinventing options.”Photo by Viktor Forgacs™️ on UnsplashTaking on DeribitBitMEX made a name for itself in the industry by offering 100x leveraged perpetual swaps. It recently upped the ante to 250x for its Bitcoin perpetual swap prior to the halving. The company is now attempting to etch out a significant market share in the crypto options niche. To do so, it will have to compete with market leader Deribit. Deribit has been at the helm, accounting for 70% ($35.7 billion) of the $51.1 billion trading volume for Bitcoin options in April and maintaining its dominance since 2020. Despite challenges from large crypto exchanges like OKX and Binance, Deribit has held its ground. In discussion with The Block, BitMEX CEO Stephan Lutz said that the firm was targeting at least $500 million in trading volume within three months,  Zero trading feesIn a bid to attract traders to its new platform, BitMEX has devised a promotional campaign featuring zero trading fees on all options transactions throughout May. Moreover, the first 1,000 new traders joining the platform will receive a $20 bonus, further incentivizing participation. The platform also offers rewards based on trading volume, referred trading volumes and monthly trading competitions, injecting an element of competition and potential profit for active users. Upon conclusion of the promotional period, BitMEX's fee structure for options trading will align with its existing spot trading framework. This strategic move ensures a seamless integration of the options platform into BitMEX's ecosystem, providing users with a consistent and predictable cost model when trading across different digital assets.

Latest Chinese Crypto Crackdown Sees Influencer Accounts Shut DownMicro blogging platform Sina Weibo, one of China’s most popular social media platforms boasting over 258 million daily active users, has taken decisive action to enforce the country’s stringent regulations on cryptocurrency activities.Photo by Henry Chen on Unsplash80 accounts removedIn its latest announcement on Tuesday, the platform revealed the removal of 80 influencer accounts dedicated to promoting cryptocurrency-related content. These accounts collectively held a substantial following, with over 8 million followers combined.The move by Weibo comes as a response to official legislation aimed at cracking down on activities that breach a range of regulations encompassing telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. The 80 influencer accounts in question had actively violated these regulations by endorsing and promoting cryptocurrencies.Ongoing enforcementThis isn’t the first time Weibo has undertaken such a measure. It has been periodically purging crypto-related accounts since China’s cryptocurrency ban took effect in September 2021. In March of this year, Weibo already took down 131 accounts associated with crypto and stock trading activities.The most significant nationwide crackdown occurred in August 2022 when the Cyberspace Administration of China (CAC) stepped in, resulting in the removal of a staggering 12,000 influencer accounts across both Weibo and Baidu. Furthermore, 51,000 promotional posts related to cryptocurrencies were deleted. The CAC justified these actions by emphasizing their intent to protect the public’s property safety, educate citizens on responsible investment practices, and discourage participation in speculative cryptocurrency trading activities.Weibo echoed similar sentiments in their previous enforcement actions, vowing to increase the crackdown on illegal securities activities on their platform while strictly adhering to legal regulations.Worldwide issueCrypto promotion and crypto influencers are coming under increased scrutiny worldwide. In a recent filing by the Department of Justice (DoJ) in the United States in its criminal prosecution against Sam Bankman-Fried, the Founder and former CEO of failed crypto exchange FTX, it asserted that promotion by way of ads featuring US comedian Larry David and American sports star Tom Brady had blurred the lines between FTXs international and US businesses.Class action lawsuits have been instigated against a long list of crypto influencers and promoters relative to FTX, Celsius, BlockFi, and a number of other high-profile failed crypto platforms.Last month, details emerged of a grizzly end for Argentinian crypto influencer Fernando Perez Algaba, whose dismembered body was found in a suitcase in a town close to the Argentinian capital, Buenos Aires.China’s intensified scrutiny over crypto activities in recent years is driven by multiple factors, including concerns about capital flight, money laundering, and the imperative to safeguard state-controlled cryptocurrency initiatives. These measures have not only affected domestic investors but have also had unintended consequences for international cryptocurrency enthusiasts.