Seoul’s Seocho District Leverages Blockchain Coins to Catalyze Social Impact

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.

Thailand’s Securities and Exchange Commission (SEC), an independent state agency responsible for the supervision of capital markets including the digital assets sector within the Southeast Asian nation, has moved to block five cryptocurrency exchange platforms. In a statement published by the agency to its website on Thursday, May 29, the SEC outlined that it deems the five exchanges, namely OKX, Bybit, CoinEx, XT.com and 1000X.Live, to be unauthorized crypto trading platforms.Photo by REY MELVIN CARAAN on UnsplashCountering money laundering activityIt is acting against these platforms “to protect investors” and to prevent their use for money laundering purposes. In offering services to Thai users on an unauthorized basis, the exchanges were found to be in breach of Thailand’s Digital Asset Business Act B.E. 2561 (2018). The agency has asked the Ministry of Digital Economy and Society (MDES) to take measures to block local access to these online platforms. That block will be put in place on June 28. On that basis, the SEC has advised Thai users of such platforms to proceed to remove their assets from them before that June 28 deadline.  An updated version of the Royal Decree on Measures to Prevent and Suppress Technology-related Crime, (No. 2) B.E. 2568 (2025), was introduced by the Thai government in April. It facilitated the establishment of the Committee for the Prevention and Suppression of Technological Crime.  Following practices overseasThe committee met with the MDES in April, with the parties setting out the process through which unauthorized digital asset platforms would be restricted and blocked. On that occasion, similar practices carried out in other jurisdictions within the Asian region were referred to.  In December 2023 India’s Financial Intelligence Unit (FIU) moved to block nine offshore crypto exchanges, having issued them with compliance show-cause notices.  In April 2024 the Philippines SEC requested that Google and Apple remove apps associated with global exchange Binance from the local versions of their application stores. Japan’s Financial Services Agency (FSA) similarly ordered both companies to remove apps belonging to unregistered crypto exchanges in February of this year. Back in March, the Thai SEC filed a lawsuit against Aux Cayes FinTech Co. Ltd., an OKX affiliate company. The complaint alleged that OKX had been running an unlicensed exchange in Thailand, and was filed with the Economic Crime Suppression Division of the Thai police force. The SEC outlined on March 21 that a similar criminal complaint had been filed against XT.com. It’s understood that Bybit, CoinEx and 1000X.Live have also been recipients of complaints on the same basis. Earlier this year, the Economic Crime Suppression Division considered taking action against Polymarket, a crypto-based prediction market, on the basis that the platform violated Thailand’s gambling laws, and in doing so, posing a risk to economic and social stability in Thailand. In April 2024, the SEC issued a warning to crypto exchange platforms against the use of misleading advertising, drawing their attention to the fact that advertising of that nature would potentially place those platforms in breach of regulatory guidelines. 

South Korea to Revive Tech Exports with Metaverse, BlockchainThe South Korean Ministry of Science and ICT revealed today a strategy to enhance the country’s tech exports. The plan includes leveraging the potential of the metaverse and blockchain as promising export items.Photo by Pixabay on PexelsEmphasis on the digital sectorIn response to the recent decline in exports, the strategy seeks to establish new sources of growth by prioritizing the digital sector, which has historically been a key driver of Korea’s exports. Recognizing the complex challenge posed by the global economic slowdown and other factors, all government ministries are collaborating to counteract the export slowdown.The plan leverages South Korea’s digital capabilities and implements proactive measures to adapt to evolving export trends, including the recent advancement of generative artificial intelligence (AI) tools and the acceleration of digital transformation. By tapping into emerging markets and nurturing innovative companies, the government strives to diversify its export portfolio and strengthen its position in the global market.Despite achieving a record high of $248.8 billion in tech exports in 2022, Korea has faced year-on-year declines since July 2022 due to the global economic downturn. The semiconductor sector, which accounts for more than half of the nation’s tech exports, has been particularly sluggish. Nevertheless, the rise of new tech markets driven by significant technological advancements, such as ChatGPT, and the global push for digital transformation offer opportunities to overcome the current export slump.Emerging marketsAgainst this backdrop, the government is committed to backing the development of products that resonate with the evolving export landscape. It is eyeing emerging markets, notably the Middle East, Southeast Asia, and Latin America, recognizing their fertile grounds for the swift adoption of evolving tech trends, fueled by their substantial youth populations. Furthermore, the government plans to provide policy-level support to tech companies.Government supportUnder this plan, the government will identify promising companies and offer assistance, including consultation and guidance on product commercialization. It will also support metaverse companies participating in overseas projects by covering localization development costs.In the blockchain field, comprehensive support, including technology verification, consulting, and marketing, will be provided to those working towards international standardization for NFTs and their overseas commercialization.As part of this initiative, exhibition rooms will be established on metaverse platforms like ZEPETO and IFLAND in September. These platforms will provide opportunities for innovative firms to showcase their products. At the same time, the plan will facilitate interaction between Korean companies and overseas buyers through online and offline events to boost exports.