South Korea, Chainalysis Collaborate to Thwart North Korea’s Crypto Crimes

Modhaus attracts $8M in advancing blockchain-based K-pop fan engagementModhaus, a South Korean Web3 startup focused on blockchain-driven K-pop promotion, recently announced that it has raised $8 million in Series A funding, according to a report by local news outlet Maeil Business Newspaper. This latest funding round brings the company’s total investment to over $12 million.Photo by C D-X on UnsplashKey investorsThis Series A funding was led by Sfermion, a Chicago-based venture capital firm focused on non-fungible tokens and the immersive internet. The investment round also saw participation from various investors, including SM Culture Partners, Laguna Investment, the KDDI Open Innovation Fund, Foresight Ventures, Reflexive Capital, NFT song collector Cooper Turley, Quantstamp CEO Richard Ma and Playco CEO Michael Carter.Modhaus had previously attracted investment from other players in earlier funding rounds. These included UNOPND, a venture division of Web3 venture capital firm Hashed; Naver D2SF; CJ Investment and Futureplay.Digital photo cards and tokensDoubling as an entertainment agency, Modhaus operates Cosmo, an app that empowers fans to play a role in their favorite artists’ operations. Through Cosmo, fans can purchase digital photo cards, earning tokens in return. These tokens then allow fans to vote on various aspects of their artists’ activities. The use of blockchain technology ensures that all votes are transparently and securely recorded, boosting the fan-artist relationship.Sfermion’s general partner, Dan Patterson, expressed enthusiasm about their investment in Modhaus, explaining that it “has innovatively bridged the K-pop fandom with both tangible and digital realms through NFTs. [The new] investment signifies more than just financial backing; it’s a venture into melding the energetic world of K-pop with the expansive narrative of the metaverse.”Jaden Jung, CEO of Modhaus, said, “K-pop fans possess keen insights. With their sharp eyes for talent and trendspotting, we aim to enhance artist value through amplified fan involvement.” He emphasized the crucial role of fan engagement in the entertainment industry, pointing out that Modhaus is dedicated to elevating this aspect to new heights. He referred to the achievement of girl group TripleS, which has garnered 1.74 million subscribers on YouTube since its debut in February of this year, as an example of what they envision for Cosmo. He suggested that Cosmo has the potential to evolve into a platform akin to LinkedIn or Kickstarter within the K-pop sector, aiming to maximize the value and reach of artists.Deepening artist-fan connectionsModhaus seeks to use the funds raised from this recent investment round to advance its Cosmo platform. This improvement aims to deepen the connections between fans and artists, providing fans with more opportunities to actively engage with and contribute to their favorite idol groups.At the helm of Modhaus are co-founders Jaden Jung and Kwanghyun Joseph Baek. Jung brings over two decades of experience as a producer at JYP Entertainment and Woollim Entertainment. Baek, on the other hand, has a background as the Chief Operating Officer at Playlist Originals, a digital content studio, and as a consultant at Bain & Company.Their team also includes Chief Product Officer Park Jae-hyun, formerly Product Owner at Viva Republica, the fintech company behind the internet-only bank Toss. Chief Creative Officer Kim Jong-soo has a history in the music industry as well, having produced girl groups like Dreamcatcher and Dal Shabet. Chief Business Officer Lee Gyu-hwa comes from MyMusicTaste, a K-Pop platform, while Chief Financial Officer Yang Ji-eun brings her experience from venture capital firm NCORE Ventures.

The Abu Dhabi Agriculture and Food Safety Authority has announced a ban on cryptocurrency mining on farms, addressing concerns over the misuse of agricultural land.Photo by Kamil Rogalinski on UnsplashClaims of farm misuseAccording to the Khaleej Times, the Authority has informed UAE farmers that their lands are not to be used for Bitcoin and crypto mining. This activity is deemed a “misuse of the farm for purposes other than its intended use.” The new regulation aims to preserve the primary agricultural function of these lands and imposes penalties of up to 10,000 United Arab Emirates Dirhams (approximately $2,722) for violations. Cryptocurrency mining requires significant computational power and electricity, which conflicts with the farms’ intended agricultural use.  Broader support for miningDespite this specific restriction, the United Arab Emirates (UAE) maintains a supportive stance towards cryptocurrency and cryptocurrency mining beyond a farm setting. In 2023, the country emerged as a notable player in the global Bitcoin mining industry, with a combined mining capacity of around 400 megawatts, contributing approximately 4% of the global Bitcoin hash rate. It’s proven to be a popular place in which to locate a mining facility as the country has a robust infrastructure. Stable power is essential in order for miners to be able to run their machines in a sustainable manner. Additionally, the government has generally been supportive of the activity, fostering a conducive environment for both crypto and Bitcoin mining and blockchain technology more generally. Furthermore, the country occupies a strategic location at the crossroads of major trade routes. Regulatory clarity has also been provided by the authorities in the UAE with regard to how crypto mining activity is to be carried out. While this latest move against mining within a farm setting is a restriction, it still feeds into that overall framework of regulatory clarity and certainty. Attracting mining firmsGiven the aforementioned reasons in support of mining in the UAE, the Middle Eastern country continues to attract cryptocurrency mining firms.  In December of last year, a Dubai-headquartered Bitcoin mining company, Phoenix Group, struck a $380 million deal with Chinese mining equipment manufacturer MicroBT. That same month, the company was listed on the Abu Dhabi Securities Exchange (ADX). In May 2023, Abu Dhabi-based digital assets development company Zero Two entered into a partnership with North American crypto miner Marathon Digital with a view towards developing the region’s first large-scale crypto mining facility. Beyond mining, the location is also proving popular for crypto firms more generally. In May 2023, Chainalysis, a leading blockchain analytics company, established its regional headquarters in Dubai. Similarly, Blockdaemon, a provider of institutional infrastructure, expanded its operations in Abu Dhabi, facilitated by the Abu Dhabi Global Market (ADGM), a key financial regulator. Speaking at the Dubai FinTech Summit recently, Reece Merrick, Managing Director of enterprise blockchain company Ripple for the Middle East and North Africa (MENA) region, said that “the UAE has done a remarkable job in really putting itself in a position to be the global crypto hub.”

Strategic Partnership Sees BitKeep Add Mantle Network SupportBitKeep, a Singapore-centric multi-chain wallet project, has recently formed a strategic partnership with Mantle Network, an Ethereum Layer 2 modular network developed by BitDAO.According to a tweet posted by BitKeep on Monday, the collaboration brings with it the opportunity for BitKeep users to now manage and transact their assets on Mantle Network directly through their wallets.The latest version update of the BitKeep wallet incorporates support to enable users to store, transfer, and trade on-chain assets seamlessly within the wallet. This integration streamlines the user experience and provides easy access to the functionalities offered by Mantle Network.Photo by Shubham Dhage on Unsplash10,000 USDT prize poolTo celebrate this partnership and promote the growth of the Mantle ecosystem, BitKeep has announced a campaign open to all Web3 users. The campaign features a prize pool of 10,000 USDT, adding an element of excitement for participants. Additionally, BitKeep plans to further expand the ecosystem by integrating more DApps based on Mantle Network, ensuring diverse offerings and attracting users from various angles.Although at a corporate level, BitKeep is headquartered in the Cayman Islands, leading members of its project team including Founder Kevin Como are based in Singapore.Mainnet alpha releaseMeanwhile, Mantle Network has reached a major milestone by unveiling its highly anticipated mainnet alpha. The announcement took place at the Ethereum Community Conference (EthCC) in Paris, following an extensive six-month testnet phase. Mantle Network, as the first Ethereum layer-2 chain incubated and governed by a decentralized autonomous organization (DAO), has already gained attention for its innovative approach.With its modular design, Mantle Network separates key components such as execution, data availability, consensus, and settlement into distinct layers. By employing optimistic roll-up technology and leveraging Ethereum’s network for security, Mantle Network achieves efficient transaction processing at a lower cost and higher throughput compared to Ethereum itself.This unique architecture has been validated during the testnet phase, handling over 14 million on-chain transactions and facilitating the deployment of more than 140,000 smart contracts.$200 million EcoFundThe mainnet launch also marks the activation of a $200 million EcoFund, which aims to fuel the growth and development of the Mantle ecosystem. This substantial fund will support the ecosystem’s progress, ensuring resources are available to drive innovation and attract developers.Moreover, the merger between Mantle Network and BitDAO has created the Mantle Ecosystem, a unified Web3 ecosystem led by a DAO. Under the Mantle.xyz brand, this collaboration harnesses the strengths and resources of both entities. The merger bolsters the tokenized governance system, empowering token holders to govern the use and allocation of the significant treasury inherited from BitDAO.As BitKeep integrates Mantle Network into its wallet, users can expect an enhanced experience and increased accessibility to the Mantle ecosystem. Meanwhile, Mantle Network’s mainnet launch and the activation of the EcoFund signify significant milestones that lay the foundation for continued growth and development in the DeFi space.