Korea’s Code Launches System to Detect Blacklisted Crypto Wallets

In a recent survey conducted by personal finance management solutions provider Seedly, together with global crypto exchange Coinbase, it was discovered that over 56% of Singaporeans currently own cryptocurrency, with nearly half expressing bullish sentiments regarding its future prospects over the 12 months of this year.Photo by Zhu Hongzhi on UnsplashFuture of financeTitled "The Pulse of Crypto Singapore Report," the study surveyed 2,006 Singaporean adults across various age groups and household incomes from October to November 2023. Survey participants were deemed to be “finance forward Singapore-based adults who have a strong interest in personal finance and investments.” It determined that 56% of respondents believe cryptocurrency represents the future of finance. Participants cited short-term profitability, long-term capital appreciation and portfolio diversification as key factors driving their optimism. The report’s authors speculate that this optimism is also due to the city-state’s approach to digital assets and the regulatory framework that has been put in place by the Monetary Authority of Singapore (MAS). Yeap Ming Feng, head of marketing at Seedly, also attributed the optimism towards crypto to Singapore's vibrant Web3 ecosystem, which fosters collaboration among builders, investors and users. When selecting a crypto exchange for trading, crypto owners prioritize security, low fees, regulation and ease of use. Coinbase, one of the report’s facilitators, doubled down on its operations in Singapore in 2023, acquiring a Major Payment Institution (MPI) license from the Singaporean regulator, enabling it to expand its product offering. It extended its offering further last month when it launched USD transfers via SWIFT. Notably, the survey identified staking as the most prevalent use case for cryptocurrency in the city-state.  Non-crypto user concernsHowever, the study unveiled that non-crypto users harbor concerns about market volatility (57%), high risk (53%) and the absence of regulation (45%) in the crypto space. Singapore was disproportionately affected by the demise of a number of crypto platforms in 2022. An outsize number of citizens were caught up in the FTX collapse having utilized that crypto exchange instead of Binance, which had been prohibited from trading within the territory. Singapore was also home to failed crypto lenders such as Vauld and Hodlnaut, failed crypto hedge fund Three Arrows Capital (3AC) and UST stablecoin developer Terraform Labs. These high-profile crypto failures so close to home are unlikely to have put crypto skeptics at ease in Singapore where the consideration of risk relative to digital assets is concerned. That said, MAS is actively working towards implementing additional rules to safeguard Singaporean investors. Despite these reservations, the survey underscores a growing interest in and adoption of cryptocurrencies among the financially aware population in Singapore. This trend aligns with Singapore's commitment to remaining a leader in Asia for crypto readiness and supports the city-state's vision of becoming a global digital asset hub. The study also highlighted the progress that the crypto market in general made recently. Over the course of 2023, crypto market capitalization has gained momentum, from $829 billion at the outset of the year, culminating at $1.72 trillion towards the end of the year, according to a report by CoinGekco.

GRVT Debuts zkSync’s Inaugural ‘Hyperchain’GRVT, the hybrid crypto exchange incorporated in the British Virgin Islands, is all set to debut as zkSync’s inaugural “hyperchain,” marking a significant milestone in the zkSync ecosystem’s evolution.zkSync represents Ethereum’s second layer solution offering cheaper and faster transactions.Photo by Shubham Dhage on UnsplashCombining CEX and DEX qualitiesPronounced “gravity,” GRVT is an innovative platform that attempts to seamlessly blend the advantages of centralized and decentralized exchanges. It promises users a Robinhood-like experience while integrating self-custodial features akin to Uniswap-style exchanges. Matter Labs, the developer brains behind zkSync, shared news of GRVT's imminent project milestone in an interview with The Block.The introduction of GRVT as the first Hyperchain within the zkSync ecosystem has broadened the horizons of potential applications for this technology, according to Matter Labs. The project stated:“There is nothing like GRVT being built, not in the zkSync ecosystem nor outside of it. By being able to design and deploy custom hyperchains connected through hyperbridges, teams like GRVT’s can build entirely new use cases.”The ability to design and deploy custom hyperchains connected via hyperbridges opens the door to entirely new use cases, affording projects like GRVT the freedom to explore innovative possibilities.A layer 3 ValidiumGRVT will play a role as a Layer 3 Validium within the zkSync ecosystem. Validiums are Ethereum scaling networks that bear similarities to zk-rollups found in Layer 2 solutions. The critical differentiator is in how they handle data. Zk-rollups maintain data on-chain, whereas Validiums securely store it off-chain. This approach enhances user security by safeguarding against front-running and market manipulation.GRVT’s alpha version is set to make its debut next month, followed by the mainnet release in the first quarter of the upcoming year. Promising a transaction speed of up to 600,000 trades per second and less than two milliseconds of latency, GRVT leverages zkSync’s “horizontally scaling” infrastructure to deliver enhanced performance.Explaining the concept of horizontally scaling, Hong Yea, GRVT’s co-founder and CEO, told The Block:“Horizontally scaling means to deploy additional underlying pairs as new hyperchains. Say BTC/USDT perpetual futures is one hyperchain and so on. And we can look to add other infrastructure components like this as new hyperchains to scale throughout, as they can interoperate. This allows high-frequency traders to trade more efficiently with high transactions per second similar to a central exchange.”Token launchGRVT enjoys the backing of CMS Holdings, Hong Kong’s digital assets wealth manager Metalpha, alongside Matter Labs and others. Yea founded the company alongside CTO Aaron Ong and CCO Matthew Quek. Although incorporated in the British Virgin Islands, the firm employs people who are based in Hong Kong, the UK, Lithuania, and Singapore.It recently disclosed that it had successfully raised $7.1 million in pre-seed and seed funding in an equity with a token warrant round, achieving a $39 million post-money valuation. The launch of GRVT’s token is anticipated in 2024.GRVT is also making a concerted effort to obtain trading licenses in various jurisdictions. Currently, it has attained a virtual asset service provider (VASP) license in Lithuania, with work ongoing to achieve licensing in Bermuda. The firm hopes to then expand in Europe and the Middle East going forward.

Japan’s Mitsui Introduces Security Token Service to Sony Bank CustomersAccording to a press release, Mitsui & Co. Digital Asset Management (MDM), a blockchain-based asset management company in Japan, forged a partnership with Sony Bank, a member of Sony Financial Group, to introduce its security token service, Alterna, to the Tokyo-based online bank’s clientele, beginning June 9.Photo by Aleksandar Pasaric on PexelsBank customersMDM aims to establish security token funds and offer them to Sony Bank customers via Alterna, aiming to facilitate stable asset accumulation. This partnership will allow Sony Bank to provide a broader range of financial services.Under the agreement, MDM has entrusted Sony Bank to handle the process of gathering customers interested in purchasing security tokens offered by Alterna. Sony Bank, as MDM’s first online banking partner, will introduce the security token service platform to its customers. MDM is responsible for designing and selling security tokens through Alterna, which will benefit Sony Bank customers.Alterna enables users to transfer funds to securities accounts on its platform without any charges, 24/7. Through the partnership, users can move funds from their Japanese yen deposit accounts at Sony Bank to the accounts available on the Alterna platform. This interlinking of securities and bank deposit accounts will furnish customers with a variety of options for asset accumulation through the use of security tokens.Savings to investmentsBoth MDM and Sony Bank plan to encourage a shift from savings to investments, exploring the development of security tokens and related initiatives.Alterna made its official debut last month, garnering more than 10,000 pre-registrants before its launch. Alterna enables individuals to invest in real-world assets, such as large-scale real estate properties, that generate stable rental income. With security tokens, the platform opens doors to previously inaccessible opportunities, requiring a minimum investment of 100,000 yen.