Tether leads the way in Oobit’s $25M funding round

Disagreement has emerged within the Bitcoin blockchain community, revolving around the BRC-20 token standard. Domo, the pseudonymous developer behind the creation of the token standard, has publicly expressed his opposition to an upcoming upgrade proposed by the Hong Kong headquartered project, UniSat Wallet.Photo by Kanchanara on UnsplashDue diligence concernsOn Tuesday Domo took to the X social media platform (previously Twitter) to articulate his concerns. He voiced apprehensions about hastily implementing updates in BRC-20, asserting that such a rush could potentially harm the broader BRC-20 user community. Domo's resistance is rooted in his belief that UniSat Wallet's proposed updates lack due diligence and are being introduced precipitously without considering potential repercussions. He wrote:”Recognizing the serious implications and valuations involved, I believe rushing these updates in BRC20 is reckless, disregards their peer indexers, and could potentially harm the broader community of BRC20 users.” ‘Split’ rather than ‘fork’Conversely, UniSat Wallet has declared its intention to “follow the Ordinals Jubilee upgrade, to confirm that BRC-20 is still on Ordinals without splitting into an isolated protocol." Described as a "split" rather than a "fork," UniSat Wallet's approach adapts to the Ordinals Jubilee upgrade, a transformative change in how the Bitcoin blockchain manages tokenized assets. In mapping the way forward its proposing to take, UniSat outlined that it would publish a whitepaper on Jan. 31, describing it as “the most significant present we are able to deliver” for BRC-20, Ordinals and Bitcoin. The crux of the matter lies in the method and pace of implementing these changes. Domo's concerns reflect a broader sentiment within the crypto community, where the rapid pace of advancements often collides with the need for stability and thorough vetting. UniSat Wallet's proposed changes, though innovative, may be viewed as potentially destabilizing by certain community members, especially those deeply entrenched in the current BRC-20 standard. Striking a balanceThis development is pivotal, highlighting the dynamic and occasionally contentious nature of blockchain technology and cryptocurrency standards. Web3 project incubator and investor TrustlessLabs summed up the matter in a social media post on Wednesday, drawing the following conclusions:”This situation encapsulates a critical challenge in blockchain protocol development: finding the right balance between preserving stability and embracing technological advancements.” As technology evolves, divergent opinions on the trajectory of these advancements are inevitable. The ongoing debate between Domo and UniSat Wallet serves as a microcosm of the larger conversations transpiring in the crypto space about how to strike the right balance between progress and stability. The BRC-20 token standard, an experimental fungible token standard on Bitcoin, draws inspiration from Ethereum's ERC-20 standard. It allows the creation of fungible tokens using Bitcoin’s Ordinals protocol, constituting a significant breakthrough in cryptocurrency by enabling novel forms of tokenization on the Bitcoin blockchain. This disagreement not only spotlights a critical debate in the crypto realm but also emphasizes the delicate equilibrium between innovation and stability.  

Thailand’s KBank Furthers Crypto Business Through Satang AcquisitionKasikornbank (KBank), Thailand’s second largest bank, is expanding its involvement in the digital assets sector through the acquisition of a majority stake in the local crypto exchange Satang.Photo by Lisheng Chang on UnsplashTradFi embracing cryptoThe acquisition, involving a purchase of 97% of Satang’s shares, is a significant move in the context of an ongoing trend of traditional financial institutions embracing digital assets. The deal was officially announced on Monday, as disclosed on KBank’s official website.KBank executed the acquisition through its newly established subsidiary, Unita Capital, whose registered capital is valued at 3.7 billion Thai baht (approximately $103 million). Unita Capital specializes in investments within the digital asset sector. This move underlines the bank’s commitment to stay ahead in the dynamic world of digital finance.Subsidiary formationIn light of the acquisition, Satang Corporation is set to undergo a name change and will soon be known as Orbix Trade Company Limited. Unita Capital has established a number of other subsidiary companies as a consequence of the buy-out.KBank’s cryptocurrency venture will be structured into three distinct divisions. Orbix Custodian has been formed, focusing on secure digital asset storage and management. There is a growing demand for reliable digital asset custody services. KBank will use Orbix Custodian as a vehicle to capitalize on that growth opportunity.Orbix Invest has been established to act as the venture arm of the business relative to the digital assets space. It will focus on fund management in meeting the needs of clients looking for exposure to the digital assets sector. Lastly, Orbix Technology has been established to concentrate on blockchain technology development.Satang, a prominent player in the Thai cryptocurrency scene, operates a cryptocurrency exchange alongside a range of digital asset services. Notably, Poramin Insom, the founder of Satang, is recognized for his role in launching Firo (formerly Zcoin), a privacy-centric cryptocurrency. Insom confirmed the acquisition via a Facebook post on Monday, acknowledging the evolution of Satang as it transitions under KBank’s ownership.Insom stated: “I’ve been at Satang since 2017 until now, six years have passed. Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.” He also highlighted Satang’s diversified ventures, including Satang Technology, a blockchain service platform, and Satang Space, focusing on space-related endeavors.This strategic move by KBank follows its recent launch of a $100 million fund, introduced in September, targeting investments in Web3, fintech, and artificial intelligence (AI). In 2022, KBank launched Bigfin, a digital asset investment analysis platform. Bigfin has since been integrated with the Binance platform.Last year the bank backed Thai digital asset and blockchain startup Forward, a project that is working on developing a decentralized derivative platform.KBank is recognized as the second largest lender in Thailand based on assets, trailing behind Bangkok Bank. Thai NVDR Company Limited is the largest shareholder of KBank, as per data from the Stock Exchange of Thailand (SET), with the SET itself owning 99.9% of NVDR’s shares.

Mirae Asset Securities and NEAR Protocol Partner to Advance Blockchain TechSouth Korea’s leading securities firm, Mirae Asset Securities, has partnered with the Swiss-based NEAR Foundation to further the development of Web3 initiatives, according to Digital Today’s report.Photo by Shubham Dhage on UnsplashCollaboration on Web3 researchThe NEAR Foundation is a Swiss-based non-profit organization behind the NEAR Protocol, a blockchain platform designed to support the operation of decentralized apps (dApps). The collaboration between NEAR and Mirae Asset Securities will encompass various endeavors, including conducting research on Web3 and blockchain technology within the financial sector, organizing awareness-raising events for both entities, and establishing a cooperative system to enhance the business network between Web2 and Web3.An In-sung, the head of the digital division at Mirae Asset Securities, expressed the company’s commitment to advancing blockchain technology and collaborating with partners to gain a competitive advantage in the Web3 sector. NEAR Foundation CEO Marieke Flament highlighted the technical expertise of their platform, emphasizing its potential to drive innovations within the financial industry through cooperation with Mirae Asset Securities.NEAR’s broader engagement in KoreaThe NEAR Foundation’s collaborative efforts extend beyond the financial sector in Korea. Earlier this month, the organization forged a strategic partnership with MARBLEX, a blockchain arm of gaming publisher Netmarble. This alliance aims to foster the growth of the Korean Web3 gaming industry, indicating the foundation’s wider involvement in the East Asian country.