Profitability eludes Canaan despite further growth

Web3 chatting app Beoble acquires $2 million in pre-seed funding roundWeb3 social messaging app Beoble announced on Wednesday that it has secured a total of $2 million in pre-seed funding, gaining recognition for its innovative communication service technology and potential for future growth.Photo by Yura Fresh on UnsplashEmpowering individuals in the Web3 eraTargeted at the Hong Kong and Singaporean markets, Beoble is a Web3-based social messenger platform that employs a decentralized encryption network called the Communication Delivery Graph, which allows users to engage in end-to-end encrypted chatting between their digital wallets. It also offers a communication toolkit for integrating decentralized applications (dApps). The service emphasizes giving ownership to individuals rather than corporations, distributing “cat points” to users based on their participation and contribution to the ecosystem, which are then used to determine their eligibility for rewards like token airdrops. It currently supports all EVM-compatible blockchains like Ethereum and Polygon and plans to include others like Solana, Aptos and Sui.“Beoble’s new solution for facilitating communication among Web3 wallets will address the vulnerabilities in control and security that are characteristic of existing Web2 messaging platforms, making it a leader in the Web3 messaging market,” said Beoble CEO Cho Sung-min.Attracting industry giantsIn this pre-seed round, major investors include firms focusing on crypto and blockchain projects such as Digital Currency Group (DCG), HashKey Capital and GBV Capital. Notably, Samsung Electronics’ venture capital arm, Samsung Next, also participated as an investor.Furthermore, Beoble has received acclaim from experts for providing a direct communication channel among Web3 wallet owners and allowing them to conduct non-fungible token (NFT) and peer-to-peer (P2P) transactions. The company was also selected for the Web3 incubation program conducted by internet juggernaut Kakao’s public open-source blockchain, Klaytn, in April of last year.Beoble is currently accepting pre-registration applications for beta testing until Nov. 30 and will launch the beta version on Dec. 2.

Hana Securities to Accelerate Security Token Platform DevelopmentHana Securities, the securities arm of South Korean financial holding company Hana Financial Group, said Monday it will build a security token platform starting next month to expand its network and capabilities in digital assets in line with the ever-changing financial landscape.Photo by Shubham Dhage on UnsplashPursuing market dominanceThe company revealed that it will choose an external firm by this month to commission the construction of the platform. It also plans to dominate the market by applying to get the platform approved as an innovative financial service by the end of this year. The Innovative Financial Services system, operated by the Fintech Center Korea, is a system that offers special exemptions from regulation for unique and innovative financial services.This strategic move is poised to position Hana Securities as a pioneering force in offering financial services that circumvent conventional regulations, exemplifying its dedication to fostering innovation and originality.Cultivating collaborative synergiesHana Securities is also pursuing partnerships with digital asset enterprises to work on security token projects and platforms that allow for fractional investment in underlying assets. The firm has already entered into business agreements with key companies such as art gallery Print Bakery, tech solution provider ITCEN, and content distributor DANAL Entertainment to collaborate in various sectors, including art, precious metals like gold and silver, and mobile content.This multifaceted approach not only underscores Hana Securities’ versatility but also its commitment to fusing traditional and modern assets in the realm of security tokens.It will also expand collaboration models with companies running new asset platforms, such as those related to real estate funding for small businesses and digital content distribution.“Companies with various underlying assets are showing high interest in the issuance and distribution markets for security tokens,” said Choi Won-young, Head of Hana Securities’ Digital Division.“Through the enhancement of our business model and rapid platform development, we aim to connect various assets to security token products, supply them to the market, and provide customers with new investment experiences.”

Jersey-headquartered Komainu, a digital asset custodian backed by Japan’s Nomura Holdings, is in the process of acquiring Propine Holdings, a Singaporean competitor. Subject to approvalKomainu has signed an agreement in principle with Propine to acquire the company, according to a press release published on Oct. 22 by PR Newswire on behalf of the two firms. One of the key elements in completing the deal is attaining the approval of local regulator the Monetary Authority of Singapore (MAS). This is Komainu’s first acquisition, and according to the firm’s co-CEO Paul Frost-Smith, it will be the first of several. According to Bloomberg, Frost-Smith stated in an interview that “an absolutely key factor in building” the business is obtaining access to Propine’s Capital Market Services license, which the company was awarded in Singapore. Frost-Smith described the acquisition as "setting ourselves up for the future with a licensed platform that we can grow." The company intends to further its efforts in terms of compliance by applying for a Major Payment Institution (MPI) license in Singapore. Komainu is motivated in developing in this manner as it has identified increasing demand from established institutions in Singapore for advisory services.Photo by RDNE Stock project on PexelsStrategic hubThe Komainu co-CEO said that the Asia-Pacific (APAC) region was central to Komainu’s heritage. With that, he added that Singapore is “an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia.” Back in August, global crypto exchange platform Bitfinex signed a memorandum of understanding (MOU) with Komainu Connect, with a view towards enhancing trading security. In July Komainu was added by crypto infrastructure firm Fireblocks to its Global Custodian Partner Program. The Japanese market has been one that Komainu has been focusing on. Frost-Smith asserted that it will serve as a major hub for the company, given that it is home to its primary backer, Nomura.  In November 2023, the company partnered with Crypto Garage, a regulated Japanese crypto-asset financial services firm. The collaboration extended Komainu’s dealings with the firm, given that it had invested in Crypto Garage’s parent company, Digital Garage, previously. At the time, the companies claimed that the partnership would allow them both to leverage their collective expertise. Komainu has also been following a regulatory-compliant path in other markets. In the UK, where it’s stationed, it received permission from the Financial Conduct Authority (FCA) to operate as a crypto custodian in October 2023. In August of the same year, it was awarded an operating license by the Virtual Asset Regulatory Authority (VARA) in Dubai. Alongside Nomura, the company was also established with the backing of digital asset security firm Ledger and digital asset investment manager CoinShares. Earlier this year, Komainu was approved by Nasdaq to be a core custodian relative to its suite of crypto indices.