BitGo Singapore launched to serve APAC region

CoinDCX Expands Okto Wallet’s Global Reach with Transak IntegrationIndian cryptocurrency exchange CoinDCX has moved to broaden the accessibility of its self-custody wallet, Okto. The exchange recently announced the addition of Transak, a major on-ramp platform that enables a fiat-to-crypto payment gateway integration, to enhance the wallet’s global capabilities.Photo by Kanchanara on UnsplashBuilding on OktoThat’s according to a report published by Cointelegraph on Thursday. Okto was introduced by CoinDCX in August 2022, and the firm swiftly moved to expand its services. The integration with Transak represents a pivotal step in this direction.This strategic integration immediately expands the reach of the Okto wallet from supporting 60 countries to an impressive 155 jurisdictions. Neeraj Khandelwal, Co-Founder of both CoinDCX and Okto, emphasized the significance of this move, stating that it allows users in numerous countries to engage with cryptocurrencies directly through Okto.While Transak supports approximately 160 tokens, Okto goes above and beyond by allowing users to store more than 1,000 tokens across multiple blockchain networks, including Polygon, Fantom, Avalanche, and others. According to an Okto spokesperson, the wallet can accommodate up to 3,000 tokens, providing ample flexibility for cryptocurrency enthusiasts.Seamless fiat-to-crypto conversionKhandelwal also spoke to the value add that a more seamless asset conversion process will bring. He stated:“The integration of Transak now allows users to seamlessly convert fiat to crypto right within the app. Prior to this integration, users had to transfer funds from another decentralized wallet, such as MetaMask.”Transak’s integration brings a key feature to Okto — the ability for users to purchase cryptocurrencies like Bitcoin (BTC) directly within the wallet. Notably, this functionality accepts a wide range of fiat currencies, including the US dollar, euro, Hong Kong dollar, and others. Prior to the Transak integration, users were required to transfer digital assets from external wallets like MetaMask. With this development, Okto streamlines the process, enabling users to seamlessly convert fiat into crypto within the app itself.Months-long integration processIt’s worth noting that although the announcement of Transak’s support on Okto was made on Thursday, the integration process began several months earlier. As early as August, some Indian users reported encountering Transak while Okto was in the testing phase. The integration process itself commenced in April, with the official roll-out to all customers occurring in mid-September.Transak, a global Web3 payment and onboarding infrastructure provider, plays a crucial role in bridging the gap between traditional finance and the digital asset ecosystem. It is a well-established on-ramp solution in the cryptocurrency industry, with platforms like MetaMask, Coinbase, and PancakeSwap among its clientele.In recent days, Okto has also announced a partnership with ReHold, a multi-chain protocol which has been developed to enable users to maximize their crypto earnings. In the coming weeks, Okto and ReHold will work towards integrating Okto’s wallet with ReHold.The Okto-Transak integration is in line with Transak’s mission to facilitate crypto adoption by providing easy access to digital assets. Earlier this week, Transak also announced its integration with The Open Network’s (TON) wallet, known as Tonkeeper. This collaboration opens up Toncoin (TON) purchases directly with fiat currencies to users in more than 150 countries, marking a significant milestone in expanding the TON ecosystem.

Bitget Exec Speaks to Utility of Enhanced KYCCrypto continues to undergo significant transformation as regulatory authorities across Asia tighten their grip on the industry. In response to these regulatory changes, Seychelles-headquartered Bitget has joined KuCoin and OKX, which have recently bolstered their Know Your Customer (KYC) measures to ensure compliance and safeguard their operations.In a recent interview with Cointelegraph, Bitget Managing Director Gracy Chen spoke to the utility of KYC measures, stating that KYC is useful in filtering out illegitimate users, particularly those engaged in activities such as money laundering.Photo by Pixabay on PexelsMeeting Asian regulatory requirementsThe Seychelles-based exchange with ties to China and Singapore recently announced updates to its KYC protocols. These changes come in the wake of the Monetary Authority of Singapore’s (MAS) directives, which advise financial institutions, including cryptocurrency exchanges, to implement robust risk management procedures. The MAS has taken a stringent stance, shutting down certain digital payment token service providers to prevent them from facilitating lending and staking activities by retail customers.Starting from October 1, Bitget will require users who have not completed level 1 KYC verification to be restricted from creating new trading orders. This move aims to ensure that users comply with the newly updated guidelines and maintain the integrity of the exchange’s operations.Following industry peersKuCoin and OKX, two other prominent exchanges which, like Bitget, have their corporate headquarters in Seychelles and a strong presence in Asia, have also revamped their KYC policies. While KuCoin initially introduced KYC in 2018, the exchange has strengthened its identity verification procedures, requiring users to upload documents and complete face checks.Furthermore, in July, it announced a mandatory KYC requirement, in line with anti-money laundering (AML) regulations. While the mandatory KYC requirement is already in force, the other changes are set to take effect at the end of the month.OKX, on the other hand, has implemented stringent requirements, including the submission of a government-issued ID selfie for users to access all its services. The exchange recently set a deadline for service users to complete KYC.Bitget’s Chen highlighted that its decision to embrace KYC measures was driven by a commitment to serving the market responsibly. She acknowledged that while some users may have reservations about KYC, it is a necessary step to maintain the integrity of the exchange and prevent illicit activities. Speaking at the fringes of the firm’s EmpowerX Summit in Singapore, Chen said:“I’m pretty sure if the user is a financially healthy user, such as, like, if they’re not doing something illegitimate, such as money laundering, they should be pretty comfortable with the KYC process.”Tightening regulationThe tightening of regulations in Asia is not limited to Singapore alone. Japan has also taken steps to enhance anti-money laundering measures related to cryptocurrency transactions, responding to international calls for stricter oversight. Additionally, South Korea’s Financial Services Commission (FSC) has announced plans to require companies to disclose details about their cryptocurrency holdings, expected values, and related business models in their financial statements, aligning crypto accounting with conventional financial reporting.These regulatory developments signify a broader trend in the region, with cryptocurrency service providers proactively adapting to the changing landscape. As governments and regulatory authorities take steps to address the potential risks associated with cryptocurrencies, exchanges are prioritizing compliance to ensure their longevity and continued growth.

Bitget invests in Morph layer 2 networkBitget, the Seychelles-incorporated crypto derivatives exchange, has injected a multi-million dollar investment into Morph, a Layer 2 blockchain that puts consumer experience at the forefront.Photo by Shubham Dhage on UnsplashCombining zero knowledge and optimistic rollupsThe collaboration, unveiled on Monday, signals a significant stride toward cultivating a novel, value-driven decentralized application (dApp) ecosystem. Morph, formerly known as Morphism, has garnered attention for its unique use of roll-up technology. By seamlessly blending optimistic and zero-knowledge (ZK) roll-ups, Morph aims to revolutionize scalability, reduce cost barriers, expedite dispute resolutions and ensure secure and adaptable transactions.The project’s modular framework allows individual components of the ecosystem to evolve independently, staying abreast of rapid innovations in consumer applications.Combating MEVA distinctive feature of Morph’s design is the Decentralized Sequencer Network, a mechanism that ensures swift and cost-effective Layer 2 transactions. This challenges the dominance of maximal extractable value (MEV) and eradicates central points of control. MEV involves the maximum amount of value that can be extracted from a block on a blockchain network. It may be manipulated through the ordering and sequencing of transactions on the chain.Technological innovation is not the sole objective of the Morph development team. Their ambition extends to creating a space where dApps seamlessly integrate into users’ daily lives, delivering tangible value. This consumer-centric approach prioritizes user experience through easy onboarding processes and intuitive interfaces. The network is attractive to developers due to lower cost barriers and accelerated dispute resolution.Gracy Chen, Managing Director of Bitget, underscored the significance of the collaboration, praising Morph’s exceptional team, multicultural approach and strategic capabilities. Chen notes that Morph’s emphasis on a decentralized and consumer-centric approach aligns seamlessly with Bitget’s vision. This partnership, she believes, has the potential to transform the blockchain space, making the technology more accessible for everyday use and unlocking widespread consumer adoption.Cecilia Hsueh, Co-Founder and CEO of Morph, expressed gratitude for Bitget’s support, emphasizing that the recent capital infusion underscores confidence in Morph’s unique value proposition, setting the stage for an upcoming seed funding round. The strategic alliance with Bitget provides Morph with a robust platform for growth, tapping into Bitget’s expansive user base of 20 million exchange users and 12 million Bitget Wallet users. Notably, Morph had previously entered into a strategic alliance with Foresight Ventures, a crypto fund based in Singapore.Looking ahead, Morph is gearing up for significant milestones as it develops further. The project plans to intensify the refinement of its technical framework and broader ecosystem in the coming months. Notably, Morph is slated to launch its public testnet in January 2024, followed by the beta mainnet of its Optimistic zkEVM, which is scheduled for Q2 2024.As Bitget continues to forge ties with up-and-coming Web3 entities, this collaboration with Morph has the potential to propel the project towards its strategic goals but also sets the stage for a transformative shift in the landscape of Layer 2 solutions.