Coinbase in talks about re-entering the Indian market

Former FTX COO Finds New Role at Sino GlobalConstance Wang, previously known for her executive roles at FTX, has recently joined crypto venture capital firm Sino Global Capital.That’s according to sources Bloomberg cited in a recent report as being familiar with the matter. Wang held the role of Chief Operating Officer at FTX and was also the Co-Chief Executive Officer of FTX Digital Markets, the affiliate of the now-defunct crypto exchange, which was based in the Bahamas. Her responsibilities at FTX included overseeing global business expansion, token listings, and public relations and marketing.Following the collapse of FTX and its sister trading firm Alameda Research, Wang has reportedly spent a significant amount of time in China, according to an undisclosed source.Sino Global Capital, founded in 2015 by Beijing-based American investor Matthew Graham, had revealed its early investment in FTX after the exchange’s collapse. The management team stems from a background in consulting, Wall Street, private equity, government, and corporate spheres. A year prior, the venture capital firm launched a $200 million fund with FTX as a key investor. Sam Bankman-Fried, the Founder of FTX, expressed gratitude for Sino Global’s support, stating that they believed in the FTX vision from the beginning and assisted in making it a reality.Photo by Henry Kobutra on UnsplashLawsuitGraham was quite public in his support of FTX and Sam Bankman-Fried. He appeared frequently on podcasts, always explaining that the FTX founder was a genius. On investing in FTX and in projects in general, Graham stated repeatedly that Sino Global maintained a high level of due diligence. Most of the leading venture capital investors in FTX (including Sino Global) have been subject to class action lawsuits filed by creditors. It’s claimed that many of these investors didn’t simply invest capital but also got involved in actively marketing what turned out to be a fraud.In January, the court-appointed management team overseeing the FTX bankruptcy proceedings sought permission to subpoena Wang and other former executives of the company. Court filings indicate that Wang has not been accused of any wrongdoing in relation to the collapse of FTX or Alameda.Prior to her tenure at FTX, Wang briefly worked at the crypto exchange Huobi in Singapore as a Business Development Manager. She also spent two years as an analyst at Credit Suisse.New rolesIn recent months, other former FTX employees have also reappeared in new roles. Amy Wu, who left Lightspeed Venture Partners to lead FTX Ventures, announced her joining Menlo Ventures, one of the oldest venture firms in Silicon Valley. Brett Harrison, former President of FTX US until his sudden resignation in September 2022, has founded a startup with plans to provide a “GPT-4-powered trading algorithm code generator.”The transition of Constance Wang and her fellow FTX alumni into new positions at face value seems like a logical progression. However, all of the FTX c-suite executives remain under ongoing scrutiny. Having brought charges against Bankman-Fried, Caroline Ellison, and Nishad Singh some months ago, Southern District of New York (SDNY) Attorney Damian Williams stated clearly that more arrests would follow.

Korean Firms Team Up to Boost Biofuel Use Through Blockchain TechSouth Korean tech service provider SK C&C announced on Thursday that it inked an agreement with Recycle Ledger, a company that operates a service for tracking transactions related to recycling resources. Through this collaboration, the two firms aim to employ ChainZ, SK C&C’s blockchain application programming interface (API) platform, to track the journey of waste cooking oil.Photo by Sigmund on UnsplashBroadening ESG operationsThis deal allows SK C&C to broaden its environmental, social, and governance (ESG) operations into the waste management sector through blockchain tech, strengthening its position as a prominent provider of ESG solutions and a leader in Korea’s net-zero digital intelligent transport systems (ITS).Prior to this initiative, SK C&C launched Click ESG, a comprehensive ESG management platform, and Centero, a carbon credit trading platform, enhancing its ESG offerings.Recycle Ledger operates an ESG platform built on blockchain technology, enabling easier tracking of waste and recycling resources while promoting transparent information sharing. The firm is currently developing a tracking management system for waste cooking oil, specifically tailored for aviation biofuels, a rapidly emerging market sector.Global trendThe US, the EU, and other developed nations are implementing regulations that require sustainability certification for biomaterials and enhancing systems to monitor and manage the collection process of waste cooking oil. This oil can serve as an ingredient for biofuels.This stricter regulatory landscape emerged partly in response to instances of greenwashing, where conventional biofuels are falsely presented as being derived from used cooking oil. Such deceptive practices became prevalent due to the escalating prices of biofuels.Since the adoption of the International Air Transport Association’s (IATA) resolution known as Fly Net Zero in October 2021, which commits airlines to achieve net zero carbon by 2050, many developments have taken place. The EU has imposed a requirement for suppliers to blend at least 2% of sustainable aviation fuel (SAF) into kerosene starting from 2025, planning to boost this to 63% by 2050. The US, meanwhile, aims for 100% SAF use in its aviation fuel demand by 2050.Waste cooking oil trackerIn light of these developments, Recycle Ledger plans to introduce a blockchain-based service that comprehensively tracks and manages the complete life cycle of waste cooking oil, from restaurants to biofuel producers. By utilizing blockchain technology, the company aims to help waste cooking oil exporters obtain sustainability certifications for biomaterials.Recycle Ledger is collaborating with fintech solution provider Woori FIS and electronic payment firm Payup to develop a system that addresses the inconvenience of cash transactions for recyclable resources. Recycle Ledger is also exploring the implementation of a carbon point system for waste cooking oil emissions.Blockchain-based data flow trackingMeanwhile, SK C&C will provide its blockchain mainnet ChainZ as an API to help Recycle Ledger provide its services swiftly and securely.SK C&C’s data tracing API is designed to document information across all data management stages, including data creation, provision, receipt, analysis, and deletion, offering an environment to track data flow.Recycle Ledger CEO Kim Ki-jong said that its platform could enhance the value of recyclable resources and prevent greenwashing by storing transaction data on the blockchain.Choi Chul, the head of the Web3 tech group at SK C&C, touted ChainZ’s benefits, including data security, transparency, and integrity. He highlighted the need for data traceability and transparency within the ESG sector given the multiple stakeholders involved, and affirmed ChainZ’s readiness to satisfy the demand for new ESG services.

Bitcoin records this year’s highest in Korean market, surpassing KRW 60MBitcoin, the world’s largest cryptocurrency, exceeded the KRW 60 million (approximately $45,700) mark in the South Korean market on Wednesday (local time), reaching its highest value of the year.So far today, the nation’s leading crypto exchange, Upbit, saw Bitcoin’s price soaring to a daily peak of KRW 60,642,000. Meanwhile, another major trading platform, Bithumb, observed Bitcoin’s value touching a daily high of KRW 60,775,000.Photo by André François McKenzie on UnsplashHighest since November 2021This is the first time Bitcoin went above the KRW 60 million mark since November 2021. Amid this development, the Kimchi premium, a term indicating the gap in crypto prices between Korean exchanges and their foreign counterparts, has exceeded 4%. According to data from crypto information platform CoinNess, at the time of publication, the average price of Bitcoin on Korean platforms is KRW 59,986,250, while the average price of Bitcoin on foreign platforms is KRW 57,605,406.Ethereum prices are also on the rise. On Upbit, Ethereum reached its highest point of the day at KRW 3,163,000, and on Bithumb, it peaked at KRW 3,162,000.Rate hike halt and Bitcoin halvingThe ongoing surge in Bitcoin’s value is widely believed to be influenced by a halt in global interest rate hikes and the anticipated Bitcoin halving event scheduled for April 2024. Additionally, the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission is seen as another significant factor contributing to the rise in the digital currency’s prices.Meanwhile, the Crypto Fear and Greed Index from software comparison platform Alternative.me currently indicates a sentiment of “Greed” with a score of 72. This index assesses various factors, including volatility, market momentum and volume, social media buzz, market dominance and trends. The scale ranges from 0 to 100, where 0 signifies “Extreme Fear” and 100 represents “Extreme Greed.” Scores nearer to 0 suggest increasing fear among investors, potentially signaling a buying opportunity. On the other hand, scores approaching 100 imply growing greed, hinting at the possibility of a market correction.Korean won as the top fiat trading pairDuring this latest Bitcoin rally, where the cryptocurrency climbed to over 50% of its highest price in almost two years, South Korean crypto traders have played a significant role, Bloomberg reported, citing data from CCData. In November, the South Korean won exceeded the U.S. dollar as the top fiat trading pair in the crypto market for the first time.