UAE’s RAK Properties to accept crypto payments through Hubpay partnership

Matrixport, a Singapore-headquartered digital assets financial services firm, announced the acquisition of Switzerland-based Crypto Finance Asset Management (CFAM), a regulated crypto fund management firm. The acquisition, completed by way of an all-cash deal, signifies Matrixport’s expansion into the European market. The company announced the deal via a blog post published on the Matrixport website on Sept. 30. Photo by Lin Mei on UnsplashCFAM rebrandAs part of the acquisition, CFAM will be rebranded to Matrixport Asset Management AG (MAM), providing institutional-grade crypto investment solutions, while continuing to act as a crypto market infrastructure provider.  CFAM CEO Stijn Vander Straeten stated that the company’s strategy focused on “trading, custody and staking as well as other post-trade services.” He added, “This move allows us to put all our focus on expanding our core services within the digital asset ecosystem in Switzerland, Germany and across the European markets.” CFAM had formed part of the Crypto Finance Group, an entity part-owned by the Deutsche Börse Group. Regulatory complaint acquisitionIn its press release, Matrixport outlined that the acquisition has been completed with regulatory approval having been granted by the Swiss Financial Market Supervisory Authority (FINMA), the Swiss independent financial markets regulator, which supervises banks, insurance companies and financial institutions in Switzerland. CFAM became the first FINMA-approved manager of a crypto fund in Switzerland. Commenting on the acquisition, Matrixport Co-Founder and CEO John Ge, stated: “We are delighted with the establishment of MAM and warmly welcome the team to the Matrixport family. The acquisition enables clients access to the most innovative, compliant crypto asset management products, and aligns with our strategy to further expand services in Europe.” Personnel changesA number of personnel changes have been made as part of the acquisition. Stefan Schwitter has been appointed as CEO of MAM. Schwitter previously held the role of head of asset management at CFAM. The executive claimed that the complementary strengths of Matrixport and CFAM “will add value to the existing and future client base of Matrixport Group on a global level.” Matrixport was established in 2019 and currently holds over $6 billion in assets under management (AUM). Its founders include Jihan Wu, the co-founder of Chinese crypto miner manufacturer Bitmain and Singapore-based crypto cloud mining company Bitdeer. The firm is licensed as a money services business (MSB) in the United States, while also being licensed to trade in Hong Kong as a trust or company service provider (TCSP) and as a money lender. Matrixport offers its accredited investor and institutional clients over-the-counter (OTC) services, prime brokerage services, digital asset custody through qualified custodian Cactus Custody, asset management and access to real-world asset (RWA) tokenization. In September, the company offered tokenized RWA access in the form of XAUm, a gold-backed token, via its subsidiary company, Matrixdock. It emerged earlier this year that Matrixport had been listed on the Global Unicorn Index, a list of companies compiled by the Huron Research Institute, believed to have a valuation in excess of $1 billion while not yet listed on a public exchange.

Global blockchain security ranking platform CertiK announced that its Skyfall research team has been inducted into the Samsung Mobile Security Rewards Program’s 2023 Hall of Fame, according to an article by South Korean news outlet Greenpost Korea on Thursday (KST).Photo by Franck on UnsplashTeamwork excellenceThis Hall of Fame recognizes outstanding security researchers who have made significant contributions each year to the security of Samsung products. CertiK Skyfall’s spot in the ranking highlights the importance of collaborative efforts in solving complex cybersecurity challenges, the company said. Securing the futureThe team was responsible for actively identifying a total of seven vulnerabilities in the Samsung Blockchain Keystore – a software development kit (SDK) developed by Samsung to manage private keys – four of which were critical and three of which were high risk. The vulnerabilities left the SDK susceptible to local attacks, including arbitrary code execution and unauthorized access to sensitive data. In response, Samsung was able to quickly deploy security patches that added appropriate boundary checks and protection mechanisms. Skyfall has formerly been acknowledged twice in Apple's release notes for discovering multiple vulnerabilities in new iOS and iPadOS software releases, the most recent being iOS 17 Security Update. Last June, the team was also awarded the Sui network’s highest bug bounty for discovering and fixing a critical vulnerability. "We are extremely proud of the outstanding performance of the CertiK Skyfall team," said Kang Li, Chief Security Officer at CertiK. "It is a testament to the team's professionalism, integrity and deep impact at the forefront of cybersecurity." CertiK is comprised of a team of seasoned experts from reputable universities including Yale and Columbia University and globally renowned companies like Google and Microsoft. The firm also operates from several offices around the world, including Seoul.

Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South KoreaBlockchain experts from various corners of the industry converged to exchange insights on industrial and technological trends during “Unveiling Prospects in South Korea,” a side event affiliated with Korea Blockchain Week (KBW) 2023. This noteworthy gathering, co-hosted by Sui, Google Cloud, CoinNess, and Bitmain, took place on September 5 at Banyan Tree Club and Spa Seoul.Blockchain compatibility and Web3 adoptionAmong the distinguished speakers at the event, Derik Han, Head of APAC Partnerships at Mysten Labs, the team behind the layer-1 blockchain project SUI, discussed how the SUI project plans to enhance blockchain compatibility through a zero-knowledge (ZK) login feature, similar to single sign-on (SSO). SSO enables users to use a single set of login credentials to gain access to various applications.Han underscored the significance of reducing technical barriers for the widespread adoption of Web3 in our daily lives, and he pointed out that SUI’s ZK login feature would contribute to this goal. Additionally, Han shed light on SUI’s intention to add on-chain features highly favored among Korean gamers.Security tokens and RWAsJo Dong-hyeon, the CEO of Undefined Labs, a developer specializing in on-chain risk rating solutions, emphasized that the Korean decentralized finance (DeFi) market is poised for growth, driven by security tokens and real-world assets (RWAs). He highlighted the significant attention received by the Financial Services Commission’s announcement regarding guidelines for security token offerings (STOs) in February.Jo observed that tokens backed by real-world assets (RWAs) would serve as a bridge between the DeFi space and traditional financial markets, facilitating the development of the former. He also noted that this development would follow the pattern seen in the Korean cryptocurrency market whose liquidity has been supported by young investors.NFT ecosystemsMeanwhile, Kim Min-gu, Head of Web3 Business Development Lab at LG Uplus, a telecom company, expressed their commitment to expanding the Moono NFT ecosystem. This venture, anchored around their octopus character, intends to advance through collaborations with similar NFT projects like Lotte Homeshopping’s pink bear character, Bellygom. Kim highlighted that the company’s primary goal for this year is to make NFTs accessible even to customers who are unfamiliar with cryptocurrencies.Kim further explained that LG Uplus aims to delve into the differences between Web3 NFT communities and their Web2 counterparts. The company’s focus lies in improving the overall usability of its services, without narrowing down its target audience. They are particularly intrigued by the potential of wallets and decentralized applications (dApps) in this pursuit.Banks’ entry into the virtual asset landscapeFollowing this, Leem Min-ho, an analyst at Shinyoung Securities, predicted a strategic expansion by Korean banks, with an emphasis on offering digital asset custody services. This endeavor has been catalyzed by recent developments, including the introduction of security token guidelines in February and the passage of the Virtual Asset User Protection Act in June. These regulatory milestones are gradually shaping a more defined legal framework for virtual assets within South Korea. Leem went on to say that banks, known to favor engaging in business activities within established regulatory boundaries, are poised to concentrate their forthcoming initiatives on approved security tokens, ensuring compliance and adherence to regulatory standards.