Wemade Reports Loss of $30.6M Despite All-Time High Quarterly Revenue

Koscom Adds Crypto Market Data to Investment Data Platform CHECK Expert+South Korean financial IT company Koscom Corp. said Wednesday that it has started offering market data for virtual assets on its investment analysis information terminal service, CHECK Expert+. CHECK Expert+ provides a variety of information and news on foreign exchanges, bonds, overseas markets, and more to professional investors.Photo by Sajad Nori on UnsplashCross-platform data collectionStarting last month, Koscom has been combining the market price information of virtual assets that are scattered across the websites of four major domestic and foreign virtual asset exchanges into one platform on CHECK Expert+. By doing so, investors can now easily compare the current prices of different assets traded on multiple platforms.Cryptos compared with other assetsThrough the terminal, investors can also compare the performance of the popular cryptocurrency Bitcoin with other assets across exchanges such as KOSPI, KOSDAQ, S&P500, NASDAQ, and the US 10-Year Treasuries. This feature allows for more intuitive and straightforward performance comparisons.Given the fact that prices of the same asset can vary depending on the exchange, this service can provide investors with a broader perspective and allow them to make more informed decisions, Koscom said.“This is our first step into virtual asset-related market data services. Leveraging our experience in operating CHECK Expert+ and our expertise in processing capital market data, we aim to provide valuable investment information in the virtual asset market to our users,” said Hwang Sun-jeong, the Executive Director of Koscom.This move by Koscom reflects the growing interest and relevance of the virtual asset market in Korea, and CHECK Expert+ is expected to provide investors with valuable insights in the midst of a rapidly evolving financial landscape.

Haru Invest Announces Withdrawal & Deposit PauseHaru Invest, a crypto yield platform founded in South Korea and headquartered in Singapore, has announced the suspension of deposits and withdrawals on Tuesday, citing concerns over the accuracy of information provided by one of its service partners.Photo by Muhammad Zaqy Al Fattah on UnsplashInternal investigationIn a statement, the company expressed its apologies to investors and customers, assuring them that the suspension was a necessary measure taken to protect their interests. In another blog post, the company stated: “For the purpose of protecting our users’ assets under our custody, we have come to make a tough decision that any deposit and withdrawal requests will be suspended until further notice, starting from June 13, 2023, at 0:40 UTC.”Following an internal inspection process, Haru Invest conducted a thorough investigation into the matter and concluded that immediate action was required. The company stated that it is currently engaged in a fact-finding process against the operator in question and intends to take the necessary measures to address the situation.“Rug pull” denialHaru Invest emphasized that this issue does not involve a “rug pull,” a term commonly associated with scams in the cryptocurrency space. The company assured its stakeholders that it remains committed to protecting its investors and is actively working towards a resolution.Earlier reports suggested that Haru Invest employees were working remotely and that the company’s offices had closed. However, Haru Invest clarified that certain media articles contained inaccurate information regarding these claims. The company expressed regret over the misinformation and emphasized the importance of factual accuracy in reporting.According to Haru Invest’s website, the platform boasts a significant user base of over 80,000 members. It has facilitated crypto-earn payouts totaling 9.8 million and processed a staggering $2.27 billion in transactions. Haru Invest aims to provide an annual yield of 12% on most of its earn products, offering investors an attractive opportunity in the crypto space.Haru MiningIn September of the previous year, Haru Invest successfully raised $4 million in funding, valuing the company at $284 million. This achievement demonstrates the confidence investors had in the platform and its potential for growth.As recently as last month nothing looked untoward when it emerged that the company had launched Haru Mining, a collaboration with Canadian crypto miner, Pow.re. In a press release at the time, the firm explained that the move would help to diversify its products, with mining always having been an area of interest for the company.In the same month, Haru had announced an integration with Mercuryo, a London-based digital asset management platform.As Haru Invest continues to address the concerns raised by the investigation, investors and customers await further updates regarding the resumption of normal operations. The company has promised that “more details will be shortly announced on the Haru Invest Blog as soon as we get to the bottom of this.”

Korean Government Explores Methods for Reporting Statistics on CryptoLee Hyoung-il, the head of South Korea’s national statistics agency, Statistics Korea (KOSTAT), said that the organization is currently exploring methods for reporting national statistics related to virtual assets. His comments came during an audit hearing held Thursday (local time) by the Strategy and Finance Committee of the National Assembly.Photo by Алекс Арцибашев on UnsplashCryptocurrency surveysKOSTAT initiated its study into cryptocurrencies in 2022 and subsequently conducted a second survey in April this year to better understand the distribution of cryptocurrency holdings among the Korean population.Commissioner Lee emphasized the importance of enhancing the linkage and utilization of statistical data. He mentioned that the agency would combine statistical registration records with private credit information to conduct in-depth analysis of the characteristics of household debt for all households.Supporting national and municipal policiesLee also stated that KOSTAT is dedicated to creating statistical data to support policies at both the national and municipal levels. Specifically, the agency intends to formulate statistics to assess social mobility and to conduct a survey on the costs of educating young children next year.