Incheon Empowers Korean Blockchain Startups with Binance and Undefined Labs as Accelerator…

Singaporean crypto wallet provider SafePal has announced a strategic investment in Swiss bank Fiat24, together with the launch of a number of financial services. The partnership is a significant milestone in bridging the gap between the crypto world and real-world financial utilities.Photo by Henrique Ferreira on UnsplashVisa card and in-app bankingThe company outlined in a blog post on March 7 that the centerpiece of this collaboration is the introduction of a crypto-focused Visa card and in-app banking services, both designed to streamline the integration of digital assets into everyday transactions. The default deposit currency for these services is the dollar-pegged stablecoin USD Coin (USDC), providing users with a stable foundation for their financial activities. Through the SafePal mobile wallet app, users can convert their cryptocurrency holdings into USDC via Ethereum layer two scaling network Arbitrum, making for an efficient and reliable process. Once converted, the USDC can be stored in multiple fiat currencies, including USD, EUR and CHF, enabling seamless utilization in various transactions and expenses. Enabling Swiss bank account accessOne of the standout aspects of this initiative is the opportunity for users to establish individually owned, fully compliant bank accounts directly within the SafePal mobile wallet app. By completing the necessary know-your-customer (KYC) and onboarding procedures through Fiat24. Opening such bank accounts will be free, with no account creation or annual management fees being applied. However, transfer and deposit fees will be applied starting from a base rate of 0.6%. The project believes that the integration of NFT technology on Arbitrum will ensure the security and transparency of all related transactions. Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing the accessibility challenges faced by crypto users in a communication with CoinDesk. She highlighted the significance of providing a crypto-friendly banking experience that eliminates the hurdles imposed by traditional financial institutions. Additional payment platform partnershipsIn addition to the crypto Visa cards, SafePal has forged partnerships with leading payment platforms such as Paypal, Google Pay, Apple Pay and Samsung Pay, expanding the usability and convenience of its services. While the Visa card will initially be available in select European regions, plans are underway for its gradual expansion across the continent. Similarly, the in-app banking gateway will cater to users outside the United States and in non-U.S. sanctioned countries, fostering greater accessibility on a global scale. Working towards market growth through a partnership strategy is a route that SafePal has taken in the past. In May 2023 the company attempted to make further inroads into the Korean market by partnering with South Korean enterprise blockchain project Klaytn. In that instance, the wallet provider added support for digital assets that run on the Klaytn network via its mobile app, hardware wallet and browser extension-based wallet. In light of these developments, SafePal's SFP tokens have experienced a modest increase in value. At the time of writing, the token unit price stood at $0.8026, representing a 4.62% increase over the course of the past 24 hours.  

eToro, M2 secure licenses bolstering UAE crypto developmenteToro, the retail and social trading platform, has successfully secured a coveted license from the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE). Additionally, virtual asset firm M2 has become a fully regulated Multilateral Trading Facility (MTF) and custodian through the ADGM.Photo by Mitul Grover on UnsplasheToro global expansionIn eToro’s case, the Financial Services Permission (FSP) license empowers it to operate as a broker in securities, derivatives and crypto assets within the UAE. The firm announced its regulatory success on Monday, the first day of Abu Dhabi Finance Week.eToro’s foray into the UAE market is part of its broader global expansion plan. With an eye on the potential of the UAE’s investor base, eToro seeks to extend its business beyond just providing trading opportunities. The company is committed to fostering financial education and encouraging community engagement among its users in the region.The latest issuance of a full license by the ADGM is the culmination of an initial in-principle authorization obtained over a year ago, showcasing a deliberate approach to regulatory compliance. eToro Founder and CEO Yoni Assia commented on the development in a press release, stating:“The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.”M2 primed to onboard retail and institutional clientsSimultaneously, cryptocurrency exchange M2 has also been recognized by the ADGM, earning the status of a fully regulated Multilateral Trading Facility and custodian. M2 is now permitted by this license to serve both retail and institutional clients in the UAE, offering services such as crypto custody, UAE dirham-based Bitcoin and Ethereum trading and on/off-ramp services for the dirham (AED).Stefan Kimmel, CEO of M2, considers the timing of this license as particularly advantageous, coinciding with a renewed positive sentiment among investors. M2’s range of services in the UAE market is designed for diverse client groups, addressing the needs of both retail and institutional investors.Official platform launchIn rolling out its service offering in Abu Dhabi, the trading and custodial services platform has partnered with Abu Dhabi Commercial Bank (ADCB). Commencing this week, both retail and institutional clients within the UAE can now register on the M2 platform.The firm will offer custody and trading of digital assets while also extending yield-bearing products of up to 10.5% on BTC and ETH.The strategic geographical location, business-friendly environment and forward-thinking regulatory approach make the UAE an attractive destination for international crypto players seeking operational licenses. Earlier this month, the ADGM’s registration authority introduced comprehensive regulations, particularly focusing on Web3 organizations. The regulatory framework has focused in particular on distributed ledger technology (DLT)-oriented foundations and decentralized autonomous organizations (DAOs).The successful acquisition of ADGM licenses by eToro and M2 marks a significant milestone for both entities. As these platforms introduce their innovative services to the region, the UAE is poised to play a central role in shaping the future of cryptocurrency.

DeSpread, a Korea-based consulting firm specializing in Web3 and blockchain, announced today its partnership with Arbiturm, a Layer 2 network built on the Ethereum blockchain. This news was reported by local media outlet Etoday. Through the partnership, DeSpread aims to create an ecosystem for Arbitrum developers, seek collaboration with Korean enterprises and attract more onchain users. Photo by Sigmund on UnsplashArbitrum is one of the largest Layer-2 blockchains operating on the Layer-1 Ethereum network, designed to address the scalability issue of the ETH network. DefiLlama, a DeFi total value locked (TVL) aggregator, shows that Arbitrum has the fourth largest TVL among all chain networks, and the largest TVL among ETH-based Layer 2 networks. To foster Arbitrum-based services, DeSpread plans to distribute research content and development guides to Korean developers in an effort to bring down the language and cultural barriers when working with Arbitrum. Regular events featuring Arbitrum experts are also in store, set to be held both online and in-person formats. These efforts are intended to help companies seeking to adopt blockchain technologies collaborate with Arbitrum.   Forging an ecosystem within the Korean ETH communityJeff Kim, Head of operation at DeSpread, expressed his excitement about the partnership with Arbitrum, saying that Arbitrum is the network showing the strongest performance among all Layer 2 solutions on the ETH network. He added that Despread plans to support Arbitrum so that it can create its ecosystem within the Korean Ethereum community and raise its brand awareness. Nina Rong, Head of Ecosystem Development at Arbitrum, stated that Arbitrum has long been keeping an eye on Korea’s blockchain ecosystem. The partnership will help Arbitrum strengthen its position in the Korean market and shape a developer-friendly environment for individuals and businesses, she said.