Seoul Labs to build layer 2 blockchain mainnet using SASEUL

Remixpoint, a publicly listed Japanese company that develops and sells energy management systems, is adding 500 million yen, around $3.2 million, in Bitcoin to its corporate treasury.Photo by Traxer on UnsplashBitcoin buying motivationsThe firm outlined details of the planned purchase in a statement published on Nov. 25, following a meeting of the firm’s board of directors. Remixpoint justified its decision to purchase Bitcoin in light of widespread uptake by institutional investors of spot Bitcoin exchange-traded funds (ETFs) which were launched in the United States in January. It suggested that there had been an uptick in holdings of the leading digital asset by corporations. Remixpoint cited the increase in the Bitcoin unit price since the Bitcoin halving event earlier this year, together with a positive outlook for the asset following a presidential election victory by Donald Trump in the U.S., as motives for the company to come to the decision to purchase Bitcoin. However, this is not its first crypto purchase. The company first started to buy Bitcoin, as well as five other cryptocurrencies, in September, suggesting at the time that digital assets provided the company with a mechanism to diversify its holdings at a time when the value and buying power of the Japanese yen had been weakening.  Including its latest announcement, Remixpoint has worked up total crypto investments to the value of 3.5 billion yen. According to Japanese crypto media publication Coinpost, on Nov. 20 the company held 215.76 Bitcoin (BTC), 9,674 Solana (SOL) and 228 Ether (ETH), with the remainder of its crypto portfolio consisting of Avalanche (AVAX), Dogecoin (DOGE) and Ripple (XRP). Unrealized gainsThe company is understood to be sitting on unrealized gains of approximately 810 million yen, given that Bitcoin has appreciated in value by around 68% since the beginning of September, with all other cryptocurrencies within Remixpoint’s portfolio having experienced unit price increases during that period also.  In its latest statement, the company advised that while gains and losses related to its crypto portfolio had not been included within its latest consolidated earnings forecast, it will disclose any significant crypto gain or loss in the future if its deemed to have had a significant impact upon consolidated results. Bitcoin corporate treasury adoptionThe Japanese energy management firm has taken its place in a growing list of corporations that have put Bitcoin on their balance sheets in recent weeks. Earlier this week, it emerged that North American video streaming and cloud platform Rumble had made plans to allocate $20 million in excess cash reserves to the acquisition of Bitcoin. The following day, Jiva Technologies, a Canadian Securities Exchange (CSX)-listed online wellness community builder, approved a $1 million Bitcoin purchase for its treasury. Last week U.S. e-commerce platform LQR House approved the purchase of $1 million in Bitcoin as part of its treasury management strategy. Furthermore, the company committed to retaining up to $10 million in Bitcoin from crypto payments received via its CWSpirits.com platform. In the same week, AI-powered education company Genius Group established a Bitcoin treasury, acquiring 110 Bitcoin. In the same week, Cosmos Health, a Nasdaq-listed pharmaceutical company, announced that it was adding Bitcoin and Ethereum to its balance sheet as hedges against inflation and as a diversification mechanism.

LINE Xenesis and Crypto.com Unite Efforts to Explore Global Blockchain Business OpportunitiesLINE Xenesis, a blockchain developer of Tokyo-based messaging app giant LINE Corporation, has signed a memorandum of understanding (MOU) with Singapore-based cryptocurrency exchange Crypto.com to explore new global business opportunities in the blockchain industry.With the establishment of LINE Blockchain Lab in April 2018, LINE Corporation has conducted research and development on blockchain-based decentralized applications (dApps), peer-to-peer networking systems, and cryptographic techniques. Thanks to this endeavor, LINE not only developed the Finschia blockchain and its native token FNSA, but also launched crypto exchange LINE Bitmax and non-fungible token marketplace LINE NFT.Photo by Shubham Dhage on UnsplashSynergistic goalsThrough this partnership, the two entities will bring together their respective expertise to advance and innovate crypto-related business solutions in Asia and beyond. They will collaborate to increase the liquidity of LINE Bitmax, strengthen crypto payment functions, and promote NFT initiatives.Founded in 2016, Crypto.com has been expanding its services worldwide. In a recent interview, Patrick Yoon, General Manager of Crypto.com Korea, shared the company’s plan to launch its services in South Korea this year. Thus far, Crypto.com has achieved virtual asset service provider registration from the Bank of Spain and secured a major payment institution (MPI) license from the Monetary Authority of Singapore. Meanwhile, despite global progress, the company ceased its institutional offering in the United States last month due to insufficient demand.Asia and beyondCommenting on this agreement, LINE Xenesis CEO Lim Inkyu said, “LINE Xenesis is exploring various ways to collaborate with the world’s leading companies in the virtual asset industry. We are excited to see the synergies created by our partnership with Crypto.com, which has more than 80 million enthusiastic users worldwide, with LINE Xenesis’ blockchain business in Japan. Starting with this collaboration in the Japanese market, we hope to work towards new business opportunities globally based on the technology and knowledge of our two companies.”Crypto.com CEO Eric Anziani echoed this sentiment, saying, “We are excited to partner with such an established and innovative brand in the APAC market and a leader in blockchain technology development in Japan. Enabling real-world utility is critical to our mission of mainstreaming crypto. Through our collaboration with LINE Xenesis, we will facilitate this utility by leveraging our respective expertise with a highly tech savvy base throughout the APAC region.”

The U.S. Department of Justice has filed a civil complaint to seize roughly 127,271 Bitcoin linked to an alleged fraud scheme tied to Prince Group, a multinational conglomerate based in Cambodia. That’s according to a press release from the U.S. Attorney’s Office for the Eastern District of New York. The digital assets are currently valued at approximately $14.18 billion and are now in the custody of the U.S. government. Prince Group chairman Chen Zhi, now indicted by U.S. authorities, has been named as the mastermind behind the operation. FBI Assistant Director in Charge Christopher Raia said Chen oversaw an international crypto investment scam connected to a labor trafficking network that defrauded thousands of victims worldwide.Photo by Kanchanara on UnsplashOperations across 30 nationsSince 2015, Chen Zhi has headed the Prince Group, which operates in more than 30 countries. Under his direction, the group allegedly established scam compounds across Cambodia that promoted fraudulent crypto investment scams. The operations targeted victims through social media and messaging platforms with false promises of high returns. According to the allegations, funds were stolen and laundered rather than invested, and perpetrators often built trust over time before carrying out the fraud. Authorities in Vietnam have uncovered a comparable case that did not involve the seizure of cryptocurrency. According to Tech in Asia, Hanoi police confiscated assets worth $34 million from Nguyen Hoa Binh, chairman of the tech company NextTech. The seized property includes 597 gold bars, deeds to 18 properties, and two vehicles. Investigators allege that Binh and nine associates raised funds for the AntEx cryptocurrency project by selling 33.2 billion tokens to 30,000 investors in 2021, collecting around $4.5 million. The defendants are said to have taken part in fraudulent appropriation of assets and accounting violations. Tepid business climate in VietnamThese incidents come as Vietnam’s government works to define its stance on digital assets. According to a Cointelegraph report published earlier this month, the Vietnamese Ministry of Finance said that since the announcement of the country’s five-year digital asset trading pilot plan, no companies have applied to participate. Sharing this update, the vice minister of finance expressed hope that this pilot would launch before 2026. The report points to strict requirements as a likely reason for hesitation. Licensed crypto asset service providers must hold at least 10 trillion dong, about $379 million, in capital. They are also required to back all digital assets with real and tangible assets only, and the framework explicitly prohibits using fiat currencies or securities as backing. These rules leave few options that would attract retail or institutional investors. Gemini eyes Southeast Asia as adoption growsMeanwhile, global firms continue to look to Southeast Asia as activity increases. Dow Jones Newswires reported that Gemini, the American crypto platform founded by the Winklevoss brothers, plans to expand its footprint across the region. In an interview, Saad Ahmed, Gemini’s head of Asia Pacific (APAC), said the company was strengthening its regional operations. A Chainalysis study provides context, showing that the APAC region recorded the fastest growth in on-chain activity compared to other markets in the 12 months ended June. The region saw total crypto transactions rise to $2.36 trillion from $1.4 trillion a year earlier. Although Ahmed did not share investment figures, he said Gemini’s Singapore headquarters has grown to about 65 employees, up from 15 in the final quarter of 2023. He added that the expansion reflects the company’s view of Singapore as a key base for its operations in Asia and globally. Recent criminal discoveries and tightening regulations reveal how Southeast Asia’s crypto scene remains nascent. Governments are stepping up enforcement and shaping new frameworks even as global firms expand across the region, motivated by growing adoption. How policymakers and market players respond to these early tests will define the next phase of digital asset growth in Asia.