Cryptotax secures pre-series A funding from Hashed

Oobit, the mobile crypto payment app based in Singapore, has raised $25 million in a series A funding round with the assistance of leading stablecoin issuer Tether. Funding global expansionThe company aims to broaden its reach across Asia, the Middle East and Latin America, with a strategic focus on bringing its platform to more mainstream users. While the company’s primary markets currently lie within the European Union and the UK, Oobit will be targeting the Asia Pacific (APAC) region and specific jurisdictions such as the United Arab Emirates (UAE), Canada and Australia. This expansion aligns with the company's goal of accelerating the development of a Web3 gateway. The funding round was led by Tether alongside Anatoly Yakovenko, co-founder of Solana Labs. Additionally, Germany’s 468 Capital, a technology investment firm, and Hong Kong-headquartered CMCC Global joined as contributors. CMCC invested through its $100 million Titan Fund, which it established last year to support blockchain startups in the Asian region.Photo by micheile henderson on UnsplashEnabling users to spend cryptoOobit's mobile payment app allows consumers to make purchases using cryptocurrencies, while merchants receive payments in fiat currency. The tap-and-pay feature enhances accessibility, enabling users to pay at any point of sale accepting Visa or MasterCard funds from their Oobit wallet. Furthermore, Oobit facilitates the direct purchase of bitcoin, ether and more than 35 other popular cryptocurrencies within its app. Tether CEO Paolo Ardoino expressed support for Oobit's development, emphasizing a shared vision for driving widespread cryptocurrency adoption globally. Oobit's co-founder and CEO, Amram Adar, highlighted the funding round as a pivotal moment, propelling the company forward in its mission to offer a straightforward way to pay with digital assets worldwide. Introducing non-custodial paymentsThe company plans to extend its capabilities to third-party wallets, transitioning into a non-custodial crypto payments app. This move will allow payments to and from external e-wallets, bridging the gap between Web3 and real-world spending. A company spokeswoman stated via email:"We have several partnerships in the pipeline that will be announced in the coming months," hinting at Oobit's commitment to ongoing collaboration and expansion. Oobit's vision is to empower crypto holders to Tap & Pay at over 100 million retailers globally, accepting Visa and MasterCard. Merchants can seamlessly embrace digital assets as a form of payment, and customers can conveniently use their digital assets for transactions. Future updates to Oobit will enable customers to make crypto payments, ensuring merchants receive fiat currency in return, mirroring the simplicity of credit card transactions. The native cryptocurrency of Oobit is the OBT token through which the platform rewards its growing community and ecosystem. The token is used for transaction fees and payments. The OBT token is currently trading at $0.0992, according to CoinMarketCap data. With the backing of industry leaders and a user-centric focus, Oobit is attempting to position itself to make significant strides in its mission to facilitate frictionless transactions and promote the adoption of cryptocurrencies on a global scale.

The Securities and Exchange Commission (SEC) in Thailand has made a significant adjustment to the rules governing digital token investments. The SEC has decided to eliminate the investment ceiling previously imposed on retail investors participating in initial coin offerings (ICOs) tied to real estate and infrastructure.Photo by Colton Duke on UnsplashFostering digital economy growth and developmentThe announcement, specifying the revised criteria, was officially published in the Royal Gazette, with the measure taking effect on Tuesday. This move allows retail investors greater access to ICOs involving tokens backed by real estate or linked to real estate revenues. The SEC emphasized that, in addition to ensuring appropriate investor protection, its role extends to encouraging the utilization of technology and innovation in fundraising. The objective is to foster sustainable growth in the capital market and support the development of the digital economy. Prior to this adjustment, retail investors faced a restriction of a 300,000 baht ($8,450) investment limit per offering concerning digital tokens backed by infrastructure or real estate. The SEC's decision to remove this limitation aligns with the goal of managing product risks effectively while promoting a more inclusive environment for retail investors in the realm of digital token investments. Facilitating custodial walletsFurthermore, the SEC is currently undertaking a review of criteria to facilitate the establishment of custodial wallet provider businesses for digital asset operators with common major shareholders. This initiative aims to enhance the regulatory framework and provide guidelines for businesses involved in digital asset storage. Custodial wallets will be permitted in Thailand if operated by publicly traded companies with experience in digital asset storage. All Thai citizens will have a touch point with digital wallets shortly under a government program, a $14 billion digital handout scheme, which has been approved to distribute digital currency to the public through digital wallets. DASP approvalsAs part of its supervisory role, the SEC will also be responsible for granting permissions to digital asset service providers (DASPs) to expand into new business lines. Digital asset operators seeking to diversify their operations are required to obtain approval from the SEC before proceeding. This measure is intended to ensure the effective oversight of such businesses and maintain the credibility of the digital asset industry by preventing illegal operations. It’s likely no coincidence that tokenized real estate is being embraced in Thailand, given the background of Thailand’s recently installed Prime Minister, Srettha Thavisin. In 2021, Thavisin’s company played a role in funding crypto-friendly investment management firm XSpring Capital to the tune of $225 million. His firm also introduced a real estate-backed ICO in conjunction with XSpring. While Thailand’s SEC is moving forward with tokenized real estate, it doesn’t feel the same way about exchange-traded funds (ETFs). In the wake of the recent approval of spot bitcoin ETFs in the United States, the Thai SEC responded by stating that it currently has no plans to allow asset managers to launch similar products within the Thai market. 

Dunamu reports Q3 slump amid interest rate hikes and economic slowdownDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, posted a lackluster performance in this year’s Q3 due to a decrease in trading volume caused by ongoing interest rate hikes and an economic downturn.Photo by Алекс Арцибашев on UnsplashLagging performanceAccording to the Financial Supervisory Service (FSS), Dunamu’s consolidated operating revenue in Q3 was KRW 193 billion (approximately $150 million), marking a 29% decrease from the same period a year earlier (KRW 271.9 billion). Operating income came in at KRW 101.8 billion, and net profit was KRW 29.5 billion, down 39.6% and 81.6% from the same period last year, respectively.This underwhelming financial performance reflects the sluggish crypto market amid the nation’s economic downturn and the U.S. Federal Reserve’s interest rate hikes. The decrease in the exchange’s net profit in particular can be attributed to a loss in the valuation of crypto assets due to crypto price declines compared to the previous quarter.Positive outlookHowever, with the expected approval of the spot bitcoin exchange-traded fund (ETF) next year and the next Bitcoin halving, the market outlook is expected to improve gradually. Despite the current market conditions, Dunamu plans to continuously promote the mainstream adoption of blockchain services and explore new business ventures.“We will make efforts to revitalize the blockchain ecosystem and create an advanced investment environment,” Dunamu said. “We will strive to offer innovative services building on our unique technological capabilities.”