Komainu Secures FCA Approval in Boost For Crypto Custody in the UK

Galaxia Metaverse and ZIKTALK to Expand Blockchain and Web3 InitiativesSouth Korean blockchain company Galaxia Metaverse said Friday it has signed a memorandum of understanding (MOU) with the Web3 social media platform ZIKTALK. The two companies plan to collaborate for the expansion of and boosted connectivity between Galaxia’s blockchain wallet and ZIKTALK’s social media services.Photo by GuerrillaBuzz on UnsplashEncouraging engagementZIKTALK is a Web3 short-form video platform that rewards users based on their activities in the app. Video creators and viewers can receive ZIK tokens as rewards for watching or sharing videos, inviting friends, gaining followers, leaving comments, and more. Currently, the platform has around 1.4 million users primarily in Southeast Asian countries such as the Philippines, Indonesia, and Vietnam.Galaxia Metaverse’s main service, Galaxia Wallet (GXA Wallet), is a digital blockchain wallet that supports major mainnets such as Ethereum, Binance, Polygon, and Klaytn. Its utility token Galaxia (GXA), which can be stored in the Wallet, is rewarded through staking and can be used for purchasing NFTs. Wallet holders can also receive rewards when they use MetaGalaxia, a curation-based NFT marketplace, and acquire GXA when they use a coffee delivery application created by WeMakePrice O, the food delivery platform of e-commerce firm WeMakePrice.Together, Galaxia and ZIKTALK aim to expand their blockchain ecosystems to allow users to utilize their wallets and tokens in a safer and more convenient manner. This includes implementing more services such as token registration and wallet connection so that ZIKTALK users can use Galaxia Wallet more efficiently.“The majority of ZIKTALK users, which mainly consists of young people in their 20s and 30s who enjoy short-form content, represent the demographic that would benefit most from using Galaxia Wallet,” Galaxia said in a statement.Global growth and partnershipsMeanwhile, Galaxia has been actively expanding its blockchain ecosystem this year both domestically and internationally, collaborating with industry leaders such as Korean online marketplace Coupang and Singaporean blockchain-based mobility enterprise MVL Foundation.

KDIC Seizes Crypto from Debtors Linked to Losses at Financial FirmsDuring the first half of this year, the Korea Deposit Insurance Corporation (KDIC) tracked the cryptocurrency holdings of 1,075 individuals and debtors responsible for causing losses at financial entities, including savings banks, according to documents obtained by local news outlet Herald Economy, from the office of lawmaker Kim Han-kyu, a member of the National Assembly’s National Policy Committee. From this scrutiny, KDIC identified 29 wrongful cases and proceeded to confiscate cryptocurrencies in 16 of those instances.KDIC is a semi-state body that has been instrumental in tracing and recovering assets from culpable employees at troubled financial firms and debtors in arrears. Meanwhile, methods for hiding wealth have become more sophisticated, typically unfolding behind the curtain.Photo by Georg Bommeli on UnsplashFirst crypto seizureOut of these individuals, 900 had taken out loans of at least KRW 3 billion ($2.2 million) from beleaguered financial institutions, while the remaining 175 were employees of these institutions, held responsible for their failures. This occasion represents the KDIC’s first seizure of virtual assets.Until recently, the KDIC struggled to reclaim hidden assets funneled into cryptocurrency exchanges, given their limited authority to seek documentation. KDIC’s purview mainly extended to requesting information from public institutions, banks, insurance companies, and securities firms. However, KDIC has now found a way to seize crypto assets by investigating the bank accounts linked to these exchanges. In Korea, crypto exchanges facilitating Korean won trades are legally mandated to secure real-name accounts from banks.Call for expanding KDIC’s authorityGiven the evidence of using cryptocurrencies to conceal wealth, many suggest that amendments to the Depositor Protection Act are necessary, enabling KDIC to directly request relevant data from exchanges and recover more hidden assets effectively.Furthermore in August KDIC secured a court order allowing them to liquidate these assets. Following this successful confiscation, the debtors’ cryptocurrencies have been frozen in their wallets, rendering them unresponsive to any market shifts. Discussions are now underway regarding the method of liquidating the debtors’ cryptocurrencies at market value on exchanges. This includes deliberations on whether KDIC will assume ownership of the cryptocurrencies and directly proceed with their sale.In a chat with Herald Economy, Lawmaker Kim emphasized the need for KDIC to have the authority to access information from virtual asset service providers. This would enable them to more effectively retrieve assets from responsible debtors. Kim further stated that such steps would enhance both the efficiency of debt collection and overall market fairness.

Amberdata Expands into Asia-Pacific with New Hong Kong OfficeAmberdata, a provider of digital asset data and analytics for institutional customers, is making significant strides in expanding its presence with the announcement of a new office in Hong Kong, marking its entry into the Asia-Pacific (APAC) region.Photo by Pixabay on PexelsMarket data offeringThe company published a press release on Tuesday, providing details on the milestone. The strategically positioned Hong Kong office will provide local sales and support to APAC customers, granting them access to Amberdata’s suite of products. These offerings include extensive on-chain, DeFi, spot, and derivatives market data, along with valuable market intelligence.Tongtong Gong, the COO and Co-Founder of Amberdata of the US-based firm, will spearhead the company’s operations in the region. Gong, expressing her excitement about returning to her home country, shared her aspirations to contribute to the growth of Amberdata’s presence in Asia.She highlighted the burgeoning development of Web3 in Hong Kong, which benefits from a clear regulatory environment and strong government support, making it an exceptional location for the new office.Industry trends eastwardsThe expansion into APAC by Amberdata aligns with the global trend of accelerating institutional adoption of cryptocurrencies and digital assets. By addressing the increasing demand for institutional-grade data infrastructure and analytics, Amberdata is positioned to serve as a crucial partner to financial institutions.The company’s foray into APAC is yet another demonstration of a trend among US-based digital assets companies to establish themselves in the east, where the regulatory environment is developing in a much more progressive, forward thinking way by comparison with the United States.Shawn Douglass, the CEO of Amberdata, said that the move was with a view towards expanding its presence in Asia, “to deliver the highest quality digital asset data and analytics to institutional investors in the region.”Hong Kong’s crypto credentialsHe emphasized the growing prominence of Hong Kong as one of Asia’s leading crypto hubs and highlighted the city’s suitability as the location for their new office. The establishment of a local office enables the company to effect a more direct sales and support pipeline to both new and existing customers within APAC.Amberdata holds a paramount position as the leading provider of digital asset data. Their comprehensive insights into blockchain networks, crypto markets, and decentralized finance seek to empower financial institutions with invaluable data for research, trading, risk assessment, analytics, reporting, and compliance.Also on Tuesday, the company added new product features. Taking to Twitter, Amberdata outlined the addition of derivatives data relative to a well-known trading and futures options platform, the Chicago Mercantile Exchange (CME). Service users are also now being given complete visibility on externally owned accounts and wallets within lending and borrowing protocols.As financial institutions increasingly enter the digital asset class and participate in digital asset markets, Amberdata’s robust infrastructure is being positioned as a vital component, enabling them to make informed decisions and navigate the dynamic landscape effectively.