Bitfinex Forges Strategic Partnership with Zodia Custody

Korean Firms Team Up to Boost Biofuel Use Through Blockchain TechSouth Korean tech service provider SK C&C announced on Thursday that it inked an agreement with Recycle Ledger, a company that operates a service for tracking transactions related to recycling resources. Through this collaboration, the two firms aim to employ ChainZ, SK C&C’s blockchain application programming interface (API) platform, to track the journey of waste cooking oil.Photo by Sigmund on UnsplashBroadening ESG operationsThis deal allows SK C&C to broaden its environmental, social, and governance (ESG) operations into the waste management sector through blockchain tech, strengthening its position as a prominent provider of ESG solutions and a leader in Korea’s net-zero digital intelligent transport systems (ITS).Prior to this initiative, SK C&C launched Click ESG, a comprehensive ESG management platform, and Centero, a carbon credit trading platform, enhancing its ESG offerings.Recycle Ledger operates an ESG platform built on blockchain technology, enabling easier tracking of waste and recycling resources while promoting transparent information sharing. The firm is currently developing a tracking management system for waste cooking oil, specifically tailored for aviation biofuels, a rapidly emerging market sector.Global trendThe US, the EU, and other developed nations are implementing regulations that require sustainability certification for biomaterials and enhancing systems to monitor and manage the collection process of waste cooking oil. This oil can serve as an ingredient for biofuels.This stricter regulatory landscape emerged partly in response to instances of greenwashing, where conventional biofuels are falsely presented as being derived from used cooking oil. Such deceptive practices became prevalent due to the escalating prices of biofuels.Since the adoption of the International Air Transport Association’s (IATA) resolution known as Fly Net Zero in October 2021, which commits airlines to achieve net zero carbon by 2050, many developments have taken place. The EU has imposed a requirement for suppliers to blend at least 2% of sustainable aviation fuel (SAF) into kerosene starting from 2025, planning to boost this to 63% by 2050. The US, meanwhile, aims for 100% SAF use in its aviation fuel demand by 2050.Waste cooking oil trackerIn light of these developments, Recycle Ledger plans to introduce a blockchain-based service that comprehensively tracks and manages the complete life cycle of waste cooking oil, from restaurants to biofuel producers. By utilizing blockchain technology, the company aims to help waste cooking oil exporters obtain sustainability certifications for biomaterials.Recycle Ledger is collaborating with fintech solution provider Woori FIS and electronic payment firm Payup to develop a system that addresses the inconvenience of cash transactions for recyclable resources. Recycle Ledger is also exploring the implementation of a carbon point system for waste cooking oil emissions.Blockchain-based data flow trackingMeanwhile, SK C&C will provide its blockchain mainnet ChainZ as an API to help Recycle Ledger provide its services swiftly and securely.SK C&C’s data tracing API is designed to document information across all data management stages, including data creation, provision, receipt, analysis, and deletion, offering an environment to track data flow.Recycle Ledger CEO Kim Ki-jong said that its platform could enhance the value of recyclable resources and prevent greenwashing by storing transaction data on the blockchain.Choi Chul, the head of the Web3 tech group at SK C&C, touted ChainZ’s benefits, including data security, transparency, and integrity. He highlighted the need for data traceability and transparency within the ESG sector given the multiple stakeholders involved, and affirmed ChainZ’s readiness to satisfy the demand for new ESG services.

Huobi Falls Foul of Malaysian RegulatorMalaysia’s Securities Commission, the regulator responsible for investor protection and market integrity in the South East Asian country, has closed down the Malaysian operations of Seychelles-headquartered global crypto exchange Huobi.Photo by Zukiman Mohamad on PexelsThe regulator announced the shutdown via a press release published to its website on Monday. The Commission outlined that it has taken action against both the exchange, Huobi Global Limited, and its CEO Leon Li. It cites “operating illegally in Malaysia,” given that it was operating as an unregistered digital asset exchange (DAX) as the rationale for the decision.With the enforcement action has come an order to Huobi from the regulator to “cease circulating, publishing or sending any advertisements, whether in email or on social media platforms, to Malaysian investors, and to stop its operations in the country, including to disable its website and mobile application on several platforms such as Apple Store, Google Play and any other digital application platform.”Compliance concernsThe Securities Commission is putting the onus on the Huobi Global CEO to ensure that this order is complied with. The regulator said that it had concerns about the platform’s compliance with local regulatory requirements. It further outlined that it is an offense in Malaysia to operate a DAX without having completed registration with the Commission as a Recognized Market Operator (RMO) under Section 7 (1) of the Capital Markets and Services Act 2007.The Malaysian regulator also took the opportunity to warn citizens that they should only seek to trade on platforms that are registered RMOs and that for right now, those that have funds on the Huobi platform should withdraw their assets and cease trading on the platform.Expected newsHuobi doesn’t seem to have made an official statement relative to the Malaysian Security Commission’s decision via its official media channels. However, it did provide the following response to CoinTelegraph on Monday:“In response to recent reports, we would like to clarify that the situation outlined pertains to the previous Huobi entity and former shareholders. This is not associated with the current Huobi platform, which adheres to strict regulatory compliance globally.”Taking that response at face value, the company doesn’t seem to be particularly bothered about the enforcement action. It seems as if Huobi were already prepared for this eventuality, by starting a new corporate entity from scratch.In August 2022, the Malaysian regulator issued Huobi Global with a lesser enforcement action by adding the company to its investor alert list. It chastised the firm for operating without regulatory approval.Malaysia hasn’t been a hotbed of activity where crypto and digital assets have been concerned and certainly doesn’t compare with Asian centers like Hong Kong and Singapore who are actively chasing crypto business. However, in March of last year, the country’s Deputy Minister of Communications and Multimedia, Zahidi Zainul, said that the Southeast Asian country should recognize crypto assets like Bitcoin as legal tender.In 2021, Malaysia’s central bank joined a Bank of International Settlements (BIS)-led trial to explore the proof of concept of a central bank digital currency (CBDC), in order to enhance technical and policy capabilities should there ever be a need to issue one.

Gumi joins XPLA mainnet as newest validatorJapanese gaming company Gumi has joined South Korean gaming corporation Com2uS Group’s layer 1 blockchain mainnet XPLA as a new node validator, according to an official announcement on XPLA’s Medium page on Monday (local time).Photo by Shubham’s Web3 on UnsplashEmpowering the XPLA ecosystemThrough this partnership, Gumi is expected to play a crucial role in enhancing transparency, stability and scalability as a validator in the XPLA ecosystem. The collaboration aims to explore new possibilities in blockchain technology and integrate them into the gaming industry, thereby maximizing the benefits for all participants in the ecosystem and connecting game developers with players.Over a decade of global impactSince its establishment in 2007, Gumi has been active in the Japanese and global markets, engaging in various mobile gaming and blockchain projects. Recently, the company has not only been involved in the production of and investment in Web3 games but also operates as a key node operator in multiple blockchain projects. By working with Gumi, XPLA anticipates solidifying its position as a global Web3 gaming industry leader and expanding its influence in the Japanese Web3 market.“Through this partnership, we will gain insights into the Japanese market and strive to create a more reliable ecosystem,” said Paul Kim, leader of the XPLA team.Fortifying trust and redefining the Web3 landscapeXPLA’s validators are responsible for verifying the integrity of the blockchain, analyzing on-chain data to improve operations and ensuring the security of the XPLA ecosystem. By passing a proposal to increase the number of validators from 50 to 80 this year, XPLA aims to create an environment that accommodates more validators, thus building a more robust and trustworthy ecosystem.XPLA is an L1 mainnet that hosts numerous Web3 companies like Oasys, Animoca Brands, YGG, Blockdaemon, Cosmos Station and LayerZero as participants. It has onboarded multiple IP-based hit games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars, effectively becoming a global Web3 content and gaming hub.