Coins.ph partners with Paxos to further PYUSD adoption

Coinone, one of the leading cryptocurrency exchanges in South Korea, unveiled an infographic on Monday that captures the company’s decade-long history, according to local newspaper Busan Ilbo. Founded on Feb. 20, 2014, the exchange platform commemorates its 10th anniversary this year. As of Feb. 20 of this year, Coinone’s cumulative trading volume stands at KRW 452 trillion ($339.4 billion) with a total of 213 employees. The business significantly grew in size compared to 2015: its aggregate trading volume has increased by 645,000 times, while its user base and workforce have expanded by 944 and 25 times, respectively. Photo by m_____me on UnsplashVision for the future: Prioritizing investor protection and blockchain innovationCoinone is dedicated to continuing its pursuit of investor protection and blockchain innovation over the next 10 years. Since its establishment, Coinone operated its service without experiencing any security-related accidents. The company has proven its security capacity by winning the top prize at “the 22nd Information Protection Award.” The company further solidified its commitment to security by enrolling in “Personal Information Protection Reimbursement Insurance” in 2017 and has been renewing it annually. From the Wild West to the leading crypto exchange The exchange began to offer an Ethereum trading service in 2016 and a virtual asset staking service in 2018, suggesting a new way of investment back in the days when the market centered around trading.  Cha Myeong-hun, CEO of Coinone, said, “The cryptocurrency market was deemed the Wild West a decade ago. It fills me with pride to see how Coinone navigated the market and witnessed all the ups and downs of the crypto industry until it positioned itself as a well-established industry in Korea. In particular, 2024 marks the inaugural year of the Virtual Asset Act’s implementation. We are committed to leading a healthy virtual asset market by focusing more on investor protection and regulatory compliance.” 

Upbit procures ISO 22301 certificationDunamu, the blockchain and fintech firm that operates South Korea’s largest crypto exchange Upbit, announced Wednesday (local time) that Upbit has obtained the ISO 22301 certification, an international standard for security and resilience that evaluates a company’s business continuity management system (BCMS) based on its ability to protect against and respond to disruptive events. The firm disclosed that it acquired the certification from the U.S. International Accreditation Service (IAS) on Nov. 6.Photo by John Salzarulo on UnsplashNavigating risk managementMore specifically, the ISO 22301 certification evaluates a company’s ability to maintain uninterrupted and stable business operations through the prevention, response and recovery in the event of accidents, man-made or natural disasters and more. It offers several benefits for companies, such as proof of compliance with legal requirements, which serves as a marketing advantage, and the prevention of large-scale damage.To obtain the certification, companies must prepare in advance for unexpected disruptions by analyzing the level of impact that such events can have on business operations and the amount of time needed to recover, then put relevant policies in place to facilitate recovery. To maintain the certification, enterprises must also undergo an annual follow-up audit and a renewal audit every three years.Commitment to business resilience“We obtained the certification to protect user assets and provide safe services that do not stop in the face of external influences,” Dunamu said, emphasizing its commitment to enhancing service reliability and protecting investors. “We will not stop our efforts to become the most trusted cryptocurrency exchange.”Upbit has previously acquired other ISO certifications, such as the ISO 27001 for information security; the ISO 27017 for information security in cloud computing; and the ISO 27701 for privacy management. The exchange also obtained ISMS-P in 2021, a certificate administered by Korea’s Ministry of Science and ICT and Personal Information Protection Commission for information security and personal information management.

Blockchain Deposit Insurance Corporation (BDIC), an emerging crypto insurer based in Florida in the United States, with corporate headquarters in Bermuda, has disclosed that it is preparing to launch its cryptocurrency insurance platform.Photo by Kindel Media on PexelsStarting point in AsiaIn a press release published on Feb. 11, BDIC outlined that the launch would take place in Q2 2025, with its crypto insurance underwriting service commencing in key Asian markets to begin with.  The company has chosen Asia as its starting point, where it feels crypto adoption continues to build momentum. With that, it specified Hong Kong, Singapore, Japan, Taiwan and South Korea as target markets.  While the initial launch will take place in Q2, the company foresees having expanded into Southeast Asia by Q4 2025. Broader service coverage will follow across the greater Asia-Pacific (APAC) region by 2026, with particular emphasis on entering the Hong Kong market. Company CEO Jeffrey Glusman cited a growing demand for crypto wallet security across Asia. He underlined the growing crypto adoption rate in the region, suggesting that this will encompass 300 million users by 2028. Insurance essential for mainstream adoption Speaking about the product offering more generally, Glusman said that the crypto sector has reached a critical inflection point. With that, he believes that “institutional-grade insurance solutions are essential for mainstream adoption.” He added: “BDIC introduces a new paradigm in digital asset protection, using advanced risk assessment algorithms and real-time monitoring to safeguard users’ holdings.” Token launch The company is also planning to launch a native token for its platform, “BDIC Coin,” in Q2 2025. The purpose of the token launch will be to power the BDIC Foundation Reserve Fund, a reserve which will be used for the purposes of premium payments and claim settlements. Furthermore, the token will enable holders to participate in governance voting relative to the project. BDIC claims that it has established compliance protocols and a whitelist in order to provide for a robust and equitable tokenomics structure. Glusman believes that the timing of BDIC’s launch couldn’t be better. A recent report by information services company GlobalData corroborates his view. The report, published on the back of a GlobalData survey, outlined that only 10.8% of crypto holders worldwide have insurance in place for their digital assets.  The survey data suggests that 41.9% of non-policy holding respondents would purchase such insurance given the opportunity, while a further 26.2% were open to the idea. Theft or hacking of digital assets was perceived to be the most important risk to cover in a digital asset insurance policy in the case of a quarter of respondents. The number of insurers offering crypto-related insurance remains limited. However, it would appear that there’s a significant growth opportunity for firms like BDIC, based on the survey data. While there might be a growth opportunity, there are also challenges. Nischal Shetty, founder and CEO of WazirX, an Indian crypto exchange platform that suffered a $230 million hack in 2024, described the difficulties encountered by the company in trying to get insurance when interviewed last August. He stated: “We tried to get insurance in the past, but we did not get any provider who would be willing to insure these assets. It's not an easy process.”