Chinese tech firm pours $15 million into Bitcoin fund

Web3 firm Carrieverse has entered into a strategic partnership with the South Korean division of the public decentralized network the Internet Computer, ICP.Hub Korea, to expand their respective blockchain ecosystems, according to an article published by local news outlet Newspim on Thursday (KST). The two firms plan to create content and collaborate on marketing strategies.Photo by Scott Graham on UnsplashRevolutionizing blockchainThe Internet Computer brings autonomous serverless cloud functionality to the Internet, allowing builders to bring Web3 services and enterprise systems to the public. It was launched in May 2021 after five years of development by the Swiss non-profit organization DFINITY Foundation. The network is also known for its Web2 and Web3 interoperability, scalability, sustainability and tamperproof software. In particular, it employs a reverse gas model unlike most EVM-compatible blockchains, which allows end users to view and utilize smart contracts with just a standard web browser without setting up a wallet or own token assets. ICP, the Internet Computer’s native token, is currently ranked 16th on CoinMarketCap’s price rankings by market capitalization, with a market capitalization of approximately $5.6 billion.  Navigating the Web3 sphereMeanwhile, Carrieverse’s Web3 services include a metaverse, a blockchain gaming platform called Cling and the card strategy role-playing game (RPG) Superkola Tactics, which is playable on Cling. These platforms are governed by the Carrieverse token ($CVTX), which is listed on several crypto exchanges like Bitget and BingX. The firm was also selected to join the UAE’s Dubai Multi Commodities Centre (DMCC) in November to establish a local subsidiary that will serve as a hub to expand the company’s global Web3 ecosystem. Together, the two parties are expected to pave new paths in the South Korean Web3 industry.

KITC Cooperates with Buysell Standards to Develop Security Token Products in KoreaKorea Investment and Securities Co. (KITC), a leading securities company in South Korea, has partnered with Buysell Standards, the operator of the fractional investment platform PIECE, to jointly develop security token services.Photo by Tierra Mallorca on UnsplashNon-traditional securitiesAccording to a report from local news outlet News1, the two entities have agreed to collaborate comprehensively on security token products. This includes offering non-traditional securities such as investment contracts and non-monetary trust contracts, establishing infrastructure for launching investment products on token issuance platforms, and setting up processes for trust agreements.Buysell Standards has been expanding its range of fractional investment products from art and luxury goods to ships. The company has successfully completed various blockchain-related projects, including the development of its own blockchain mainnet for security token issuance.KITC’s security token effortsIn March, KITC established ST Friends, an alliance established in cooperation with Internet-only banks Kakao Bank and Toss Bank. The alliance has been actively working towards commercializing security tokens by signing business agreements with fractional investment firms like content investment platform Funderful and proptech platform Valuemap Corp. Proptech, the abbreviation of property technology, refers to the use of information technology to facilitate real estate buying, selling, and management.KITC believes that the partnership with Buysell Standards will accelerate the process of providing innovative financial products. Choi Seo-ryong, the head of the platform division at KITC, expressed excitement about collaborating with Buysell Standards, renowned for its expertise in digitizing real-world assets (RWAs). Choi emphasized KITC’s commitment to converting various content that we encounter in our daily lives into security tokens.Last month, KITC inked a memorandum of understanding (MOU) with Open Asset, a blockchain fintech company based in Seoul, to develop a distributed ledger system for ST Friends.Similarly, Buysell Standards has also been proactive in forming partnerships for security token projects. In February and April, the fractional investment platform operator entered into collaborations with Shinhan Securities and KB Securities, respectively.

Hana TI Partners with BitGo for Web3 Digital Asset Custody SolutionsHana TI, Hana Financial Group’s financial information technology (IT) arm, announced that it will work with US-based digital asset trust company BitGo on technological collaborations related to Web3-based virtual asset custody services.BitGo has been taking steps to enter the Korean market, starting with the establishment of its Korean branch and its new joint venture for digital asset custody services with Hana Bank. Following this announcement, the company said that it would delve deeper into cooperation with Hana TI.Photo by Medienstürmer on UnsplashCharting the course for digital asset custody in KoreaMike Belshe, Co-Founder and CEO of BitGo, recently visited Hana Financial Group’s Integrated Data Center in Incheon’s Cheongna district, which serves as a digital finance facility for the group. He was accompanied by Park Geun-young, CEO of Hana TI, on a tour through the integrated security control center and server rooms.The two CEOs also discussed various cooperative strategies to expand the Korean market for digital asset custody services, including security measures such as obtaining Information Security Management System (ISMS) certification. In addition, Belshe emphasized the significance of a secure and transparent custody infrastructure for facilitating the issuance and distribution of institutional security tokens. To that end, he expressed BitGo’s commitment to consumer protection and enhancing transparency and security within the Korean digital asset industry together with Hana Bank and Hana TI.“We hope that this collaboration will have a positive impact on enhancing trust and stability in the local digital asset ecosystem,” Park added.Along with security cooperation, Belshe and Park agreed that building up the technical capabilities of Web3-based digital asset platforms is equally important in expediting the growth of the market.Belshe and Park also visited the Hana Global Campus in Cheongna — a hub for cultivating talent — as well as the group’s future headquarters, set to be completed in 2025. Hana TI representatives shared their vision for the Hana Dream Town project currently under development in Cheongna.Commitment to advancing Web3 technologyHana TI is currently concentrating efforts on strengthening its capabilities to internalize Web3-based blockchain technology. The company thereby established a division dedicated to Web3 endeavors in June of last year. It has since been actively engaged in research and development for technologies involved in blockchain infrastructure, digital assets, and security tokens.