Incheon Unveils Ambitious Four-Year Plan to Become a Leading Blockchain Hub

United Arab Emirates (UAE)-based crypto market maker and Web3 investment firm DWF Labs has launched a $250 million fund for investment in mid to large-cap crypto projects. The company, which recently switched its administrative base from Singapore to Abu Dhabi, asserts that the fund will contribute towards the real-world adoption of Web3 technology. Photo by Towfiqu barbhuiya on UnsplashUp to $50M per projectTaking to X, DWF Labs Managing Partner Andrei Grachev announced the $250 million fund. He added:”Single ticket size ranged from 10 to 50M$ per a project. Cash + comprehensive support = Moon” In a statement published to the company’s website, DWF Labs outlined that the Liquid Fund initiative aligns with the firm’s commitment to contributing towards real growth within the broader crypto market. It stated: “The fund will provide strategic crypto venture capital and ecosystem support, ensuring sustainable growth for projects that drive real-world adoption and help promote change in the industry.” Initial dealsWork on the fund is already in motion. The company confirmed that it has already invested $11 million into promising blockchain projects as part of the initiative. Furthermore, DWF Labs confirmed that it is on the verge of signing two major investment deals with ticket values of $10 million and $25 million respectively. Beyond those deals, the firm asserts that other investment deals are in the pipeline. It clarified that the nature of the investment differs from traditional investments insofar as each deal incorporates a full-scale ecosystem growth strategy, devised specifically for the particular needs of each project. Grachev stated that the company believes “that strategic capital, coupled with hands-on ecosystem development, is the key to unlocking the next wave of growth for the industry.” Key aspects being considered by the company when formulating ecosystem growth strategies relative to targeted blockchain projects include public relations (PR) and brand amplification, a comprehensive go-to-market (GTM) strategy, lending markets development and a focus on stablecoin total value locked (TVL), with supporting liquidity and DeFi activity relative to layer-1 and layer-2 projects. Focus on ‘usability and discoverability’Grachev told Cointelegraph that emphasis will be placed on investing in blockchain projects that stand out in terms of “usability and discoverability.” He added that “good technology and utility alone isn’t sufficient,” asserting that "users first need to discover these projects, comprehend their value and develop trust." The DWF Labs managing partner suggested that strategic capital, together with hands-on ecosystem development, is paramount relative to efforts to realize the next iteration of growth within the crypto sector. Up until the end of last year, DWF Labs was headquartered in Singapore and still maintains a presence there. Besides Abu Dhabi, it also has a physical presence in Dubai. Hong Kong, Switzerland, South Korea and the British Virgin Islands (BVI) account for the locations of the remainder of its international offices. While Grachev and his firm can be assumed to have a positive broader view on the cryptocurrency sector given the launch of this latest fund, the DWF Labs managing partner recently pointed to a more immediate potentially bearish trend in the market.

Korean Crypto Wallet Joins Forces with Kick Scooter Sharing PlatformRotonda, a subsidiary of Korean cryptocurrency exchange Bithumb and the operator of the virtual asset wallet platform Burrito Wallet, announced today a collaboration with the Seoul-based kick scooter sharing service Xingxing, as reported by local media outlet Etoday.Photo by Ranurte on UnsplashToken reward promotionUnder this partnership, the two companies will launch a promotion that will run until July 31. The first 4,800 new users who click on the promotion banner on the Xingxing app, install the wallet app, and set up a crypto wallet will receive 10 WEBI tokens through airdrop. Furthermore, ten of these users will also be given an NFT that represents Xingxing’s monthly subscription “mini,” which is worth 18,900 KRW ($15). WEBI serves as the ecosystem token for the blockchain-based Web3 sharing economy service called Webility.Additionally, 200 monthly subscribers of Xingxing who install the Burrito Wallet app will have the opportunity to win 100 WEBI tokens and 100 Xingxing in-app points. The winners will be announced on the official websites of both companies.Bridging Web2 and Web3Having already forged partnerships with various blockchain projects, including Pala, Casper Labs, 1inch Network, and KLAYswap, Burrito Wallet will seize this opportunity to position itself as a digital wallet that bridges the gap between Web2 and Web3.A representative from Burrito Wallet expressed optimism that the partnership with Xingxing will provide more people with the opportunity to experience its distinguished Web3 services. The representative also emphasized the company’s commitment to strengthening partnerships with companies from various fields, with the goal of building a highly practical virtual asset ecosystem.

It's been nearly ten years since the infamous collapse of the Japanese bitcoin exchange Mt. Gox, with some creditors of the defunct business now claiming to have finally received their long-awaited repayments.Photo by Su San Lee on UnsplashSubreddit payment confirmationsTestimonies shared on the Mt.Gox creditor subreddit and a dedicated Telegram channel reveal that certain payments, in the form of Japanese yen, have been distributed to creditors who opted for PayPal as their preferred mode of receipt. Excitement marked the early stages of this repayment process. Users on Reddit joyfully shared their experiences, with one exclaiming:"I got money!! I just got my initial payment via Paypal!!"This development comes after Mt.Gox rehabilitation trustee, Nobuaki Kobayashi, had previously extended the repayment deadline from Oct. 31, 2023, to Oct. 31, 2024. However, last month, Kobayashi informed creditors that certain cash repayments would be initiated before the year's end. Despite efforts to expedite the process, the sheer volume of creditors and the complexities involved mean that repayments will continue into 2024. The collapse of Mt.Gox in early 2014 triggered global regulatory responses and initiated a nearly decade-long bankruptcy and corporate rehabilitation process. The exchange fell victim to a series of hacks between 2011 and 2014, leaving a lasting impact on the cryptocurrency landscape. The commencement of repayments has been hanging over the crypto market for many years, with many fearing that the process may have a dampening effect on the bitcoin unit price, given that funds are being distributed in Japanese yen and bitcoin. Earlier this year, the U.S. government indicted two Russian nationals for laundering funds stolen from Mt.Gox, shedding light on the enduring legal ramifications stemming from the exchange's demise. Double payment glitchHowever, it appears the process encountered some glitches, as other Reddit posts indicated that a few creditors received double payments via PayPal, adding a new layer of complexity to the already intricate Mt. Gox saga. Reddit users, such as u/rlycreativename, have shared emails they claim to have received from the Mt.Gox Rehabilitation Trustee. The emails acknowledge a system issue leading to inadvertent double transfers and legally obligate recipients to return the surplus amount. While some users have complied with the request and returned the duplicated funds, others have expressed hesitancy, citing the historical challenges creditors faced in obtaining their money. The situation has evoked discussions on Reddit, with users debating whether the Trust deserves a swift return, considering the prolonged struggle creditors endured to reclaim their funds. While it may be tempting for some creditors to hold on to the duplicate payment, such a decision may only serve to heap more misery on long-suffering Mt.Gox creditors. The recent case of Jatinder Singh and Thevamanogari Manivel would be very relevant for creditors to consider. Singh was a customer of well-known digital assets platform Crypto.com. In 2021 the firm inadvertently transferred $10 million to his account. Singh conspired with Manivel to withdraw and keep the funds. A community corrections order of 18 months has been imposed on Manivel in Australia while Singh will be sentenced in February.