Police Crack Down on JPEX Continues with Millions Recovered

Bithumb to Launch Entrepreneurship Support ProgramSouth Korean cryptocurrency exchange Bithumb announced on Wednesday (local time) the launch of an entrepreneurship support program to commemorate its upcoming 10th anniversary. The initiative aims to discover and nurture promising young entrepreneurs with innovative ideas to grow the industry and drive business augmentation. It is divided into two parts: an entrepreneurship competition and an investment of KRW 30 billion (approximately $22 million) to support early-stage startups.“It is time for us to support startups and bring them one step closer to success,” said the exchange’s CEO Lee Jae-won.Photo by Hunters Race on UnsplashProgram detailsThe entrepreneurship competition is open to individuals, groups, and small and medium-sized enterprises (SMEs) based in Korea that are planning to start a business or have been in operation for less than three years. Participants in any and all fields of business are eligible to enter. It offers startup grants of KRW 100 million ($74,000) for one first-place winner, KRW 70 million for three second-place winners, and KRW 30 million for six third-place winners. Winners will also receive investor relations (IR) consultations and marketing opportunities to attract future investments.Meanwhile, the KRW 30 billion investment project is open to local startups in any field that have been in operation for less than three years. Evaluators will place emphasis on how innovative or profitable the businesses are deemed, Bithumb said.“Our entrepreneurship support program is not limited to one-time support. We will strive to contribute to society by supporting entrepreneurship in various fields — not just the crypto industry — for sustained mutual growth,” Lee added.Application process datesThe application period is from November 1 to 30, and the results of the first round of applications will be announced on January 4. Those who pass the first round will be called in for an on-site evaluation. The final pool of applicants chosen for participation and investment will be announced in February.

Korean cryptocurrency exchange FOBLGATE (FOBL) last Thursday showcased its ongoing project on real estate-based security tokens at Momo Network’s second security token offering (STO) and Web3 networking party, the game media outlet Kyunghyang Games reported. Momo Networks is the company behind Momoboard, an all-in-one app that combines bulletin board, messaging and cloud storage features. The event served as an opportunity for FOBL to inform participants about the current stage of the exchange’s project and where it is headed. Initially introduced in November last year, the project is a collaboration between FOBL and prop fintech company Plus Platform, an asset management and trading platform headquartered in New York, U.S. Photo by Glenn Carstens-Peters on UnsplashReal estate-based security token projectAt the event, participants are anticipated to discuss the future of the security token market, which is currently focused on conventional real-world assets (RWAs). This new security token project is expected to innovate traditional real estate investments, offering benefits such as high liquidity, low transaction fees and easy access to investors, explained FOBL. The crypto company aims to solidify its position in the crypto market while raising public awareness of real estate security tokens. Future of virtual assetsAhn Hyun-jun, CEO of FOBL, said he plans to make his company an innovator in virtual asset development and create various types of crypto assets that extend beyond real estate-based security tokens.   Furthermore, a FOBL spokesperson stated that this networking party will serve as a forum for Web3 and STO experts to explore new technologies and innovative investment strategies, providing valuable insights for investors and market participants. 

Hong Kong Insurer Expands Into Digital AssetsOneDegree, a leading virtual insurer in Hong Kong, has successfully raised US$55 million in its latest funding round to support the expansion of its digital assets insurance portfolio, according to an announcement made by the company on Thursday.The round saw participation from existing investors such as Gobi Partners, Sun Hung Kai, and Bitrock, as well as new investors. This marks OneDegree’s fifth fundraising effort since its establishment in 2016 and brings its total funds raised to over US$97 million. $28 million of this Series B round had been raised in 2021.Digital asset insurance will be offered under the name “OneInfinity” by the firm in partnership with global insurance behemoth Munich Re. The product is being targeted at digital asset trading platforms, custodians, asset managers, and technology providers. While the company doesn’t insure DeFi projects right now, it aspires to do so in the future.Photo by Kindel Media on PexelsLeading Hong Kong online insurerAs one of the four purely online insurers licensed by the Hong Kong Insurance Authority, OneDegree is at the forefront of the authority’s push to integrate technology into the insurance sector to enhance services and reduce costs. The company is not permitted to hire agents, and all sales must be conducted online or through mobile apps.Alvin Kwock Yin-lun, Co-Founder of OneDegree and former JPMorgan banker, expressed his gratitude for the strong support received during this challenging fundraising environment. Kwock attributed the successful round to the company’s robust revenue growth in various insurance segments, including pet, home, fire, medical, and digital assets coverage. He expects OneDegree to achieve profitability next year.Digital asset insurance importanceHighlighting the importance of digital asset insurance, Kwock pointed out that in 2022, approximately US$3.8 billion worth of digital assets were compromised globally, out of a total global cryptocurrency market capitalization of US$1 trillion. He estimated that the market for digital asset insurance premiums would surpass US$1 billion annually in the coming years.To capitalize on this growing demand, OneDegree has been focusing on providing insurance coverage to virtual asset trading platforms and operators. The company introduced its cryptocurrency insurance by offering a HK$100 million cover to Hong Kong Digital Asset Exchange in November 2021.Kwock emphasized that the recent regulatory regime introduced by the Securities and Futures Commission (SFC) on June 1 will further drive the demand for digital asset insurance. He believes OneDegree is well-positioned to offer comprehensive coverage for the risks faced by digital asset operators, as the company possesses the necessary expertise and experience.Looking ahead, OneDegree plans to expand its presence across Asia and offer innovative products such as InsurTech and cybersecurity software-as-a-service solutions.OneDegree’s expanding presence in Asian markets relative to digital assets is to be welcomed. The digital assets space has had its fair share of collapses that may have been prevented with the involvement of a digital asset insurance specialist, and failing that, the application of such a product would naturally prevent losses suffered by market participants.