Saudi Arabia Looks to Diversify Through Web3

South Korea’s second-largest cryptocurrency exchange Bithumb held a ceremony on Monday at the Bithumb Customer Center in Seoul to celebrate the commencement of the exchange’s supporter group, Thumbs Up, according to an article published by local news site Digital Daily on Tuesday (KST). The group consists of 20 university students interested in crypto and crypto exchanges who were recruited after a two-week application period starting on Dec. 13.Photo by charlesdeluvio on UnsplashPushing towards advancements in crypto"The open-mindedness and unconventional outlook of Bithumb's college student supporters will have a positive impact on Bithumb and the blockchain industry," said Kim Young-jin, Head of Business Support at Bithumb. "We look forward to the Thumbs Up supporters and Bithumb working together to create great projects." Cultivating young innovative mindsThe supporters will have a total of three months until the deadline on April 29 to propose ideas for improving Bithumb and create social media content related to the exchange's services and companies. Bithumb stated that it would award prizes of KRW 5 million and KRW 2 million to one team and five individuals, respectively, based on their dedication and performance. The winners will also get the opportunity to become interns or official Bithumb ambassadors.

AIITONE Partners with UAE’s Royal Office to Boost Fintech Industry in AsiaAIITONE, an immersive tech company based in South Korea, has taken a significant step towards expanding its reach to the Middle East, according to Korean news outlet Newsis. The company recently signed a memorandum of understanding (MOU) with the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). The partnership between the two entities aims to bolster the fintech industry in South Korea, China, and Japan.Photo by Editz central Editors on PexelsUAE and East AsiaThe Royal Office, known for its diverse business ventures in the fields of real estate, global trading, consulting, and others, provides valuable guidance and strategies to enterprises in the UAE and the Gulf Cooperation Council. Lately, the Royal Office has been looking to expand its operations into East Asia, making this collaboration with AIITONE a strategic move.Security token and CBDCAs part of their joint efforts, the Royal Office plans to invest in promising Korean startups and facilitate the establishment of UAE banks’ Korean branches. Furthermore, the Royal Office intends to support Korean businesses in entering the Middle East market. Emphasizing their commitment to cutting-edge financial technologies, both parties will also work together on security token projects and central bank digital currencies (CBDCs), areas where Dubai is at the forefront of innovation.To facilitate the smooth implementation of these plans, Royal Office officials will visit AIITONE’s headquarters in Busan, Korea, next month. This visit will foster greater understanding and cooperation between the two organizations.An AIITONE representative expressed enthusiasm about the partnership, recognizing it as an opportunity to witness the Middle East’s growing interest in blockchain-based financial technology. Leveraging its expertise in Web3 technologies, such as extended reality (XR), artificial intelligence (AI), and blockchain, AIITONE strives to contribute to the development of both countries in the realms of digital economy and technology.

South Korean crypto exchanges list USDTBithumb and Coinone, two of South Korea’s largest cryptocurrency exchanges, have recently listed Tether (USDT) — the USD-pegged stablecoin issued by Tether Limited — according to an article by local news outlet Kyunghyang Games on Thursday (local time). Both exchanges support Tether trading on the TRON network.Photo by DrawKit Illustrations on UnsplashTether gains momentum in South KoreaBithumb listed the currency today at KRW 1,316 in response to high investor demand. Meanwhile, Coinone, which listed Tether on Nov. 30 to become the first fiat-to-crypto exchange in the country to facilitate USDT/KRW trading, cited reasons such as Tether’s reliability and transparency, demonstrated by regular updates on its audits and reserves. The listing price was KRW 1,289.Industry sources anticipate that USDT/KRW trading in South Korea will eventually lead to reduced transaction fees and a simplified transaction process for domestic traders. Previously, in order to access most overseas markets where USDT is used as the default currency, users have had to sell their assets overseas first and then repurchase USDT to participate in trading.Simplified transactions are also expected to contribute to balancing pricing across different markets and reducing the Kimchi premium — a term used to describe the difference between trading prices of cryptocurrencies in Korea and in other foreign exchanges.Promotional eventsTo mark the occasion, Bithumb is offering a promotional event where 0.02% of the price of maker orders placed by Dec. 11 will be distributed to users in Bitcoin on Dec. 14. Maker orders are those that are placed at an asking price that differs from the current price, which means it is added to the order book instead of being matched or executed immediately. These orders add liquidity to an order book.Bithumb users can also make USDT withdrawals free of extra fees until Dec. 11. Coinone, on the other hand, requires a withdrawal fee of 1 USDT.According to CoinMarketCap, Tether has the third-largest market capitalization at approximately $90.1 billion as of this writing. The token’s trading volume in the last 24 hours was $49.3 billion.