Monthly Active Users of Binance in South Korea Surpasses 230,000

CMCC Global Launches $100 Million Fund for Asian Blockchain StartupsCMCC Global, a crypto-focused venture capital firm based in Hong Kong, has successfully raised $100 million for its newly established Titan Fund.That’s according to a report on Wednesday (local time) published by the South China Morning Post (SCMP). The fund is dedicated to providing crucial support to startups operating in Asia’s developing blockchain sector.Photo by Shubham Dhage on UnsplashProminent backersOver 30 prominent investors, including Winklevoss Capital and Animoca Brands Founder Yat Siu, have eagerly backed the initiative. Last month, CMCC led a funding round into Animoca. Among the notable investors joining this venture are EOS blockchain developer Block.one, Richard Li’s Pacific Century Group, and Hong Kong-based growth equity investment firm Jebsen Capital.The Titan Fund is structured to channel its capital into three primary investment categories: blockchain infrastructure, consumer applications, and crypto financial services. Martin Baumann, Co-Founder of CMCC Global, emphasized the fund’s commitment to fostering innovation in the blockchain space. He stated:“If Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space. And we can be their first capital.”Exploiting Asia’s Web3 opportunityBased on commentary by Baumann earlier this year, the CMCC Global Co-Founder certainly believes that an opportunity has opened up in Asia where Web3 is concerned. In May Baumann told Bloomberg TV that regulatory issues unfolding in the United States represented an opportunity for Asia.In criticizing the US, Baumann stated:“The US has been quite negative from the regulatory perspective and it really seems to us that the US is shooting itself in the foot with a machine gun.”Developing upon the inherent opportunity implicated in that difficulty in the US, he said: “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city.”There’s plenty of capital sitting on the sidelines waiting for the right entry valuations to pull the trigger,” he added.Hong Kong’s crypto ascendencyThe venture capitalist may have been right on both counts. This funding announcement coincides with Hong Kong’s resurgence in the crypto arena. Historically, the city had been home to industry giants like BitMEX and Alameda Research.Recent developments indicate that Hong Kong is actively collaborating with China to establish itself as a thriving hub for crypto innovation. The Chinese autonomous territory has been encouraging crypto start-ups on the Mainland to relocate to Hong Kong. In August, it granted licenses to HashKey Exchange and OSL to offer crypto trading services to retail traders.The Titan Fund’s successful capitalization demonstrates the growing interest and confidence in Asia’s blockchain ecosystem. CMCC Global, with its pool of investors, is aiming to play a pivotal role in supporting and nurturing the next wave of blockchain startups in the region.

Yes24 Teams Up with KPC to Establish Digital Content Distribution EcosystemSouth Korean culture and arts content platform Yes24 announced on Thursday that it has signed a business agreement with digital content aggregator Korea Publishing Contents (KPC) to build a digital content distribution ecosystem based on blockchain technology to protect the rights of copyright holders and users alike.Photo by Hal Gatewood on UnsplashYes24 CEO Choi Sera and KPC CEO Lee Joong-ho attended the signing ceremony for the agreement last Tuesday.Collaboration on multiple frontsUnder the new partnership, both parties plan to explore various business models and collaborate on marketing efforts to establish and operate the digital content ecosystem. They also intend to cooperate by leveraging their human resources, technological capabilities, and market networks.“We will do our best to create a secure and fair digital content distribution environment that both protects and grants more rights to copyright holders and users,” Yes24 said in a statement, adding that it would also strive to contribute to the acceleration of the digital content market.Fueling creativity and content consumptionAs a major online book retailer, Yes24 provides a range of services, which include selling books as well as tickets for various concerts and events. KPC is a joint venture established by 65 Korean publishers with the collective aim of discovering sustainable growth drivers for the publishing industry. Currently, the company distributes over 1,000 e-books and audiobooks from various publishers to local and international e-book stores and libraries.

3AC Founder Secures Restraining Order in SingaporeSu Zhu, the Co-Founder of the defunct crypto hedge fund Three Arrows Capital (3AC) has successfully obtained a restraining order against BitMEX Co-Founder and former CEO, Arthur Hayes, in a Singaporean court.Photo by Monstera on PexelsNo communication “by any means”Crypto publication CoinDesk stated on Wednesday that it had seen a copy of the court order, which was originally issued on May 5. According to the details of the order, Hayes is prohibited from “making any threatening, abusive or insulting communication that would cause the Applicant harassment, alarm or distress.”Additionally, the former CEO of crypto trading platform BitMEX is forbidden from using “threatening, abusive or insulting words” in relation to Su Zhu. The order, which was issued by Judge Sandra Looi Ai Lin, clarifies that the BitMEX Co-Founder is not permitted to publish “any identity information” relative to Zhu or to communicate with him “by any means.”$6 million owedIt’s an understatement to say that Zhu, alongside fellow 3AC founder Kyle Davies, are not on Hayes’ list of favorite people in recent times. Following the 3AC collapse, Hayes has maintained that he is owed $6 million by the duo. Since the collapse of the hedge fund, Hayes has been tweeting out at the pair, calling them out relative to his claim that the duo have a debt obligation to him to the tune of $6 million.While both Hayes and Zhu have blemishes on their records, Hayes is much better regarded within the crypto community than Zhu. The BitMEX Co-Founder narrowly avoided a prison sentence in 2022 with the much lesser sanction of six months home detention being applied. That arose due to federal charges brought against him on the basis that he didn’t implement anti money laundering (AML) compliance procedures and checks at BitMEX while he was CEO of the firm.Despite this failure, Hayes remains popular within the crypto space, with his insightful commentary being lauded given that since he left BitMEX he has taken to writing blog articles relative to crypto and the broader economic situation. However, blog site Medium has taken to disabling access to his most recent blog article. The blog page states that the post “is under investigation or was found in violation of the Medium Rules.”Lacking a welcomeIn contrast with Hayes, commentary relative to the 3AC duo of Zhu and Davies has lacked warmth. Neither of the duo had jumped on social media for a number of months following the collapse of 3AC. More recently they have both tried to rehabilitate themselves, with many commentators within the space seeing it as a cynical move.In February the duo launched Open Exchange, more commonly known as OPNX, a trading platform for crypto-related bankruptcy claims. At that time, Hayes tweeted out that he interpreted the news as the return of the crypto bull market.Earlier this month, OPNX claimed that it had the backing of several credible entities in the crypto space. However, immediately afterwards, a number of those firms clarified that they had nothing to do with the startup.Meanwhile, crypto-focused venture capital investor Michael Arrington tweeted out his disdain in relation to the 3AC founder’s successful fund raise:“Three f***ing arrows dip****s successfully raising a new fund is the saddest bulls**t I’ve heard in a long time.”The regulator in Dubai has also failed to roll out the red carpet for the duo’s new venture. In April, it issued an investor alert in relation to OPNX. Subsequently, it has followed up with a formal written reprimand issued to Zhu and Davies, given that the business is not registered with the regulator although operating out of Dubai.