PDAX gears up for trading surge amidst Binance market exit

Korean Firms Team Up to Boost Biofuel Use Through Blockchain TechSouth Korean tech service provider SK C&C announced on Thursday that it inked an agreement with Recycle Ledger, a company that operates a service for tracking transactions related to recycling resources. Through this collaboration, the two firms aim to employ ChainZ, SK C&C’s blockchain application programming interface (API) platform, to track the journey of waste cooking oil.Photo by Sigmund on UnsplashBroadening ESG operationsThis deal allows SK C&C to broaden its environmental, social, and governance (ESG) operations into the waste management sector through blockchain tech, strengthening its position as a prominent provider of ESG solutions and a leader in Korea’s net-zero digital intelligent transport systems (ITS).Prior to this initiative, SK C&C launched Click ESG, a comprehensive ESG management platform, and Centero, a carbon credit trading platform, enhancing its ESG offerings.Recycle Ledger operates an ESG platform built on blockchain technology, enabling easier tracking of waste and recycling resources while promoting transparent information sharing. The firm is currently developing a tracking management system for waste cooking oil, specifically tailored for aviation biofuels, a rapidly emerging market sector.Global trendThe US, the EU, and other developed nations are implementing regulations that require sustainability certification for biomaterials and enhancing systems to monitor and manage the collection process of waste cooking oil. This oil can serve as an ingredient for biofuels.This stricter regulatory landscape emerged partly in response to instances of greenwashing, where conventional biofuels are falsely presented as being derived from used cooking oil. Such deceptive practices became prevalent due to the escalating prices of biofuels.Since the adoption of the International Air Transport Association’s (IATA) resolution known as Fly Net Zero in October 2021, which commits airlines to achieve net zero carbon by 2050, many developments have taken place. The EU has imposed a requirement for suppliers to blend at least 2% of sustainable aviation fuel (SAF) into kerosene starting from 2025, planning to boost this to 63% by 2050. The US, meanwhile, aims for 100% SAF use in its aviation fuel demand by 2050.Waste cooking oil trackerIn light of these developments, Recycle Ledger plans to introduce a blockchain-based service that comprehensively tracks and manages the complete life cycle of waste cooking oil, from restaurants to biofuel producers. By utilizing blockchain technology, the company aims to help waste cooking oil exporters obtain sustainability certifications for biomaterials.Recycle Ledger is collaborating with fintech solution provider Woori FIS and electronic payment firm Payup to develop a system that addresses the inconvenience of cash transactions for recyclable resources. Recycle Ledger is also exploring the implementation of a carbon point system for waste cooking oil emissions.Blockchain-based data flow trackingMeanwhile, SK C&C will provide its blockchain mainnet ChainZ as an API to help Recycle Ledger provide its services swiftly and securely.SK C&C’s data tracing API is designed to document information across all data management stages, including data creation, provision, receipt, analysis, and deletion, offering an environment to track data flow.Recycle Ledger CEO Kim Ki-jong said that its platform could enhance the value of recyclable resources and prevent greenwashing by storing transaction data on the blockchain.Choi Chul, the head of the Web3 tech group at SK C&C, touted ChainZ’s benefits, including data security, transparency, and integrity. He highlighted the need for data traceability and transparency within the ESG sector given the multiple stakeholders involved, and affirmed ChainZ’s readiness to satisfy the demand for new ESG services.

Japan’s GMO Coin Announces Special SGB Airdrop for XRP HoldersGMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has unveiled a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.Photo by Kanchanara on UnsplashSGB token distributionThe distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have held XRP in their GMO Coin accounts at 09:00 on December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0045, according to Malaysian cryptocurrency data aggregator CoinGecko.GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.Ripple’s mixed fortunesThis development comes in the wake of a roller-coaster year for XRP holders. Ripple’s native token experienced substantial price fluctuations in response to various developments and events.One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm obtained in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.Earlier this month, Ripple struck a deal with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group, to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.Songbird networkThe Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems, and StateConnector.GMO Financial Holdings, the parent company behind GMO Coin, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform’s willingness to reward its customers and foster engagement within the crypto community.

Five Foreigners Detained in Thai Crypto Scam CrackdownAgainst a background that continues to see the crypto sector plagued by fraud, Thai authorities have taken decisive action by detaining five foreign nationals accused of orchestrating a multi-million dollar crypto scam.Photo by Dan Freeman on UnsplashA $76 million griftThe scam was clever in that it targeted the aspirations of over 3,200 victims, promising them substantial returns through fraudulent investments in gold and cryptos like Tether (USDT). In its wake, the scheme has left countless investors devastated, with some resorting to drastic measures like securing second mortgages on their homes.According to a report on Monday by The Bangkok Post, an English-language publication in Thailand, Thailand’s Cyber Crime Investigation Bureau (CCIB) told the publication on Sunday that it had initiated an extensive investigation into BCH Global Limited, the company at the heart of the scam. The individuals responsible for perpetrating the alleged fraud are four Chinese nationals and one Laotian citizen. They now face a litany of charges including fraud, transnational crime, money laundering, and the falsification of computer documents.The scammers ingeniously enticed their victims with alluring promises of remarkable returns through their crypto investment platform, bchgloballtd.com.International cooperationThailand’s efforts to bring these culprits to justice did not take place in isolation. The Thai authorities forged partnerships with international law enforcement agencies, including the Department of Homeland Security in the United States, which aided the Thai authorities greatly in their investigations. The collective effort ultimately culminated in the arrest of the five suspects and the seizure of properties valued at 585 million baht ($16.5 million) by Thailand’s Anti-Money Laundering Office.Part of a broader problemWhile this particular crypto scam is significant, it is far from an isolated incident within Thailand. It adds to the growing concerns of Thai officials who are becoming increasingly exasperated with the prevalence of cryptocurrency scams within their borders.Thai authorities have even issued a stern warning to Meta, the parent company of Facebook, cautioning that failure to address the issue of deceptive advertisements on its platform may lead to expulsion. The government contends that over 5,300 fraudulent ads on Facebook have victimized more than 200,000 Thai citizens.The overarching Asian region in general appears to be harder hit when it comes to crypto-related scams. In August, a $120 million crypto ponzi scheme was exposed in India. Last month the South Korean Financial Supervisory Service (FSS) issued a press release warning investors to be mindful of fraudulent crypto investment schemes. The very same month, Singaporean authorities uncovered a $1.3 million crypto mining scam.The apprehension of the five suspects responsible for the $76 million crypto scam underscores the pressing need for more stringent regulations and heightened vigilance within the crypto space. Such measures are required if innocent investors are to be protected from falling victim to similar scams in the future.