Layer 2 startup LightLink gets $4.5M backing

Cryptotax secures pre-series A funding from HashedCryptotax, a South Korean cryptocurrency tax and accounting platform run by accounting firm Xxsoft, has secured an investment from Asian blockchain investment firm Hashed during its pre-series A funding round. This comes just 16 months after the company secured seed funding.Photo by Markus Winkler on UnsplashEmpowering financial clarityCryptotax is a platform that offers comprehensive virtual asset tax accounting services that allow both individual and corporate clients to monitor their virtual assets, view receipts of their transactions and calculate and report their virtual asset tax records. To do so, it collects and analyzes transaction history and asset details from crypto exchange accounts and digital wallets that users can register on their Cryptotax accounts.Individual investors can also monitor their assets and view their net profits, as well as receive a preview of the amount of tax they would actually have to pay later on based on those profits.On the other hand, corporate clients that issue or own virtual assets can get access to special services through Cryptotax’s solution as a service (Saas) dubbed Cryptotax Enterprise. By using this service, businesses, investment management firms and virtual asset issuers can benefit from automated tax processing and directly receive accounting documents.Harnessing technological prowess“We have been working hard to prove our technological and competitive capabilities through the establishment of the Cryptotax platform,” said Yoon Dong-hwan, CEO of Xxsoft, reaffirming the company’s efforts to rapidly expand the comprehensive platform and establish collaborative relationships.

Hana Financial Group Joins Hands with Netmarble to Attract Digitally Savvy Youths to the MetaverseKorean financial holding company Hana Financial Group has formed a strategic partnership with game publisher Netmarble, aiming to capture the attention of digitally savvy youths in South Korea. Their strategy involves introducing innovative financial services and identifying opportunities for joint business projects, as reported by local news outlet Consumer Times.Photo by Andre Taissin on UnsplashFinancial services in the gaming realmThe two sides intend to launch Hana Financial Group’s services within the realm of Grand Cross: Metaworld, a 3D animated massively multiplayer online (MMO) game. Grand Cross is being developed using Unreal Engine 5 and is a project led by Metaverse World, an affiliate of Netmarble.While the companies strive to collaborate on joint marketing promotions that encompass both gaming and financial aspects, the specific plans for executing these initiatives are still in the process of being developed.Some industry experts anticipate that the two entities will leverage their respective strengths within the virtual world to create synergistic outcomes.User interaction and advertising benefitsAccording to a tech insider who spoke to Consumer Times, there are indications that Netmarble will initially empower Hana to feature the financial group’s affiliated entities on the gaming company’s metaverse platform. This strategic step holds the potential for fostering user interaction and reaping advertising benefits. Additionally, the source mentioned that subsequent to this phase, Hana might take steps to enable customers to access banking services within the virtual domain.If, in the future, in-game goods were to establish themselves as a dependable form of currency due to potential policy reforms, it’s believed that Hana Financial Group would play an even more substantial role, leading to increased business opportunities for both partners, the source noted. These offerings would primarily cater to digital native generations.

Upbit procures ISO 22301 certificationDunamu, the blockchain and fintech firm that operates South Korea’s largest crypto exchange Upbit, announced Wednesday (local time) that Upbit has obtained the ISO 22301 certification, an international standard for security and resilience that evaluates a company’s business continuity management system (BCMS) based on its ability to protect against and respond to disruptive events. The firm disclosed that it acquired the certification from the U.S. International Accreditation Service (IAS) on Nov. 6.Photo by John Salzarulo on UnsplashNavigating risk managementMore specifically, the ISO 22301 certification evaluates a company’s ability to maintain uninterrupted and stable business operations through the prevention, response and recovery in the event of accidents, man-made or natural disasters and more. It offers several benefits for companies, such as proof of compliance with legal requirements, which serves as a marketing advantage, and the prevention of large-scale damage.To obtain the certification, companies must prepare in advance for unexpected disruptions by analyzing the level of impact that such events can have on business operations and the amount of time needed to recover, then put relevant policies in place to facilitate recovery. To maintain the certification, enterprises must also undergo an annual follow-up audit and a renewal audit every three years.Commitment to business resilience“We obtained the certification to protect user assets and provide safe services that do not stop in the face of external influences,” Dunamu said, emphasizing its commitment to enhancing service reliability and protecting investors. “We will not stop our efforts to become the most trusted cryptocurrency exchange.”Upbit has previously acquired other ISO certifications, such as the ISO 27001 for information security; the ISO 27017 for information security in cloud computing; and the ISO 27701 for privacy management. The exchange also obtained ISMS-P in 2021, a certificate administered by Korea’s Ministry of Science and ICT and Personal Information Protection Commission for information security and personal information management.