Following the report about Huobi Korea’s planned buyout of its shares from Huobi Global, the latter revealed that the deal has already been made, and the two platforms have been operating completely separately since the Fall of 2022. In the press release from Jan. 11, Huobi Global, which rebranded to Huobi in Nov. 2022, confirmed that it has already broken all the ties with Huobi Korea, its former subsidiary in South Korea. According to the statement, in Oct. 2022. the About Capital fund became the largest shareholder and actual controller of Huobi Global, but the deal didn’t include Huobi Korea's …
In South Korea, one in three citizens either own cryptocurrencies or get paid in them. One-tenth of its population trades digital assets, and its youth unemployment rate hovers above 10%. It’s a competitive job market in the East-Asian nation, where high expenses enforce hierarchical social structures, and financial stability can seem like a pipe dream. On matters of technology and innovation, South Korea is incredibly progressive. There’s been a lot of buzz around cryptocurrencies since news of their existence became common knowledge in the country. Its open-minded attitude to technological progress could mean that the country will decide to regulate …
Major cryptocurrency exchange and wallet provider Huobi has partnered with decentralized crypto lending platform Cred to enable users to earn interest on their holdings. An announcement on April 1 revealed that Cred’s lending and borrowing services will be fully integrated into the Huobi Wallet, which supports over 1,000 crypto assets, including 8 stablecoins, for users across 200 countries and regions. The two firms did not provide a comprehensive list of supported crypto assets, but noted that Bitcoin (BTC), Ether (ETH) and stablecoins such as Universal Dollar (UPUSD) would be part of the new offering. Monthly interest on pledged assets As …
Dunamu, the operator of major South Korean cryptocurrency exchange Upbit, is progressing with blockchain development as its blockchain arm Lambda256 secured new funding. According to a Dec. 15 announcement, Lambda256 raised 70 billion Korean won ($60 million) in a Series B round, valuing the company at over $300 million. The firm is focused on enterprise-grade chains for businesses, building on its own blockchain protocol called Luniverse. The funding round included major venture capital firms and individual investors like tech giant Hanhwa Systems, travel tech startup Yanolja, bikes manufacturer Daelim, DSC Investments, Shinhan Venture Capital, KB Investments and SBI Investments. Dunamu …
The CEO of venture capital firm Hashed and early Terra (LUNC) investor Kim Seo-joon has cited “extreme stress” following the Terra crash as the reason for his no-show at South Korea’s National Assembly's Political Affairs Committee. Seo-joon was one of six people selected to take part in the South Korean parliament’s latest inquiry to better understand the events that led to the infamous $40 billion wipe out of Terra’s cryptocurrencies, according to an Oct. 24 article from the Korea Economic Daily. According to a letter from Seo-joon, he suffered severe mental harm from the following the sudden collapse of LUNC …