Did you hear? The first meeting of the Busan Digital Asset Exchange Establishment Promotion Committee took place on January 19, according to a local news source. As per this meeting, a decentralized exchange is set to debut in the South Korean city by the end of the year, as was mentioned at the conference.
Busan’s Plan for this Exchange:
The statement states that the purpose of the exchange is to utilize digital tokens to support Busan’s multiple advantages, such as its cultural significance, agricultural production, real estate, and precious metals. The Committee seeks to establish Busan’s exchange into a fine structure unique from those now in South Korea at other virtual asset exchanges.
In addition, the Committee intends to collaborate with the national government to work toward the establishment of a more effective regulatory framework. According to reports, the effort has two distinct objectives in mind. Busan aspires to be fully competitive with hubs like Abu Dhabi and Singapore while simultaneously providing comprehensive protections for investors. Additionally, the Committee is working toward initiating system tests for the exchange as early as February.
Busan’s Partnership Approaches for this Exchange:
Busan has been working on a city-backed cryptocurrency exchange since last August, when it formed collaborations with Binance, Gate.io, Huobi Global, Crypto.com, and FTX.com (before the latter went bankrupt). A representative for the city of Busan assured Forkast over the phone that the relationships remain strong.
However, Busan Ilbo, a regional publication, reported on Wednesday that the exchange delayed plans to provide services connected to cryptocurrencies and security token offerings last year to avoid potential conflicts with local regulators.
Adding more to that, only Huobi, through its South Korean subsidiary, was represented among the foreign exchange partners when the steering committee was announced in December.
In an interesting development, the largest cryptocurrency exchange, Binance, has signed a Memorandum of Understanding (MoU) with the City of Busan in South Korea to foster blockchain development.
Binance, the world’s leading blockchain ecosystem, recently released a Press Release mentioning its plan to foster growth in South Korea using blockchain technology. According to the agreement, the City of Busan will also receive technological and infrastructural support from Binance to develop the city’s blockchain ecosystem and promote the Busan Digital Asset Exchange. The MoU will also include cooperation between the two parties for order book sharing.
Binance has several plans to develop and foster Busan City’s blockchain sector, such as:
Utilizing Busan’s blockchain regulatory-free zone to develop and promote blockchain businesses and initiatives.
Support blockchain-related investments and research in the city.
To provide specialized blockchain education and digital resources using Binance Academy.
Binance also mentioned in the Press Release that it would establish its presence in Busan by the end of the year to serve as the driving force for helping the city become one of East Asia’s most active digital hubs.
The CEO and Founder of Binance, Changpeng Zhao, said, “We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.”
The Mayor of Busan, Heong-Joon Park, said, “With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets.”
He added, “By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub,”
Binance is taking charge and establishing its presence in several regions that have been ignored in the crypto adoption till now.
Crypto exchange WOO Network has experienced tremendous growth since the year began and the platform has announced more expansion following the recent cash injection. WOO Network recently completed its $30M Series A funding with support from various groups including Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital.
AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital were among the investors in the round, which included trading institutions, exchanges, venture funds, and research organizations.
The fundraising round was oversubscribed by 200% and comes after the network announced the launch of WOO X, a unique trading platform that supplies trades with top market liquidity at reduced or no trading fees. Also, WOO recently launched a decentralized exchange platform, WOOFi, which provides the best swap price and lower slippage at reduced fees.
The latest fundraise shows the ambition of the network to expand and become a key player and also demonstrates rising institutional trust in the network and the significant value it adds to the cryptocurrency trading market. According to reports, daily trading volume on WOO platforms has grown from $20 million in early 2020 to an all-time high of $2.6 billion in mid-September.
Reaction from Investors
Darius Sit – Founder and Chief Investment Officer at QCP Capital praised the achievements of WOO X in the little since it was launched and expressed his delight at the future trading release and development. He said, “It is remarkable what WOO X was able to achieve shortly after its launch – top trading experience by combining the best of market depths, trading spreads, and competitive trading fees. We look forward to their upcoming futures trading release, guiding their product development with our expertise in spot, derivatives, and options trading and helping them to grow into the ultimate trading platform they envision to be.”
Reacting to the recent fundraising, Su Zhu – Co-Founder at Three Arrows Capital sounded positive with the launch of WOO X. He said, “While the exchange landscape is growing more competitive, WOO X is poised to make a mark with its deep liquidity coupled with lower to zero-fee trading – these two propositions are phenomenally useful for institutional and retail traders to achieve superior trading execution.”
The Funds will be Used to Expand the Network
A portion of the new funds will be utilized to expand the company’s global market reach by hiring new personnel and establishing a new R&D regional office in Warsaw, Poland. New product lines like futures, social trading, and a suite of revolutionary DeFi trading and yield producing tools will also receive funding.
Speaking on the use of the newly raised funds, Jack Tan, Co-Founder of WOO Network said, “While WOO X remains the flagship CeFi exchange product of WOO Network, the fundraise allows us to set our sights further and venture deeper into the DeFi space through our suite of swapping and yield-generating products under WOOFi. These efforts will further extend the network’s vision of providing the best-in-class liquidity, trading execution, and yield-generating strategies at lower to no cost across CeFi and DeFi.”
The popular on-chain trading platform, DYDX, is finally unlocking its governance token, which was released a month ago. In August, DYDX announced the launch of its governance token and awarded the users who interacted with the protocol before July 26th, 2021, were rewarded with airdrops of the token.
So, while the tokens were claimable a month ago, they could not be transferred until today. This strategy used by dydx helped the exchange to increase the demand for the token, which in turn increased its price.
Also, the company offered several rewards for early token holders, such as trading fee discounts and yield in exchange for securing the protocol that added to the lure of the token. Earlier, only users who met the criteria were eligible to purchase and hold the token, which created a feeling of FOMO throughout the community, which will finally be satiated today.
What is a DYDX token?
DYDX token is a governance token that allows the native community to govern the Layer 2 protocol. dydx distributed the control of the protocol to the traders, liquidity providers, and partners using DYDX token to enhance its protocol and enable a robust ecosystem around governance, rewards, and staking.
“Our team has actively been researching how best to decentralize the protocol over time. Decentralization will be a gradual process that could ultimately result in a DAO [decentralized autonomous organization] to govern the community,” told the founder Antonio Juliano.
The governance token will be elemental in deciding the protocol’s future as the token holders will be able to vote on proposals of adding new features.
DYDX is a revolutionary exchange that allows the trading of perpetual contracts with low fees, deep liquidity, and up to 25 times buying power. The Layer 2 solution of dydx helps the platform offer low fees, zero gas costs, quick transactions, fast withdrawals, a mobile-friendly interface, secure and private API, and cross-margining abilities.
The unlocking of the DYDX token is already generating huge hype on Twitter with prominent crypto enthusiasts such as ElderberryLind tweeting their excitement about the token and Zhu Su retweeting it.
Following the unlocking of the DYDX token, current token holders can trade their tokens at a higher price, with the traders looking to get DYDX tokens and make a quick profit. The 36 days waiting period has helped the exchange boost the cost of the token significantly, but now the wait is finally over. Learn more about the DYDX token and the exchange at https://dydx.exchange/.
One of the most popular financial assets to invest in right now is cryptocurrency. These assets are created with blockchain technology that more or less serves the same purpose as traditional money including purchasing items. Like foreign exchange, crypto coins can also be traded for other currencies for profit.
While there are some critiques about its stability, theres no doubt that many financial institutions are slowly warming up to the idea of trading crypto coins with security assets and regulations already in the works of various governments and financial institutions. Cryptocurrency investing is really something that traders all around the world are considering.
To start a probable career, heres a guide on cryptocurrency investing for beginners:
What is Cryptocurrency?
Cryptocurrency or crypto coins are digital coins that serve the same function as traditional money which can be used to purchase items and other assets. However, unlike traditional coins, crypto coins dont have a physical form and instead are run by blockchain technology.
Blockchain is like a digital ledger where it comprises of the coins entire history including its transactions from the very beginning.
When it comes to storing your cryptocurrency, you would also need a wallet much like your own local currency. However, crypto coins are different from traditional money because its decentralized, which means that no single authority is responsible for its circulation. Its unregulated and decentralized nature contributes to its volatile and fluctuating value, but it also means that its open for everyone to invest into.
What are the different kinds of cryptocurrency?
According to Coin Market Cap, theres at least 2,125 crypto coins currently available in the market. However, not all crypto coins are the same since certain types are more in demand than others. To start, heres a list of the most commonly traded crypto coins today:
1. Bitcoin (BTC)
Bitcoin or BTC is considered as the original cryptocurrency, Bitcoin uses blockchain technology to make transparent transactions between parties. While theyre easily accessible, their features are also secured by an added algorithm which prevents malicious hackers from destroying the blockchain feature.
Bitcoin is considered to be the predecessor of all other cryptocurrencies, which is why the other crypto coins are called altcoins or alternative coins. Basically, these are alternative currencies to Bitcoin; however, these altcoins arent inferior in terms of blockchain technology and usability or function.
2. Litecoin (LTC)
Litecoin or LTC is an alternative of BTC which includes starking differences in features. Some of which include:
Faster transaction speed
An 84 million limit
A different algorithm called scrypt
3. Ethereum (ETH)
Ethereum or ETH are digital coins primarily focusing on running and validating the programming code of any decentralized application, allowing it to be used in paying fees and other services on its own network. Ethereum is the most commonly used coin when dealing with ICOs or Initial Coin Offerings because its blockchain technology allows the use of smart contracts.
4. Ripple (XRP)
Ripple or XRP is a unique hybrid that is both a cryptocoin and a payment network for various institutions. They allow any currency to be exchanged which can range from USD, EUR, and even gold to connect to banks. However, unlike other crypto coins, Ripple doesnt focus on peer-to-peer sharing but instead on moving sums of money to a larger institution.
Each of which share similar decentralized nature but have different components for several purposes.
How do I start investing in cryptocurrency?
After deciding on which cryptocurrency you should start dealing with as well as researching on the different investments you want to make. Here are the steps you need to start:
1. Start exchanging from platforms where you can buy crypto coins
Depending on the country you’re from, there are various sites that allow you to purchase Bitcoin, Ethereum, and other digital coins. Before starting, make sure its legal in your country since certain governments are still wary of trading crypto coins. If you can’t find sites that sell cryptocoins, consider peer-to-peer platforms like:
Some Forex platforms also allow cryptocurrency trading so be on the lookout for those, as well.
2. Secure your coins in your cryptocurrency wallet
A cryptocurrency wallet is software that allows you to store your digital coins. Certain wallets also contain features like advanced security, key generation and easy transfer. Like cryptocurrency, digital coin wallets also come in different categories such as:
Software wallets – these are downloadable programs that are required to be installed in your computer or device.
Desktop – desktop wallets are software wallets that allow you to store your crypto coins in your laptop or computer. Certain wallets may contain online features although most desktop wallets dont.
Online – online wallets are cloud software wallets that require internet connection so you can access your account as well as make various online transactions.
Mobile – these wallets are downloadable mobile apps that allow you to check your balance and other transactions on your phone everywhere you go.
Hardware wallets – unlike software wallets, hardware wallets are physical storage devices used to store some of your keys. Theyre versatile and can be connected online although many are often used to keep investments away for a long time.
Paper wallets – are offline software that allows users to store their keys, generate copies, as well as store their cryptocurrency addresses on paper.
Each wallet serves a specific purpose depending on the investment you intend to do. The wallets also vary in price, functionality and security. The more you use your cryptocurrencies, the hotter your wallet should be. If you prioritize security and long-term use above all else, invest in a durable hardware wallet.
Cryptocurrencies are considered a hot investment item because they possess the convenience of todays technological innovation. With so many options available, many investors can expand their portfolio by choosing more than one kind of coin. To avoid risks, investors should also invest in security items to keep their assets safe.