GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Bithumb Eyes Nasdaq Listing by 2025

- World Liberty Financial Launches KYC Verification for Investors

- Binance to Support Orion’s (ORN) Mainnet Swap and Rebranding to Lumia (LUMIA)

- ZA Bank Gains Approval for Cryptocurrency Trading in Hong Kong

- Taiwan Opens Crypto ETFs for Professional Investors 

- Matrixport Acquires Crypto Finance's Asset Management Unit

South Korean Crypto Exchange Bithumb Targets Nasdaq Listing in 2025 with Samsung Securities as Lead Underwriter

Bithumb, one of South Korea’s largest cryptocurrency exchanges, is aiming for an initial public offering (IPO) on the U.S. Nasdaq stock exchange by the second half of 2025, according to a report from Korea Economic Daily. During a shareholders' meeting, the company confirmed its plan to go public and has appointed Samsung Securities as the lead underwriter. To enhance its IPO prospects, Bithumb has restructured its operations, splitting its corporate shares 60:40.

A newly formed entity, tentatively called Bithumb Korea or Bithumb Investment, will take over non-core activities like investment and real estate leasing, sharpening Bithumb’s focus on its core crypto exchange business. Bithumb previously attempted a Kosdaq listing in 2020 but faced regulatory hurdles. With South Korea's strict crypto regulations, the U.S. market, where Coinbase is already listed, may offer a more favorable environment. Despite reporting an $11 million operating loss for 2023, Bithumb remains optimistic about its future in the U.S. market.

World Liberty Financial, Backed by Trump Family, Initiates KYC Verification for Accredited Investors on Platform

World Liberty Financial, a decentralized finance (DeFi) venture supported by members of the Trump family, has officially launched its Know Your Customer (KYC) verification process. This new step targets accredited investors, ensuring that only verified participants can engage with the platform. The project will feature a governance token called WLFI, which will serve as the backbone of the venture’s ecosystem. The token distribution plan allocates 63% for public sale and 20% for team compensation, signaling a strong value capture model for stakeholders.

The launch, which took place on September 16, has generated significant attention as the project positions itself for broader adoption. By implementing KYC, World Liberty Financial aims to enhance trust and transparency in its decentralized ecosystem, marking a pivotal moment for onboarding vetted participants. This move reflects the growing trend of DeFi projects integrating regulatory compliance measures while expanding access to qualified investors.

Binance to Facilitate Orion (ORN) Mainnet Swap and Rebranding to Lumia (LUMIA), Trading Launch Set for October 18

Binance has officially announced its support for Orion's (ORN) upcoming mainnet swap and rebranding to Lumia (LUMIA), marking a significant shift in the project’s direction. Starting October 15, 2024, all ORN trading pairs will be delisted from Binance, and existing ORN holders will receive Lumia tokens on a 1:1 basis. By October 18, 2024, the LUMIA/USDT trading pair will go live, allowing users to seamlessly trade the newly rebranded tokens. This rebranding reflects Orion's broader strategy to refocus its efforts on decentralized finance (DeFi) under the Lumia ecosystem. The transition introduces new liquidity aggregation, yield generation, and cross-chain interoperability features to enhance the platform’s DeFi offerings.

Binance’s involvement ensures a smooth and automatic swap for users, without the need for manual intervention. This marks a crucial milestone for Orion as it transitions to Lumia, leveraging Binance’s vast user base to boost visibility and liquidity. Lumia is poised to expand its presence across multiple blockchains, tapping into a growing DeFi market while offering improved services to both retail and institutional users. The mainnet swap signals a new phase in the project’s evolution, setting the stage for Lumia to lead in innovative DeFi solutions.'

ZA Bank Becomes First Digital-Only Bank in Hong Kong to Offer Cryptocurrency Trading After SFC Approval for Type 1 Regulated Activity

ZA Bank has made history by becoming the first digital-only bank in Hong Kong to receive approval from the Securities and Futures Commission (SFC) for Type 1 regulated activity, allowing it to offer cryptocurrency trading services. The approval positions ZA Bank as a leader in digital banking and virtual asset services within Hong Kong's newly revamped regulatory framework. This approval marks a milestone in ZA Bank's strategic plans, following a year of preparations to capitalize on Hong Kong’s new crypto regulations, which came into effect in June 2023. ZA Bank, a unit of China’s ZhongAn Online P&C Insurance, is now poised to offer a secure and regulated platform for cryptocurrency trading, making it a key player in Hong Kong’s push to become a global crypto hub.

This regulatory achievement further enhances the bank’s expansion into digital financial services, as it also prepares to launch a new investment fund service. Hong Kong’s regulatory crackdown on unlicensed exchanges, coupled with its efforts to attract global crypto investors, creates an ideal environment for ZA Bank to thrive. With this approval, the bank is set to play a significant role in the evolving crypto ecosystem, as Hong Kong continues to legitimize the space with new licensing programs and initiatives like exchange-traded funds (ETFs) tied to Bitcoin and Ether.

Taiwan Welcomes Professional Investors into the Crypto ETF Market, Expands Digital Currency Investment Options

Taiwan's Financial Supervisory Commission (FSC) has approved a new regulation allowing professional investors to participate in foreign cryptocurrency exchange-traded funds (ETFs), such as Bitcoin ETFs. This marks a significant move by the island nation as it opens doors for experienced investors to gain exposure to the digital currency market without directly purchasing or storing cryptocurrencies. A crypto ETF functions like a traditional ETF but holds cryptocurrencies instead of stocks, offering investors a simplified way to invest in digital assets.

However, the opportunity is currently restricted to professional investors, including institutional players and high-net-worth individuals. These investors are deemed capable of navigating the high volatility and risks associated with cryptocurrencies. The FSC's decision to limit participation to seasoned investors ensures that those entering this space are well-versed in the complexities and risks of crypto markets. This step aligns Taiwan with global trends, positioning the nation alongside countries that have already embraced digital currencies. By integrating crypto ETFs into its financial ecosystem, Taiwan demonstrates its willingness to adapt to the evolving landscape of digital assets, while maintaining caution through targeted regulations.

Matrixport Acquires Crypto Finance Asset Management AG, Expanding Digital Asset Services in Europe

Singapore-based crypto financial services platform Matrixport has acquired Crypto Finance Asset Management AG, a licensed Swiss crypto asset management firm previously owned by Deutsche Boerse Group. The acquisition, an all-cash deal, marks a significant step for Matrixport, which has rebranded the entity as Matrixport Asset Management AG (MAM). MAM offers institutional-grade digital asset investment solutions, including the first Swiss Financial Market Supervisory Authority (FINMA)-approved crypto fund. With $6 billion in assets under management, Matrixport's acquisition of MAM reflects its growing presence in Europe and reinforces its commitment to regulatory compliance.

According to Matrixport's Chief Compliance Officer, Christopher Liu, the company aims to continue working closely with regulators to refine virtual asset regulations in the future. Stefan Schwitter, the former head of Crypto Finance Asset Management and now CEO of MAM, emphasized that clients globally will benefit from the combined expertise of the two firms. This acquisition positions Matrixport to further cater to institutional clients in Europe’s evolving crypto market, capitalizing on the increasing demand for compliant digital asset solutions. The deal also signals Matrixport’s dedication to expanding its global footprint and providing top-tier digital asset management services in highly regulated markets like Switzerland.

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