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Your reliable guide in the crypto world, providing comprehensive news and analysis on all things related to cryptocurrency.

Our weekly roundup of stories from East Asia curates the trade’s most essential developments.

South Korean Web3 agency raises $140 million 

South Korean nonfungible token developer Line Subsequent secured a $140 million funding on Dec. 13 from a consortium led by Peter-Thiel-backed non-public fairness agency Crescendo Fairness Companions. It’s the biggest blockchain collection funding spherical in Asia this yr.

The agency’s NFT platform, dubbed “DOSI,” is scheduled to premiere in January, built-in with Japanese NFT market Line NFT.

“With this funding, Line Subsequent additionally plans to introduce new companies to additional speed up Web3 popularization. These embody introducing a social app that enables customers to speak based mostly on the characters they made using AI expertise and launching new Web3 video games using BROWN & FRIENDS characters that anybody can take pleasure in.”

Line Subsequent plans to create new companies on the general public blockchain Finschia, with Line and Crescendo collaborating within the Finschia Basis as governance members. The agency claims it has achieved over 470,000 cumulative transactions by varied decentralized purposes working below its DOSI model. Its standard messaging app, Line, has over 5 million customers. 

The upcoming Dosi NFT platform.
The upcoming Dosi NFT platform.

China’s AI market reaches $1.42 trillion this yr

The state-owned China Electronics Info Business Growth Academy (CEIIDA) estimated on Dec. 14 that the nation’s AI market had grown to be value 10 trillion yuan ($1.42 trillion) this yr, aided by way of generative AI in manufacturing, retail, data expertise and healthcare. And it mentioned the trade is simply getting began:

“In 2035, generative synthetic intelligence is predicted to contribute practically 90 trillion yuan in financial worth to the world, of which my nation will exceed 30 trillion yuan, accounting for greater than 40%.”

Based on official statistics, over 1,800 AI companies are located in Beijing alone. Developments in Chinese language AI have enabled companies to instantly harness the facility of AI computing by way of cloud expertise, skipping necessities to develop their very own in-house generative AI fashions. By 2025, CEIIDA researchers estimate that 35% of the nation’s digital computing operations might be dealt with by AI. In the meantime, the town of Beijing has begun issuing “vouchers” tied to government-related generative-AI software program. The AI vouchers promise knowledge computation and supply for duties corresponding to medical inquiries inside “one millisecond” of initiation. 

Earlier this yr, on June 5, Chinese language AI startup Guangnian Zhiwai, or “Lightyears Away”, reached unicorn standing lower than 100 days after incorporation. The spherical was led by a notable Chinese language enterprise capital agency together with Chinese language web conglomerate Tencent. Based on media studies, Lightyears Away goals to turn out to be China’s OpenAI, mirroring its American counterpart’s success. The agency had no market-ready product on the time of the elevate and solely began hiring technical employees thereafter. 

An AI-powered robotics research center in China (CCTV).
An AI-powered robotics analysis middle in China (CCTV).

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Huobi co-founder’s new enterprise stagnates

Sinohope Know-how (often known as New Huo Tech) is a cryptocurrency change and custodian established by Huobi World co-founder Leon Li. It disclosed on Dec. 13 that the agency expects a lack of $280 million Hong Kong {dollars} ($35.86 million) for the primary 9 months of 2023, a rise from HK$200 million ($25.61 million) it misplaced throughout the identical interval final yr. A part of the loss included HK$86 million ($11 million) of enterprise deposits caught on the bankrupt cryptocurrency change FTX. 

On the time FTX went below final November, Leon prolonged a $14 million private line of credit score to bailout Sinhope clients affected by FTX’s collapse. A full monetary report of the corporate’s operations through the first 9 months of 2023 might be revealed this month, Sinohope mentioned. 

On Dec. 11, X-Spot World, one other firm owned by Leon Li, gained an injunction in opposition to Huobi World for the latter to stop its use of the Chinese language-equivalent “Huobi” trademark in Hong Kong.

Based on court docket filings, the Huobi trademark was registered in 2019 in Hong Kong. In September 2022, Huobi World was bought by co-founders Leon Li and Du Jun to About Capital Administration, an entity linked to Chinese language blockchain character Justin Solar. Nonetheless, the rights to the Chinese language-language Huobi trademark had been totally transferred to Leon Li’s X-Spot World previous to the acquisition, making the entity its trademark proprietor. Huobi subsequently rebranded to HTX this September. 

Huobi co-founder Leon Li (Right).
Huobi founder Leon Li (proper) meets with Vladimir Putin’s adviser, Sergey Glazyev. (PRNewsfoto/Huobi)

OKX DEX exploited for $2.7 million

Crypto change OKX’s decentralized change (DEX) suffered a reported $2.7 million hack on Dec. 13 after the non-public key of the proxy admin proprietor was allegedly leaked. In an announcement, OKX builders mentioned that it “was brought on by the theft of the administration rights of an deserted OKX DEX market maker contract that’s not in use.” Builders additionally estimate the loss to be decrease than reported by blockchain analytics companies, at $370,000 over 18 addresses. 

“Judicial procedures might be initiated to recuperate related losses. The platform will conduct a safety self-examination sooner or later and reorganize all associated deserted contracts to keep away from such incidents from occurring once more. We sincerely apologize for the inconvenience.”

Bitget’s spot buying and selling quantity rises 82% amid crypto market thaw

Cryptocurrency Bitget’s spot buying and selling quantity elevated by 82% in November as a part of a wider trade restoration. In its month-to-month report, the change mentioned that its Safety Fund, comprised of 6,500 Bitcoin (BTC) and 120 million Tether (USDT), had surged by $90 million in capital appreciation from when the fund launched on Dec. 22, 2022. The change additionally onboarded 5,000 new merchants final month.

“Moreover, the primary week of December witnessed an elevated demand for our copy buying and selling within the spot market (launched in January 2023) in comparison with the primary week of November, with a 23% rise within the variety of customers participating in copy buying and selling, which attracted 17% extra customers in comparison with the whole December of the earlier yr.”

Zhiyuan Solar

Zhiyuan Solar is a journalist at Cointelegraph specializing in technology-related information. He has a number of years of expertise writing for main monetary media shops corresponding to The Motley Idiot, Nasdaq.com and Searching for Alpha.

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