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Korea Herald
2 days ago
- Business
- Korea Herald
1 in 4 Koreans aged 20–50 invests in crypto
About 1 in 4 Koreans aged 20 to 50 currently holds virtual assets, with the majority of these investors being men in their 30s and 40s working in white-collar jobs, a new report from the Hana Institute of Finance showed Sunday. The report, titled 2050 Generation's Virtual Asset Investment Trends, highlights how investor behavior has evolved from trend-chasing to a more analytical and planned approach. The study shows that aggressive and risk-tolerant individuals are significantly more likely to invest in cryptocurrencies. Despite holding fewer liquid assets than the average, these investors allocate more capital overall to financial products, with virtual assets comprising some 14 percent of their total holdings. Initially driven by fear of missing out, or FOMO, motivations for virtual asset investment have shifted. Now, more investors cite growth potential, portfolio diversification and structured savings as key reasons. Channels for gathering investment information have also changed, with reliance on peer influence declining and the use of official exchanges and analytical platforms rising. 'Virtual assets are already playing a central role in investor portfolios and will likely become more mainstream. As such, there is strong demand for legal frameworks and expanded roles for traditional financial institutions," said Yoon Sun-young, a research fellow at Hana Institute of Finance. For banks, it is both an opportunity and a challenge, according to Yoon. "They must prepare proactively for ecosystem expansion by diversifying crypto-based financial products and enhancing integrated investment management.' However, friction in the investment process persists. Some 76 percent of respondents reported inconvenience due to the inability to link their existing bank accounts to crypto exchanges. This issue stems largely from the mandatory one-exchange, one-bank system in Korea. When choosing a trading platform, investors now prioritize which bank the exchange is linked with over the platform's interface or trading features. Currently, 70 percent of respondents currently use Upbit, which is linked to K bank. The report also indicates that 7 in 10 respondents are interested in future investments in virtual assets. Many view integration with traditional financial institutions and stronger regulatory frameworks as key to improving trust and convenience. Notably, over half of current investors said they would consider expanding their relationship with banks offering crypto-related services if incentivized with promotions or benefits. Bitcoin remains the most favored asset, but former investors show growing interest in stablecoins, a type of cryptocurrency the value of which is pegged to another asset, such as a fiat currency or gold, especially those that could be introduced through regulated channels.
Arabian Post
5 days ago
- Business
- Arabian Post
Fairness Redefined: Magic Newton Unveils NEWT Token
The Magic Newton Foundation has unveiled its NEWT token, aiming to revolutionise token launches by embedding transparency and equitable distribution at its core. The native token of the Newton Protocol, NEWT debuts with a fixed supply of 1 billion, of which 21.5%—215 million tokens—is initially available. Designed to tackle persistent issues of insider trading and opaque allocations, NEWT introduces several industry-first safeguards. All allocations are publicly tagged on-chain for independent verification, while quarterly reports will detail usage across community, internal, and liquidity categories. Furthermore, team and contributor allocations are subject to a mandatory 36-month vesting with an initial 12-month lock-up. Solid data underpins the initiative: research indicates insiders preceded 56% of all ERC‑20 listings since 2021, and studies suggest 10–25% of token listings may involve insider activity. Mohammad Akhavannik, Managing Director of the Foundation, said the goal is to 'correct information asymmetry' with full on-chain transparency and equitable distribution. ADVERTISEMENT A significant 60% of the token supply is allocated to community-focused initiatives—growth, ecosystem development, staking, liquidity support—with structured unlocking schedules: 20% at launch, the balance over a 48-month span. The remaining 40% is directed to internal stakeholders—core contributors, early backers, and Magic Labs—with vesting periods designed to align long-term incentives. Beyond tokenomics, NEWT underpins the Newton Protocol's AI-driven automation. It serves four primary roles: securing the network through validator staking; acting as the protocol's native gas fee; funding registration and operational services for AI agent models; and enabling governance participation via staked holdings. The protocol integrates trusted execution environments and zero-knowledge proofs to ensure tasks executed by AI agents adhere to user-defined parameters. Binance has listed NEWT for margin, futures trading, and inclusion in Earn programmes. The token also features on Coinbase, Upbit, Bybit, and Bithumb. Following the announcements from Upbit and Bithumb, NEWT saw a 40% price surge, which was further bolstered by backing from PayPal Ventures and Polygon securing US$90 million in pre-launch investment. The launch included a 10% airdrop—100 million tokens—to early community participants and users active on the Kaito platform, including a 0.9% allocation specifically for Kaito rewards, based on an eligibility snapshot on 20 June 2025. Magic Labs, the principal developer behind Newton Protocol, brings extensive web3 infrastructure experience, having supported over 50 million embedded wallets since 2018 through partnerships with notable platforms such as Polymarket and WalletConnect. This technical legacy, combined with NEWT's layered governance and economic utility, positions the Foundation to challenge established norms in on‑chain finance. Critical voices within the crypto community have noted discrepancies in the top-tier distribution: for example, the top 1,000 social‑platform accounts received 0.9% of the circulating tokens, prompting debate over whether influence is being prioritised over grassroots contributors.
Korea Herald
15-06-2025
- Business
- Korea Herald
Won-based stablecoin plans gain ground under new president
Concerns remain over risks to monetary sovereignty, financial stability Stablecoins have become a major focus in financial circles, capturing the attention of commercial banks, fintech firms, central banks and lawmakers alike, as momentum builds for a version pegged to the Korean won. A stablecoin is a type of crypto asset linked to the value of another asset — typically a fiat currency like the US dollar or a commodity such as gold. Unlike volatile cryptocurrencies like Bitcoin, stablecoins aim to maintain a steady valuation, often by being pegged one-to-one and backed by equivalent reserves. With President Lee Jae-myung's new administration pledging to create a won-based stablecoin market, regulatory efforts are accelerating to bring digital assets into the traditional financial framework. Still, there has been pushback. The Bank of Korea and other institutions have flagged concerns that a domestic stablecoin could erode trust in sovereign currency and introduce new risks to financial stability. President Lee's promise of Korean won-based stablecoins reflects concern that rising demand for dollar-backed versions could lead to capital outflows. When Korean investors buy dollar-based stablecoins, such as tether or circle, they are betting big on the greenback, thereby strengthening the dollar's hegemony in the global digital asset market and weakening the won's status. According to the Bank of Korea, the total trading volume of dollar-pegged stablecoins on Korea's five major cryptocurrency exchanges -- Upbit, Bithumb, Korbit, Coinone and Gopax -- reached 56.95 trillion won ($41.6 billion) in the first quarter of this year, marking a threefold increase from 17.06 trillion won in the third quarter of 2024. The appointment of Kim Yong-beom, former first vice finance minister and former head of the crypto think tank Hashed Open Research, as the president's top economic adviser has fueled speculation that Korea's crypto asset industry could soon gain policy traction. During his tenure at the think tank, Kim publicly asserted that 'a regulated Korean won-backed stablecoin could be controlled more precisely than fiat currency.' On Tuesday, Rep. Min Byoung-dug from the Democratic Party of Korea introduced the Digital Asset Framework Act, proposing to allow corporations, including non-banking entities, with a minimum capital of 500 million won ($360,000) to issue won-backed stablecoins. Riding this wave of optimism, shares of Kakao Pay, a fintech affiliate of the country's tech giant Kakao, have nearly doubled in just a week, buoyed by anticipation that it could play a major role in the won-backed stablecoin market. Local banks are rushing to lay the groundwork for stablecoins, competitively launching task forces and seeking tech partners, signaling a major shift in the nation's financial landscape. 'At this point, stablecoins are not yet a lucrative area for banks. But if the won-based stablecoin materializes, banks would, of course, want to play a pivotal role,' an official from a local commercial lender said. A threat to the BOK? Like its dollar-backed counterparts, which are backed by US government debt and money market funds, a won-based stablecoin would be guaranteed by short-term, low-risk Korean financial instruments if it were to follow the same model. While talk of won-pegged stablecoins has gained traction, the BOK remains wary as the new instrument could undermine the status of the country's fiat currency. "Allowing a non-banking institution to freely issue won-based stablecoins could seriously weaken the effects of monetary policy,' said BOK Gov. Rhee Chang-yong at a press conference held in May. If won-pegged stablecoins are established as a major means of payment in the domestic economy, this would undermine the central bank's ability to control monetary flows. "The issuance of stablecoins could increase the money supply and potentially affect the status of the won. It is necessary to approach the matter with caution,' an official from the BOK said. Another potential loophole lies in cross-border transactions, possibly threatening the country's financial stability. Individuals could convert won-based stablecoins into dollar-pegged stablecoins and transfer funds overseas, bypassing traditional financial channels that are subject to regulatory oversight for cross-border capital flows. While similar concerns exist with bitcoin, its transactions are more closely monitored under local regulatory frameworks, such as the "travel rule," which requires exchanges to verify senders' identities for international transfers over 1 million won.
Associated Press
10-06-2025
- Business
- Associated Press
Upbit Lists Axelar's AXL Token in AXL/KRW Trading Pair
SEOUL, South Korea--(BUSINESS WIRE)--Jun 10, 2025-- Upbit, a South Korean cryptocurrency exchange, announced the listing of AXL, the native token of Axelar Network, in an AXL/KRW trading pair, effective June 10, 2025. The listing is detailed in Upbit's official notice. In its opening hours, the AXL-KRW pair recorded trading volume of over $220 million, ranking as the third largest trading pair on Upbit by 24-hour volume, surpassing BTC/KRW and XRP/KRW pairs, per CoinGecko data. The AXL token supports Axelar's blockchain interoperability network, facilitating cross-chain communication and asset transfers. AXL is used for transaction fees and governance within the network, enabling developers to build applications that connect multiple blockchain ecosystems. About Axelar Axelar is a decentralized network and development platform securely connecting the world's blockchains and financial infrastructure. Its secure, programmable multichain product stack enables seamless interoperability across Web3—critical for the next wave of institutional-grade use cases. With backing from top-tier investors including Dragonfly, Polychain, Binance Labs and Coinbase Ventures, Axelar is enabling the next generation of financial infrastructure: from multichain stablecoins to tokenized real-world assets (RWAs), built with security, compliance and enterprise scale in mind. Learn more at About Axelar Foundation Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar Network, a decentralized interoperability platform securely connecting the world's blockchains and financial infrastructure.. Learn more at View source version on CONTACT: Media Karla Vilhelem PR Director, MarketWaves [email protected] (754) 215-4315 KEYWORD: ASIA PACIFIC SOUTH KOREA INDUSTRY KEYWORD: SOFTWARE NETWORKS PROFESSIONAL SERVICES PHILANTHROPY BLOCKCHAIN TECHNOLOGY DIGITAL CASH MANAGEMENT/DIGITAL ASSETS SECURITY CRYPTOCURRENCY WEB3 FINANCE OTHER PHILANTHROPY SOURCE: Axelar Foundation Copyright Business Wire 2025. PUB: 06/10/2025 05:12 PM/DISC: 06/10/2025 05:10 PM
Business Wire
10-06-2025
- Business
- Business Wire
Upbit Lists Axelar's AXL Token in AXL/KRW Trading Pair
SEOUL, South Korea--(BUSINESS WIRE)--Upbit, a South Korean cryptocurrency exchange, announced the listing of AXL, the native token of Axelar Network, in an AXL/KRW trading pair, effective June 10, 2025. The listing is detailed in Upbit's official notice. In its opening hours, the AXL-KRW pair recorded trading volume of over $220 million, ranking as the third largest trading pair on Upbit by 24-hour volume, surpassing BTC/KRW and XRP/KRW pairs, per CoinGecko data. The AXL token supports Axelar's blockchain interoperability network, facilitating cross-chain communication and asset transfers. AXL is used for transaction fees and governance within the network, enabling developers to build applications that connect multiple blockchain ecosystems. About Axelar Axelar is a decentralized network and development platform securely connecting the world's blockchains and financial infrastructure. Its secure, programmable multichain product stack enables seamless interoperability across Web3—critical for the next wave of institutional-grade use cases. With backing from top-tier investors including Dragonfly, Polychain, Binance Labs and Coinbase Ventures, Axelar is enabling the next generation of financial infrastructure: from multichain stablecoins to tokenized real-world assets (RWAs), built with security, compliance and enterprise scale in mind. Learn more at About Axelar Foundation Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar Network, a decentralized interoperability platform securely connecting the world's blockchains and financial infrastructure.. Learn more at
