Asia Blockchain Updates 2019.11.04

Binance will open its Korea Branch, Samsung Supports TRX, The biggest Cloud company of China build up blockchain private equity.

by Amy Kang

Binance Korea will be officially Launched.

Binance, the world’s largest cryptocurrency exchange, has officially inroaded to the Korean crypto market.

Binance Chief Financial Officer, Zhouwei will become the co-representative of Binance LTD, a Korean corporation of Binance. According to the officials, It was confirmed that registration was completed on Oct 29th.

Since May of 2019, Binance Co., Ltd. has registered its Korean branch.

Meanwhile, Kang Ji-ho, a co-representative of BXB Inc., a blockchain fintech company of Korea who initially registered Binance Korea for the first time in the past will be also one of the co-representative along with Cha oh jin, Binance CSO and Choi Hyongwon, a Director of Binance lab even after the registration change.

Binance, a company registered in Malta, has decided to buy a stake in Korea in May, after consulting with BXB to establish a Korean subsidiary. In July, Kang Ji-ho, CEO of BXB, responded to Coindesk Korea, saying, “Binance is aware of the establishment of Binance Co., Ltd. in Korea”.

At the time, Binance mentioned that they had discussed the cooperation with BXB, but no specific decision was made about the establishment of Binance LLC. Zhao Changfeng Binance CEO also told Coidesk Korea in April that he did not intend to enter the Korean market until the regulator sends a clear signal.

Samsung Keystore Added TRX to their Software Development Kit Support

Samsung has added TRX to its blockchain Keystore software development kit (SDK) support.

According to Samsung’s official developer forum ‘Samsung Developers’, Tron was officially added to the Samsung blockchain Keystore SDK. Tron, TRX became one of the Four blockchain projects, Ethereum, Bitcoin (BTC), Klayton (KLAY) of Kakao.

Blockchain Keystore SDK is a collection of development tools to help develop blockchain Keystore. It allows developers to more easily connect their Dapps (decentralized applications) to blockchain Keystore on smartphones such as the Samsung Galaxy S10. There is also a feature that makes it easy for developers to upload their DApps to the blockchain wallet.

Samsung Electronics has been trying to expand the game Dapp's support area for a few months.

On Oct 18th, Samsung Blockchain Wallet added a total of 6 new game Dapps including Infinity, Cryptophishing, Spooky Link Puzzle, Onion Division, Dark Town, and Dozer Bird.

Tron has the second-largest share of the DApp market after Ethereum. With this integration to Samsung SDK, the Tron-based game Dapps will be more scalable.

According to the ‘Q3 Market Report for 3Q 2019’ published by last year, Tron added 500,000 users to the mainnet in the third quarter of this year and has continued to grow since the launch of the 2017 mainnet.

China Cloud Hosting, Xunlei Established a Private Equity Fund for Blockchain.

According to china’s media, China cloud hosting company, Xunlei has announced that it would establish a private equity fund for blockchain technology investment on Nov 1st. The fund will be worth up to $100 million USD and will operate independently from Xunlei.

Founded in 2003, Xunlei provides cloud computing services such as its most popular download manager and peer-to-peer software in China. The company has former directors of Tencent and Xiaomi. In 2017, Xunlei turned into the blockchain and developed its multi-chain platform Thunder Chain, which claims to complete one million transactions per second.

Thunder Chain, a blockchain multi-chain project of Xunlei has been released last April, focusing on high performance and interoperability. At the same time, Thunder Chain supports the Ethereum smart contract language Solidity and can link to the Ethereum virtual machine.

In order to raise the fund for its development, Xunlei released Linktoken in 2017, which was provided to users in exchange for bandwidth contributions. Although Xunlei is firmly opposed, some investors complain that the token is “ICO”, an illegal fund raising, banned in China. As a company listed in the US, this concern led to stock price declines and class actions.

Xunlei’s revenue in the last quarter exceeded $47 million USD and its net loss was $2 million USD.

Although $100 million seems to be ambitious, the share price of the Nasdaq-listed company has skyrocketed after Chinese President Xi Jinping has approved blockchain technology. From last week’s share of just over $2, the price on Monday has more than doubled to $5.70.



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Kyeongrim Amy kang

Kyeongrim Amy kang


Product designer, turning conceptual ideas into reality with logic and feelings for us, Based in the UK