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Walking through the crypto jungle during Korea Blockchain Week

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A walk through the crypto jungle at Korea Blockchain Week

Blockchain technology is all about decentralization and virtualization, so it’s a bit ironic that folks love to fulfill in person at big blockchain events. That’s what happened last week in Seoul, where a record 17,000 people and 300 speakers gathered for Korea Blockchain Week.

Like traditional technology conferences, the event highlighted many famous names in the field, each well-known (including Vitalik Buterin, Richard Teng of Binance, and Mark Karpeles) and unknown (researchers, professors, and plenty of founders of recent startups).

Unlike the usual chats, this time it was also possible to get to know the scientific profile: the list also included monkeys, penguins, geese and bears.

No one would ever accuse the crypto world of lacking in cheerful pranksters. Despite all this, there stays a powerful, underlying undercurrent of unease in the crowd. Widespread adoption seems to have stalled, and with the US election approaching, there may be a giant query mark over what future regulation will appear to be.

We walked the event corridors and spoke with a lot of the attendees. Here are a few of our impressions:

Beyond the protocols

Scalability has historically been a significant concern for blockchains with high fees and slow transaction speeds. Now, second-layer blockchains (so-called “layer 2 blockchains”) have made transactions faster and cheaper, meaning scalability isn’t any longer a difficulty for many use cases. The hottest layer 2 blockchains can handle tens of millions of transactions per day with none disruptions.

But despite this, usage shouldn’t be necessarily growing, partly because we still live in something of an application vacuum.

“I think the expectations of what the app actually contains have increased significantly,” said Simon Kim, CEO Hasheda enterprise capital firm focused on blockchain and crypto. In an interview with TechCrunch, Simon emphasized the need for more practical use cases.

There are some glimmers of this, especially in the world of IP tracking. Last month, Story raised $80 million to construct a blockchain that can help IP owners more effectively track the use of their content. And Sony Block Solutions Labs, a three way partnership between Sony and Startale Labs, exposed its latest public blockchain network, Soneium, which guarantees to make it easier for users to guard creators’ rights and fairly share profits.

“This is an industry first in trying to create a content-centric IP ecosystem,” Simon said.

Other show attendees said they were searching for more practical applications that will be comprehensible to consumers.

“We’ve been building infrastructure — roads and highways — in the cryptocurrency world for the past six years. Now we need to focus on the things that people like or use, like convenience stores, clothing stores, and department stores,” said Steve Lee, co-founder Neoclassical Capitola Miami-based cryptocurrency investment firm backed by enterprise capitalists Marc Andreessen, Chris Dixon, and Tampa Bay Lightning owner Jeff Vinik.

The company, it seems, is concentrated on applications in consumer and financial services. “From a consumer perspective, we’re particularly bullish on use cases in IP gaming, entertainment, and social applications,” he said.

Neoclassical launched its first fund in Apriland the company intends to pursue more investment opportunities in these sectors. “While the West may continue to lead in infrastructure development, we believe Asia has greater potential in this area (consumer Web3 use cases) compared to the West,” he said, citing the large variety of bitcoin transactions in the region and its history in areas resembling gaming and entertainment. Countries resembling Japan and Korea, he said, “are leaders in adopting new technologies faster than any other country in the world.”

Tradition with a touch of cryptocurrency?

While some cryptocurrency firms are still searching for breakthrough successes, others try to persuade traditional businesses that they need to add a crypto twist to their existing products.

Justin Kim, Head of Asia at Ava Laboratoriesa blockchain platform focused on decentralized applications (“dApps”) and enterprise blockchain deployments, has seen increasingly organizations launch their very own custom blockchains on top of Avalanche.

“The list includes California DMV, Konami Digital Entertainment, Nexon MapleStory Universe, OtherWorld Solo Leveling Animationand financial institutions resembling JP Morgan AND City“- he said.

Tokenization of recent asset classes can be a recent trend, Justin added. For example, RepublicNew York-based investment platform tokenizes funds to support film financingIT consulting firm Questry and Japanese bank Mizuho Securities tokenize fund to support the production of animated contentJustin noted that each projects are based on the Avalanche platform.

Stablecoins are also finding their way into popular financial and messaging apps.

One notable event was PayPal’s introduction of a stablecoin called PYUSD and other messaging apps resembling Japanese line AND Telegram integrating cryptocurrency wallets. Naver, co-owner of Line, also recently launched a cryptocurrency wallet on its payments app in Korea. “Stablecoin trading activity is picking up,” Simon said.

Hashed has partnered with other traditional firms, resembling the Korean entertainment company IT’S MOVINGa gaming company based in Japan Nexonand financial institutions KB Kookmin Bank in South Korea and Siam Commercial Bank in Thailand, Simon said.

Another area that’s attracting attention from the industry, he identified, is the gaming space. The gaming industry is certainly one of the fastest-growing sectors, especially as a result of the growth of online transactions, Simon added.

“So there’s content, and then AAA games will start pouring out of the market later this year,” Simon said. In the past, blockchain games with experimental tokens or NFT ownership were released while they were still experimental. “Now, you’re seeing well-executed, high-quality games coming out.”

Yat Siu, Co-Founder and Executive Chairman Animoca BrandsThe Hong Kong-based gaming and software firm, which also runs VC firm web3, disagreed, saying gaming projects, which were essentially launch pads for tokens, had underperformed thus far.

“People aren’t excited about (games) right now, but I think we’ll come back,” Siu said.

Similarly, NFTs have not caught people’s attention yet, but proponents are still hopeful.

“Before, when people didn’t see the internet as interesting or real, they just built it and eventually it just grew, right? That’s how I see the (NFT) space,” Siu added.

Big Sponsors and Bigger Regional Forces

In 2023, lower- and middle-income countries drove cryptocurrency adoption; this yr, adoption is more evenly spread between richer and poorer countries, said Diederik van Wersch, regional director for ASEAN and Hong Kong at blockchain data platform Chain evaluation.

“The widespread adoption of cryptocurrencies may be a result of the launch of Bitcoin-based ETFs, which has driven up the total value of Bitcoin-related activity across all regions,” van Wersch told TechCrunch.

In line with that, institutions are facilitating cryptocurrency adoption in countries like Singapore and Indonesia, he said. The United States has followed an analogous path. When the United States launched a Bitcoin ETF, Siu said it was a step change for the market.

“Tokens that have institutional backing do better. That’s how things are shaping up in the future of cryptocurrencies,” Siu said.

“In Singapore, we have seen an increase in the use of cryptocurrency trading services, while in Indonesia, cryptocurrencies are used as a trading instrument and have become one of the fastest growing cryptocurrency markets in the region, with the highest year-on-year growth of almost 200%,” van Wersch said.

It’s not all excellent news: As more people adopt them, there’ll likely be more crime, he added. “As adoption increases, crime will increase. And today, cryptocurrencies span all types of crimes—including fraud and narcotics.”

Image sources: Kate Park / TechCrunch

Optimistic about Telegram’s future (despite Durov’s arrest)

The arrest of Telegram founder Pavel Durov in France last month actually led to an aftershock for Telegram-linked Toncoin, which plummeted in price following the news. But when KBW emerged per week later, the mood was already upbeat.

Rushi Manche, Co-Founder Movement Laboratoriestold TechCrunch that Telegram has grow to be a useful communication tool for a lot of in the cryptocurrency community, and that is unlikely to vary anytime soon.

“What happened with Pavel Durov and what’s happening with Telegram and TON is proof that decentralization works quite well. Despite the fact that Pavel was arrested, everything still worked,” Siu told TechCrunch. “I would say that’s a net positive and, in my opinion, shows the resilience and the power of decentralization and the benefits of running something on a blockchain. So I’m very bullish on TON and Telegram in the long term.”

Animoca Brands is an investor in TON, a blockchain technology tightly integrated with a messaging app.

Simon admitted that this incident made us realize that it’s obligatory to create latest regulations that can allow for the independent management of those virtual spaces, because in the digital world there are not any physical borders and states cannot control what’s on the Internet.

Image sources: Kate Park licensed by TechCrunch.

Regulation stays a significant obstacle

The issue of regulation repeatedly got here up as a top concern amongst those we spoke to at KBW, and not only amongst those working in the cryptocurrency industry in Asia, but additionally those from other regions.

“Until a few years ago, many blockchain developers would set up shop in Singapore,” Simon said. “Recently, the UAE has emerged as the most industry-friendly country, providing clear regulations and guidelines in the country.”

Regulation — and particularly the clear establishment of lighting regulations — shaped the areas wherein development has thrived.

“The main concern we hear about is the need for clarity in the regulations across Asian jurisdictions,” said Manche, Movement Laboratories“However, this is driving a push for more coherent, innovation-friendly policies. Regulatory clarity should improve globally, potentially accelerating institutional adoption. We also anticipate a focus on sustainable blockchain solutions and the innovative token economy.”

Much of this, nevertheless, has been piecemeal. Japan was an early mover in the space, and Singapore also got in early, with a light-weight regime focused on anti-money laundering (AML) and counter-terrorism financing (CFT), in keeping with Chengyi Ong, head of APAC policy at Chainalysis. Hong Kong and India followed suit, creating their very own regulatory frameworks. “And that’s how we ended up with a regulatory patchwork,” she said.

The U.S. election in November may very well be the moment when a few of this finally involves a head in the country. “Depending on who wins, this industry will accelerate. But I think cryptocurrencies will continue to grow in America regardless,” Siu said. “This is not an endorsement, by the way.”

This article was originally published on : techcrunch.com
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The company is currently developing washing machines for humans

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Forget about cold baths. Washing machines for people may soon be a brand new solution.

According to at least one Japanese the oldest newspapersOsaka-based shower head maker Science has developed a cockpit-shaped device that fills with water when a bather sits on a seat in the center and measures an individual’s heart rate and other biological data using sensors to make sure the temperature is good. “It also projects images onto the inside of the transparent cover to make the person feel refreshed,” the power says.

The device, dubbed “Mirai Ningen Sentakuki” (the human washing machine of the longer term), may never go on sale. Indeed, for now the company’s plans are limited to the Osaka trade fair in April, where as much as eight people will have the option to experience a 15-minute “wash and dry” every day after first booking.

Apparently a version for home use is within the works.

This article was originally published on : techcrunch.com
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Zepto raises another $350 million amid retail upheaval in India

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Zepto, snagging $1 billion in 90 days, projects 150% annual growth

Zepto has secured $350 million in latest financing, its third round of financing in six months, because the Indian high-speed trading startup strengthens its position against competitors ahead of a planned public offering next yr.

Indian family offices, high-net-worth individuals and asset manager Motilal Oswal invested in the round, maintaining Zepto’s $5 billion valuation. Motilal co-founder Raamdeo Agrawal, family offices Mankind Pharma, RP-Sanjiv Goenka, Cello, Haldiram’s, Sekhsaria and Kalyan, in addition to stars Amitabh Bachchan and Sachin Tendulkar are amongst those backing the brand new enterprise, which is India’s largest fully national primary round.

The funding push comes as Zepto rushes so as to add Indian investors to its capitalization table, with foreign ownership now exceeding two-thirds. TechCrunch first reported on the brand new round’s deliberations last month. The Mumbai-based startup has raised over $1.35 billion since June.

Fast commerce sales – delivering groceries and other items to customers’ doors in 10 minutes – will exceed $6 billion this yr in India. Morgan Stanley predicts that this market shall be value $42 billion by 2030, accounting for 18.4% of total e-commerce and a pair of.5% of retail sales. These strong growth prospects have forced established players including Flipkart, Myntra and Nykaa to cut back delivery times as they lose touch with specialized delivery apps.

While high-speed commerce has not taken off in many of the world, the model seems to work particularly well in India, where unorganized retail stores are ever-present.

High-speed trading platforms are creating “parallel trading for consumers seeking convenience” in India, Morgan Stanley wrote in a note this month.

Zepto and its rivals – Zomato-owned Blinkit, Swiggy-owned Instamart and Tata-owned BigBasket – currently operate on lower margins than traditional retail, and Morgan Stanley expects market leaders to realize contribution margins of 7-8% and adjusted EBITDA margins to greater than 5% by 2030. (Zepto currently spends about 35 million dollars monthly).

An investor presentation reviewed by TechCrunch shows that Zepto, which handles greater than 7 million total orders every day in greater than 17 cities, is heading in the right direction to realize annual sales of $2 billion. It anticipates 150% growth over the following 12 months, CEO Aadit Palicha told investors in August. The startup plans to go public in India next yr.

However, the rapid growth of high-speed trading has had a devastating impact on the mom-and-pop stores that dot hundreds of Indian cities, towns and villages.

According to the All India Federation of Consumer Products Distributors, about 200,000 local stores closed last yr, with 90,000 in major cities where high-speed trading is more prevalent.

The federation has warned that without regulatory intervention, more local shops shall be vulnerable to closure as fast trading platforms prioritize growth over sustainable practices.

Zepto said it has created job opportunities for tons of of hundreds of gig employees. “From day one, our vision has been to play a small role in nation building, create millions of jobs and offer better services to Indian consumers,” Palicha said in an announcement.

Regulatory challenges arise. Unless an e-commerce company is a majority shareholder of an Indian company or person, current regulations prevent it from operating on a listing model. Fast trading corporations don’t currently follow these rules.

This article was originally published on : techcrunch.com
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Wiz acquires Dazz for $450 million to expand cybersecurity platform

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Wizardone of the talked about names within the cybersecurity world, is making a major acquisition to expand its reach of cloud security products, especially amongst developers. This is buying Dazzlespecialist in solving security problems and risk management. Sources say the deal is valued at $450 million, which incorporates money and stock.

This is a leap within the startup’s latest round of funding. In July, we reported that Dazz had raised $50 million at a post-money valuation of just below $400 million.

Remediation and posture management – two areas of focus for Dazz – are key services within the cybersecurity market that Wiz hasn’t sorted in addition to it wanted.

“Dazz is a leader in this market, with the best talent and the best customers, which fits perfectly into the company culture,” Assaf Rappaport, CEO of Wiz, said in an interview.

Remediation, which refers to helping you understand and resolve vulnerabilities, shapes how an enterprise actually handles the various vulnerability alerts it could receive from the network. Posture management is a more preventive product: it allows a company to higher understand the scale, shape and performance of its network from a perspective, allowing it to construct higher security services around it.

Dazz will proceed to operate as a separate entity while it’s integrated into the larger Wiz stack. Wiz has made a reputation for itself as a “one-stop shop,” and Rappaport said the integrated offering will proceed to be a core a part of it.

He believes this contrasts with what number of other SaaS corporations are built. In the safety industry, there are, Rappaport said, “a lot of Frankenstein mashups where companies prioritize revenue over building a single technology stack that actually works as a platform.” It could be assumed that integration is much more necessary in cybersecurity than in other areas of enterprise IT.

Wiz and Dazz already had an in depth relationship before this deal. Merat Bahat — the CEO who co-founded Dazz with Tomer Schwartz and Yuval Ofir (CTO and VP of R&D, respectively) — worked closely with Assaf Rappaport at Microsoft, which acquired his previous startup Adallom.

After Rappaport left to found Wiz together with his former Adallom co-founders, CTO Ami Luttwak, VP of Product Yinon Costica and VP of R&D Roy Reznik, Bahat was one in all the primary investors. Similarly, when Bahat founded Dazz, Assaf was a small investor in it.

The connection goes deeper than work colleagues. Bahat and Rappaport are also close friends, and she or he was the second family of Mickey, Rappaport’s beloved dog, referred to as Chief Dog Officer Wiz (together with LinkedIn profile). Once the deal was done, the 2 faced two very sad events: each Bahat and Mika’s mother died.

“We hope for a new chapter of positivity,” Bahat said. The cycle of life does indeed proceed.

Rumors of this takeover began to appear earlier this month; Rappaport confirmed that they then began talking seriously.

But that is not the one M&A conversation Wiz has gotten involved in. Earlier this 12 months, Google tried to buy Wiz itself for $23 billion to construct a major cybersecurity business. Wiz walked away from the deal, which might have been the biggest in Google’s history, partly because Rappaport believed Wiz could turn into a fair larger company by itself terms. And that is what this agreement goals to do.

This acquisition is a test for Wiz, which earlier this 12 months filled its coffers with $1 billion solely for M&A purposes (it has raised almost $2 billion in total, and we hear the subsequent round will close in just a few weeks). . Other offers included purchasing Gem security for $350 million, but Dazz is its largest acquisition ever.

More mergers and acquisitions could also be coming. “We believe next year will be an acquisition year for us,” Rappaport said.

In an interview with TC, Luttwak said that one in all Wiz’s priorities now’s to create more tools for developers that have in mind what they need to do their jobs.

Enterprises have made significant investments in cloud services to speed up operations and make their IT more agile, but this shift has include a significantly modified security profile for these organizations: network and data architectures are more complex and attack surfaces are larger, creating opportunities for malicious hackers to find ways to to hack into these systems. Artificial intelligence makes all of this far more difficult when it comes to malicious attackers. (It’s also a chance: the brand new generation of tools for our defense relies on artificial intelligence.)

Wiz’s unique selling point is its all-in-one approach. Drawing data from AWS, Azure, Google Cloud and other cloud environments, Wiz scans applications, data and network processes for security risk aspects and provides its users with a series of detailed views to understand where these threats occur, offering over a dozen products covering the areas, corresponding to code security, container environment security, and provide chain security, in addition to quite a few partner integrations for those working with other vendors (or to enable features that Wiz doesn’t offer directly).

Indeed, Wiz offered some extent of repair to help prioritize and fix problems, but as Luttwak said, the Dazz product is solely higher.

“We now have a platform that actually provides a 360-degree view of risk across infrastructure and applications,” he said. “Dazz is a leader in attack surface management, the ability to collect vulnerability signals from the application layer across the entire stack and build the most incredible context that allows you to trace the situation back to engineers to help with remediation.”

For Dazz’s part, once I interviewed Bahat in July 2024, when Dazz raised $50 million at a $350 million valuation, she extolled the virtues of constructing strong solutions and this week said the third quarter was “amazing.”

“But market dynamics are what trigger these types of transactions,” she said. She confirmed that Dazz had also received takeover offers from other corporations. “If you think about the customers and joint customers that we have with Wiz, it makes sense for them to have it on one platform.”

And a few of Dazz’s competitors are still going it alone: ​​Cyera, like Dazz, an authority in attack surface management, just yesterday announced a rise of $300 million at a valuation of $5 billion (which confirms our information). But what’s going to he do with this money? Make acquisitions, after all.

Wiz says it currently has annual recurring revenue of $500 million (it has a goal of $1 billion ARR next 12 months) and has greater than 45% of its Fortune 100 customers. Dazz said ARR is within the tens of hundreds of thousands of dollars and currently growing 500% on a customer base of roughly 100 organizations.

This article was originally published on : techcrunch.com
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