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CZ will shill BNB supporters; Korea to offer exchange insurance

Quote of the Week

“There is a significant labor arbitrage in China, if you’re hiring like a really good distributed systems person in China, it’s probably gonna be like $100k USD, which is a lot of money. But in the US it would be like $500k […] Let’s say we’re trying to build cross-chain relay project, if I’m a US project and I’ve raised ten million and then you have a Chinese project that raised ten million, that ten million is gonna go for much longer in China.

But it could also be a different market, so I guess they would be appealing first and foremost to a more Chinese audience, but I mean if it’s a cross-chain relay, then in that case, they would definitely try to support Bitcoin, Ethereum and still compete with the US projects, so that’s like a pretty significant labor arbitrage right there.

So for investors, unless you think, after you’ve looked a team, their background, their Github, unless you think that the US project is just that much better that given like you know three-year kind of time horizon that difference in cost isn’t going to add up, then you know it’s one factor that I think would be really important to consider. “

– Maomao Hu, partner of Eigen Capital and CTO of Calculus Network. We have a brief interview with Maomao that we will be sharing tomorrow. We will be covering insights on the capital markets, talent and hiring in China.

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Top News in Asia from Wednesday to Friday

Binance CZ- “I will personally shill projects that integrate BNB into their ecosystem, repeatedly”. http://bit.ly/2CvnGss

South Korea’s national postal service Korea Post will meet with Goldman Sachs executives to gain “know-how” about cryptocurrencies. https://bloom.bg/2oQay7H

Binance has recruited an executive with wide experience in initial public offerings as its chief financial officer. CZ responded in Chinese media that they are not planning to IPO. http://bit.ly/2oRYcMt

A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking. http://bit.ly/2N1lWfL

Deals and Funds

Ringle.AI raised US$30mn angel investment from Bertelsmann Asia Investment and IDG Capital for building AI scheduling system combined with the blockchain technology to ensure security of data transmission and access. http://bit.ly/2M9Z605

“80–90% of our investments are in Asia, Europe, and Israel right now because they’re actually countries where there’s regulatory certainty that entrepreneurs feel safe starting token companies or blockchain companies.”?—?Arrington at Techcrunch speaking about XRP Capital. https://tcrn.ch/2oQONVi

Coin and Token News

The EOS blockchain project is hoping to boost the onboarding of new users by reducing the cost of opening accounts. http://bit.ly/2MZSer6

“Blockchain itself does not provide privacy protection”- Oasis Dawn Song, when interviewed by one of the famous interviewers in China that also interviewed CZ among many other famous crypto individuals. Google translated article

Exchange News

CEO of China-based crypto mining pool F2Pool posted an infographic that indicates at what minimum price points the mining of various cryptocurrencies becomes unprofitable. http://bit.ly/2oXzxWZ

Huobi Group is partnering with Singapore’s National Trading Union Congress Learning Hub to launch a joint effort to promote blockchain education. http://bit.ly/2MVQ6kd

Southeast Asia’s largest cryptocurrency exchange and brokerage platform Coins.ph adds 4 million users during 2018 bear market.http://bit.ly/2MWJQZz

Regulation News

Blockchain-enabled independent power producers in Thailand pose such a threat to the state-run power generator and distributor that they will be required to pay extra in order to cushion the state utility.https://s.nikkei.com/2N0YYoM

The Australian Securities and Investments Commission views cryptocurrencies and crypto-related activities including ICOs as potential threats for traditional financial markets. http://bit.ly/2MYT6wq

Korean Financial Supervisory Service urged regulators from 14 other countries, including the UK, Japan, Germany, Canada, Australia, and Singapore, to create an international discipline system for cryptocurrency and initial coin offerings. http://bit.ly/2oPoSgP

Korea’s blockchain prowess is gaining international reach as reports show that the Eastern European nation of Belarus is opening its doors for South Korean investors. http://bit.ly/2oS4Pyq

The Thai Securities and Exchange Commission has approved another crypto exchange to legally operate in the country. There are now six exchanges that have been granted approval. http://bit.ly/2MYQ4YP

Chengdu, China is providing blockchain subsidy of up to $730k USD; already have over 100 patent application. A report in Chinese on Chengdu’s Blockchain Adoption Progress

Business News

Naver, KaKao locked in blockchain platform competition -‘Link Chain’ Vs. ‘Clayton’. http://bit.ly/2NYYTyxA overview of HK Crypto Regulations- Hong Kong is Doing Nothing to Regulate Crypto, and It’s Working Great.http://bit.ly/2NWPo2Q

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