Fireblocks, a digital assets platform, has partnered with South Korea’s NongHyup Bank to develop a blockchain-powered prototype for tax refunds. The project will utilise Fireblocks’ Tokenisation Engine to simplify value-added tax (VAT) and goods and services tax (GST) refunds on retail purchases, focusing on increased security and real-time tracking of transactions.
The initiative aims to enhance transparency while reducing operational costs, with tokenisation providing immutable records that prevent fraud. NongHyup Bank, which serves over 10 million customers, views the partnership as a step forward in delivering innovative blockchain solutions.
Fireblocks continues to expand beyond its core custody services, recently offering derivatives trading and launching a Web3 kit for start-ups. With over $6 trillion in digital assets securely transferred, the company’s collaboration with NongHyup Bank highlights the growing adoption of blockchain in traditional financial services.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
Crypto exchange Gemini mistakenly issued a price alert on Wednesday claiming Bitcoin had surpassed $110,000. The exchange later apologised, explaining that the notification was caused by a technical error. In reality, Bitcoin had reached an all-time high of $93,000, fuelled by optimism surrounding Donald Trump’s election victory.
Gemini faced backlash from users confused by the false alert, with some speculating that it may have been triggered prematurely by an employee or a misconfigured system. The exchange reassured users that such mistakes are rare and promised to prevent similar incidents in future.
Errors like these are not uncommon in the crypto industry. Exchanges, including Binance and Coinbase, have previously reported incorrect price displays due to glitches or faulty data. While these mistakes are usually resolved quickly, they can still cause significant disruption for traders relying on real-time information.
South Korean authorities have arrested 215 individuals in connection with the country’s largest cryptocurrency investment scam, which reportedly defrauded investors of 320B won ($228.4M). Among those detained is the alleged leader of the operation, who is accused of selling 28 worthless virtual tokens to approximately 15,000 victims with promises of high returns.
According to police, the group issued six of the tokens on overseas crypto exchanges and manipulated their values through market-making teams. To attract investors, they established consulting companies, recruited sales teams, and targeted viewers of a YouTube channel. Officials revealed that many of the tokens were fraudulent and lacked real value.
This case highlights growing concerns over cryptocurrency-related scams in South Korea and globally, as unregulated digital assets continue to attract both investors and opportunistic criminals. The arrests mark a significant step in addressing financial crimes in the fast-evolving crypto landscape.
Coinbase Wallet is preparing to launch a tap-to-pay cryptocurrency payment feature, aiming to rival fast payment services like Cash App, Venmo, and PayPal. Jesse Pollak, the lead for Coinbase Wallet and creator of Ethereum Layer 2 Base, announced the rollout is in its final testing phase, with a full launch expected soon. The feature promises a faster and more global payment experience, targeting merchants worldwide.
Pollak envisions Coinbase Wallet integrated across 50 countries by 2025, enabling users to link their bank accounts for seamless on-chain transactions. The addition of stablecoin off-ramps, such as USD Coin and Tether, will simplify converting digital assets into local currencies, potentially driving merchant adoption through cheaper, faster payment methods.
Meanwhile, Base is addressing Ethereum Layer 2 interoperability issues. By implementing new standards like ERC-7683 and RIP-7755, Base aims to enable seamless token transfers across Layer 2 networks, including Arbitrum and OP mainnet. Pollak expects these solutions to be in place within six months, unlocking significant new use cases in a blockchain ecosystem currently securing $42 billion in value.
Nano Labs, a prominent semiconductor company in Hangzhou, has announced that it will now accept Bitcoin as payment for its products. It marks a milestone in cryptocurrency adoption. Transactions will be processed through Coinbase, making it easier for customers to use the digital currency.
Renowned for its cryptocurrency-mining chips like the Cuckoo 1.0 and Darkbird 1.0, Nano Labs sees this move as a proactive step in adapting to the rapidly growing digital economy. The firm has been actively aligning itself with trends prioritising secure, swift cross-border transactions, a vital need in today’s tech industry.
Following the announcement, Nano Labs’ stock price surged 5.6% in premarket trading to $3.40, reflecting market confidence in its forward-thinking strategy. While the company’s intent to hold Bitcoin on its balance sheet remains unclear, this development underscores the tech sector’s increasing acceptance of cryptocurrency as a legitimate payment method.
Google Cloud has partnered with ZetaChain to support its Universal Blockchain, which aims to foster broader adoption of Web3 technology. The collaboration will allow decentralised apps, known as Universal Apps, to operate across multiple blockchain networks such as Bitcoin and Ethereum. The innovation breaks from traditional blockchains that are isolated and unable to interact with other networks.
As part of the deal, Google Cloud will act as a validator for ZetaChain, helping to secure the blockchain and support its growth. Google Cloud’s infrastructure will verify transactions and maintain a reliable ledger for the platform. ZetaChain is also delegating 1 million tokens to strengthen the network by incentivising validator activities.
Additionally, developers working on ZetaChain will gain access to Google Cloud’s Web3 Startups Program, which includes cloud credits to offset infrastructure costs and a testnet faucet to streamline app development and testing. This collaboration marks another significant move by Google Cloud to support Web3 and decentralised application development.
Revolut has expanded its crypto exchange, Revolut X, to an additional 30 European countries, making advanced trading tools and analytics accessible to more users. The platform, originally launched in May, offers competitive flat fees of 0.00% for makers and 0.09% for takers, appealing to both retail and professional traders.
With features like real-time market data, TradingView charts, and dashboards highlighting top-performing tokens, Revolut X supports informed decision-making. For retail users, the app includes the Crypto Learn tool, which aims to boost understanding of the crypto market. Most funds are stored securely in cold storage, with 24/7 support via encrypted chat.
In August, Revolut partnered with Ledger to enable direct crypto purchases through its app, further integrating users into the digital asset ecosystem. As the fintech giant continues to grow its presence, it is also planning to launch a stablecoin to compete with leading players in the industry.
A Chinese dual citizen, Daren Li, has pleaded guilty to laundering $73 million stolen through cryptocurrency scams. The schemes, active from August 2021 to April 2024, included fraudulent practices such as “pig butchering.” Li admitted using shell companies and US-based bank accounts to disguise and transfer the stolen funds.
Prosecutors revealed that millions were converted into Tether (USDT) and distributed to wallets controlled by Li and his co-conspirators. One of the wallets linked to the scheme reportedly held over $341 million in digital assets. Li’s arrest occurred in April 2024 at Atlanta airport, while his alleged accomplice, Yicheng Zhang, was arrested in May.
Li now faces a maximum sentence of 20 years in prison, a $500,000 fine, and three years of supervised release. Prosecutors also indicated he may need to pay restitution of up to $73 million to the victims. His sentencing hearing is scheduled for March 2025.
Italy’s government is reconsidering its proposed tax increase on cryptocurrency trades, opting to lower the planned rate from 42% to 28%. This adjustment follows concerns from industry leaders who warned that the steep tax could damage the country’s competitiveness in the growing digital asset sector.
Currently, Italy taxes crypto transactions at 26%, but the government had originally proposed the higher rate to bolster public finances. To strike a balance, Prime Minister Giorgia Meloni’s coalition is supporting amendments, including a 28% cap suggested by the League party. Meanwhile, Forza Italia has proposed exempting gains under €2,000 to encourage wider participation in cryptocurrency.
The revised approach could strengthen Italy’s position in the digital asset market, particularly as the European Union prepares to implement the Markets in Crypto-Assets framework later this year. By adjusting its tax policy, Italy seeks to foster industry growth while maintaining a competitive edge.
