Investment

OKX Ventures announces investment in Web3 innovative trading application Blum

ChainCatcher news, according to official sources, OKX Ventures announced a seed round investment in the innovative trading application Blum, which aims to create a trading experience connecting DEX and CEX for 90 million users. This round of financing was led by gumi Cryptos Capital, with participation from Spartan and No Limit Holdings. It also received continued investment from seed pre-round supporters YZi Labs and Top.co, as well as participation from well-known institutions such as Bitscale Capital and Wintermute. Currently, Blum has secured a total of $5 million in seed pre-financing and seed round financing."This funding marks an important milestone for Blum as it will drive the development of our trading features. We are very grateful to OKX Ventures and other supporters for their confidence in us," said Gleb Kostarev, CEO and co-founder of Blum. "From day one, Blum has attracted the attention of investors and users. Our approach to financing is not just about securing funds; it is about carefully selecting partners with expertise and resources that can enhance the user experience."OKX Ventures partner Jeff Ren stated, "We are excited to invest in Blum, which is one of the largest Telegram Web3 communities. At the same time, we will establish a partnership with Blum through OKX Connect to attract more users together. Through this investment, we hope to once again demonstrate our willingness and determination to promote the development of the Ton ecosystem."
2025-02-13

Jiangsu High Court: Overseas virtual currency investments are not protected by Chinese law

ChainCatcher news, according to the Jiangsu High Court's official WeChat account, the Jiangsu High Court has released typical cases involving foreign-related commercial trials, stating that overseas virtual currency investments are not protected by Chinese law. In the relevant case, Singaporean citizen Pan XX and Chinese citizen Tian XX signed a cooperation agreement with a third party to jointly operate the "MFA Blockchain" project. Pan XX transferred 15.74 million yuan to Tian XX for the purchase of MFA virtual currency, but later the virtual account involved in the case was locked, resulting in the total loss of the principal. Pan XX filed a lawsuit in court.The Jiangsu High Court, in its second instance, held that Pan XX is a Singaporean citizen, and the case has foreign-related factors. According to China's law application rules, matters involving China's financial security and social public interests should directly apply the mandatory provisions of Chinese laws and regulations, which prohibit virtual currency investments. In this case, the parties signed a contract to speculate on overseas virtual currencies, violating the mandatory provisions of China's financial regulatory field. Therefore, the investment losses claimed by the parties are not protected by law, and the resulting losses shall be borne by the parties themselves.
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