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Finance

Kosdaq may mount comeback after sharp selloff, fourth straight day of gains

Sentiment in South Korea\'s Kosdaq market is shifting after repeated sharp falls. The index rose for a fourth straight session on Aug. 5, after dropping to the low 700s. Buy sidecar curbs on program buy orders were triggered for three consecutive sessions from July 31 to Aug. 4 for the first time. Analysts cite deleveraging in margin loans and renewed institutional buying, while cautioning it is too early to call a structural uptrend.

Crypto

Augustus raises $180 million led by Tiger Global, CEO says

Venture capital firm Tiger Global led a $180 million Series B funding round for banking startup Augustus, with Hummingbird, QED and founders of Nubank, Ramp, Circle and Deel also taking part. The company was valued at $1 billion. Augustus plans to use the funds to expand services for fintech firms and banks in Latin America, Southeast Asia, the Middle East and Africa. CEO Ferdinand Davitz said the company aims to improve access to dollars abroad.

Crypto

Korea crypto trading value slumps 89% as KOSPI jumps 114%, retail money shifts to stocks

Trading value at South Korea’s five major won-based cryptocurrency exchanges fell by as much as 89% over the past year, an analysis showed. Over the same period, the KOSPI rose 114.44% on Yahoo Finance data, reinforcing signs that retail investment money moved from crypto into stocks. Falling fee income has led some exchanges to sell crypto holdings. Research also points to investor fatigue and a shift toward institution-led market participation.