Rotonda launches crypto wallet service Burrito Wallet in Latin America

The Turkish Lira (TRY) has become the third largest fiat currency by volume in the cryptocurrency market, according to a report by Kaiko. This milestone was reached as TRY's share of the crypto market hit an all-time high of 19% in early June. The increase in volume is attributed to the country's economic challenges, notably its high inflation rate, which has surpassed 70%, making the lira one of the most volatile fiat currencies globally.Photo by Afdhallul Ziqri on UnsplashFactors influencing the increaseThe shift in the Turkish lira's position in the crypto market is partly due to increased foreign exchange volatility and currency devaluation, common catalysts for cryptocurrency adoption in developing economies. Additionally, geopolitical factors such as a record number of elections and diverging monetary policies have intensified market fluctuations. This environment has favored cryptocurrencies like Bitcoin, which reached new highs against the lira in recent months. For instance, Bitcoin escalated to 2.3 million TRY in March from 979,000 TRY in October 2023. The recent adjustments in cryptocurrency trading platforms, particularly Binance's delisting of certain fiat trading pairs due to banking issues, have also increased the dominance of TRY in crypto transactions. This series of events underscores the growing interconnection between traditional and digital finance markets, highlighting the increasing role of cryptocurrencies in regions facing economic instability. 

South Korean digital marketing firm FSN has entered into a strategic alliance with Fingo Company, the operator of the music copyright platform Fingo, to jointly work on a tokenized securities project based on the recently raised funds, according to local news site Newsis on Monday (KST).Photo by Chris Liverani on UnsplashUnlocking synergiesThrough this partnership, FSN and Fingo aim to collaborate on a token securities project. As both companies have experience in leveraging IP, they are expected to apply their expertise to the new business. In particular, FSN operates several IP-based Web3 projects such as Sunmiya Club and Bellygom NFT through its subsidiary Finger Labs, through which the firm has been demonstrating its competitive edge. Fingo also owns a variety of content-based IPs and is cooperating with major domestic securities companies. The two firms’ business capabilities are thus expected to create great synergy in the market. Fingo’s service allows anyone to share revenue made from music, a concept referred to as music revenue sharing, which was once limited to creators or singers only. Last year, it took a step into the tokenized securities sphere by signing a business deal with Mirae Asset Securities, the country’s largest asset manager, to establish a token securities service and launch innovative financial investment products. FSN has been gearing up to take on this collaborative project, namely a recent success in raising a total of KRW 10 billion (approximately $7.5 million) in funding. The company explained that with this considerable funding paired with its knowledge of Web3 and blockchain technology and experience in collaborative partnerships, it will be equipped to settle into the tokenized securities market seamlessly. Charting new horizons"As we have secured large-scale funding under stable conditions, we expect to successfully pursue new businesses, including that in tokenized securities," FSN CEO Lee Sang-seok said. "We will steadily expand new businesses by establishing partnerships with companies with competitiveness in various areas, starting with Fingo Company, which has a competitive edge in tokenized securities and music IP," he said.

Wemade Introduces New DeFi Services on WEMIX3.0 MainnetKorean blockchain game maker Wemade announced today that it will deploy decentralized finance (DeFi) services Kurrency and Konverter on the WEMIX3.0 Mainnet.Photo by Shubham Dhage on UnsplashTwo DeFi servicesKurrency utilizes a collateralized debt position (CDP) model, providing users with the capability to lock up a certain amount of virtual assets in order to mint, deposit, and swap the WEMIX Crypto Dollar (WCD). WCD, a cryptocurrency designed to minimize price fluctuations, complements the WEMIX Dollar, which is fully backed by the stablecoin USDC.Konverter is a new decentralized exchange (DEX) that combines the strengths of established DEXs. On June 9, Konverter will demonstrate functions that contribute to the efficiency of Kurrency. These functions involve seamless swaps between WCD and a variety of stablecoins. The full-fledged version of Konverter, set to launch in the second half of this year, will offer a broader array of swap services along with a “governance function” that doesn’t require forced lock-ups.Mainnet firstThe initial launch of Kurrency and Konverter will take place on the WEMIX3.0 Mainnet. Their goal is to magnify the ecosystem’s scope by boosting the utility of assets within the network and harnessing the synergies derived from decentralized apps (dApps).Multichain expansionLater, the two services on the WEMIX3.0 Mainnet will become more refined and reliable, paving the way for a multichain expansion. A successful implementation will improve interconnectivity between various blockchains, ultimately bolstering the value of the WEMIX ecosystem.Engaging usersStarting today, Kurrency is initiating various quests to encourage user participation. Users gaining experience from these quests will become eligible to join community events, promoting a more vibrant and engaged user base.