North Gyeongsang Province launches metaverse platform to become digital hub

LightLink, the Singapore-based Layer 2 startup, has recently clinched $4.5 million in seed funding, spearheaded primarily by Asian investors. A strategic alliance has also been forged between LightLink and Animoca Brands, a trailblazer in digital property rights within the open metaverse and gaming sectors.Photo by cottonbro studio on PexelsThai-led fundingT&B Media Global, a prominent Thai media entity, and MQDC, a Bangkok-headquartered real estate developer, led the funding round, which amounted to $4.5 million. In addition to T&B Media Global and MQDC, the seed round saw participation from more notable investors within the Asia Pacific (APAC) and Oceania regions, such as digital asset-focused Australian investment manager JellyC, Aweh Ventures, Singapore’s Blue7 and Australian Web3 venture capital fund B3V. While the capital funding is early stage and lower end from a dollar amount perspective, the broad spectrum of investors underscores a certain level of excitement surrounding LightLink's innovative product offering. The startup’s product offering enables enterprises and decentralized applications to conduct gasless, real-time user transactions within the Ethereum ecosystem through the use of optimistic rollups within LightLink’s established architecture. The infusion of funds will be used to bolster LightLink's efforts to further develop a groundbreaking "multiverse project" dubbed Translucia, a venture that attempts to seamlessly merge virtual and physical realms. Dr. Jwanwat Ahriyavraromp, founder and CEO of T&B Media Global, lauded the partnership, citing a shared vision to cultivate a harmonious and interconnected digital universe that radiates joy worldwide. Animoca collaborationNews of this funding infusion comes off the back of LightLink’s announcement last month of a collaboration with Web3 firm Animoca Brands. This collaboration will witness Animoca integrating LightLink's Ethereum Layer 2 technology into select initiatives, accompanied by advisory support to bolster LightLink's tokenomics strategies and market outreach. The synergy between these entities provides great potential for the delivery of a more seamless Web3 experience, eliminating transaction fees and streamlining blockchain integration for users. LightLink's Ethereum Layer 2 blockchain offers a host of benefits, enabling gasless transactions and frictionless transfers of assets within a public blockchain environment. Its utilization extends to over 25 affiliates, including notable entities like Grapes and The Red Village, with integration into the Translucia project underway. Roy Hui, co-founder and CEO of LightLink, expressed optimism about the partnership's potential to democratize blockchain technology, fostering global connectivity and enabling diverse communities to embrace decentralized solutions. Yat Siu, executive chairman and co-founder of Animoca Brands, echoed this sentiment, emphasizing the alignment between LightLink's gasless transactions and their mission to decentralize the digital realm. Pellar Technologies, the development powerhouse behind LightLink, boasts a track record of over 50 blockchain projects across the APAC region since 2017. LightLink itself ranks among the top 10 in transaction volumes among rollups, boasting over 215,000 unique wallet addresses operating on-chain. Hui reiterated LightLink's commitment to simplifying blockchain adoption. Using the seed funding announcement as an opportunity to set out the firm’s primary objective, he stated:”Our aim is to bridge the digital economy with millions of users across the globe. The funding we've received enhances our focus on making blockchain as intuitive as traditional web platforms, with an emphasis on gasless transactions.” The seed funding marks a significant milestone in LightLink's journey, propelling it towards playing its part in the further roll-out of Web3 innovation.  

Circle Considers Issuing Stablecoin in JapanCircle, the US-headquartered payment services company and stablecoin issuer, is considering issuing a stablecoin in Japan following the implementation of new regulations on stablecoins.Jeremy Allaire, Co-Founder and CEO of Circle, expressed his interest in exploring partnerships in Japan due to the significant potential of the market under the new rules.Photo by Su San Lee on UnsplashGrowing importance of stablecoinsIn an interview with CoinDesk Japan recently, Allaire highlighted the growing importance of stablecoins in cross-border trade, foreign currency transactions, and global commerce. He believes that Japan, with its recently established framework for the use of overseas stablecoins, has positioned itself as a pioneering country in this regard. Allaire described the stablecoin bill as the Japanese government’s and the Financial Services Agency’s most significant achievement.The revised Payment Services Act in Japan recognizes stablecoins backed by legal tender as an “electronic payment method” and allows for their issuance. However, stringent rules are in place for stablecoin issuers.These include the requirement for stablecoins to be pegged to the yen or other legal tender and the guarantee of redeemability at face value for holders. Only licensed financial institutions, such as banks, registered money transfer agents, and trust companies, will be authorized to issue stablecoins.Breaking into AsiaAllaire emphasized Circle’s interest in establishing partnerships within Japan, a country he recently visited. Circle has already obtained a Major Payment Institution (MPI) license in Singapore, enabling the company to offer various digital payment services, cross-border money transfers, and domestic money transfer services.The Japanese market has witnessed major financial institutions exploring stablecoin initiatives. Mitsubishi UFJ Trust and Banking Corporation (MUFJ), for instance, announced its plans to launch its own stablecoin platform named Progmat last month. MUFJ also entered into a partnership with Japanese blockchain interoperability solutions provider, Datachain, recently. It’s thought that the move will facilitate both parties in undertaking further work on stablecoin-related initiatives.Circle’s consideration of issuing a stablecoin in Japan underscores the company’s recognition of the country’s regulatory advancements and the potential for stablecoin adoption. As stablecoins gain further traction globally, Japan’s new framework positions it as an important market for Circle and other players in the industry.It’s not just Japan that highlights the need for further stablecoin development. A new policy proposal was published in Hong Kong earlier this week that made a point of urging the Hong Kong authorities to issue its own Hong Kong dollar-backed stablecoin.The objective of such an initiative would be to compete on an international basis with leading US dollar stablecoins such as Circle’s USDC and USDT/Tether. By being proactive in the Asia-Pacific (APAC) region, Circle could head off rising potential challenges such as that suggested by these stablecoin researchers in Hong Kong.The partnership opportunities in Japan align with Circle’s mission to facilitate efficient and secure digital transactions, and it will be intriguing to observe how the company navigates this emerging landscape in the months to come.

Circle President Heath Tarbert, who oversees the issuer of the USDC stablecoin, arrived in Seoul on Aug. 21 for a series of meetings with South Korean cryptocurrency and blockchain industry leaders, as well as the governor of the country’s central bank. Citing industry sources, local outlet Newsis reported Tarbert visited three major exchanges, Upbit, Bithumb and Coinone, shortly after landing, spending roughly an hour at each. Discussions centered on recent developments in Korea’s digital asset ecosystem.Photo by Daniel Bernard on UnsplashGathering insight from exchangesThe trip underscores Circle’s growing interest in South Korea, one of the world’s largest crypto markets by trading volume despite its heavy tilt toward retail investors. Circle is reportedly seeking on-the-ground insight from local trading platforms. An executive from a research firm said the market offers an attractive foothold for global players looking to deepen networks. Previous reports indicated Circle has also begun informally recruiting in South Korea to support initiatives tailored to the local market, and the company is also weighing a direct investment in a domestic crypto firm. Homing in on stablecoinsStablecoins are expected to dominate the agenda with exchanges. USDC is the world’s second-largest stablecoin by market share, behind Tether’s USDT, and all three exchanges already support USDC trading. Upbit and Bithumb have meanwhile indicated their plans to develop Korean won–pegged tokens, recently filing trademark applications for their projects. Given Circle’s position in the sector, one exchange official said local platforms may look to the U.S.-based company as a benchmark, adding that practical knowledge-sharing could be the most meaningful outcome of Tarbert’s visit. Tarbert also attended a dinner with Simon Seojoon Kim, CEO of crypto venture firm Hashed, whose teams span Seoul, Singapore, Bengaluru, Silicon Valley and Abu Dhabi. Circle and Hashed have been in frequent contact, and the gathering offered another forum to exchange views on recent market developments. Talks with the central bank governorOn the policy front, Tarbert met with Bank of Korea (BOK) Governor Rhee Chang-yong at Circle’s request before the dinner. Rhee has signaled openness to the introduction of won-backed stablecoins, while emphasizing prudential safeguards and noting differences with some lawmakers on potential issuers. The BOK head has previously warned that allowing non-bank entities to issue won-backed stablecoins could pose risks, such as circumventing capital rules. The South Korean central bank is working with other agencies to develop a framework that ensures the stability and utility of stablecoins while preventing their use to bypass foreign exchange controls. The meeting between Tarbert and Governor Rhee likely covered regulatory parameters for cross-border remittances using stablecoins and avenues for public-private collaboration to foster a compliant won-stablecoin market. On the following day, Tarbert is slated to meet executives from four major financial groups: Shinhan Financial Group, Hana Financial Group, KB Financial Group and Woori Bank. Kakao Group, the company behind the KakaoTalk messaging app, is also on the itinerary. Representatives from its mobile payment platform, KakaoPay, are expected to take part in the discussions. The talks come as Kakao recently formed a task force to navigate Korea’s evolving stablecoin rules. Separately, Circle listed on the New York Stock Exchange (NYSE) earlier this year under the ticker “CRCL.” The initial public offering (IPO) priced at $31 a share and opened at $69, raising nearly $1.1 billion. As of Aug. 21, the stock closed at $131.80.