Coinbit suspends operations, marking second crypto exchange shutdown this month

CeDeFi protocol NEOPIN has agreed to work with GREEVER, the developer of an eco-friendly Drive-to-Earn (D2E) app that rewards users for their efforts towards sustainable driving, marking an accelerated move towards forging a greener economy, according to an official Medium post on Wednesday (KST).Photo by why kei on UnsplashFostering green innovation“NEOPIN is actively collaborating with the government of Abu Dhabi to establish a DeFi regulatory framework. It is also recognized as a pioneer in Permissioned DeFi. On the other hand, GREEVER is distinguished by its strong commitment to public interest initiatives like promoting eco-friendly and safe driving,” said Ethan Kim, CEO of NEOPIN. “Through this partnership, our goal is to demonstrate our achievements in the blockchain space, emphasizing key themes such as compliance, eco-friendliness, and sustainability.” NEOPIN and GREEVER plan to integrate their platforms to expand their respective user bases. Specifically, the NEOPIN digital wallet will be integrated into the GREEVER app. They also intend to introduce NEOPIN’s DeFi products by linking them with GVL, GREEVER’s governance token. Through their collaboration, both companies aim to popularize blockchain on a global scale, especially by leveraging Busan’s technological expertise in the technology.  Driving towards sustainabilityGREEVER resides at the Blockchain Innovation Technology Center at the Busan International Finance Center. The GREEVER D2E platform was launched last September as South Korea’s first blockchain service for eco-friendly driving. It rewards drivers based on their safe and eco-friendly driving habits while promoting the adoption of blockchain technology in different areas of daily life. The team responsible for developing and operating the app is led by CEO Yun In-kyu, a Director of the Busan IT Partners Association and a General Manager who spearheaded various blockchain education initiatives tailored for Busan in 2021. “GREEVER is actively engaged in socially responsible projects with government organizations. Our alliance with NEOPIN is a pivotal move towards sustainability that aligns perfectly with GREEVER’s mission of enhancing accessibility and public interest,” said Yun In Kyu, CEO of GREEVER.

State-Owned Newspaper to Launch NFT Platform in ChinaChinese government-owned media outlet China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial budget of 2.813 million yuan (equivalent to $390,000) for the development of an NFT platform.Photo by Hanson Lu on UnsplashInviting bids from home and abroadThe move will open the door to both domestic and international blockchain technology firms, inviting them to spearhead the creation of the platform. According to a public tendering announcement published last month, the chosen firm must operate on a blockchain mainnet capable of handling over 10,000 transactions per second, ensuring top-notch performance and reliability.One of the platform’s key features will be its user-friendly interface, allowing users to effortlessly upload, display, and manage their digital collections. It will support a wide range of multimedia formats and diverse collection types, making it a versatile hub for creative expression. Additionally, the platform will offer advanced functionalities like pricing, bidding, limited-time offers, and multi-currency settlement to ensure a comprehensive and satisfying user experience.Extending the reach of Chinese cultureThe core objective of the China Daily NFT Platform is to amplify the global influence of Chinese culture by seamlessly blending technology and culture in the metaverse. This ambitious strategy integrates cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality, blockchain, non-fungible tokens (NFTs), big data, and cloud computing.In an effort to expand the global reach of their digital collections, China Daily intends to collaborate with both domestic and international mainstream NFT platforms. This ambitious plan includes partnerships with well-known foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Despite the rigorous regulatory landscape and scrutiny that blockchain entities face in China, this approach aims to make Chinese digital collections more accessible to a global audience.The urgency and importance attached to this project are evident in the tight timeline set by China Daily. The chosen contractor must submit their application by October 17 and complete the development of the platform within three months, highlighting the publication’s commitment to this venture.NFT platform development despite crypto banHowever, it’s important to acknowledge that this initiative unfolds within the backdrop of stringent cryptocurrency regulations in China. Since 2021, although NFTs have not been banned, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating within China face intense regulatory oversight.In May the Supreme People’s Procuratorate of China issued a warning relative to NFTs on the basis that they have crypto-like properties. However, the agency also acknowledged that NFTs do present a novel application of blockchain technology.Recent events, including the detention of former China Evergrande executives Xia Haijun and Pan Darong for alleged involvement in fraudulent activities, underscore the strict regulatory environment prevailing in China.Within the Chinese autonomous territory of Hong Kong, the South China Morning Post (SCMP) spun out Artifact Labs, an NFT company, following an initial decision in 2021 to launch an NFT standard called artifact.China Daily’s foray into the NFT space demonstrates that some facets of blockchain innovation are being leveraged within China, in this instance with a view towards cultural promotion and global engagement.

In a bid to expand the utility of USDC (USD Coin) in Japan, Coincheck, a cryptocurrency trading platform based in Tokyo, has unveiled a strategic collaboration with Circle Internet Financial, the global fintech firm and the issuer of the USDC stablecoin. Broadening USDC accessibilityThe partnership, announced on Feb. 27, signals Coincheck's proactive stance towards broadening accessibility to the USD-pegged coin within Japan's cryptocurrency landscape. This move is particularly noteworthy given Coincheck's stature as a subsidiary of Monex Group, a major securities firm that acquired a controlling interest in Canadian crypto asset management firm 3iQ in December of last year. Coincheck, established in 2014 and boasting a user base of 1.91 million verified accounts as of January 2024, is poised to play a pivotal role in driving USDC adoption within Japan.Photo by Takashi Miyazaki on UnsplashRegulatory hurdlesRegulatory hurdles remain significant for the widespread adoption of USD-backed digital assets within the east Asian country. Presently, major Japanese cryptocurrency exchanges have refrained from listing such coins, awaiting regulatory approval under the jurisdiction of the Japanese Payment Services Act, which mandates obtaining "Electronic Payment Instrument Services" registration. Despite these challenges, fiat-pegged coins like USDC and USDT continue to enjoy substantial popularity across Asia, reflecting a burgeoning interest in stablecoins as reliable vehicles for value transfer and storage. Oki Matsumoto, managing director and chairman of Coincheck, emphasized the strategic significance of the partnership in catalyzing growth within Japan's crypto ecosystem and the broader blockchain industry. He expressed optimism regarding the collaborative efforts between Coincheck and Circle in advancing the adoption of digital assets in the Japanese market. Circle’s ongoing focus on JapanCircle's engagement with Japan is not unprecedented, as the company had previously entered into a memorandum of understanding (MOU) with SBI Holdings, a formidable player in Japan's financial sector. This partnership aimed to spearhead digital currency innovation, streamline cross-border transactions and enhance liquidity in the digital asset market. Last month Circle identified the Asia-Pacific (APAC) region as being ripe for stablecoin adoption. It outlined that it was particularly encouraged by the ongoing development of forward-looking regulatory frameworks in Asian centers like Singapore, Hong Kong and Japan. In a parallel development, Circle recently announced a partnership with Overdare, a joint venture which was originally formed in September between gaming firms Krafton and Naver Z, poised to redefine the landscape of mobile user-generated content (UGC) gaming. This collaboration seeks to empower game content creators by integrating Circle's user-controlled Programmable Wallets, enabling them to seamlessly receive USDC payouts for their creative endeavors. Circle's foray into the creator economy through its collaboration with Overdare demonstrates another strategy that the company is employing to bring about adoption and gain traction in the market, pivoting towards Web3 innovation and its emphasis on development within the APAC region. With USDC boasting a market capitalization of approximately $27 billion and circulating supply exceeding $24 billion, as reported in its December 2023 reserve attestation, Circle's strategic partnerships with Coincheck and Overdare herald the latest efforts to trigger adoption within the Japanese and broader APAC region’s cryptocurrency and gaming spheres.