Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaar

South Korea’s largest cryptocurrency exchange Upbit has opened a special event in celebration of its staking service surpassing a total value of KRW 1.5 trillion ($1.2 billion), where users can participate in a staking quiz to receive 0.002 ETH (approximately $4.60) each. Staking refers to the process of entrusting crypto assets to be utilized for a blockchain’s operations and receiving rewards in return.Photo by Nenad Novaković on UnsplashEvent detailsParticipants in the quiz event will have 30 minutes to complete five quizzes related to Upbit’s staking service. The total reward pool is 210 ETH, which will be allocated to 100,000 participants on a first-come, first-served basis the day after answers are submitted. After completing the quiz mission, ten users who also stake their Ethereum assets will get the opportunity to be selected to receive 1 ETH each. "We organized the event to make more users aware of staking on Upbit and to express our gratitude,” Dunamu, the operator of Upbit, said. Upbit’s growing staking platformUpbit’s staking service was officially launched in January last year. Currently, there are five cryptocurrencies that can be staked on Upbit – Ethereum, Cosmos, Cardano, Solana and Polygon. In particular, the exchange does not manage user assets or entrust them to external parties but stakes them through self-operated validators. All staked assets are stored in a cold wallet. 

Korbit relists blockchain gaming token WEMIXKorbit, a major fiat-to-cryptocurrency exchange in South Korea, is relisting WEMIX, a cryptocurrency issued by blockchain gaming company Wemade. Korbit’s decision follows in the footsteps of its local competitors, Coinone and Gopax, who have also recently reinstated WEMIX. The WEMIX token is used to pay transaction fees, stake and vote on governance proposals.Starting at 1:00 a.m. UTC on Dec. 7, Korbit users gained the ability to create a WEMIX wallet and deposit the token on the exchange. Trading and withdrawals of WEMIX will be enabled at 3:00 p.m. UTC on the same day.The Korbit exchange only accepts WEMIX deposits originating from the Wemix network. Deposits of WEMIX sent from other blockchain networks, including BNB Beacon Chain, Ethereum and Klaytn, may be processed improperly and carry the risk of becoming irretrievable.Photo by Asa E-K on UnsplashDecision reversal and underlying rationalesOver a year ago, the Digital Asset eXchange Alliance (DAXA), a coalition of the five Korean fiat-to-crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — collectively decided to delist WEMIX from all their platforms. This decision was based on several concerns, including unreliable disclosure of the token’s circulating supply, provision of inadequate and misleading information to investors and inconsistencies in the data provided during the explanation period. These issues collectively eroded trust in the company.However, Korbit has determined that the previously identified issues with WEMIX have been addressed. The exchange observed that the circulating supply of WEMIX has been reduced to a level that aligns with the schedule initially submitted to DAXA. The launch of the WEMIX mainnet rectified the discrepancy where the circulating supply displayed on crypto data platforms like CoinMarketCap was twice the actual figure. Additionally, the collateral that Wemade had deposited in decentralized finance (DeFi) protocol Kokoa Finance has been recovered.The crypto trading platform also believes that Wemade has resolved the problem of providing misleading information to investors by making corrections to its third-quarter earnings report.Regarding data fallacies, Korbit holds the view that the game publisher has taken steps to address the inaccuracies in the data previously provided to the alliance. These efforts to reduce uncertainty and fulfill disclosure responsibilities include several measures: Wemade now live-updates the circulating supply of WEMIX and other pertinent details on its official blog. The gaming company has also entrusted the management of its non-circulating WEMIX supply to Ceffu, the sole institutional custodian for Binance, a global crypto exchange. Furthermore, Wemade now makes announcements about token movements whenever they occur.Restrictions imposed on GopaxMeanwhile, Korbit stated its commitment to complying with voluntary regulations and common listing guidelines established between DAXA members. This statement is particularly noteworthy in light of the recent developments with Gopax. Gopax faced the three-month suspension of its voting rights from DAXA, following the relisting of WEMIX.

BIS Collaborates with Singapore’s MAS, Bringing CBDC Pilot to a CloseThe Bank for International Settlements (BIS) has recently signified the culmination of Project Mariana, a pilot initiative centered on exploring the cross-border trading and settlement of wholesale central bank digital currencies (CBDCs).Photo by Pixabay on PexelsUpdating financial market infrastructureThe bank of central banks published the findings of the project on Thursday. Conceived in partnership with the Monetary Authority of Singapore (MAS) alongside the central banks of France and Switzerland, the endeavor could have profound implications for the future landscape of financial market infrastructure.Project Mariana, conducted under the patronage of the BIS, harnessed principles gathered from the emerging world of DeFi to probe the viability of employing automated market makers (AMMs) for CBDC trading and settlement.The project involved three key facets:DeFi Ingenuity: Project Mariana took inspiration and cues from the DeFi universe, particularly AAMs, to streamline foreign exchange trading and settlement. This approach was designed to bolster market efficiency while curtailing settlement risks.Cross-Border CBDC Transactions: Hypothetical wholesale versions of the Swiss franc, euro, and Singapore dollar in CBDC form were tested for cross-border trading and settlement. The central banks of France, Singapore, and Switzerland orchestrated simulated transactions via AAMs to gauge feasibility.Interoperability and Token Standards: The project showcased the practical application of a standardized technical token format offered by a public blockchain, enabling seamless interoperability across various currencies. This interoperability element played a pivotal role in facilitating cross-border CBDC transactions.While the project represents a significant move forward for the BIS in its consideration of decentralized technology, the organization is still mindful that these decentralized tools are in their infancy and in need of further scrutiny and experimentation.With that, the BIS Innovation Hub has outlined its intent to further explore the prospective advantages and obstacles associated with DeFi-infused solutions within pertinent use cases going forward.Proof of conceptWhile the BIS and participating central banks were happy with the outcome of the project, the exercise was still a proof of concept and doesn’t mean there will be any immediate adoption of CBDCs by the participating nations.Rather, it spotlights the potentials of CBDCs and DeFi in streamlining financial transactions and enhancing efficiency. Central banks can oversee wholesale CBDCs without necessarily exerting control over the underlying infrastructure, thereby furnishing commercial banks with a potent tool for instantaneous FX trading and settlement while simultaneously mitigating credit and settlement risks.The project also shone a spotlight on certain challenges, including the logistical intricacies arising from the 24/7 availability of wholesale CBDCs. Nevertheless, the manifold advantages of instant foreign exchange trading and settlement appear to outweigh these hurdles.Central bankers are likely to want a different outcome from the use of this technology by comparison with those who are currently knee-deep in building out DeFi. One commentator on X had a cynical take on the project, stating: “Intermediaries attempting to justify their existence in an age with bitcoin.”Notwithstanding that, FX is the largest financial market in the world, where $7.5 trillion in value is traded every day. To utilize DeFi technology in that context would likely be profound, regardless of the nature of the application of the technology.