Shinhan Bank to issue NFTs at 2023 Blockchain Grand Week in Seoul

Chinese tech firm pours $15 million into Bitcoin fundLinekong Interactive, a Beijing-based gaming and film production company listed on the Stock Exchange of Hong Kong (HKEX), has made a strategic move by earmarking $15 million for investment in projects designed to build on the Bitcoin network.Photo by Dmytro Demidko on UnsplashThe ‘BTC Next’ fundWang Fang, the founder of Linekong, took to X (formerly Twitter) on Wednesday to announce the establishment of the “BTC Next” fund. The fund’s primary goal is to fast-track the development of emerging projects within the Bitcoin ecosystem, spanning a wide range of areas, including asset issuance protocols, trading markets, expansion initiatives, virtual machines, NFT’s real-world asset (RWA) and GameFi.As part of its initial efforts, Linekong Interactive plans to actively engage in research and investment activities within the Bitcoin network’s ecological assets. The firm will also make its investment portfolios publicly available, enabling transparent visibility into its chosen projects within the Bitcoin ecosystem.Building on BitcoinThe idea of building out Web3 offerings on the Bitcoin network is one that has attracted considerable debate in recent years. Traditionally, Bitcoin has been recognized for its limited programmability in comparison to newer blockchains like Ethereum.Many see that as a feature and benefit. For the most part, Bitcoin has remained largely unchanged since its inception in 2008. A myriad of alternative blockchain projects started to emerge due to the frustrations of developers in wanting to have greater programmability options.However, the past year has seen significant developments within the Bitcoin ecosystem, thanks to the introduction of novel data storage methods known as Ordinals, Inscriptions and BRC-20 Bitcoin tokens modeled on Ethereum’s ERC-20 standard.Growing momentumIn May, Singapore’s OmniBOLT, a project that develops solutions on Bitcoin’s layer-2 network environment, outlined that it will support BRC-20 tokens on Lightning Network. In the same month, crypto exchange OKX announced its support for Bitcoin Ordinals and BRC-20 tokens.Established in 2007 as an online gaming company in Beijing, Linekong Interactive made its debut on the Hong Kong Stock Exchange in 2014. Wang Fang, prior to founding Linekong, served as the Vice President of Software Development at Kingsoft Software, a prominent Chinese information technology conglomerate.In 2018, Wang Fang stepped down as CEO of Linekong to dedicate his focus to blockchain technology. During this period, he initiated multiple projects implicating NFTs, DeFi and Bitcoin mining. In 2022, following an invitation from Linekong’s board of directors, he returned as CEO with the objective of achieving a more seamless integration of Linekong products with the emerging world of Web3.One community member provided a nuanced take on why there has been less development on Bitcoin on X today, stating:“It turns out you can actually do a lot of cool things within the constraints of #bitcoin’s code, but VCs [venture capitalists] weren’t interested in funding these things because they couldn’t cash out on the sale of unregistered security tokens. Fiat incentives at work.”Linekong Interactive’s $15 million investment in the Bitcoin ecosystem reflects a growing trend of interest in expanding the capabilities and applications of the Bitcoin network in spite of the incentives that venture capital firms may have followed in the overarching crypto space in the past.

Sony Electronics Singapore has partnered with Singapore-headquartered Crypto.com to enable USDC stablecoin payments for local consumers on Sony’s online store. In a statement published on April 2, Crypto.com provided details on the development. By accessing Crypto.com’s payment system, Sony customers in Singapore can pay for items on the Sony platform using the U.S. dollar-pegged stablecoin.Photo by Alwin Thomas on UnsplashPlans to expand payment optionsThe gaming, entertainment and consumer electronics giant also outlined that USDC payments are a starting point, with plans to expand the offering to include other crypto payment options in the future. Commenting on the development, Crypto.com’s General Manager for Singapore, Chin Tah Ang, stated: “We’re pushing to make paying in crypto more mainstream and partnering with a well-established and forward-thinking brand like Sony Electronics Singapore further raises awareness of how simple it can be to pay for everyday goods and services using crypto.” The Crypto.com executive added that a high-profile brand like Sony would provide further visibility with regard to crypto payments. Sony dominates the gaming console market in Singapore, with a 61% share of the market within the city-state. A successful roll-out of this crypto payment option in Singapore could potentially lead to further roll-outs in other regions. Keeping pace with shift towards cryptoBlockchain industry pioneer Kyle Chasse, outlined on X that the development demonstrates that adoption isn’t coming, rather that it has already arrived. Sony sees the move as an effort the firm is making to “stay ahead of the curve” and future-proof its operations. It has formed the view that diversifying payment options to include crypto payments is necessary in order to keep pace with what it perceives as a global shift towards the use and integration of crypto.  Ang sees upside for both companies as a consequence of the development. He stated: “This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden [Sony Electronics Singapore’s] customer base.”  This development is not Sony’s first touchpoint with crypto and blockchain. In recent times, it has developed its own blockchain, Soneium. The Ethereum layer-2 network officially launched its mainnet in January. In 2024, Sony Group acquired Amber Japan, the Japanese subsidiary of Singaporean crypto market maker Amber Group. Last year, another Sony Group company, Sony Bank, announced plans to develop a stablecoin in partnership with Astar Network, a Polkadot-based smart contract platform.  Commenting on Sony’s participation within the crypto and blockchain space last year, independent game designer Chad Steingraber said, “Sony entering crypto is a MUCH bigger deal than people realize yet.” He predicted that the entire entertainment sector will become engulfed by crypto assets.  At the time, Steingraber was reacting to the news that Singaporean financial services firm Phillip Securities and Securitize were planning a security token offering in connection with a Sony movie production.

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.