CarrieVerse joins Dubai’s DMCC as metaverse service provider

Growing Concerns about Single Crypto Exchange Listings in KoreaAccording to Yonhap Infomax, there is increasing concern about single crypto exchange listings in the Korean market, following the recent arrest of two former Coinone employees.©Pexels/RODNAE ProductionsCrypto listing briberyThe individuals were detained by the Seoul prosecution for allegedly accepting about 3 billion KRW (equivalent to over $2.2 million) in bribes to list a certain cryptocurrency on the exchange.Prosecutors are investigating if these suspects were also involved in the listing of the Puriever token, which is reportedly connected to the kidnapping and murder of a woman in her forties in Gangnam, Seoul.Single exchange-listed cryptosA recent report by the Financial Services Commission (FSC) revealed that 389 cryptocurrencies were listed on a single Korean exchange in the second half of last year, a decrease from the previous year’s 403. Despite the decrease, the trend of single exchange listings continued. Exchanges often exclusively list specific cryptocurrencies to gain a competitive edge, as investors typically prefer larger exchanges with greater liquidity.However, these cryptocurrencies may lack proper review and management and are often highly volatile. The FSC report showed that 34% of cryptocurrencies listed on a single exchange had a market cap of less than 100 million KRW (~$76,000). The Financial Intelligence Unit also warned investors about price fluctuations and liquidity shortages.High volatile cryptocurrencies are attractive to exchanges, as they can lead to increased transaction fee profits.Transparent listingTo address this issue, experts advocate for a transparent listing process.One lawyer in the crypto industry noted that there is a global trend of regulating cryptocurrencies as securities, and if relevant bills pass in Korea, their issuance and disclosure will be regulated. Clear guidelines on disclosures could resolve the issues of single crypto exchange listings, the legal advisor added.Another industry insider has called for investor caution, stressing the need to consider the potential delisting of these crypto assets.

SC Ventures Exits Digital Asset Custody Infrastructure InvestmentSC Ventures, the Singapore-headquartered corporate venture capital arm of Standard Chartered Bank, has announced its decision to divest its stake in Metaco, a Swiss-based digital asset custody firm. As one of Metaco’s early adopters, SC Ventures played a crucial role in supporting the company’s growth and development.Photo by Pixabay on PexelsDissolving a partnershipHaving been the largest institutional investor in the digital custody infrastructure firm, SC Ventures contributed significantly to the enhancement of Metaco’s award-winning custody product. The partnership between the two entities facilitated valuable contributions in various areas, including corporate governance, business strategy, institutional use cases, and access to SC Ventures’ extensive ecosystem. Through their collaboration, SC Ventures aimed to provide institutions with a secure and compliant ecosystem for operating digital assets.Ripple acquisitionIn a recent development, enterprise blockchain company Ripple acquired Metaco for $250 million. Ripple’s acquisition of Metaco signifies its diversification into custody solutions, expanding its business opportunities within the blockchain sector. With this move, Ripple aims to offer its customers technology that enables custody, issuance, and settlement of various types of tokenized assets. Further evidence of Ripple’s interest in this area emerged last week with the news that the company is collaborating with authorities in Hong Kong to showcase real world asset tokenization.Despite the acquisition, Metaco will continue to operate as an independent brand and business unit, under the leadership of its founder and CEO, Adrien Treccani. This decision ensures continuity and stability for Metaco’s existing clients and partners while benefiting from the resources and support provided by Ripple.Ongoing linkWhile the divestment of a division of an international banking behemoth like Standard Chartered from a digital asset infrastructure firm may seem like a bad news story, it’s likely not that straightforward. It’s worth noting that Zodia Custody, itself a digital assets custody venture incubated by SC Ventures, continues to maintain a strategic partnership with Metaco.The ongoing collaboration between Zodia Custody and Metaco focuses on matters related to compliance and risk management. This partnership ensures that both companies can leverage their respective expertise to address the increasing demand for safe and compliant access to cryptocurrencies and digital assets from institutional investors.Despite this divestment, it appears that SC Ventures still recognizes the importance of supporting emerging technologies on the cusp of adoption through its continued involvement with Zodia Custody, continuing advancements in the digital asset space.SC Ventures’ exit from its stake in Metaco marks a significant milestone in the ongoing evolution of both companies. While SC Ventures has played a vital role in Metaco’s growth, the acquisition by Ripple opens up new opportunities for Metaco to expand its offerings and cater to a broader customer base. Meanwhile, the collaboration between Zodia Custody, Metaco, and SC Ventures ensures that institutional investors have access to secure and compliant solutions as the demand for digital asset services continues to rise.

Incheon City to Host Blockchain Conference Showcasing its VisionIncheon City will host a blockchain conference, Incheon Metanomics 2023, to showcase its vision at the Songdo Convensia Convention Center on May 9.The event will present the city’s goal of building a blockchain ecosystem and fostering digital economy growth. About 150 blockchain experts from around the world are expected to attend, according to Block Media.Insightful talksProminent industry figures, including Leon Sing Foong, the head of Asia-Pacific operations at cryptocurrency exchange Binance; Steve Park, Asia-Pacific head of public policy at online game platform Roblox; and Justin Kim, a solutions architect at semiconductor company AMD, will speak at the event. Foong will talk about the collaboration between crypto exchanges and governments, Park will provide insights into the future of the metaverse, and Kim will address upcoming trends in decentralized storage systems.Registration for the conference is free and open until May 4 through Event Us, with a live stream of the event available on YouTube.Incheon and DubaiIncheon has been working towards establishing a special digital economy zone within the city by utilizing blockchain technology. In March, Incheon Mayor Yoo Jeong-bok met with Ahmed Bin Sulayem, the executive chairman of the UAE’s Dubai Multi Commodities Centre (DMCC), to discuss cooperation in the blockchain industry and digital economy.The DMCC, a free trade zone in Dubai, hosts over 65,000 workers from more than 21,000 companies across 180 countries. Notably, the DMCC crypto center is home to a community of over 500 crypto firms, fostering the Web3 and blockchain economy.Similarly, Incheon operates a free trade zone that connects 147 cities with populations exceeding 1 million within a three-hour flight radius. The Incheon Free Economic Zone is appealing to global blockchain companies as it offers flexible business operations for foreign entrepreneurs.© Pexels/joon young, Park