Coinone reports decline in customer inquiries due to improved user convenience

Incheon Joins Hands with The Sandbox to Promote City in the MetaverseIncheon Metropolitan City is partnering with global metaverse platform The Sandbox to create innovative marketing content aimed at promoting its urban landscape within the virtual realm and establishing an overseas promotional network. This move makes it the first South Korean public institution to work with a metaverse platform.Photo by Jiho Choi on UnsplashThe Sandbox’s virtual worldBuilt on the Ethereum blockchain, The Sandbox enables users to employ non-fungible tokens (NFTs) for creating play-to-earn (P2E) games that can be monetized. The ecosystem’s utility token, SAND, facilitates this mechanism as it is used for in-game purchases. Currently, the platform boasts one of the highest cumulative NFT collection volumes among virtual world projects on the world’s largest NFT marketplace, OpenSea. It has also formed partnerships with over 400 entities around the world.City marketing strategyThrough this collaboration, Incheon plans to develop and introduce engaging content for users to experience the city virtually, such as a variety of events. Furthermore, the city also intends to utilize its intellectual property (IP) for activities such as NFT donation campaigns and metaverse creator training programs to implement extensive NFT content within The Sandbox’s virtual world.“We plan to continually develop content that enables people around the world to experience Incheon through our collaboration with the global metaverse platform,” said Lee Se-woong, Head of Incheon’s City Branding Division.

Real-World Assets Emerge as a Beacon of Hope for the Blockchain Industry Amid Crypto WinterIn the midst of a crypto winter that has cast a shadow over the blockchain industry, a new opportunity has come to light — the tokenization of real-world assets (RWAs), or tangible assets such as gold and real estate, on blockchain networks.Photo by Tierra Mallorca on UnsplashMajor blockchain companies and industry experts gathered at Klaytn Square Lounge 2023, a blockchain and Web3 event in Gangnam, southern Seoul on Monday to discuss how RWAs could overcome the limitations of the current blockchain market.The rise of RWAsRecently, platforms like RWA tokenization project Elysia and Klaytn Foundation have started to shift their attention to RWAs as a promising avenue in the blockchain market. According to a report by global consulting firm Boston Consulting Group, the total value of the global RWA market, which reached $310 billion last year, is projected to surge to a staggering $16 trillion by 2030.“During the ongoing crypto winter, we are witnessing not only new funds pouring into blockchain projects but also existing funds leaving the market. We see RWAs as a potential solution to this,” said Seo Sang-min, Representative Director at Klaytn Foundation.Seo went on to explain that currently, virtual assets dominate most of the assets on blockchain mainnets like Klaytn, but compared to RWAs such as gold, cash, and real estate, their scale is very small. “We need to expand the utility of RWAs by placing them on the blockchain. Once they are, transaction costs will significantly decrease, and anyone will be able to trade 24/7 worldwide,” he said.Other blockchain experts at the conference also shared this sentiment. “Tokenizing RWAs is crucial because it provides investment opportunities that do not require large sums of money or lengthy waiting periods,” Luc Falempin, CEO of Tokeny Solutions emphasized. Beyond tokenizing the assets themselves, legal contracts and information about the various stakeholders involved, such as asset issuers and investors, can be recorded and shared on the blockchain, which can prove to be very convenient for investors.Revolutionizing investmentAccording to Falempin, most derivative investments involve seeking investment opportunities, creating portfolios, and enduring complicated processes for recovering investment capital that can take over ten years to complete. Additionally, ordinary investors often struggle to raise the substantial funds required for investment, creating high entry barriers. Also, investment contracts were traditionally executed on paper, which is outdated and inconvenient. However, as blockchain technology enables the tokenization of assets, these processes become much simpler.“Through RWA-backed virtual assets, even dozens of individuals can easily participate in investment, eliminating the hassle of dealing with paperwork. Introducing blockchain as a new infrastructure allows all stakeholders to easily view relevant records within the blockchain network,” he stated.The role of DAOsSo, how can investment products like RWA tokens be effectively managed within the decentralized realm of blockchain? Yoon Kim, Chief Marketing Officer of Elysia, mentioned decentralized autonomous organizations (DAOs) as a fit solution.“DAOs are a realistic method that is crucial for implementing the RWA model effectively. All stakeholders within a DAO can make modifications and creations, providing an avenue for managing tokenized assets effectively without government intervention,” Kim said.Technical hurdlesHowever, RWA tokens face several technical challenges. RWA products, which integrate the real world with the blockchain realm, could suffer from the so-called oracle problem, which refers to the inherent inability of blockchains to access external data, leading to a lack of information transparency. Even if the assets are stable, their prices on the blockchain network may differ from those in the real market. Currently, there are no established technical solutions to address these issues.“Rather than getting directly involved, we aim to move in accordance with market prices, but also seek ways to minimize risks with the help of external entities in certain cases,” said James Lim, CEO of Creder.As the crypto winter persists, the blockchain industry is looking towards RWAs as a beacon of hope, offering the potential to bridge the gap between traditional assets and the decentralized world of blockchain, despite the challenges that lie ahead.

Blockchain-based digital payment network enterprise Ripple has announced that it has acquired in-principle approval of a financial services license from the Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE). In a press release published on the firm’s website on Oct. 1, Ripple claimed that the approval “unlocks Ripple’s end-to-end payment services in the UAE, boosting Middle East operations.” The in-principle approval is a first step on the company’s path towards full approval. That eventuality will enable Ripple to offer cross-border payment services relative to fiat and digital assets, within the Dubai International Financial Center (DIFC) special economic zone.Photo by Moose Photos on PexelsExpanding Middle Eastern presenceThe company claims that pursuing the license is part of a broader strategy to expand its Middle Eastern presence. It follows on from the firm’s move in 2020 to establish its Middle Eastern headquarters in Dubai. Ripple claims that the licensing “significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).” In moving from in-principle approval to full approval, Ripple will have further obligations to accomplish, such as securing office space within the DIFC special economic zone. The company had previously indicated its intention of establishing an office within the DIFC. Back in August, it emerged that Ripple had partnered with the DIFC Innovation Hub with a view towards promoting blockchain and digital asset innovation within the UAE. Regulatory clarity in the UAERipple is striving to become the first blockchain-enabled payment services provider licensed by the DFSA. Once licensed, the company plans to roll out its enterprise-grade digital asset infrastructure. Ripple’s XRP has been one of five digital assets approved by the DFSA such that investment funds are allowed to invest in it, although the regulator did indicate in June that it is moving towards expanding the list of recognized tokens. Mired in legal difficulties with local regulator the Securities and Exchange Commission (SEC) in its home market of the United States in recent years, the company signaled a change of strategy in 2023, indicating its interest in focusing more on international expansion. While speaking at an event in Dubai at the time, Ripple CEO Brad Garlinghouse said that Ripple was expanding in Dubai. Taking to X in relation to this latest milestone, Garlinghouse wrote that “regulatory clarity is what businesses want, and what consumers need,” adding that “the UAE understands that.” In the company’s press release, Garlinghouse referred to the “forward-thinking regulatory approach” being pursued in the UAE, which he believes is positioning the country “as a global leader in this new era of financial technology.” The UAE isn’t the only focus for the company’s international expansion. Ripple has established an office in Singapore which handles over 50% of the firm’s payment flows. On Oct. 1, U.S. investment bank Houlihan Lokey published a report in which it highlighted Ripple as an emerging competitor to the SWIFT cross-border payments system.  Although the company has had some success in navigating its way through litigation with the SEC in the U.S., it’s thought that the dispute may be prolonged further as some commentators have suggested that the SEC plans to appeal a recent court decision.