Daegu to host first-ever metaverse expo on Nov. 8

Busan Introduces Blockchain-Powered Cards for Multi-Children Families to Offer Social BenefitsBusan Metropolitan City, home to South Korea’s largest port, announced on October 20 (local time) a revision in its criteria for “multi-children families” who enjoy social welfare benefits and the launch of new blockchain-powered cards for these families. The city will reduce the requisite number of children in these families from three to two to extend benefits and encourage a higher fertility rate. To qualify for these benefits, at least one child in the family must be under the age of 19.Photo by Minku Kang on UnsplashBlockchain integrationStarting October 31, eligible families can access these benefits through “family love cards,” which will be available on BPASS, a mobile identification card app developed with blockchain technology. Some of these family love cards will be issued in collaboration with credit card company Shinhan Card.Diverse benefitsThe benefits include discounts at public facilities, restaurants, cram schools (commonly referred to as hagwons), and daycare centers. Specifically, public parking lots and sports facilities will offer services at half the usual rate. Meanwhile, other establishments targeting adolescents and women will either waive their fees entirely or provide reductions.On November 1, Busan will host the 16th annual Multi-Children Family Day ceremony at the City Hall’s international conference center. Having started this event in 2008, Busan stands out as the only metropolitan municipality to celebrate this occasion each year.Efforts to boost fertility rateThis year’s ceremony will highlight Busan’s initiatives to enhance support for multi-child families. The event will honor outstanding families and a childbirth-friendly organization, as well as districts and counties that have been exceptional in implementing childbirth promotion policies. Additionally, the occasion will be marked by special commemorative performances.Busan Mayor Park Heong-joon affirmed the city’s dedication to nurturing children alongside their families. He added that Busan will persistently refine and improve its childbirth policies to offer full support.

Crypto custodian Korea Digital Asset (KODA) has seen its custody assets exceed the $6 billion mark, equivalent to about KRW 8 trillion, according to game media outlet Kyunghyang Games.  Established in November 2020 through a collaboration between KB Bank, the blockchain venture capital firm Hashed and blockchain tech company HatchLabs, KODA provides custodial services for crypto assets. A custodial service provider refers to a third-party institution that manages virtual assets on behalf of clients. Several big banks overseas such as Goldman Sachs and Citibank provide asset custodial services. Photo by Chris Liverani on UnsplashA leading provider of crypto asset custodial services Having been offering one-stop crypto asset custodial services for companies and institutional clients since March 2021, KODA has become a notable virtual asset business operator in South Korea with it being registered with the Financial Intelligence Unit (FIU). By the end of June 2023, KODA made up nearly 80% of the local custodial service market share, per FIU data. At the time, out of the total KRW 2.9 trillion in crypto assets held by 49 local custodial service providers registered with the FIU, KRW 2.3 trillion was managed by KODA. By December 2023, KODA announced it was managing KRW 8 trillion in crypto assets, with over 200 custodial wallets and about 50 institutional clients using its services.  Bracing for the potential approval of spot bitcoin ETFs in KoreaThe demand for crypto asset custodial services is expected to rise as Korea’s ruling and opposition parties are pledging to integrate crypto assets into the traditional financial system, leading up to the general election in April. Major political parties are considering the possibility of allowing transactions of spot bitcoin ETFs and legalizing investment in crypto assets by private companies. Cho Jin-seok, CEO of KODA, said that the integration of digital assets into the traditional financial system is an unstoppable global trend that no one can resist, and that KODA will be able to serve as a key crypto infrastructure if the local financial authority approves trading spot bitcoin ETFs.  Kim Seo-joon, CEO of Hashed, stressed the significance of preparing for the potential approval of spot bitcoin ETF transactions, noting how a number of spot bitcoin ETFs were released in the U.S. right after the approval. He added that KODA’s commitment to regulatory compliance and technological expertise would make it an essential partner in introducing virtual asset ETFs to the local market.

XPLA Teams Up With OLA GG to Build Web3 Ecosystem for Hispanic GamersXPLA, a blockchain project led by major Korean gaming company Com2uS, announced on Tuesday its new partnership with OLA Guild Games (OLA GG) to establish a Web3 ecosystem for Spanish-speaking gamers.Photo by Shubham Dhage on UnsplashAbout OLA GGOLA GG is renowned as the largest Spanish-speaking Web3 gaming community with over 400,000 participants from different Hispanic regions. It is also the subDAO — a decentralized autonomous organization created by another decentralized autonomous organization — of Yield Guild Games (YGG). With the help of YGG’s infrastructure and assets, the guild onboards gamers to the metaverse and offers various opportunities, including creating various Web3 content and winning rewards through events.A thriving Web3 ecosystem for millionsBased on the partnership with OLA GG, XPLA aims to establish a sustainable Web3 ecosystem for over 450 million Spanish-speaking users across Europe and Latin America to expand its influence and user base. XPLA’s mainnet recently onboarded major play-to-own (P2O) games in July, such as Com2uS Group’s globally popular intellectual property games Summoners War: Chronicle, Ace Fishing: Crew, and Minigame Party.“We expect this exciting collaboration will provide new opportunities and possibilities to the OLA GG community. With XPLA, we will lead the era of new Web3-based games,” said Nico del Pino, co-founder of OLA GG.