HSBC and Ant Group advance blockchain-based tokenized deposit system

Korean Web3 Enabler Participates in NFT.NYC 2023The Moon Labs, a Korean Web3 enabler, participated in NFT.NYC 2023 that took place in New York from April 12 to 14, according to Maeil Business Newspaper.Photo by Luca Bravo on UnsplashCollaborations with SuperchiefIn collaboration with New York-based underground artist supporter Superchief Gallery NFT, the Moon Labs advertised its decentralized autonomous organization project LeisureMetaverse on Time Square’s digital screen. Previously, the Moon Labs co-hosted NFT Korea Festival 2023 with Superchief Gallery NFT.A2E incentivization modelThe Moon Labs boasts the web 3.0 community LM Nova, the NFT marketplace PlayNomm, and its native wallet, LM Wallet. In particular, LM Nova has adopted an act-to-earn (A2E) model to provide incentives to users.About NFT.NYCNFT.NYC, one of the world’s largest NFT events, has been held annually since 2018. The show attracted not only crypto entrepreneurs but also artists, investors, and influencers. More than 500 brands took part in the event, and over 1,500 speakers delivered their talks at the conference.The Moon Labs CEO Moon Seong-eok said the company will seize this opportunity to expand global partnerships and further commit to the growth of the NFT ecosystem.

Dunamu Restructures Leadership at Its Blockchain Research ArmDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, has implemented leadership changes at its blockchain research arm, Lambda256. That’s according to a report by local media outlet Decenter.Photo by Lea L on UnsplashCo-leadership structureStarting this month, Lambda256 welcomes a co-leadership structure, with tech maven Chung Ui-chung and financial specialist Park Yong-shin stepping in as co-CEOs. Each CEO holds independent signing authority. Chung previously held the role of Chief Technology Officer (CTO) at internet messaging giant Kakao, while Park Yong-shin boasts a distinguished career in public administration and finance, having passed the civil service examination and later steering the helm at Heungkuk Investment Trust Management, currently known as Heungkuk Asset Management.Tech expert and gov’t affairs specialistThe reshuffle follows the departure of former CEO Park Jae-hyun, who resigned last month. Shedding light on the division of roles, a Lambda256 official mentioned that Chung will spearhead practical endeavors, whereas Park Yong-shin will liaise with government sectors. Industry analysts perceive this strategic move as Lambda256’s intensified drive to hone its technological edge and navigate the evolving government regulations surrounding security tokens and associated blockchain ventures.Dunamu, holding a dominant 60.6% ownership in Lambda256, established the company in 2018, entrusting the leadership to Park Jae-hyun, a former employee of SK Telecom and Samsung Electronics. The subsequent year saw Lambda256 evolve into a subsidiary, rolling out blockchain platforms like Luniverse. However, financial challenges loomed, with the firm recording net losses of KRW 2.1 billion ($1.6 million) in 2020, KRW 3.7 billion in 2021, and KRW 46.5 billion in 2022.

Incheon Unveils Ambitious Four-Year Plan to Become a Leading Blockchain HubIncheon Metropolitan City, home to the largest international airport in South Korea, revealed on October 16 that it has successfully formulated a four-year comprehensive plan that aims to position Incheon as a blockchain hub and spearhead the digital economy sector. This ambitious strategy is slated from 2024 to 2027. The formulation of this plan was entrusted by Incheon to a third-party entity back in April.Shaping Incheon as a blockchain hub has been one of Mayor Yoo Jeong-bok’s policy objectives. Under his leadership, Incheon is dedicated to fostering an industrial ecosystem that supports the digital economy, with a special emphasis on blockchain technology — an essential component in the Web3 era.Photo by Shubham Dhage on UnsplashStrategic roadmapIncheon has crafted an action plan for the upcoming four years, with the primary aim of transforming itself into a city that promotes public involvement, fosters sustainable development, encourages cutting-edge innovation, provides a favorable environment for businesses, and advances technology.Mainnet launchAs the first step, Incheon will establish a blockchain mainnet in 2024. This infrastructure will serve as the foundation for the development of associated services and will offer citizens firsthand experiences of convenience.Through the construction of blockchain infrastructure, encompassing mainnets and testnets, Incheon strives to simplify the process for companies in need of blockchain technology. Even those without their own technological resources or substantial capital will find it more accessible to develop services utilizing blockchain within the city.Blockchain-based public servicesThe city has also discovered various blockchain-based public services for Incheon residents. One of them is constructing digital wallets that leverage resident identification cards through decentralized identifiers (DIDs). These digital wallets are designed to offer a streamlined, one-stop solution, allowing citizens to conveniently access a wide array of public services. For instance, Incheon residents will have the capability to gain entry to public facilities, access various discounts, make online reservations, and accumulate loyalty points, all through the straightforward authentication provided by these digital wallets.Furthermore, the city is looking to implement blockchain technology in the following public services. The “eco platform” will serve as an integrated system aimed at incentivizing citizens who actively engage in environment-friendly activities. The “volunteer platform” will simplify volunteer work processes, including certification and recognition. The “safety management platform” will ensure transparent and safe operations on construction sites.Incheon also plans to create a cluster for the blockchain industry in the Incheon Free Economic Zone (IFEZ). The plan is to attract a blockchain technology innovation support center in the Songdo area of Incheon to create synergies with local businesses.Support for blockchain startupsThe city seeks to create a support system for blockchain startups, assisting them from their inception to growth and global expansion. Additionally, efforts will be made to build a global cooperation network and attract foreign investment funds to further bolster the blockchain ecosystem.The four-year plan also delves into more specific objectives. Among them are the establishment of a system to nurture blockchain talent, creating a conducive environment for refining governance and policies, and initiating a branding campaign to bolster Incheon’s competitive edge in the global arena.Son Hye-young, who leads the Data Industry Division in Incheon City, emphasized that the four-year plan represents Incheon’s ambitious vision to establish itself as a blockchain technology hub. She also expressed the city’s commitment to actively support the growth of businesses in this sector and to create tangible and beneficial services.The detailed implementation strategy for the master plan will be disclosed at the Global Blockchain Incheon Conference (GBIC) 2023, a two-day event set to commence on October 30 at the Songdo Convensia.