Intella X and CARV Team Up to Revolutionize Web3 Gaming

Ripple to lead National Bank of Georgia’s CBDC pilot projectThe National Bank of Georgia (NBG) has selected enterprise blockchain and cryptocurrency solutions firm Ripple as the official technology partner for its ambitious Digital Lari (GEL) pilot project. The initiative aims to explore Ripple’s central bank digital currency (CBDC) technology, assessing its practical applications and potential benefits for a wide range of stakeholders, including the public sector, businesses and retail users.Photo by Max Kukurudziak on UnsplashCiting Ripple’s CBDC tech capabilitiesRipple divulged details of the collaboration via a press release published to its website on Thursday. The decision to entrust Ripple with this pivotal role came after a competitive selection process. The Georgian central bank cited a number of reasons for choosing to partner with Ripple, including Ripple’s deep understanding of the project’s objectives and a commitment to its success.The central bank thought that it had a clear project development roadmap and that it could facilitate a gradual deployment approach to various use cases. Additionally, the NBG acknowledged Ripple’s extensive experience in implementing real-life pilot projects, encompassing primary CBDC digital infrastructure, smart contracts and tokenization.Ripple’s CBDC solution, the Ripple CBDC Platform, emerged as the frontrunner for its capacity to provide a comprehensive end-to-end solution. The company launched the platform in May of this year. This platform empowers central banks, financial institutions and governments to seamlessly create, manage, transact and redeem CBDCs. Notably, it leverages the XRP Ledger (XRPL), known for its energy efficiency and open-source nature.Natia Turnava, Acting Governor and Member of the Board of the National Bank of Georgia, expressed satisfaction with the choice of Ripple as their official technology partner, emphasizing Ripple’s technical excellence and the expertise of its team.She also expressed gratitude to other companies that participated in the selection process. Ripple’s James Wallis, VP of Central Bank Engagements, highlighted the NBG’s pioneering role in adopting blockchain technology to usher in the digital era for the Georgian economy.He noted that this pilot project, empowered by the Ripple CBDC Platform, would set the stage for transformative advancements in blockchain technology’s utilization within the public sector, enhancing efficiency and transparency in transactions. Back in May, Wallis remarked on the launch of its CBDC platform that he believed “this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations.” He added:“The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.”Transitioning from selection to pilot phaseWith the selection phase now concluded, the NBG is preparing to transition to the pilot stage, where they will test the Ripple CBDC Platform in a live environment. This real-world testing will enable the NBG to assess the practicality of select use cases, taking Georgia one step closer to realizing the full potential of CBDCs in their economic landscape.Ripple’s impact is not limited to Georgia. It has been actively engaging with governments and central banks worldwide. Ripple has announced five pilot programs in collaboration with countries like Bhutan, Palau, Montenegro, Colombia and Hong Kong. Furthermore, discussions are underway with over 20 other nations across the globe.

Korean and Indonesian firms join forces to tokenize shipping assetsCentralized decentralized finance (CeDeFi) platform NEOPIN said Wednesday that it has signed a business agreement with the Klaytn Foundation, South Korean juggernaut Kakao’s Layer 1 public blockchain, and Pelayaran Korindo, the shipping arm of Southeast Asian conglomerate Korindo, to tokenize real-world assets (RWAs).Photo by Andy Li on UnsplashRevolutionizing shipping financeThe three companies will first tokenize shipping-related assets owned by Pelayaran Korindo. This integration of digital assets into the maritime industry — which up until now has been under the umbrella of traditional finance — is expected to increase accessibility to shipping investments not only for institutional investors but also for individual investors.Pelayaran Korindo specializes in comprehensive shipping logistics mainly in Indonesia. Under the newest collaboration, the company plans to enhance the accessibility of its RWAs to Web3 companies as well as share its knowledge on localization and partner networks. It aims to play an essential role in the joint venture by leading the decentralization of traditional finance and promoting the widespread adoption of RWA tokenization.On the other hand, NEOPIN, along with the Klaytn Foundation, plans to leverage its expertise in CeDeFi to help Pelayaran Korindo digitize and liquify their assets while optimizing the plaform’s user inferface.Ushering in an era of RWA tokensThe partnership is also a part of the Klaytn Foundation’s efforts to expand its ecosystem through RWA-related endeavors. By tokenizing RWAs and producing certifications of digital ownership, the enterprise hopes to popularize blockchain and create value through real-world use cases. To achieve this, the foundation will work with RWA tokenization experts both in Korea and overseas to build a business model that is profitable, technologically feasible and regulatory compliant.“The Klaytn blockchain enables the construction of a digital asset trading platform with fast processing speed and low fees that can satisfy both token issuers and also regular users,” explained Seo Sang-min, Representative Director at the Klaytn Foundation. “The foundation has accumulated practical experience in the entire service construction process, from discovering promising RWA tokenization projects to launching real services. Moving forward, we will collaborate with Pelayaran Korindo and NEOPIN to actualize various global RWA tokenization initiatives, starting with maritime finance.”NEOPIN’s CEO Ethan Kim also mentioned the company’s intent to work with Pelayaran Korindo and the Klaytn Foundation to introduce attractive RWA investment products that are easy to navigate and have strong factors of appeal, thus leading the global RWA market in maritime finance.

Abu Dhabi Puts Forward Legal Framework for Decentralized TechAuthorities in Abu Dhabi, the capital of the United Arab Emirates (UAE) as well as an individual emirate within it, have published a proposed legislative framework for distributed ledger technology.©Pexels/redouan khoulassiThe consultation paper, titled “Proposal for a legislative framework for distributed technology foundations” was published earlier this month by the Abu Dhabi Global Market’s (ADGM) Registration Authority.Promoting investor protectionThe document covers a broad spectrum of aspects relative to digital assets and crypto entities, including corporate governance, insolvency and restructuring considerations, and data protection. The ADGM’s objective with the proposed policy is to advance investor protection, improve market integrity and efficiency, and build towards a comprehensive regulatory framework.Specific proposalsMore specifically, the policy would implicate an enhancement in the protection of whistle-blowers who report misconduct relative to ADGM-regulated companies. Under the proposal, new rules would be introduced to ensure that digital asset platforms operate in a fair and transparent manner. A requirement would be placed on regulated companies to disclose detailed information in relation to beneficial ownership and control structures. Furthermore, the policy seeks to bring about an improved dispute resolution process between the stakeholders involved in ADGM-regulated transactions.Building upon an existing frameworkThe Abu Dhabi regulator’s current legal framework is built upon English common law. It has its own financial services regulator, the Financial Services Regulatory Authority (FSRA) which operates independently and is responsible for supervising and licensing financial institutions and market participants. The FSRA takes a principles-based approach, regulating those market actors attempting to maintain financial stability and integrity, promote market competition and innovation and ensure customer protection.ADGM has sought to act on an international basis by signing agreements with regulatory bodies in the UK, Hong Kong and Singapore, in an effort to enable information sharing and cross-border cooperation.Regulatory activityAt a national level, earlier this year the UAE enacted a digital assets regulatory framework. Earlier this week, the UAE also revealed a federal licensing system for crypto companies. In February, work began on a $2 billion initiative to nurture blockchain and Web3 startups via Hub71, the emirate’s tech ecosystem. The initiative provides startups with access to a broad range of support services as well as potential collaborations with government and investment partners.According to the document, “this Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset-related activities and their legal advisors, as well as DLT participants, associations, and stakeholders.”With that, the ADGM is inviting comments and feedback from members of the public on the proposed changes contained within the consultation paper. To aid public comment, the policy document includes a number of questions that it invites stakeholders to consider as they work towards submitting their feedback.Those interested have until May 12 to take the opportunity to submit their comments and views relative to the Abu Dhabi regulator’s proposed framework.