Korea’s ABB Joins Hands with Vietnam’s DTS Group for Web3 Development

Cronos Labs launches zkEVM chain testnetCronos Labs, the developer behind the Cronos blockchain ecosystem, is charting a new path in the blockchain space by launching a zkEVM chain.From Cosmos to EthereumThe Cronos zkEVM chain is being launched in the first instance as a test network. The layer-2 blockchain will rely upon ZK Stack, the software kit developed by Matter Labs. In this way, the project will be extending its scaling roadmap from Cosmos to Ethereum. As Matter Lab’s SVP of Business and Operations, Marco Cora put it:“When we introduced the ZK Stack, we opened up the door for anyone wanting to build on top of Ethereum to do so by deploying hyperchains. Whether you’re building a specialized Rollup or a general purpose one, hyperchains allow you to tap into Ethereum’s extensive userbase base and liquidity while preserving its robust security and decentralization.”The journey began with the creation of the first chain in the Cronos ecosystem — a Cosmos appchain developed in collaboration with Singapore-headquartered crypto platform Crypto.com and launched in 2021. Subsequently, Cronos introduced an EVM-compatible chain in 2022, built using the Cosmos SDK. Notably, these new endeavors complement, rather than replace, the earlier established chains.Photo by Kanchanara on UnsplashThe product of collaborative effortsA significant development in Cronos’ evolution is the introduction of zkEVM, a result of collaborative efforts involving Cronos Labs, Matter Labs and engineering teams from stakeholders Crypto.com and existing dApp developers. The zkEVM testnet is a breakthrough, utilizing Ethereum’s Sepolia testnet and incorporating zkSync’s open-source prover, Boojum — a STARK-based zero-knowledge proof system known for its efficiency in the layer-2 rollup space, with low hardware requirements and fees.The decision to launch a native Ethereum chain stemmed from challenges in bridging EVM chains and bridging between Cosmos and Ethereum, according to Ken Timsit, Managing Director at Cronos. Timsit emphasized the richness and robustness of the Ethereum developer ecosystem for building DeFi and NFT applications.Native account abstractionHyperchains within the ZK Stack share components, including a native bridge to the Ethereum mainnet and zkSync’s trustless bridging mechanism, ensuring assets remain secured by Ethereum. The implementation of zkSync’s native account abstraction allows transaction fee payments in various cryptocurrencies, including Cronos’ native token (CRO).Cronos’ zkEVM is anticipated to progress to the mainnet in the second quarter of 2024, marking a pivotal moment in the evolution of hyperchains.The landscape of hyperchains is expanding, with projects like GRVT and Tradable utilizing the ZK Stack. GRVT, a derivatives exchange, and Tradable, a tech firm focused on bringing private credit on-chain, exemplify the diversity and specialization within this emerging sector. Tradable aims to establish an institutional-focused hyperchain, potentially forming a decentralized chain alongside other institutional partners.Matter Labs views the zkSync hyperchain as a superior option compared to app-specific chains in Cosmos, emphasizing the scalability and security benefits. Hyperchains, a potential alternative to private blockchain frameworks like Hyperledger or Corda, offer technical scalability with the benefits of Ethereum. However, practical scalability remains a challenge due to cost considerations and the social coordination problem.

ZTX Collects $13 Million in Seed Funding for Web3 Metaverse PlatformSingapore-based Web3 metaverse platform ZTX, a joint blockchain venture by ZEPETO and Jump Crypto, has raised a total of $13 million in its most recent seed funding round. The platform, currently undergoing development, will serve as an immersive three-dimensional open world where Web3 creators can interact and trade digital assets.Photo by Markus Winkler on Unsplash“We’re excited to share news about our fundraising round,” said Chris Jang, Co-CEO of ZTX. “We have been building steadily and discreetly for well over a year, and with our token launch happening in the coming months we want to emphasize the commitment that our investors, just like our team, have toward our vision to provide an infrastructure layer to creators.”Global backing for ZTXThe latest funding round led by Web3 infrastructure firm Jump Crypto attracted investors from around the world, such as Parataxis Capital, MZ Web3 Fund, Collab+Currency, and more, due to its promising outlook in the Web3 sphere.“We believe that ZTX has the potential to create a unique world, setting it apart from all other Web3 metaverse projects. The seamless integration of digital asset creation and trading in the metaverse with Web3 technology is truly exciting, making their application within Web3 applications a natural fit. Moreover, the ZTX team’s expertise in both the metaverse and Web3 is exceptional, and we have high expectations for their future endeavors,” said Yuki Kanayama, General Partner at MZ Web3 Fund.Strong foundation and team expertiseZTX’s creator ZEPETO also offers solid promise as South Korea’s leading metaverse platform that touts over 400 million lifetime users. It is the fourth-largest metaverse platform in the world, holding its spot among the same ranks as Roblox, Fortnite, and Minecraft. It has also partnered with major brands such as Gucci and Starbucks along with celebrities like the K-pop girl group Blackpink.Made up of industry veterans from tech and Web3 giants like Apple, Roblox, Solana, Cosmos, and more, the ZTX team plans to utilize its various underlying advantages to globalize Web3 and bring it to a wider mainstream audience.The team has consistently been building the ZTX ecosystem from the ground up. In a recent development, the platform ran its first private, invite-only beta test last month, dubbed “Playtest”. It has also worked with Dust Labs, the software provider for NFT projects such as DeGods and y00ts, to launch ZTX Partner Wearables, a community-driven initiative that provides tools to IP partners for creating 3D assets and contributing to the expansion of the narrative within an open-world environment.“As a crypto-focused venture fund, we back visionary teams who are using decentralized technology to shape the next wave of consumer products. We are thrilled to be part of this round, supporting ZTX’s exceptional team and their unique advantages. ZTX can provide a distinct infrastructure layer for diverse NFT projects and Web3 builders with its creator-focused tooling, and we look forward to helping ZTX succeed in its ambitious mission,” said Stephen McKeon, Partner at Collab+Currency.Future projectZTX’s upcoming activities include the launch of the Genesis Home Mint, featuring 4,000 bespoke 3D District Homes. This collection offers benefits such as a district membership in one of the four districts — Arts, Financial, Fashion, and Games — as well as exclusive access to future releases, events, and enhanced gameplay experiences within ZTX.

As the cryptocurrency market’s sluggish performance stretches into another year, South Korean investors have largely engaged in a wait-and-see approach. According to local media outlet Dailian, users are now checking prices only occasionally rather than trading actively, a shift evidenced by sharp declines in engagement metrics at the country’s two dominant exchanges, Upbit and Bithumb.Photo by NordWood Themes on UnsplashHigh retention, low activityData from Mobile Index reveals a stark contrast between user retention and actual activity. Throughout 2025, monthly active user (MAU) levels remained relatively stable—Upbit recorded as many as 4.7 million MAUs, while Bithumb reached approximately 2.7 million at its peak. This suggests that while the market downturn has dampened enthusiasm, it has not driven users to exit the ecosystem entirely. However, the time users spent on these platforms plummeted as liquidity dried up. In January 2025, ample market liquidity drove aggressive trading behavior; Upbit users spent an average of 7 hours and 30 minutes on the app during the month. By December, that figure had crashed to just 2 hours and 30 minutes—a 66.4% decline. Bithumb experienced a similar contraction, with average monthly usage falling from 233 minutes in January to 120 minutes in December. Aggregate usage followed the same downward trajectory. On Upbit, total monthly time spent across the user base fell from 35.66 million hours in January to 10.54 million hours in December. Bithumb saw total hours drop from 10.63 million to 4.65 million over the same period. The altcoin freezeThis reduction in screen time correlated directly with collapsing trading volumes. Upbit’s daily trading volume shrank from approximately 270 trillion won ($187 billion) in January to 52 trillion won ($36 billion) in December. Bithumb saw a proportional decline, dropping from 85 trillion won ($59 billion) to 24 trillion won ($17 billion). Analysts attribute this trend to a capital concentration in major assets like Bitcoin, which hit a new all-time high in October. Conversely, altcoins—which typically account for a disproportionately large share of trading volume in South Korea—failed to spark a rebound. Despite aggressive listing strategies—Upbit listed 73 new tokens and Bithumb added 156 last year—the influx of new assets failed to prompt a broader rally. One industry expert noted that none of the newly listed tokens managed to stand out, adding that the decline in Bitcoin prices later in the year further soured sentiment toward altcoins. The expert also highlighted that stronger performance in traditional asset classes, including U.S. and South Korean equities and gold, drew capital away from the crypto sector. However, another analyst offered a less pessimistic interpretation, suggesting that 2025 was not a year of investor exodus but rather one of dormancy. Investors chose to stay on the sidelines due to a lack of clear profit opportunities, implying that a resurgence in altcoin momentum could restore trading activity. Institutional giants push forwardDespite the retail lull, traditional financial institutions are actively exploring the sector, positioning themselves for future utility. Last month, BC Card signed a memorandum of understanding with U.S.-based exchange Coinbase to test USDC payments at South Korean merchants. The pilot program aims to integrate Coinbase’s Base blockchain wallets with BC Card’s QR payment infrastructure. Simultaneously, the broader card industry is preparing for the second phase of crypto legislation, which is expected to focus on stablecoin regulation. Nine credit card companies—including Samsung Card, Shinhan Card, and KB Kookmin Card—plan to form a task force this month under the Credit Finance Association (CREFIA). This initiative will focus on building an end-to-end system for stablecoin-based card payments and merchant settlements, including pilot tests for stablecoin-linked debit cards usable at standard payment terminals. Investment interest also remains alive in the corporate sector. Mirae Asset Financial Group is reportedly considering acquiring Korbit, the country’s fourth-largest exchange, through its subsidiary Mirae Asset Consulting. Market observers estimate the potential deal could be valued at up to 140 billion won ($97 million).