Indonesia to Launch Blockchain Trials to Enhance Public Services

GroundX releases membership NFT for JND Studios’ character figures on Klip DropsGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, has teamed up with JND Studios — the only hyper-realistic figure maker in South Korea — to drop a membership non-fungible token (NFT) collection on Klip Drops, its digital art curation gallery and NFT platform, according to an official announcement on Monday (local time).Photo by Choong Deng Xiang on UnsplashExclusive accessJND Studios’ figures are known for being hard to acquire, as they are often made in small batches that sell out quickly. Owners of the membership NFT will get the exclusive opportunity to be the first to purchase products from the company’s K-Star Figures lineup, which features figures of popular characters from South Korean movies and dramas. This will allow the NFT owners to secure the items before their official release without the risk of them selling out prematurely.The first character from the lineup — actor Choi Min-sik as Oh Dae-su from the critically acclaimed film “Oldboy” — will be gifted to customers who purchase the NFT. The product is valued at KRW 3 million (approximately $2,300), according to JND Studios. A figure of actress Kim Hye-soo as the iconic Madam Jung from the movie “Tazza” will also be unveiled early next year.The sales period for the NFT drop will run until Jan. 3 with a limited quantity available for purchase. Buyers can link their Klip wallet on the JND Studios website, verify the NFTs they own, and then purchase the K-Stars membership NFT to get their hands on the upcoming K-Star Figures.Spearheading NFT integrationGroundX is leveraging Klip Drops to promote the widespread adoption of NFTs by implementing them in diverse sectors, such as art, retail and culture, where they can be used as membership vouchers, tickets or even coupons.

Singaporean VC Pledges Funding for Web3 AcceleratorSingaporean crypto investment venture capital firm, Foresight Ventures, has committed to doubling down on funding a Web3 Accelerator.Back in November, the firm launched Foresight X, a Web3-focused incubator program. At the time, it committed to allocating $10 million to be divided between three categories of Web3-centric projects and collaborations. Fast forward six months and the firm is now committing to stump up an additional $10 million in funding for the project.Categories include ecosystem projects, research grants, and an eight-week incubator program which was initially offered to thirty early-stage projects. In that initial funding round, start-ups were being supported with funding of $50,000, up to a maximum of $200,000.Photo by Shubham Dhage on UnsplashSecond phaseThe project is now entering its second phase, accepting applications once again from a new round of start-up applicants. In this instance, the focus will move towards Web3 projects with an emphasis on artificial intelligence (AI), zero-knowledge cryptography, bitcoin, non-fungible tokens (NFTs), machine learning, and liquid staking derivative products.With second-round funding, each selected project will be funded to the tune of $200,000 rather than the funding range of $50,000 to $200,000 employed on the first phase. Additionally, up to three mentors will be assigned to each successful applicant project. On top of that, one fund partner from Foresight Ventures will be assigned to each start-up in order to provide them with a steer towards growth and development. The program will culminate with a Demo Day, facilitating each project to showcase their service or product offering.Bitget partnershipFounded in 2020, Foresight Ventures has progressed in a short space of time, from having $80 million assets under management (AUM) to an AUM of $400 million today. The venture capital outfit is led by seasoned venture professionals with backgrounds in companies like Google, Bitmain and Sequoia Capital.Among its leading investments is SEI, the layer one blockchain project that is optimized for transaction speed and throughput. In April, the company committed $50 million towards SEIs $120 million ecosystem fund. In January, it invested $15 million in Singapore-based digital asset infrastructure and market making firm, CyberX.Last month the firm partnered with crypto derivatives trading platform Bitget in contributing towards its Asia-focused Web3 fund. Focused on funding outstanding Web3 projects in the region, Bitget has put together a $100 million fund. Foresight Ventures joined Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital in expressing interest in investing in the fund, ultimately investing and partnering with Biget on the initiative.The firm has come a long way in a short space of time, signaling its intent in March 2022 when it committed to investing up to $200 million in Web3 start-ups and blockchain projects over the course of three years. Other key Foresight Ventures portfolio companies include Singapore-based digital assets financial services firm, Matrixport, and metaverse developer Everyrealm. Aside from its headquarters in Singapore, the firm also maintains a presence in Shanghai, allowing it the reach to cover crypto-related projects throughout the Asian region.

BitKeep Changes Name to Bitget Wallet Following AcquisitionContinuing the trend set by industry giants like Binance, KuCoin, and OKX, cross-chain wallet provider BitKeep has undergone a transformation, rebranding itself as Bitget Wallet. This strategic shift comes on the heels of the wallet’s acquisition by the prominent Seychelles-headquartered crypto exchange, which acquired a controlling stake for $30 million in March.Photo by Jon Tyson on UnsplashBitget Swap unveiledThe rebranding announcement, made on August 10, coincides with the unveiling of Bitget Swap, a novel cross-chain swap mechanism integrated into the wallet. This innovative feature draws liquidity from a network of approximately 100 decentralized exchanges spanning across 20 chains. The move positions Bitget Wallet as a versatile platform catering to traders seeking fluidity and efficiency across diverse cryptocurrencies.Bitget Wallet users are set to benefit from an enticing proposition as the exchange merges its offerings. A collective Bitget User Protection Fund, boasting a substantial $360 million pool, has been established.The fund is anchored by 6,500 Bitcoin, ensuring robust safeguards against security incidents. This initiative finds its origins in the wake of the FTX exchange collapse last November, with the fund’s value boosted by a subsequent $60 million capital appreciation due to the rally in Bitcoin prices.The synergy between the two businesses has already borne fruit for Bitget. Last month, it clarified that it had surpassed 20 million users, with the wallet integration believed to be responsible for a large part of that user growth.Growing painsBitKeep’s past wasn’t without its challenges. A security breach occurred in December when the wallet’s Android Package Kit (APK) was compromised by malware, causing losses of around $8 million among users who had installed the compromised package. In a commendable move, the company fully compensated the affected users on March 29, signaling its commitment to rectifying such setbacks.Moka Han, Chief Operating Officer of Bitget Wallet, underscored the wallet’s security-focused approach. Han revealed that cross-chain bridges are subject to stringent third-party security audits by notable entities like SlowMist and CertiK before deployment. Rigorous post-deployment monitoring further guarantees a resilient security environment.Payment channel integrationIn its recent evolution, Bitget Wallet has integrated five stable payment channels, including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay. These integrations empower users to conveniently purchase cryptocurrencies within the wallet using methods such as credit cards, Google Pay, and Apple Pay. Additionally, the wallet has introduced a peer-to-peer marketplace, characterized by comprehensive security measures that protect both buyers and sellers.Bitget Wallet’s appeal extends far and wide across the Asia Pacific (APAC) region, boasting an impressive user base exceeding 10 million individuals. This figure constitutes nearly half of MetaMask’s user count, signifying the wallet’s considerable popularity.The company didn’t allow the rebrand milestone to pass without taking the opportunity to further promote its offering. On Thursday, it commenced a “Mystery Box Airdrop” event, offering new Bitget Wallet users the opportunity to claim individual rewards of up to 1,000 USDT.Biget’s wallet integration is in line with the changing landscape of crypto exchanges generally, with other prominent players such as OKX, KuCoin, and Binance having also ventured into the realm of self-custody wallets, enhancing their service offerings beyond traditional exchange operations.