Delabs Games Opens Pre-Registration for Global Open Beta Test of Rumble Racing Star

Bank of Korea Conducts Successful CBDC Pilot Test with Financial InstitutionsThe Bank of Korea (BOK) announced yesterday in a press release that its central bank digital currency (CBDC) pilot program operated successfully in a practical setting involving multiple financial institutions.Testing environmentsPreviously, the CBDC system was tested in an isolated cloud environment. In this recent test, the system was installed on the servers of various financial institutions over a five-month period to evaluate its performance.The 1.2 billion KRW ($905,000) project included the participation of six companies, such as Kakao’s Krust Universe, KakaoBank, and KakaoPay, as well as 14 banks and the Korea Financial Telecommunications and Clearings Institute. Kookmin, Shinhan, and Woori were among the participating banks.Four scenariosThe BOK and financial institutions tested the system’s performance under four scenarios: increasing transaction requests per second, increasing the number of active users, reducing the transaction queue size, and adjusting the block generation time ratio.The increase in transaction requests led to a 10% decrease in transactions per second (TPS), from 2,100 TPS to 1,900 TPS, compared to the single cloud environment test. This result is still deemed acceptable, as the highest TPS recorded in the current small payment infrastructure network is 1,200, which occurs on paydays and other high-transaction days.Issues such as slower response times arose with higher transaction request volumes but were resolved by enlarging the transaction queue size and increasing the block formation time proportion in the block generation process. The block generation process involves two stages: block formation, where transactions are recorded, and block validation, where transactions are verified.Greater stabilityThe test demonstrated that transaction errors at individual institutions did not affect others, suggesting that a distributed ledger system offers greater management stability than a centralized system. However, institutional officers cited challenges in problem-solving and communication when using the distributed ledger system.The BOK plans to involve more institutions in ongoing experiments this year, supporting them in testing their smart contracts on the CBDC pilot system.Photo by Bundo Kim on Unsplash

Abu Dhabi Global Market (ADGM), an international finance center and free zone, and Solana Foundation have forged a collaboration aimed at advancing the development of blockchain ecosystems. Nurturing DLT innovationThe primary objective of this partnership, which was announced earlier this week, is to enhance Distributed Ledger Technology (DLT) solutions and propel innovation within the blockchain sphere. Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed enthusiasm about the collaboration, stating:"We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development." Lily Liu, president of the Solana Foundation, shared her optimism about the partnership on the X social media platform, stating:“I spent the day with the @ADGlobalMarket leadership, and have come away with great optimism about their progressive, consultative approach to regulation.”Photo by Shubham's Web3 on UnsplashEmerging crypto hubAbu Dhabi is swiftly emerging as a prominent hub for crypto and blockchain ventures, attracting top firms globally due to its strategic location and supportive government policies. The ADGM has approved a raft of licenses for leading digital asset sector firms. New York-headquartered blockchain and tokenization infrastructure platform Paxos secured an in-principle license back in November. That same month, retail and social trading platform eToro and virtual asset firm M2 both secured trading licenses from ADGM. In September, Standard Chartered-backed digital asset marketplace Zodia Markets secured in-principle approval.Framework for DAOs and foundationsAbu Dhabi Global Market has created an enabling environment for such partnerships to flourish. The emirate has recently launched a $2 billion initiative dedicated to fostering startups in the Web3 and blockchain technology sectors, underscoring its commitment to nurturing the growth of the crypto and blockchain industry. Last year, ADGM introduced regulations to streamline the establishment of blockchain startups in its international free trade zone, aiming to attract investments and enhance market competitiveness and efficiency. In particular, it rolled out a framework for the establishment of decentralized autonomous organizations (DAOs) and blockchain foundations. To establish a distributed ledger technology (DLT) foundation, founders are required to submit a signed Charter to the Registrar, affirming compliance with all relevant laws and financial obligations. Notably, ADGM's regulatory framework for DLT foundations has already yielded significant results, with the recent announcement of the Berlin-based IOTA Foundation unveiling a $100 million foundation in Abu Dhabi. This latest Solana Foundation collaboration is further evidence of the fruits of that framework. In addition to regulatory advancements, Abu Dhabi Global Market introduced a virtual platform in 2022 to connect individuals with virtual asset firms, consolidating its status as a crypto hub. This initiative has attracted several crypto firms to the UAE, drawn by the region's plans to establish itself as a leading crypto hub. Dubai, Abu Dhabi's neighboring emirate, has also witnessed a surge in crypto firms, buoyed by the proactive approach of Dubai’s Virtual Asset Regulatory Authority, which serves as a global model for regulator-industry collaboration.   

Bybit Overhauls Institutional Trading Platform Bybit InstitutionalDubai-headquartered crypto exchange Bybit has announced the launch of its newly revamped institutional trading platform, Bybit Institutional.Bybit outlined details of the refreshed product offering which the company hopes will provide institutional clients with an elevated trading experience, via a blog post published to its website on Wednesday.The revamped Bybit Institutional platform claims to have introduced a host of new features that it hopes will distinguish it from competitor offerings:Photo by Gerd Altmann on PixabayLiquidityThe platform claims to be one of the largest in terms of open interest for crypto derivatives trading. This position allows for high trading volumes, creating frequent opportunities for clients to enter and exit positions. This heightened trading activity allows clients to execute orders without causing significant market price fluctuations.Asset safetyFollowing the spectacular failure of a number of crypto platforms in 2022, a lot of emphasis is being placed on client asset safety in 2023. Proof of reserve audits has been adopted by some platforms as a direct response to these failures. Bybit Institutional is offering that fail-safe in an effort to demonstrate that it maintains cryptocurrency reserves to cover all client holdings.Between routine audits, the use of robust security frameworks, multi-factor authentication, encryption, and other measures, the platform feels that it is prioritizing the security of client assets. Moreover, clients are also offered the option to utilize third-party custodial services for off-exchange settlement of trades and long-term asset storage.Fee structure optimizationThe platform is offering a fee structure that it claims to have tailored to maximize cost-efficiency for institutional traders. A customized fee schedule has been incorporated, based on trading volumes and strategies, and aimed at supporting institutions’ objectives of reducing trading costs while optimizing their returns.Eugene Cheung, Vice President and Head of Bybit Institutional, expressed his enthusiasm for the platform’s refreshed product offering, stating:“We are thrilled to introduce the new Bybit Institutional page, designed to cater specifically to the needs of our institutional clients. With our deep liquidity, commitment to asset safety, and cost-efficient fee structure, we aim to provide a seamless trading experience for institutions of all sizes.”Bybit Institutional has partnered with significant players within the industry in bringing its offering to market, such as Fireblocks, Copper, and Circle.Blockchain LifeThe United Arab Emirates-based exchange is also a participant in next week’s Blockchain Life 2023 event in Dubai, the 11th international forum on cryptocurrencies, blockchain, and mining. Cheung will participate as one of the panelists at the event on October 24. Titled “Crypto Market Outlook: Insights and Forecasts From Top Crypto Exchanges,” the panel of industry experts will delve into the current crypto landscape, emerging trends, and future forecasts.Bybit’s launch of the enhanced Bybit Institutional trading platform is indicative of the interest that exists between a range of market participants in cornering institutional business. UK bank Standard Chartered, through its Singapore-based subsidiary Standard Chartered Ventures and portfolio companies Zodia Custody and Zodia Markets, is also making a concerted effort to muscle in on this market segment.