Lotte World Unveils Theme Park Maps in Metaverse Platform The Sandbox

LINE NEXT Inc, a U.S.-based Web3 subsidiary of messaging app giant Line Corporation, has made a strategic partnership with ReadON, a global Web3 content provider running a “Read to Earn (R2E)” app called “ReadON DAO.” The service helps users develop routine reading habits by providing tokens as rewards. Photo by GuerrillaBuzz on UnsplashThis partnership will enable LINE NEXT to feature various digital products on its “DOSI,” a global digital commerce platform where users can freely create and trade digital items including NFTs.  In cooperation with ReadON in the marketing and business sectors, LINE NEXT plans to offer a number of innovative products to over one million users of ReadOn.  Various digital collaborative merchandise On Feb. 21, the two companies are scheduled to roll out digital collaborative merchandise inspired by “Catto,” the brand character of ReadOn, with a plan to introduce DOSI x ReadON pass tickets that benefit users of both platforms. Limited edition items offering exclusive perks and tokens that can be used on ReadOn will also soon be available for purchase. ReadOn’s previous digital items have proven to be popular: items introduced in January were sold out within just 10 seconds after they were released, with other items also selling out within 30 minutes over four consecutive days. LINE NEXT is committed to collaborating with ReadON to launch more services that can reach a broader audience. Initiative to make Web3 more accessible to the publicIn a related development, LINE NEXT launched the official web and mobile versions of DOSI in January. Under the initiative to make Web3 more accessible to the public, LINE NEXT strives to expand the range of products available on DOSI.                                                                         

China Unveils Blockchain-Powered Data ExchangeChinese government officials have announced the launch of a data exchange leveraging blockchain technology during the 2023 Hangzhou Summit in China on Wednesday.According to local media reports, the Hangzhou Data Exchange, introduced at the summit held in Hangzhou, aims to facilitate seamless buying and selling of Web3 data across enterprises. The event garnered participation from over 300 companies, including tech giants Alibaba Cloud and Huawei, marking a significant step towards embracing decentralized technology for data management.Photo by Xiaolin Zhang on UnsplashEnabling Web3 data tradingIt’s understood that the Hangzhou Data Exchange has been established with the aspiration of revolutionizing the trading landscape for enterprise information technology data by harnessing the capabilities of distributed ledger technology. Officials emphasize that the platform’s implementation will ensure that transactions conducted through the exchange remain unalterable and traceable.Chen Chun, the Director of the National Laboratory of Blockchain and Data Security, provided insights into the exchange’s advanced features, stating that it integrates research blockchain, privacy computing, and other cutting-edge technologies to establish a secure and confidential environment for sharing and utilizing data across departments and regions.Hangzhou’s digital economy sector has demonstrated significant growth, surpassing 500 billion Chinese yuan (equivalent to $69 billion) in 2022. This accounted for nearly 27% of the city’s total GDP. It suggests that the city is putting a strategic focus on technological development and innovation.Complex blockchain strategyChina’s stance on blockchain technology has been complex. While the Chinese authorities have been rigorous in regulating private blockchain enterprises, they have simultaneously championed government-led blockchain initiatives.President Xi Jinping, during the inauguration of the 2023 Shanghai Cooperation Organization Conference (SCO), highlighted the significance of central bank digital currencies (CBDC) in expanding the use of local currencies for settlements among SCO member countries. In a move to stimulate domestic spending, the Chinese government recently distributed over 100 million yuan worth of digital yuan CBDC to its residents.China’s promotion of its digital yuan has been unrivaled. Over the course of recent months, various initiatives have been launched to further the use of the CBDC. These initiatives have included paying state employees with the currency in Changshu, integration of the currency into the education system in Jiangsu province, and the installation of digital yuan ATMs in Hainan, among many other such projects.Likewise, when it comes to metaverse development, a series of initiatives have been established recently. Henan province established a metaverse fund in May to support metaverse-related projects. In the same month, a National Blockchain Center was established to develop talent within the sector. Around the same time frame, the city of Zhengzhou announced proposals geared towards supporting the growth and development of metaverse companies.The unveiling of the Hangzhou Data Exchange underscores China’s ongoing determination to harness blockchain’s potential, in this case relative to enhancing data trading and management within the Web3 ecosystem.

OKX Appoints Nomura Portfolio Co as CustodianSeychelles-headquartered OKX, the world’s second-largest cryptocurrency exchange, has partnered with Komainu, a digital asset storage firm backed by Tokyo-based global financial services group, Nomura, to provide digital asset custody services for institutional customers.This collaboration allows institutional users to store their cryptocurrencies within Komainu’s custodian while utilizing the funds for trading on the OKX exchange. The partnership highlights the trend of vertically integrated crypto exchanges adopting practices from traditional finance, employing third-party custodians to segregate operations and mitigate risks.Photo by Karolina Grabowska on PexelsInaugural Komainu clientAs the inaugural client of Komainu Connect, a regulated settlement and custody system for institutions, OKX now offers its customers 24/7 trading with a combination of cold storage, multiparty computation (MPC), and hardware security modules (HSMs). Lennix Lai, the Chief Commercial Officer of OKX, explained that funds deposited in a Komainu custody wallet are transferred to a Komainu collateral wallet, which is then linked to an OKX account. This integration allows for seamless balance mirroring and active trading across OKX’s extensive range of spot and derivatives markets.Asset custody optionalityIn a tweet posted on Tuesday, OKX President Hong Fang wrote: “We are agnostic re how customers want to custody their assets. Third party, platform, self-custody.”Komainu Connect’s collateral wallet, with full transparency to OKX, operates within a tri-party legal agreement involving Komainu as the custodian, OKX as the liquidity venue and provider, and Komainu’s client as the client of OKX. Sebastian Widmann, Head of Strategy at Komainu, elaborated on this agreement, emphasizing how it enables Komainu’s clients to trade directly on the exchange while Komainu handles the settlement requirements. This framework ensures a secure and efficient trading experience for institutional users.While specific details about the volume of assets to be transferred to Komainu were not disclosed, Lennix Lai stated that the amount was “significant” and expected to increase as both firms enhance their institutional product offerings. OKX believes in providing users with a range of solutions, including on-exchange, off-exchange, and third-party balance mirror custody options. By partnering with Komainu, the erstwhile Beijing-based exchange aims to expand its service offerings and cater to the evolving needs of its institutional clientele.Komainu was established in 2020 through a joint venture involving Nomura, digital asset manager CoinShares, and digital asset security company Ledger. The firm operates under regulatory oversight in St. Helier in the Jersey Islands and in Dubai, with offices located in London, Dublin, and Singapore. Its robust regulatory compliance measures and strategic partnerships position Komainu as a trusted custodian within the crypto industry.Market maturationThe collaboration between OKX and Komainu represents a significant development in the maturation of the crypto market. By leveraging Komainu’s custody services, OKX aims to enhance the security and reliability of its platform, mitigating potential risks associated with holding customer assets. This partnership also underscores the growing demand for institutional-grade infrastructure and services in the cryptocurrency ecosystem.As the crypto industry continues to evolve and attract institutional investors, custodial solutions provided by trusted and regulated entities like Komainu are crucial for fostering confidence and facilitating broader participation. The OKX-Komainu partnership demonstrates the convergence of traditional finance practices with the emerging crypto landscape, highlighting the importance of robust custody solutions and risk management frameworks in the digital asset ecosystem.