Incheon Partners with Daehong to Implement Web3-Driven Urban Marketing Strategy

MANTRA, a real-world asset (RWA) layer one blockchain built on Cosmos, recently outlined its vision for the on-chain financial ecosystem, outlining that it plans to acquire licensing in the Middle East and Asia as part of its efforts to expand. In a press release published on Chainwire on March 14, the company outlined that it has applied for licensing in the United Arab Emirates (UAE) in an effort to pave the way for MANTRA to target a global clientele who want to harness the potential of RWA asset tokenization. Issuing and trading tokenized RWAsAt the core of the Hong Kong-headquartered project’s offering lies its layer one blockchain, aptly named MANTRA Chain. The network is designed to streamline the issuance and trading of tokenized RWAs. Having established this technological product base, the company is now on a mission to onboard financial institutions and commercial entities with an interest in asset tokenization. With teams stationed in Hong Kong and the UAE, MANTRA has honed a full understanding of the shifting regulatory landscapes in pivotal regions. By securing its inaugural financial licenses in the UAE, MANTRA is aiming to take a slice of market share in the swiftly evolving RWA sector across the Middle East and Asia. The overarching goal for 2024 is to tokenize a diverse spectrum of assets, spanning real estate, private market funds, equity, art and treasuries.Photo by Sigmund on UnsplashIn an X social media post, MANTRA Founder and CEO John Patrick Mullin outlined that the company is already engaging with institutions and partners in the private sector. Mullin stated: “MANTRA is actively collaborating with real-world institutions and partners, including real estate, private market funds, private equity, the art sector, and treasuries, among others, to help bring these traditional asset classes onchain.” Mullin claims that the current crypto market capitalization of around $2 trillion is just a drop in the ocean by comparison with the potential that exists in the tokenization of RWAs and in unlocking the RWA economy. Hong Kong licensingAlongside the Middle East, Asia is the other target market for the company. Mullin suggested that Asian countries are already preparing for this fundamental shift, having developed RWA regulations. Last November, it emerged that Hong Kong was setting out a regulatory roadmap in respect of RWA tokenization. In February 2023 the Chinese autonomous territory achieved a first-of-its-kind tokenized green bond issuance.With that, the company’s home base of Hong Kong will also be central to its efforts to acquire relevant licensing. In recent weeks, MANTRA claims to have made significant progress in decentralizing its network, garnering validator support on a more broadly distributed basis. The project is expected to launch its final testnet, dubbed “Hongbai,” shortly. MANTRA is aiming to emerge as the pioneer RWA layer one blockchain with the capability to ensure real-world regulatory compliance. By expediting the adoption of tokenized RWAs, the project suggests that there’s an RWA economy value unlock potential of $16 trillion with its regulatory-ready blockchain being positioned to benefit from that. The network is gearing to offer a compliant framework, so that traditional finance (TradFi) companies can seamlessly transition to and harness asset tokenization and blockchain solutions, propelling global RWA expansion. 

South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.

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.