SK C&C Issues Voluntary Carbon Offsets on Blockchain-Based Credit Platform

Com2uS USA CEO Highlights Importance of Transition from Web2 to Web3 GamingLee Kyu-chang, CEO of South Korean game developer Com2uS’ American branch, stressed the important role of Web3 games in encouraging gamers to embrace blockchain technology during a discussion at the Korea Blockchain Week (KBW) 2023 event held at the Shilla Hotel in Seoul on Tuesday.Photo by Fredrick Tendong on UnsplashLee shared various insights on the topic that Com2uS Group has gained through its experience in developing blockchain games. “We view blockchain not as a platform but as a tool,” he said.Nurturing Web3 adoption among gamersIn particular, the CEO emphasized the need for Web2 users to transition to Web3. Indeed, Com2uS is aiming to migrate to Web3, although it is still majorly involved in Web2 businesses.However, there stands a roadblock to achieving this widespread transition. “Gamers do not understand Web3. What they want is for good games to be released. And if they’re not good, they won’t play them regardless of whether they’re Web2 or Web3,” Lee explained, arguing that fun Web3 games will have gamers naturally learning about Web3.Due to these reasons, the conversion rate for gamers is currently quite low. To remedy this, Lee proposed that facilitating the transition for Web2 gamers to Web3 is a more sustainable method than directly targeting only Web3 users. The latter strategy is not ideal due to the fact that there aren’t many Web3 users yet in the first place, and more importantly, existing ones are not typically gamers.Balancing the shiftThe Com2uS Group has thus chosen to concentrate on Web2 while gradually transitioning to Web3. “We must remember that the transition is slow. We went through a similar process when shifting from PC to mobile gaming,” Lee cautioned.“Our company’s mission is to make people want to play games with ownership rights and make them want to own game assets.”

Bitgamo Set to Launch 150 Crypto ATMs in AsiaIn a press release published on Monday, Luxembourg-registered crypto startup Bitgamo outlined its intention to roll out crypto ATMs across Asia.Photo by Monstera Production on PexelsAsian network rolloutDescribing itself as a no KYC (Know Your Customer) exchange for crypto-to-fiat transactions, the firm has the intention of embarking on a crypto expansion initiative that will see it deploy 150 crypto ATMs across key Asian markets.The press release quotes “official sources” as having confirmed that these crypto ATMs will be operational across the region by February 2024. The firm intends to locate the machines within markets such as Australia, Japan, Hong Kong, and Indonesia.European expansionIn alignment with its growth strategy, Bitgamo has also unveiled plans to introduce an additional 75 cryptocurrency ATMs across Europe over the course of 2024.Founded in 2020, Bitgamo claims that its objective is to address privacy concerns while promoting the adoption of cryptocurrencies in regions where acquiring and holding digital assets can be challenging.Gabriel Weber, the company’s Director of Communications, expressed his excitement about the expansion initiative. He stated:“We are thrilled to be able to offer this innovative service in Australia, Japan, Hong Kong, and Indonesia. The addition of our ATMs will make it super easy for users to sell crypto, and we are confident that they will be valuable resources for the thriving crypto communities in these countries.”No KYCThe crypto exchange and ATM business claims to offer a no KYC exchange policy, which sets it apart in an increasingly regulated landscape. As a Luxembourg-registered entity, Bitgamo classifies cryptocurrencies as commodities, adhering it says, to the legal framework of its home country.While the convenience of a no KYC approach is evident, it appears to be going against the current trend and recent regulatory pressures. Earlier this year Seychelles-based cryptocurrency exchange KuCoin implemented mandatory KYC. Bitget, another Seychelles-based exchange, followed suit earlier this month, while another Asia-centric exchange, OKX, has tightened its KYC policy.Online concernBitgamo isn’t well known and with that, this recent announcement has sparked some in the crypto community to express doubt. One individual on crypto-Twitter wrote: “This is a scam…don’t fall for it!” . . . “Raising awareness as their paid press releases are currently doing the rounds, trying to lure in victims.”Meanwhile, a YouTuber called “Negocios TV” urged caution relative to what it described as a possible scam. It’s certainly true to say that there’s very little information in the public sphere relative to Bitgamo and with that, market participants will need to do their own due diligence. Equally, we are not aware if these concerns are real or misplaced.If the offering is in fact legitimate, then it’s a very positive development. Crypto ATMs have often acted as the first touch-point for many individuals in accessing digital currency. Recent years have seen a considerable increase in the global network of crypto ATMs, offering those who want to onboard into the crypto sphere easy access to doing so and possibly purchasing their first digital currency.

India’s Jio Financial Services to Delve Into BlockchainJio Financial Services (JFS), a subsidiary of Indian multinational conglomerate Reliance Industries (RIL), is gearing up to venture further into the realm of blockchain and central bank digital currencies (CBDCs), according to announcements made by Indian billionaire businessman and Reliance Chairman and Managing Director, Mukesh Ambani, during RIL’s 46th annual general meeting on Monday.Photo by Shubham Dhage on UnsplashBlockchain ambitionsThe Indian billionaire revealed his Web3-related plans, signaling a strategic move for JFS towards blockchain and centralized digital currencies. While addressing the AGM, Ambani emphasized his current caution regarding highly volatile crypto assets. However, he indicated that he aims to have Jio Financial delve deeper into blockchain technology and permissioned digital currencies, particularly the eRupee CBDC, which is undergoing advanced trials within India.JFS will serve as the entry point for Reliance Industries into the Web3 sector. Formerly known as Reliance Strategic Investments, JFS has been rebranded and will now facilitate management services for digital assets.Consolidating payment infrastructureAmbani’s vision for JFS encompasses the consolidation of payment infrastructure, a strategic effort to drive digital adoption throughout India. JFS hit the headlines in July when it was revealed that it was forging a major partnership with BlackRock, the world’s largest asset manager, valued at over $100 billion as of August 18.Ambani’s statement during the RIL annual general meeting highlighted JFS’s objectives: “JFS will consolidate its payment infrastructure further driving digital adoption for India. JFS products will explore pathbreaking features such as blockchain-based platforms and CBDC.”CBDC development has been ongoing through initiatives taken by central banks around the world over the past couple of years. The Reserve Bank of India (RBI) has been no slouch in this respect. It is actively engaged in developing its own CBDC, aiming to modernize online payment systems while reducing reliance on physical cash, thereby optimizing operational efficiency.In July, the RBI turned its attention to the cross-border functionality aspect of CBDCs, experimenting with various use cases relative to international payments. At a governmental level, India is also playing a key role in working towards global regulatory standards for cryptocurrencies. The RBI has contributed to the discussion, citing risks associated with stablecoins in a Financial Stability Report released in June and calling for global regulation.RIL CBDC initiativesNotably, Reliance General Insurance recently announced its acceptance of the eRupee CBDC for premium payments, and earlier this year, Reliance Retail initiated the use of India’s digital rupee CBDC across its Mumbai-based stores. The CBDC is anticipated to outperform India’s successful Unified Payments Interface (UPI) mobile payments system, according to V Subramaniam, Managing Director at Reliance Retail.Ambani’s RIL empire encompasses a diverse range of businesses, including Jio’s network services, retail stores, and fuel stations. Mukesh Ambani’s move to embrace blockchain and CBDCs will likely have broader implications beyond his own companies, given that it signals his intention to drive India’s digital transformation forward.