Xangle Joins Com2uS Group’s Blockchain Mainnet XPLA as Validator

Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer ConvenienceWelcome Savings Bank, one of the mutual savings banks in South Korea, has announced a significant step towards enhancing identity security and customer convenience with the incorporation of Bank ID, a blockchain-based decentralized identity (DID) solution operated by the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment services institution.Photo by Jonathan Cooper on UnsplashDID technology to prevent identity fraudThe utilization of DID technology marks a notable stride in preventing identity fraud. By storing user data on a secure distributed ledger, the system becomes highly resilient to counterfeiting or forgery attempts, ensuring a safer environment for customers’ personal information.Single sign-on functionalityWith this initiative, Welcome Savings Bank has become the first savings bank in the country to implement Bank ID, a solution predominantly adopted by prime commercial banks. This strategic move bolsters the bank’s digital competitiveness and improves customer convenience. With Bank ID, users can enjoy seamless access to their accounts across 18 Korean financial institutions without the hassle of logging in separately for each one, streamlining their banking experience.Customers of Welcome Savings Bank can utilize the bank’s mobile app to acquire a Bank ID by undergoing a verification process through a one-time password or security card. For existing Bank ID holders, adding Welcome Savings Bank to their list of banks is a straightforward procedure.The decision to embrace this innovative technology highlights the bank’s commitment to meeting the high standards set by prime commercial banks. By aligning with industry trends and bolstering their digital capabilities, savings banks like Welcome and other subprime banks can deliver improved convenience and a seamless banking journey to their valued customers.

Klaytn and Incheon City’s NFT Project Set to Bring Blockchain to the PublicThe Klaytn Foundation, a non-profit organization backed by South Korean messaging giant Kakao, announced Tuesday (local time) a new collaboration with the city of Incheon to launch the Incheon Universe NFT project on the Klaytn blockchain.Photo by joon young, Park on PexelsNFTs representing seals and lighthousesSet to be issued on Wednesday, these non-fungible tokens (NFTs) are based on Incheon Heroes characters, which draw inspiration from seals, one of the country’s endangered species, and lighthouses, seen as guardians of the sea. The Incheon Universe NFT project will harness the online metaverse and decentralized autonomous organizations (DAOs) to create a space where residents can connect, sharing their preferences and values. Additionally, the project seeks to enhance the pride of those living in Incheon.The Incheon Universe NFT project is set to kick off on October 25, marking the inaugural minting of Incheon Heroes NFTs on the Klaytn blockchain. These NFTs will also serve as membership passes. For this initiative, the Klaytn Foundation has been offering technical assistance and advice.Fee delegation featureThe foundation and Incheon City plan to leverage the fee delegation feature to remove the burden of a small transaction fee typically associated with NFT minting. This move is intended to lower the entry barrier for individuals unfamiliar with participating in blockchain projects. Incheon is also orchestrating in-person events catered to NFT holders. The city is also in discussions with the Klaytn Foundation, mobile carrier LG Uplus, media commerce entity Lotte Homeshopping, marketing solutions provider Daehong Communications, and others for more collaborative endeavors.Commenting on the collaboration, Lee Se-woong, Brand Manager of Incheon City, emphasized how both parties benefit from the partnership. While the Klaytn Foundation has been at the forefront of collaborations in the global blockchain scene, leading various projects, Incheon is positioning itself for new initiatives in the Web3 era. Lee sees this partnership as a major boost for the city.Seo Sang-min, the Klaytn Foundation’s Representative Director, mentioned that the foundation is committed to working closely with the city to ensure the success of the Incheon Universe NFT project as a city-driven blockchain initiative. He emphasized that Klaytn aims to help more people experience firsthand the benefits of Web3 technology.Incheon has been at the forefront of driving blockchain initiatives. Among its recent undertakings is the Global Blockchain Incheon Conference (GBIC 2023), which is slated for October 30 to 31. The event will highlight presentations from renowned speakers representing blockchain entities like Polygon Labs, Crypto.com, and the Astar Foundation.

Korean Financial Watchdog: Investor Protection Boosts Crypto MarketLee Bok-hyun, Governor of the South Korean Financial Supervisory Service (FSS), addressed the issue of investor protection measures in the cryptocurrency market during his speech at the fourth Blockchain Leaders’ Club in Seoul. According to a report by local news agency News1, Governor Lee emphasized that these measures would not hinder the market but instead establish a positive cycle by increasing market confidence and driving industry growth.Photo by Joshua Miranda on PexelsCrypto user protectionTo underscore the importance of safeguarding users in the crypto industry, Governor Lee referred to recent incidents such as the collapse of stablecoin Terra and the failures of Silvergate and Silicon Valley Bank. He highlighted how these examples demonstrate the need for protective measures as the influence of the crypto market extends beyond the financial sector and impacts the real economy.Governor Lee further emphasized the FSS’s commitment to maintaining ongoing communication with the crypto industry and adapting the regulatory system to accommodate the changing landscape. He stated that the FSS would assist the industry in establishing its own self-regulatory system, which includes monitoring suspicious transactions and transparent procedures for virtual asset listing. Additionally, the FSS plans to collaborate with industry insiders to prevent misunderstandings when formulating relevant rules and regulations.Governor Lee also touched on the Virtual Asset User Protection Bill, stating that he expects to see the final draft this summer as it is currently undergoing a legislative process in the National Assembly. He highlighted the government’s commitment to improving market order and minimizing investor losses before the law’s implementation. The government is taking a “same risks, same regulation” approach to prevent regulatory arbitrage and establish effective monitoring systems for virtual asset transactions and on-chain data.Unfamiliar but importantMeanwhile, Lee Yong-woo, a member of the opposition Democratic Party of Korea (DPK), echoed the importance of establishing and improving a regulatory framework for the cryptocurrency industry. He drew parallels between the current situation and the dot-com bubble era, emphasizing the significance of not disregarding the potential of the crypto market due to unfamiliarity.Communication channelLawmaker Lee expressed hope that the Blockchain Leaders’ Club would contribute to shaping a stable crypto market by providing opportunities to listen to the opinions of market participants, which can then be reflected in managing and revising laws and regulations.Today’s event, hosted by News1, saw the gathering of lawmakers, government officials, crypto industry leaders, and academics. Among the participants were People Power Party Lawmaker Yun Chang-hyun, the top executives of the five major Korean crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), and the CEO of blockchain gaming company Wemade.