Ant Group Targets Web3 Developers With New Brand Launch

Korean Blockchain Startups to Showcase Products in KINTEX in NovemberSouth Korean blockchain startups are set to benefit from increased opportunities to participate in exhibitions organized by the Korea International Exhibition Center (KINTEX) in Ilsan, located northwest of Seoul, the nation’s capital.According to a report by local news outlet Dailian, KINTEX recently announced a collaboration with Onoffmix, a social gathering platform, with the aim of expanding exhibitions and bolstering the startup ecosystem.Under the newly signed agreement, KINTEX and Onoffmix will leverage the latter’s startup business network and event platform to encourage startups to take part in more than 20 exhibitions organized and hosted by KINTEX. Onoffmix, boasting a subscriber base of 1.45 million, will serve as a valuable resource in this partnership.Photo by Seungwon Lee on UnsplashGlobal trendThis move aligns with the global trend of increasing startup participation in exhibition shows. One notable example is the Consumer Electronics Show, a prominent annual tech trade show in the United States that features Eureka Park, an event for startups to showcase their products. With 1,340 startups participating this year, Eureka Park has been witnessing consistent growth in participation year after year.Another instance is 4 Years From Now (4YFN), the startup event held during the annual mobile tech show, Mobile World Congress. 4YFN offers opportunities for over 2,000 startups to connect with potential buyers and investors.Startup exhibition in NovemberIn line with this global shift, KINTEX and Onoffmix aim to assist local startups in exhibiting their cutting-edge technologies, establishing connections with industry experts and investors, and participating in conferences and pitching events. One of their first such endeavors is the Digital Media Tech Show (DMTS) scheduled for November. DMTS will showcase innovative products in various tech areas such as metaverses, non-fungible tokens (NFTs), and blockchain. In addition to the exhibition, conferences will be held to facilitate knowledge sharing among startups regarding industry trends, business ideas, and investment opportunities.Lyu Jaewon, the Chief Business Officer at KINTEX, said that this partnership will contribute to the convention center’s expansion of exhibitions and promotion of sustainable growth.Onoffmix CEO Yang Joon-cheol highlighted the company’s commitment to collaborating with KINTEX to expedite the growth of local startups and support their expansion into overseas markets.

KuCoin Halts Bitcoin and Litecoin Mining Pools Amidst Strategic ShiftIn an announcement on Tuesday, Seychelles-based cryptocurrency exchange KuCoin revealed its decision to temporarily suspend its Bitcoin and Litecoin mining pools, effective from 16:00:00 on August 15, 2023 (UTC).Photo by Traxer on UnsplashChanging business strategyThis move is attributed to KuCoin’s evolving business strategy, although specific details remain undisclosed. The exchange expressed its regret for any inconvenience caused and extended gratitude for users’ continued support.It appears that the company wants to focus on core business activities and for that reason, it’s terminating its mining pool activity. That said, the discontinuation was described in its statement as being “temporary” although that has been left open-ended with no indication of if or when it would bring the service back into operation.The company is open to the idea of revisiting the facilitation of mining pools in the future. “We will see if it is needed to restart based on the market and users’ demand in the future,” a spokesperson for the company told The Block.To ensure miners’ uninterrupted earnings during the suspension, KuCoin advised users engaged in cryptocurrency mining to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the specified suspension date. Additionally, the exchange emphasized the importance of backing up and preserving mining records and related data, recommending users complete these actions before August 27.Presently, the KuCoin Bitcoin mining pool maintains a hash rate of 9.08 exahash per second (EH/s), while the Litecoin pool operates at 3.90 terrahash per second (TH/s). These figures contribute to the broader hash rate landscape, where the entire Bitcoin network boasts a hash rate of 349.19 EH/s, compared to the Litecoin network’s 792.16 TH/s.Workforce reductionIt is clear that the company is in the process of adjusting to current market conditions. Last week, rumors surfaced of a plan to effect a workforce reduction. That prompted KuCoin’s CEO Johnny Lyu to respond, clarifying that the exchange’s operations are running smoothly. Dismissing layoff speculation, Lyu highlighted the exchange’s steady expansion and strong growth as demonstrated by the H1 2023 report. The report showcased an increase in users and new listings, underscoring the platform’s vitality and development.Mandatory KYCIn recent months, KuCoin has also implemented mandatory Know Your Customer (KYC) requirements, obligating users to undergo verification processes. Existing customers who fail to complete KYC procedures will be unable to make deposits. With over 20 million registered accounts, the exchange felt that it needed to improve on its level of regulatory compliance and security measures.It’s highly likely that an action taken by authorities in New York in the United States in March prompted KuCoin’s decision to tighten up on KYC. At that time, the New York Attorney General said that action was being taken against KuCoin due to its failure to register as a securities and commodities broker-dealer.As KuCoin undergoes these changes, the suspension of its mining pools raises questions about the broader implications for its business strategy and the potential impact on miners within its ecosystem. That said, the firm is not alone in making changes, with most crypto exchanges having had to adjust to a business and regulatory environment that has changed considerably since the 2021 crypto bull run.

Netmarble’s MARBLEX Bolsters Partnership with Bisonai to Elevate MBX EcosystemSouth Korean gaming company Netmarble said today that its blockchain subsidiary, MARBLEX, is reinforcing its strategic partnership with blockchain infrastructure company Bisonai to help bolster the MARBLEX gaming finance (GameFi) ecosystem.Revolutionizing gaming with blockchainNetmarble released the MARBLEX Playground in February of this year, which aims to optimize game enjoyment and benefits for players by incorporating NFTs, GameFi, decentralized finance (DeFi), and more that collectively run on a blockchain ecosystem revolving around its governance token, MBX.Photo by ELLA DON on UnsplashAs a company that specializes in building blockchain products for its clients in a wide range of sectors, including gaming, Web3, NFTs, and DeFi, Bisonai has directly contributed to the development of MARBLEX’s MBX ecosystem. In particular, it played a significant role in building MBX Marketplace — a platform for unrestricted NFT transactions within the ecosystem — which went live in November of last year, as well as MBX Explorer, a token scanning site.Following this venture, Bisonai is planning to provide further technical consultations and solutions for the blockchain infrastructure that will be potentially required within the MARBLEX ecosystem.Advancing transparency and accessibility of MBXMeanwhile, MARBLEX disclosed plans on June 27 to overhaul the token system within the MBX ecosystem. As part of its commitment to improving transparency, it announced that it burned approximately 670 million MBX that have not been designated for use within the ecosystem out of its total supply of one billion MBX.The MBX token also received a landmark whitelist approval in Japan last month, becoming the first token from a Korean blockchain gaming project to do so.