Lotte Group’s Bellygom NFT Project Garners Global Fanbase of Over 300K

Haechi Labs Joins Hands with Oasys for Entry into Japanese MarketHaechi Labs, a South Korean blockchain service and digital wallet provider, announced Thursday that it has signed a business deal with Japanese blockchain gaming platform Oasys to establish a footing in the Japanese market.Photo by Erika Fletcher on UnsplashFostering collaborationThrough the new partnership, the companies plan to share their technical expertise and promote mutual growth. In particular, Haechi Labs’ digital wallet, Face Wallet, will be onboarded on the Oasys mainnet. This integration will allow Oasys users to easily access Web3 services using their existing social media accounts. Face Wallet supports login through various social media platforms such as Google, Discord, Twitter, Facebook, Apple, and Kakao, thereby reducing entry barriers for users who are new to Web3.Haechi Labs will also provide a software development kit (SDK) for Face Wallet, enabling game developers operating their games on the Oasys platform to integrate the wallet into their services.“We expect that Face Wallet’s integration into the Oasys mainnet will streamline the onboarding process for Web3 games,” said Moon Geon-gi, CEO of Haechi Labs. “We will continue to pursue close cooperation with various companies in the future.”Gaming focusOasys’ multi-layered blockchain network is centered around gaming, consisting of a built-in L2 scalability solution. It has worked with various major gaming companies such as SEGA, Ubisoft, Bandai Namco, Nexon, and Netmarble, who participate in the network as validator nodes.

Ground X Teams Up with Oasys for Digital Wallet and SDK CollaborationGround X, the blockchain subsidiary of South Korean conglomerate Kakao, announced on Wednesday that it has entered a strategic partnership with Oasys, a Japanese blockchain gaming platform.Through this partnership, Ground X and Oasys aim to collaborate on multiple fronts and onboard each other’s respective Web3 ecosystems. Ground X said that it will participate as a partner company in Oasys’ Web3 ecosystem, collaborating with other Japanese blockchain and gaming firms.Photo by GuerrillaBuzz on UnsplashSDK sharingIn particular, Ground X also plans to provide a software development kit (SDK) that will enable game developers around the world to embed digital asset wallets into their services by leveraging the convenience and technical capabilities of Kakao’s digital wallet, Klip.“By providing the embedded SDK through this partnership, this will serve as an opportunity for Ground X to expand globally by attracting more Klip users,” said Kim Tae-geun, Head of the Business Group Division at Ground X.Dominic Jang, Head of Business Development at Oasys, expressed similar sentiments, stating, “This Klip wallet SDK will allow Oasys’ partners in the gaming industry to operate more smoothly, serving as valuable infrastructure.”NFT allianceOasys will also become a member of GRID — Ground X’s alliance of over 130 local companies aimed at popularizing and fostering non-fungible token (NFT) usage in Korea. Ground X will subsequently share with Oasys the expertise it has gained through success stories of various NFTs on Klip. Through a combination of all these efforts, the company’s goal is to expand the local NFT business ecosystem and increase opportunities for networking and joint marketing between Korean and Japanese companies.“Ground X is at the forefront of Kakao’s blockchain business and has accumulated a wealth of expertise in the blockchain field. Through our collaboration with them, the Oasys ecosystem gains a strong partner,” Jang emphasized.In addition, Ground X is participating as a partner company and panel judge in a blockchain hackathon organized by Oasys and XPLA.

Japan’s Biggest Bank Explores Global Stablecoin IssuanceMitsubishi UFJ Financial Group Inc. (MUFG), the largest bank in Japan, is currently engaged in discussions with companies involved in popular global stablecoins, as well as other firms, to explore the possibility of issuing these tokens using MUFG’s blockchain platform.That’s according to a report published by Bloomberg on Thursday. The stablecoin law in Japan, which recently went into effect on June 1, has established that only licensed banks, registered money transfer agents, and trust companies within the country are authorized to issue stablecoins.Photo by CoinWire Japan on UnsplashProgmat platformMUFG is actively in talks with various parties regarding the utilization of its blockchain platform, Progmat, to mint stablecoins linked to foreign currencies, including the US dollar, with the intention of facilitating their global use.Tatsuya Saito, the Vice President of Product at MUFG, emphasized that the implementation of the legislation provides issuers and users with a sense of security when it comes to engaging with stablecoins. However, he refrained from disclosing the specific stablecoin parties that MUFG is currently in discussions with.Stablecoins play a pivotal role within the cryptocurrency sector, serving as a reliable asset for investors to hold between trades involving more volatile tokens. These tokens are designed to maintain a consistent value, often pegged to $1, and are typically backed by reserves such as cash and bonds. CoinGecko data indicates that approximately $130 billion worth of stablecoins are presently in circulation.Stablecoin stabilityNevertheless, stablecoins have faced challenges in the past when it comes to maintaining their pegs, resulting in disruptions within crypto markets. Notably, TerraUSD, a token reliant on algorithms and trader incentives, experienced a significant crash in May 2022, leading to losses of at least $40 billion. In response to such incidents, regulators have intensified their scrutiny of stablecoins. The stablecoin law in Japan encourages the issuance of stablecoins that are fully backed by fiat cash in a corresponding currency.MUFG envisions leveraging its Progmat blockchain platform to issue security tokens on behalf of third parties, with no immediate plans to develop its own stablecoin, according to Saito. He further revealed that the bank is actively exploring stablecoin projects with entertainment firms, non-financial businesses, and a consortium of Japanese financial institutions. Furthermore, overseas financial groups have shown keen interest, and Saito believes that Japan has the potential to become a global hub for stablecoin issuance.Tether dominanceTether ($USDT) holds the position of the top global stablecoin, accounting for more than 60% of the sector’s market value, while Circle Internet Financial Ltd.’s USD Coin ($USDC) occupies the second spot. Any party intending to produce stablecoins within Japan would need to comply with the country’s legislation.Saito highlighted that the regulation’s provision allowing stablecoins to be denominated in various currencies, including the US dollar, opens up opportunities for the issuance of tokens intended for global use. He expressed his belief that this presents a significant opportunity for Japan.Prime Minister Fumio Kishida’s economic agenda, known as “New Capitalism,” includes a focus on supporting the growth of Web3 firms. While Japan has taken steps to relax certain cryptocurrency regulations, such as those pertaining to token listing and taxation, it continues to be perceived as a country with relatively strict regulations.