MARBLEX Introduces New Update to Multichain Service

Wemade has signed a deal with Maniac Panda Games, a development studio of Spanish gaming company JURVAL CORP SL, to onboard the blockchain game Underground Waifus to WEMIX PLAY, Wemade’s gaming platform, according to an official announcement on Monday (KST).Photo by Syed Ali on Unsplash“Underground Waifus proposes top-level gameplay and fun,” said Maniac Panda Games CEO Daniel Valdés. “We believe that the collaboration with WEMIX PLAY can take the game to another level, adding a wider reach and implementation among players around the world.” Unveiling the cyberpunk battlegroundUnderground Waifus is a multiplayer NFT trading card game set in a cyberpunk, post-apocalyptic universe. It is notable for its circular economy model that employs Free-to-Play (F2P) and Play-to-Earn (P2E) mechanisms within a tokenized system. The game revolves around a player-driven economy, where players can participate in player versus player (PVP) battles where the winner takes all. The game is built on blockchain technology, offering exclusive NFT collections. Gamers are subject to ownership of these assets, which they can use for collecting or playing. The ecosystem also has a utility token called Underground Waifus Token (GQ), which can be used off-game or in-game as a cryptocurrency. Wemade’s ongoing effortsWemade has been consistently growing its lineup of Web3 games on WEMIX PLAY, endeavoring into diverse genres in an effort to appeal to all gamers. The firm revealed that it is working with developers around the world, including North America, Europe and Asia, to expand the gaming platform’s ecosystem.

Several South Korean crypto-only exchanges have long been struggling to keep their business afloat due to their prolonged weak performances. The local news outlet Etoday reported that the persistent underperformance of these local crypto exchanges is mounting pressure on their corporate operation and management, resulting in them shutting down their businesses. The situation hinders them from meeting the requirements set by the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC).  Their inability to generate sufficient revenue, due to faltering token trading volumes, makes complying with the FIU guidelines a daunting task.Photo by Anne Nygård on UnsplashCascading closure of crypto exchanges According to crypto industry insiders, local crypto-only exchanges including Cashierest, Coinbit, Huobi Korea, Probit and Tennten have announced their service closure as early as the second half of last year. On Nov. 6, Cashierest announced it was shutting down its services, with Coinbit following suit in the same month. The cascading closure announcements from crypto exchanges raised concerns about their potential harm on investors.  In an effort to protect crypto investors, the FIU has released a statement that local crypto exchanges are obliged to meet the requirements of the FIU in compliance with the Virtual Asset User Protection Act, despite their closing of services. Furthermore, the regulator said finalizing business closure requires due assessment by the FIU.  "Virtual asset service providers (VASPs) must notify their users of the closure and explain how to reclaim their assets at least one month before the business closing date. They must also support users to withdraw their assets for at least three months before closing," the FIU stated.  Struggling to meet FIU requirements However, some point out that it would be challenging for near-bankrupt crypto exchanges to run a customer service center for more than three months. Some exchanges allow users to deposit and withdraw their assets until their closure, as they would under normal conditions, but charge additional fees afterward. "It is very demanding to operate customer services when we're seeing no actual gains," one exchange official said.  It has been found that some crypto exchanges failed to register a change in their business state with the FIU, which is mandatory in the event of business location or contact changes, under the Financial Transaction Reports Act.  When Etoday reporters visited the offices of some of these crypto exchanges, they were met with empty rooms. One person who is familiar with the matter said, "The exchange has moved its office to another location and is scheduled to resume service in March." 

BitKeep Changes Name to Bitget Wallet Following AcquisitionContinuing the trend set by industry giants like Binance, KuCoin, and OKX, cross-chain wallet provider BitKeep has undergone a transformation, rebranding itself as Bitget Wallet. This strategic shift comes on the heels of the wallet’s acquisition by the prominent Seychelles-headquartered crypto exchange, which acquired a controlling stake for $30 million in March.Photo by Jon Tyson on UnsplashBitget Swap unveiledThe rebranding announcement, made on August 10, coincides with the unveiling of Bitget Swap, a novel cross-chain swap mechanism integrated into the wallet. This innovative feature draws liquidity from a network of approximately 100 decentralized exchanges spanning across 20 chains. The move positions Bitget Wallet as a versatile platform catering to traders seeking fluidity and efficiency across diverse cryptocurrencies.Bitget Wallet users are set to benefit from an enticing proposition as the exchange merges its offerings. A collective Bitget User Protection Fund, boasting a substantial $360 million pool, has been established.The fund is anchored by 6,500 Bitcoin, ensuring robust safeguards against security incidents. This initiative finds its origins in the wake of the FTX exchange collapse last November, with the fund’s value boosted by a subsequent $60 million capital appreciation due to the rally in Bitcoin prices.The synergy between the two businesses has already borne fruit for Bitget. Last month, it clarified that it had surpassed 20 million users, with the wallet integration believed to be responsible for a large part of that user growth.Growing painsBitKeep’s past wasn’t without its challenges. A security breach occurred in December when the wallet’s Android Package Kit (APK) was compromised by malware, causing losses of around $8 million among users who had installed the compromised package. In a commendable move, the company fully compensated the affected users on March 29, signaling its commitment to rectifying such setbacks.Moka Han, Chief Operating Officer of Bitget Wallet, underscored the wallet’s security-focused approach. Han revealed that cross-chain bridges are subject to stringent third-party security audits by notable entities like SlowMist and CertiK before deployment. Rigorous post-deployment monitoring further guarantees a resilient security environment.Payment channel integrationIn its recent evolution, Bitget Wallet has integrated five stable payment channels, including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay. These integrations empower users to conveniently purchase cryptocurrencies within the wallet using methods such as credit cards, Google Pay, and Apple Pay. Additionally, the wallet has introduced a peer-to-peer marketplace, characterized by comprehensive security measures that protect both buyers and sellers.Bitget Wallet’s appeal extends far and wide across the Asia Pacific (APAC) region, boasting an impressive user base exceeding 10 million individuals. This figure constitutes nearly half of MetaMask’s user count, signifying the wallet’s considerable popularity.The company didn’t allow the rebrand milestone to pass without taking the opportunity to further promote its offering. On Thursday, it commenced a “Mystery Box Airdrop” event, offering new Bitget Wallet users the opportunity to claim individual rewards of up to 1,000 USDT.Biget’s wallet integration is in line with the changing landscape of crypto exchanges generally, with other prominent players such as OKX, KuCoin, and Binance having also ventured into the realm of self-custody wallets, enhancing their service offerings beyond traditional exchange operations.