TRYB Emerges as Turkish Alternative to Dollar-Pegged Stablecoins

Mocaverse, a membership-based NFT collection initiative enabled by Hong Kong’s Animoca Brands, revealed on Friday the establishment of strategic alliances with prominent Web3 wallets OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet. In a separate announcement, it also revealed a similar partnership with crypto exchange platform KuCoin. Extending Moca IDs to OKX, Crypto.com and Halo usersIn a statement released by Animoca Brands, it was highlighted that through the deployment of its recently introduced decentralized identity (DID) Moca ID, Mocaverse is set to catalyze user expansion by integrating with the aforementioned leading self-custodial wallets. The statement clarified that Moca ID will act as the conduit for users to seamlessly navigate various Web3 cultural experiences, spanning PointFi, GameFi and SocialFi, thereby simplifying the onboarding process into the Mocaverse ecosystem. The collaboration will mean that users of OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet will soon have the opportunity to claim their unique Moca IDs within the app, thereby gaining entry into the Mocaverse ecosystem and unlocking access to a myriad of rewarding cultural and entertainment experiences.Photo by Shubham's Web3 on UnsplashRealm Points incentiveHolders of Moca ID stand to accrue Realm Points through active participation and engagement within partner ecosystems and experiences, with the ability to redeem these points for exclusive real-life benefits and rewards provided by Mocaverse and Animoca Brands. Commenting on the development, Kenneth Shek, project lead at Mocaverse, stated:“This partnership encompasses the values and mission we set out when we envisioned Moca ID, which is to make interoperability a new standard to onboard new users and redefine the Web3 network effect through the Mocaverse Partner Network.”Mocaverse seeks to unify Animoca's portfolio projects, subsidiaries, joint ventures and partners through a distinctive NFT collection. With 8,888 Mocas as NFT profile pictures (PFPs), Mocaverse serves as a membership pass for Animoca Brands team members, investors, partners and select token holders, aspiring to foster community cohesion and collaboration within the Web3 sphere. Jason Lau, chief innovation officer of OKX, expressed enthusiasm for the collaboration, noting OKX Wallet's role as a premier gateway to explore the burgeoning realm of Web3 gaming, culture and entertainment experiences. Likewise, Eric Anziani, president and chief operating officer of Crypto.com, underscored the commitment of Crypto.com DeFi Wallet to democratizing access to the realms of DeFi and Web3 for all users, stating the partnership with Mocaverse would extend these experiences to a broader audience. Additional announcementIn a separate announcement, Mocaverse unveiled a similar partnership with cryptocurrency exchange KuCoin alongside Halo Wallet. The initiative endeavors to address the challenge of accessing benefits across distinct Web3 sub-ecosystems by establishing cross-platform identity links, ultimately enhancing the user experience and fostering greater collaboration and integration across partner offerings.Halo Wallet CEO Jeff Hou shared his thoughts on the collaboration, stating:“The partnership among Halo, KuCoin, and Mocaverse is more than just a fusion of services; it represents a strategic alliance to create a cohesive digital asset environment for our users. The initiation of this exceptional cross-platform alliance is a move that promises to bring together the best of what each party has to offer.” 

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.

Bank of Korea Anticipated to Conduct Retail CBDC Pilot TestThe Bank of Korea (BOK), the South Korean central bank, is reportedly planning to conduct a pilot test for distributing retail central bank digital currencies (CBDCs) to the general public via commercial banks, according to a report by local news outlet IT Chosun.Photo by Zequn Gui on UnsplashBOK’s CBDC initiativesIn 2020, the BOK initiated a pilot test for CBDC issuance, establishing a platform for both online and offline payments. Last month, the BOK announced the successful completion of a CBDC simulation to ensure connectivity with commercial banks.A representative from a commercial bank stated that the BOK would recruit banks next month for a retail CBDC experiment. The pilot test for this retail CBDC is projected to take place next year.Wholesale and retailThe upcoming CBDC pilot test aims to cater to the retail needs of ordinary citizens. There are two types of CBDCs: wholesale CBDCs, which facilitate payments between financial institutions, and retail CBDCs, which are accessible to all economic entities, including the general public.The successful execution of the retail CBDC pilot test requires close collaboration between the BOK and commercial banks. A banking official highlighted that while the BOK can outline the distribution framework for wholesale CBDCs, it may not be the most suitable entity to design the intricate distribution scheme for retail CBDCs.Last year, 15 financial institutions, including five commercial banks (KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NongHyup Bank), participated in an inter-institutional CBDC linkage experiment with the BOK. The BOK is expected to select banks from among these participants to design the distribution structure of retail CBDCs and proceed with a pilot test.Speculative timelineAn official from a commercial bank that took part in the BOK’s prior experiment said that the Korean central bank has recently maintained close communication with commercial banks and successfully completed the infrastructure linkage test for CBDCs. The official also mentioned that the retail CBDC test is expected to see its completion this year, potentially enabling the commencement of retail CBDC implementations in the private sector next year.However, a BOK official expressed a more cautious stance. The official stated that the BOK has recently expanded its digital currency research team and plans to conduct further research in the future. Specific timelines and plans for the retail CBDC test could not be disclosed at this time.Other countriesDifferent countries have adopted varying approaches to CBDC research and implementation, depending on their economic conditions. Developing nations have been promoting CBDC issuance to facilitate financial inclusion, while developed countries have prioritized the stability of their financial systems.However, as cash payments decline and private digital currencies continue to proliferate, developed countries are also turning their attention to retail CBDCs. For instance, the Bank of England collaborated with the Bank for International Settlements (BIS) to establish and experiment with retail CBDC prototype infrastructure. Similarly, the European Union (EU) has released draft legislation to introduce the digital euro as a legal tender within the Eurozone.