XPLA Welcomes Mobile Game Idle Ninja Online on Its Mainnet

OKX maintains robust asset reserves with 103% BTC backingSeychelles-incorporated cryptocurrency exchange OKX has recently released its 12th asset reserve certificate, with its latest report revealing that the company maintains reserves of 103% for its top coins, which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT) and USD Coin (USDC). The measure is meant to reassure users that their funds are well-backed and, in fact, more than covered by the exchange’s reserves.Photo by rc.xyz NFT gallery on UnsplashBitcoin, Ether reserve surplusesOKX provided details on its latest asset reserve status via a blog post published to its website on Monday. Alongside providing the relevant asset reserve data, the exchange celebrated its first complete year of having utilized a proof-of-reserve-based system.For BTC, OKX holds a substantial reserve of 140,484 BTC, effectively exceeding the 136,227 BTC held in user accounts. Similarly, ETH reserves stand at 1.46 million ETH, providing a surplus over the 1.42 million ETH owed to OKX users.The exchange also demonstrated its considerable holdings in stablecoins, with over $5 billion in USDT reserves and over $327 million in USDC reserves. In an interview with CoinDesk recently, OKX Chief Marketing Officer (CMO) Haider Rafique, referred to the need to provide a mechanism to reassure platform users. He stated:“Customers often express concerns in person about centralized exchanges, highlighting issues with security, solvency and downtimes, even if they don’t always voice these concerns digitally.”Use of zero-knowledge technologyIn April, OKX upgraded its proof of reserve system, opting for the use of zero-knowledge scalable transparent argument of knowledge (zk-STARK) technology. This approach allows OKX platform users to independently verify exchange solvency, confirming their assets are backed by OKX reserves. A zero-knowledge proof demonstrates the truth of a statement without sharing the statement’s contents. Therefore, no account balances are made public to other service users, maintaining user privacy.Regular transparency is now crucial for exchanges like OKX, as it aims to provide users with the certainty that their funds are genuinely available for withdrawal at any given time. After the FTX insolvency incident, verifiable proof of reserves has become paramount in reassuring users about the safety of their investments.Trend towards improved standardsIn the wake of several high-profile crypto platform failures in 2022, many exchanges are making greater efforts towards reassuring users that their funds are safe and accounted for. This has given rise to the popularity of proof of reserve systems.On that basis, OKX hasn’t been alone in implementing a proof of reserves-based system. In July another Seychelles-incorporated crypto platform, Bitget, announced that it could demonstrate the debt-free status of its business through its proof of reserves system.Nic Carter, Partner at crypto venture capital and private equity firm Castle Island Ventures, has carried out some research into the various proof of reserve systems employed by a number of global crypto platforms. While accepting that the approach is not foolproof, Carter maintains that it’s still a move in the right direction. “The way PoR works is, if enough exchanges do it, the few exchanges that don’t do it end up sticking out like a sore thumb,” he states.

Kazakhstan sets sights on 2024 expansion amid CBDC pilot successKazakhstan’s central bank digital currency (CBDC), the digital tenge, has completed a one-month pilot project, paving the way for significant advancements in business, regulation and technology in 2024.Photo by Nessi Gileva on UnsplashReal-world use through Onay cardThe National Bank of Kazakhstan (NBK) established the National Payment Corporation (NPK) in September. NPK is a dedicated entity that’s responsible for spearheading the launch and development of the digital tenge.At that time, the CBDC pilot phase had advanced to controlled environment use. Global exchange Binance has been actively involved with the project. It supported the pilot by way of its BNB Chain.During the pilot phase, the digital tenge played a pivotal role in providing free school lunches to children in Almaty, Kazakhstan’s largest city. The initiative utilized the local Onay card, initially designed for the transit system and transactions were facilitated by Kazpost, the Kazakh postal system operator.Local banking partnersNPC Chairman Binur Zhalenov became the first person to transact using the digital tenge in November. At the time, it was revealed that Eurasian Bank was one of the local banking participants on the project.Eurasian collaborated with Visa and Mastercard, alongside three other local banks, distributing plastic cards to focus group members. These cards empowered users to make both in-person and online purchases, with the added functionality of cash withdrawals from ATMs.Participating merchants were given the flexibility to accept digital tenge directly or convert them into “non-cash” tenge. The converted funds seamlessly integrated into existing point-of-sale (POS) and QR systems, demonstrating interoperability within and outside Kazakhstan.The success extended beyond local transactions, with further experiments involving cross-border payments via SWIFT, issuance of CBDC-backed stablecoins on platforms like Binance and the Kazakhstan Stock Exchange, tokenization of gold, value-added tax collection through smart contracts and the trial of a “move-to-earn” app.New objectivesWith an eye on the upcoming year, the National Bank of Kazakhstan and the National Payment Corporation (NPC) have set ambitious objectives. Plans include expanding the network of intermediary banks and advancing decentralized finance applications. A primary focus is on enabling offline transactions on a large scale to enhance financial inclusion in regions with limited internet connectivity.Anticipated developments also include increased participation in cross-border payment projects, such as Project mBridge, an experimental multi-CBDC platform being coordinated and developed by the central bank of central banks, the Bank for International Settlements. Regulatory and legislative goals are on the agenda, alongside efforts to enhance the security and processing speed of the digital tenge.While addressing privacy concerns, Zhalenov emphasized in interviews that the digital tenge will not be utilized for user surveillance. Previously, Zhalenov has also alluded to the versatility of the digital tenge due to its programmable nature, citing smart contracts in particular as having great potential.The successful pilot project and the ambitious plans for 2024 position Kazakhstan’s digital tenge as a promising development in the realm of CBDCs, showcasing the central Asian nation’s positive approach to innovation and financial inclusivity.

Koscom, the technology subsidiary of the nation’s sole securities exchange operator Korea Exchange, has partnered with LG CNS, an information technology service provider, to launch a joint security token platform, according to a Koscom announcement. Task and tech allianceThe collaboration between Koscom and Korean conglomerate LG Group’s affiliate aims to gain a competitive advantage in the increasingly crowded security token market. On Monday, Koscom signed a memorandum of understanding with LG CNS in Seoul to form a task and technology alliance for security token projects.The partnership will combine Koscom’s expertise in building tech-based capital market infrastructure with LG CNS’s blockchain technology to produce fruitful outcomes. The joint project intends to provide distributed ledgers and a joint platform for the issuance and distribution of security tokens. Securities firms operating their own platforms can also choose to use its distributed ledgers. Koscom’s preparationSince last year, Koscom has been conducting research in security token offering and has formed a working group with eight securities firms that have their own security token teams. The working group has been hosting seminars regularly since the second half of last year, and on April 4, Koscom revealed its project plan to 25 other Korean securities firms. LG CNS’s readinessLG CNS has been conducting research and development of security token technologies since last year and has complied with the Korean regulatory framework. The company manages a consortium blockchain network and has completed the development of key technologies for security token services, such as highly secure wallets.Using its corporate blockchain platform Monachain, LG CNS has achieved success in developing multiple projects, such as a pilot for central bank digital currencies involving NH Bank and Woori Bank and a non-fungible token (NFT) trading system for Bithumb Meta, a subsidiary of the major Korean crypto exchange Bithumb.Meanwhile, Koscom will support security token projects of not only securities companies but also fractional investment firms and banks. Currently, Koscom is in talks with relevant entities about building infrastructure.