Celebrating a Decade of Crypto in South Korea: Experts Convene to Chart the Future

XPLA joins hands with EDUM to bring Study-to-Earn services to learnersSouth Korean gaming corporation Com2uS Group’s layer 1 blockchain XPLA has established its newest partnership with EDUM, a Study-to-Earn (S2E) project operated by Dream Ladders, a blockchain subsidiary of educational and career services provider Jinhak, according to an official announcement on Monday (KST). Together, they plan to bring blockchain to education, helping students benefit from a new, innovative approach to learning and proving that blockchain can be useful in any environment.Photo by JESHOOTS.COM on UnsplashOptimizing the learning experience with Web3EDUM is set to leverage Web3 technology to provide students with access to affordable, high-quality educational services for everyone, no matter their economic background. Users will be able to earn rewards in the form of EDUM or EDUMP tokens when using different functions on the EDUM mobile application. EDUM is the project’s market-based utility token that can be cashed through external exchanges or even swapped with EDUMP, which has a fixed value and can only be used within the EDUM ecosystem. EDUMP tokens can also be used for purchasing NFTs or lectures on the EDUM platform.The project will also incorporate NFT technology as a key mechanism. Learners on EDUM can record their achievements as NFTs through certification performed by a Proof of Attendance Protocol (POAP). The platform offers benefits to instructors as well, whose content such as lectures, exams and textbooks can be protected and compensated by being minted as NFTs.Going beyond gamingBy working with EDUM, XPLA aims to venture into the realm of education, which is outside of its usual gaming focus, helping the platform revolutionize S2E services and creating more real-world use cases for blockchain technology.

Survey Reveals 45.9% of Korean Crypto Investors Reporting LossesAccording to a recent survey, more than half of South Korean adults have experience of owning cryptocurrency. Most of them bought crypto for investment purposes, with 33% of respondents making gains and 45.9% losing money.Photo by RDNE Stock project on Pexels2,500 respondentsThe Korea Financial Consumers Protection Foundation, a public research and education institute, conducted an online survey to assess the prevalence and trends of cryptocurrency ownership among South Koreans. The study, conducted between March 3 and March 24, 2023, encompassed 2,500 participants between the ages of 20 and 69 residing in Seoul, its suburbs, and the six major metropolitan areas. The results shed light on the crypto landscape, including ownership patterns, investment purposes, asset holdings, funding sources, and the future intentions of respondents.Crypto ownership trendsAccording to the survey, 30% of the participants currently own cryptocurrency, while 23% revealed they had previously owned crypto assets but no longer possess them, indicating that more than half of the respondents have had exposure to cryptocurrencies at some point in their lives.Among current crypto holders, 74.5% stated that they had acquired their first digital assets between 2020 and 2022, which suggests a surge in crypto purchases during the COVID pandemic period.Purpose of holding cryptoRegarding the purpose of holding crypto, 80.9% of respondents who either currently own or have previous experience owning cryptocurrency (representing approximately 43% of all participants) cited investment as their primary motivation. Furthermore, 17.4% viewed crypto as a trading instrument, while 17.8% held it for specific service utilization. (Individuals were allowed to choose multiple options.) From this result, the authors estimated that around 24.2% of all respondents currently hold crypto for investment purposes.The survey revealed the distribution of virtual asset holdings among respondents, with the values quoted in Korean Won (KRW). Among the participants, 21.5% owned less than 1 million KRW ($760), while 45.8% held more than 1 million KRW ($760) but less than 10 million KRW ($7,600). Additionally, 28.8% possessed between 10 million KRW ($7,600) and 100 million KRW ($76,000), and 3.9% held more than 100 million KRW ($76,000) in crypto assets.Funding sourcesWhen asked about the sources of funds used to purchase virtual assets, 82.5% of individuals with previous crypto ownership experiences mentioned utilizing spare funds from deposits or other sources. Meanwhile, 17.7% disclosed that they had liquidated other assets, such as stocks or real estate, to invest in cryptocurrencies. (Individuals were allowed to choose multiple options.) In addition, 7.8% of respondents acknowledged borrowing from acquaintances, with a higher rate of 11.8% among those in their 20s. The proportion of respondents who borrowed from loans was 6.2%.Among those who borrowed funds to invest in crypto, 47.6% are currently facing difficulties in repaying their loans, while 28.6% experienced repayment challenges in the past. This data suggests that a significant portion of individuals who borrowed to purchase cryptocurrencies encounter difficulties in loan repayment.Regarding the financial institutions from which respondents borrowed, 57.1% borrowed from the banking sector, while the remaining 42.9% obtained funds from non-banking entities. Encouragingly, no respondents reported borrowing from loan sharks.Cumulative returnsRegarding the cumulative returns on crypto assets, 33% of respondents who currently hold crypto reported gains, with an average cumulative return of 25%. Conversely, 45.9% reported losses, experiencing an average cumulative loss of 41.5%.When liquidating their crypto assets, 24.7% of traders made a profit, while 47.9% incurred losses. The data reveals that the proportion of individuals who suffered losses in their crypto investments was nearly twice as high as those who reported gains. Furthermore, higher age groups exhibited a higher percentage of losses compared to younger respondents. Among those who profited, the average return was 38.4%, while those who suffered losses reported an average loss of 37.5%.Future intentionsThe survey also inquired about the future intentions of respondents regarding their crypto holdings. Among current crypto holders, 80.8% expressed their intention to continue holding crypto assets. On the other hand, among those who do not currently own any crypto assets, 72.8% stated that they do not plan to purchase cryptocurrencies in the future.

UAE Forges Partnership to Develop Blockchain-Based Carbon Credit SystemIn an endeavor to combat climate change, the UAE Ministry of Climate Change and Environment (MOCCAE) has joined forces in an initial collaboration with the Industrial Innovation Group and the Venom Foundation to pioneer a groundbreaking blockchain-based carbon credit system.Photo by Daniel Zacatenco on UnsplashThis is the latest commitment by the Middle Eastern country to combat climate change after announcing an ambitious target to slash carbon emissions by a substantial 40% before 2030, a significant escalation from its prior commitments.According to local news sources, a memorandum of understanding (MoU) outlining the partnership was signed by the three entities at MCCE offices in Dubai recently.Carbon credits on blockchainAt the heart of this innovative endeavor lies blockchain technology, heralded as a pivotal tool for both organizations and nations to meticulously trace carbon credits. By virtue of its immutability, data enshrined within the blockchain ensures ironclad security, enabling the seamless sale or exchange of credits while upholding complete transparency among stakeholders.Functioning as crucial intermediaries, government entities such as the UAE’s MOCCAE are poised to either allocate or sell dual-purpose credits to businesses. Beneficiaries can deploy the credits, authorizing the emission of a predetermined quantum of carbon within specific timeframes, or they can be lucratively traded, thereby aiding other establishments in mitigating their ecological footprint.Venom blockchainVenom blockchain is a network developed by the Abu Dhabi-based Venom Foundation. As an asynchronous blockchain, its design implements dynamic sharding with flexible nodes that adapt to traffic changes, rendering it infinitely scalable. The project has established itself within the Abu Dhabi Global Market (ADGM), an international finance center and fintech hub.Revised environmental goalsThe UAE leadership recently orchestrated a sweeping recalibration of the nation’s environmental goals and carbon offset strategies. Envisioning a sustainable horizon, their overarching aspiration revolves around achieving carbon neutrality by 2050.Mariam Al Mheiri, UAE Minister of Climate Change and Environment, articulated how these shifts have cast a positive impact on the nation’s emissions reduction roadmaps:“The UAE believes in its ability to make a difference in this field and has pledged, through the third update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”Even though the UAE ranks 31st on a global scale in terms of total carbon emissions as of 2023, there stands a more sobering reality — the nation ranked sixth worldwide in terms of per capita emissions according to 2021 data. It also emitted a staggering 21.79 tonnes of carbon per capita in the same year.Concurrently with its overarching national push towards emissions reduction, each of the UAE’s seven emirates has unveiled localized initiatives to align with the bold “net zero by 2050” target.Among these, a comprehensive program championed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has recently gained approval in Abu Dhabi, emblematic of a collective commitment to fostering a sustainable future.