China Unveils Blockchain-Powered Data Exchange

NEOPIN and Sevenline Labs collaborate to boost Web3 gaming expansionCentralized decentralized finance (CeDeFi) protocol NEOPIN has entered into a partnership with Sevenline Labs, a Korea-based company specializing in blockchain solutions. This collaboration is aimed at fostering expansion in the Web3 gaming ecosystem.Photo by Alicia Christin Gerald on UnsplashGames of different genres and platformsSevenline Labs is currently operating a Web3-powered esports tournament platform called Miracle Play. Leveraging application programming interfaces (APIs), the platform offers games of different platforms of genres on blockchain networks. It enables mobile, desktop, console and Web3 gamers to engage in diverse tournaments and earn rewards from competitions.Sevenline’s inaugural service, operating on the Polygon Network, has successfully completed a closed beta test specifically targeted at Indonesian communities. Currently, the company is in the process of conducting an open beta test. Looking ahead, Sevenline is planning to extend its support to various chains compatible with Ethereum virtual machines (EVMs). This expansion includes notable blockchain platforms such as Avalanche, Binance Smart Chain, Oasys, Solana and Klaytn. The ultimate objective of Sevenline is to orchestrate large-scale tournaments between different mainnets, with each of them representing a distinct faction.Through the collaboration between NEOPIN and Sevenline Labs, NEOPIN’s global partners will introduce their Web3 games to the Miracle Play platform. This move allows users to voluntarily host and participate in various tournaments, thereby enhancing the visibility and popularity of these games. Concurrently, Web3 gaming companies that have formed partnerships with Sevenline will be incorporated into the NEOPIN ecosystem.Native tokens to be supportedThe integration of the NEOPIN wallet with Miracle Play is a strategic move that aims to attract a global user base, particularly those who have completed Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. This strategy presents a win-win scenario for both NEOPIN and Miracle Play. NEOPIN benefits by gaining access to a dedicated community of Web3 gamers who will actively organize and partake in tournaments on the Miracle Play platform. In return, Miracle Play taps into the decentralized finance (DeFi) user base associated with NEOPIN. Furthermore, both platforms plan to support their native tokens — the NEOPIN (NPT) token and the Miracle Play (MPT) token in the future.Ethan Kim, CEO of NEOPIN, expressed that the partnership will be beneficial in three aspects: attracting Web3 gaming partners, acquiring mutual users and expediting the adoption of the Web3 gaming ecosystem. He emphasized NEOPIN’s commitment to accelerating the global expansion of the NEOPIN ecosystem through these strategic efforts in promoting the Web3 gaming sector.

Coins.ph partners with Paxos to further PYUSD adoptionCoins.ph, the Philippines’ leading cryptocurrency exchange, has forged a strategic alliance with Paxos Trust Company, a New York-based institution specializing in blockchain, aiming to propel the adoption of PayPal USD (PYUSD) for seamless cross-border remittances.Photo by C Bueza on UnsplashTargeting fourth largest remittance marketThe Southeast Asian firm outlined details of the partnership via a blog post published to its website on Tuesday. The integration of PYUSD into Coins.ph marks a significant milestone, providing Filipinos with a secure and convenient avenue for transferring funds across borders to their loved ones. Wei Zhou, CEO of Coins.ph, emphasized the foresight in prioritizing the growth of USD stablecoins, particularly PYUSD, acknowledging the Philippines as the fourth largest remittance-receiving country globally, with over 40% of these remittances originating from the United States. Zhou stated:“With PayPal behind it and its availability on platforms such as Venmo and Xoom, PYUSD is set to become one of the most widely used stablecoins in the world.”PYUSD is a U.S. dollar stablecoin promoted by American multinational payment system PayPal and issued by Paxos.Nick Robnett, Senior Director of Customer Success at Paxos, echoed Zhou’s sentiment, stating that PYUSD stands as the safest dollar-backed stablecoin accessible to global institutions and consumers. This regulated digital asset enables Coins.ph users to send U.S. dollars swiftly and affordably, challenging conventional remittance networks and providing enhanced access and economic freedom.Asian expansionThis latest collaboration in the Philippines comes hot on the heels of similar in-roads made elsewhere in Southeast Asia. In Singapore, Paxos has partnered with Crypto.com, an entity that is headquartered in the city-state. The local regulator, the Monetary Authority of Singapore (MAS), had outlined a new regulatory framework for stablecoins in August, making conditions right for Paxos to further develop its PYUSD offering from that location.It got a further boost last week when MAS awarded its local subsidiary, Paxos Digital Singapore Pte. Ltd., in-principle approval to trade within Singapore. The relatively new stablecoin has already been listed on international crypto exchanges such as Bitstamp, Coinbase and Kraken.Philippine potentialThe Philippines is shaping up to have a lot of potential for Paxos and its PYUSD stablecoin. The country has been working on the publication of a regulatory framework for crypto. Coins.ph Head of Legal Compliance, Robert De Guzman, stated in April that the Southeast Asian country was shaping a progressive crypto regulatory framework. Earlier this year, Donald Lim, the Founder of the Blockchain Council of the Philippines (BCP), said that the country was poised for crypto adoption.For users keen on employing PYUSD for remittances, the process is streamlined. Senders transmit PYUSD to the designated Coins.ph wallet address of recipients, from where easy conversion to the Philippine peso (PHP) on the app and subsequent cash-out becomes possible. This can be facilitated through InstaPay or PESONet fund transfers to banks and other e-wallets or through various supported over-the-counter remittance centers endorsed by Coins.ph.

ZA Bank to Expand into Crypto Trading in Hong KongZA Bank, a leading virtual bank in Hong Kong, announced its plan to launch virtual asset trading services for retail investors. This initiative aligns with the Hong Kong government’s objective to foster a thriving virtual asset sector.The bank aims to enable investors to trade virtual assets in fiat currency via the ZA Bank App, a move that involves securing regulatory approvals and forming partnerships with licensed virtual asset exchanges.Photo by Jimmy Chan on PexelsComprehensive financial servicesIn a press release on Wednesday, ZA Bank CEO Ronald Lu appreciated the licensing guidelines set forth by the Hong Kong Securities and Futures Commission (SFC), expressing belief that virtual assets could evolve into a major asset class. The virtual bank’s new venture forms part of ZA Bank’s broader strategic expansion plan to provide a full range of financial services, which will eventually include US stock trading services.ZA Bank places a high emphasis on customer security and regulatory compliance. The bank commits to employing appropriate safeguards, including working with reliable third-party providers, implementing advanced security protocols, and strictly following anti-money laundering (AML) and know-your-customer (KYC) rules. Furthermore, ZA Bank will educate its users about the potential risks and rewards of virtual asset trading, assisting customers in making informed decisions.Similar move by an exchangeA similar move was seen earlier from crypto exchange BitMEX. The Seychelles-based trading platform announced in a blog post that it is gearing up to launch “BitMEX Hong Kong.” The company is presently working towards acquiring a virtual asset service provider (VASP) license from the SFC. The SFC notified that the VASP guidelines will become effective on June 1.Facilitation from regulatorsThese recent developments in the crypto industry follow the Hong Kong Monetary Authority’s (HKMA) efforts to facilitate dialogue between banks and crypto enterprises. According to last month’s column by HKMA Deputy Chief Executive Arthur Yuen, the HKMA and the SFC convened a joint meeting for the banking industry and VASPs to share opinions on bank account opening.