Coinone Boosts Crypto Account Security with Naver Two-Factor Authentication

MARBLEX Introduces New Update to Multichain ServiceSouth Korean gaming developer Netmarble announced last Friday that its blockchain subsidiary, MARBLEX, has updated its multichain service Warp.Photo by Shubham Dhage on UnsplashCross-chain accessibilityWarp is a bridge service that enables the exchange between its native token, MARBLEX (MBX), and bridge token, MBXL, while allowing MBX tokens to move across blockchain networks. With this update, BNB Chain users can now access services within the MBX ecosystem, including games and NFTs. The recent update is expected to attract an influx of BNB Chain users after MARBLEX previously entered into a strategic partnership with the network in February to expand its multichain ecosystem.Furthermore, MARBLEX intends to continue applying its convenient user-friendly service approach by maintaining its existing system for gas fee payments.Celebratory eventsMARBLEX is hosting special events worth a total of $240,000 to mark the new update, including an offering of liquidity pools in two forms — BNB-MBX pairs and USDT-MBX pairs — on the decentralized exchange PancakeSwap. The company also plans to reward MBX for staking in Syrup Pools within PancakeSwap, which are special staking processes where users can earn free tokens.The developer also plans to hold an online community event for service users.

HeyBit to Cease Virtual Asset Deposit Services in OctoberSouth Korean centralized finance (CeFi) company HeyBit announced on Monday that it will terminate its virtual asset deposit service, Harvest, on October 2 in line with regulatory guidelines.Photo by Andre Taissin on UnsplashRegulatory limitations“Although we have made efforts to pay promised returns and provide stable digital asset investment products, we have ultimately decided to terminate the Harvest service in accordance with the policy guidelines of regulatory authorities,” the company said in a statement.It further emphasized that the service termination is solely due to regulatory restrictions, rather than questions of financial integrity or credit issues, while also citing its judgment call that running a deposit business is practically impossible at the moment.“Although some customers of other businesses have faced damages due to operational issues, the results of our due diligence report for the second quarter of 2023 were consistent with that of our last four reports, stating that the value of the assets we own exceeds that of deposited assets,” HeyBit said, seemingly referring to the recent class-action lawsuits against the Korean crypto platforms Haru Invest and Delio, who had unexpectedly suspended customer deposits and withdrawals, inciting KRW 50 billion (approximately $39 million at the time of the incident) in damages in the process. The company stressed that it was unrelated to this debacle and was securely storing all customer assets, alleviating potential investor concerns.The company has thus been able to properly handle management operations involving promised returns, additional deposits, and withdrawals for Harvest users up until now.However, it has decided to comply with the Virtual Asset User Protection Act, which is set to take effect next year in Korea. Article 7, Paragraph 2 of this act outlines that virtual asset companies must keep their own virtual assets and customers’ virtual assets separate, and they must own the same quantity and type of virtual assets — including deposited assets — as those that have been entrusted by customers.“We are thus unable to use the assets entrusted to us by our customers as a source of return,” HeyBit said.Planned reboundDespite this setback, the company promised to resume services based on regulatory and policy changes in the future, including revamping virtual asset deposit services.

Singapore Bank Opens Branch in the MetaverseSingapore’s OCBC Bank has made its debut in the Metaverse with the opening of OCBCx65Chulia in Decentraland, a virtual platform that uses blockchain technology. The bank occupies nine plots of virtual land and visitors can access its website to open a bank account, apply for a credit card, and learn about its historical milestones and latest banking products and services.©Pexels/Andrea PiacquadioThe virtual branch got its name from its headquarters located at 65 Chulia St, OCBC Centre, Singapore. It is designed after OCBC Bank’s red logo, “a nod to the bank’s rich heritage,” the bank said in a statement.Reaching a larger and younger audienceOCBCx65Chulia represents a new way to connect with the younger generation, the bank added. “With the Bank’s arrival in the Metaverse, customers gain an additional access point that also represents a new way to engage with the younger crowd,” it said.The bank aims to tap into this emerging technology to reach a larger audience, said Peter Koh, Head of Group Technology Architecture at OCBC Bank.“Many have doubted the purpose of the Metaverse. Though a nascent and evolving space that we are still working to understand, the Metaverse remains one of the newer ways to make a connection. We are ready to tap on these, as they emerge, to reach a larger audience. At the same time, through experimentation and collaborating with an industry player, our younger colleagues can learn and develop themselves,” he said.GamificationIn the third quarter of 2023, OCBCx65Chulia will involve gamification, the bank said. This enhancement will come from the winning ideas of a group of Nanyang Polytechnic (NYP) Diploma in Interaction Design students who won the associated hackathon held in February 2023. The bank also collaborated with Web3 firm Memotics, an expert in emotive and social spaces through digital architectural design.Broader banking interestOCBC Bank, which opened its doors in 1932, is the second-largest in Southeast Asia by assets, according to Forbes. It is not the first bank in Singapore to venture into the Metaverse. Last year, DBS partnered with decentralized gaming virtual world The Sandbox to create an interactive Metaverse experience called DBS BetterWorld, which also forms part of its sustainability agenda.In February of last year JPMorgan became the first bank to enter the metaverse. At the time, it launched its virtual Onyx Lounge within Decentraland’s Metajuku Mall. The lounge featured a portrait of JPMorgan CEO Jamie Dimon, a spiral staircase and a dynamic roaming tiger.It also took the opportunity to release its “Opportunities in the Metaverse” report, in which it estimated a trillion dollar metaverse opportunity over the next few years. The metaverse has seen a plethora of well known corporations enter the space in recent times, including Gap, Adidas, PwC, Verizon and Nike.OCBC Bank’s move to the Metaverse represents a new era of banking where technology is used to reach a larger audience, especially the younger generation. With the Metaverse still being a nascent and evolving space, it is a new way to connect, engage, and experiment with the digital world.The gamification element in OCBCx65Chulia also shows how banks are exploring ways to make banking more interactive and fun. It will be interesting to see how other banks and financial institutions will follow suit and use the Metaverse to engage with customers and provide innovative services in the future.