Korea and Japan Collaborate to Develop Accounting Standards for Virtual Assets

Zodia Custody and Blockdaemon Partner on Institutional StakingLondon-based cryptocurrency storage provider Zodia Custody, a portfolio company of Japan’s SBI Holdings, has entered into a partnership with blockchain infrastructure provider Blockdaemon relative to crypto staking.Photo by Traxer on UnsplashInstitutional interestBlockdaemon announced the crypto staking collaboration, tailored to institutional clients, on Twitter on Tuesday. This move comes as institutional interest in staking, the process of contributing digital assets to support blockchain networks and earning rewards, continues to surge.Following the Ethereum network’s Shapella upgrade on April 12, the amount of ether (ETH) staked increased by an impressive 4.4 million, reaching a total of 22.58 million ETH (equivalent to $42 billion) as of May 23. This remarkable growth in staked assets reflects the growing confidence in the Ethereum network and the potential for substantial returns.First bank-owned custodianZodia Custody is a subsidiary of the well-known multinational bank Standard Chartered and backed by prominent institutions such as Northern Trust alongside SBI Holdings. It claims the title of being the first bank-owned custodian to provide staking services exclusively to institutional clients. This collaboration enables Zodia Custody to leverage Blockdaemon’s infrastructure to deliver secure and efficient staking solutions, catering to the specific needs of institutional investors.Blockdaemon has been at the forefront of facilitating seamless integration between traditional financial institutions and the emerging crypto industry. Earlier this year, the company introduced a wallet service targeted at the institutions and crypto custodians. The wallet assists clients in managing their assets securely, eliminating the need for third-party storage solutions. By partnering with Zodia Custody, Blockdaemon expands its portfolio of services, capitalizing on the rising demand for staking among institutional investors.The firm’s CEO and Founder, Konstantin Richter, stated that the partnership with Zodia “allows stronger security, automation and simplification of the process to participate in staking, truly accelerating Web3 innovation.”LMAX collaborationEarlier this month Zodia partnered with digital asset trade execution specialist LMAX Digital to provide a combination of institutional-grade trading infrastructure and custody services to crypto asset manager, Coinshares.Institutional investors, traditionally cautious about entering the crypto ecosystem, are now becoming more proactive in engaging with digital assets. Staking, with its potential for consistent and predictable returns, has emerged as an appealing opportunity. By participating in staking, institutions not only contribute to the efficient functioning of blockchain networks but also enjoy the rewards associated with validating transactions and securing the network.The partnership between Zodia Custody and Blockdaemon exemplifies the industry’s efforts to bridge the gap between traditional finance and the rapidly evolving world of cryptocurrencies. As more institutional clients seek exposure to digital assets, it becomes essential to provide them with secure and reliable solutions tailored to their specific requirements.With demand for staking services continuing to rise, institutional players are recognizing the value of taking a more active part in the crypto ecosystem. With Zodia Custody and Blockdaemon leading the way, the opportunities for institutional clients to engage in staking and reap the rewards are set to expand, further fueling the growth of the entire crypto industry.

LightLink, the Singapore-based Layer 2 startup, has recently clinched $4.5 million in seed funding, spearheaded primarily by Asian investors. A strategic alliance has also been forged between LightLink and Animoca Brands, a trailblazer in digital property rights within the open metaverse and gaming sectors.Photo by cottonbro studio on PexelsThai-led fundingT&B Media Global, a prominent Thai media entity, and MQDC, a Bangkok-headquartered real estate developer, led the funding round, which amounted to $4.5 million. In addition to T&B Media Global and MQDC, the seed round saw participation from more notable investors within the Asia Pacific (APAC) and Oceania regions, such as digital asset-focused Australian investment manager JellyC, Aweh Ventures, Singapore’s Blue7 and Australian Web3 venture capital fund B3V. While the capital funding is early stage and lower end from a dollar amount perspective, the broad spectrum of investors underscores a certain level of excitement surrounding LightLink's innovative product offering. The startup’s product offering enables enterprises and decentralized applications to conduct gasless, real-time user transactions within the Ethereum ecosystem through the use of optimistic rollups within LightLink’s established architecture. The infusion of funds will be used to bolster LightLink's efforts to further develop a groundbreaking "multiverse project" dubbed Translucia, a venture that attempts to seamlessly merge virtual and physical realms. Dr. Jwanwat Ahriyavraromp, founder and CEO of T&B Media Global, lauded the partnership, citing a shared vision to cultivate a harmonious and interconnected digital universe that radiates joy worldwide. Animoca collaborationNews of this funding infusion comes off the back of LightLink’s announcement last month of a collaboration with Web3 firm Animoca Brands. This collaboration will witness Animoca integrating LightLink's Ethereum Layer 2 technology into select initiatives, accompanied by advisory support to bolster LightLink's tokenomics strategies and market outreach. The synergy between these entities provides great potential for the delivery of a more seamless Web3 experience, eliminating transaction fees and streamlining blockchain integration for users. LightLink's Ethereum Layer 2 blockchain offers a host of benefits, enabling gasless transactions and frictionless transfers of assets within a public blockchain environment. Its utilization extends to over 25 affiliates, including notable entities like Grapes and The Red Village, with integration into the Translucia project underway. Roy Hui, co-founder and CEO of LightLink, expressed optimism about the partnership's potential to democratize blockchain technology, fostering global connectivity and enabling diverse communities to embrace decentralized solutions. Yat Siu, executive chairman and co-founder of Animoca Brands, echoed this sentiment, emphasizing the alignment between LightLink's gasless transactions and their mission to decentralize the digital realm. Pellar Technologies, the development powerhouse behind LightLink, boasts a track record of over 50 blockchain projects across the APAC region since 2017. LightLink itself ranks among the top 10 in transaction volumes among rollups, boasting over 215,000 unique wallet addresses operating on-chain. Hui reiterated LightLink's commitment to simplifying blockchain adoption. Using the seed funding announcement as an opportunity to set out the firm’s primary objective, he stated:”Our aim is to bridge the digital economy with millions of users across the globe. The funding we've received enhances our focus on making blockchain as intuitive as traditional web platforms, with an emphasis on gasless transactions.” The seed funding marks a significant milestone in LightLink's journey, propelling it towards playing its part in the further roll-out of Web3 innovation.  

X-PLANET to Sell NFTs for 35th Anniversary of Choushinsei Flashman’s Korean ReleaseCom2uS Platform, a subsidiary of Korean game developer Com2uS Holdings, announced last Friday that it will launch non-fungible tokens (NFTs) on its NFT marketplace X-PLANET to celebrate the 35th anniversary of the Japanese television show Choushinsei Flashman’s Korean release.Photo by PJ Gal-Szabo on UnsplashFan-favorite showChoushinsei Flashman is a live-action superhero series that gained immense popularity when it was released in South Korea in 1989. The original series produced by Japan’s Toei Animation captivated fans with its dynamic action sequences and the exploration of deeper themes such as family separation and loneliness.Merging the retro and modern worldsX-PLANET is collaborating with Toei Animation and Korean publishing company Daewon Media to carry out the NFT project. The 35th anniversary NFT will officially drop on November 1 at 9:00 AM (UTC) for $150 each. Buyers will receive a 35th-anniversary merchandise set, which includes a Rolling Vulcan figure lamp, a set of Video Home System-themed photo cards, an acrylic phone pop socket, and an acrylic frame. The Rolling Vulcan figure lamp in particular is gaining the most attention, as it is being officially released for the first time in three decades.The marketplace also opened an official mini website dedicated to the event and announced that it would be airdropping NFTs of Mag, the show’s representative robot mascot, on a first-come, first-served basis from Friday until the end of the month.X-PLANET is also planning to hold a Choushinsei Flashman 35th anniversary fan meeting in Korea early next year, which will invite seven Japanese actors from the show plus a secret guest. The sale of NFT tickets to the fan meeting will open in December, the platform said.