NFT Game Slime World’s Creator Join Forces with Blockchain Investor Assemblock

Rotonda launches crypto wallet service Burrito Wallet in Latin AmericaRotonda, a subsidiary of South Korean crypto exchange Bithumb and the operator of the digital wallet Burrito Wallet, announced on Tuesday (local time) that it has launched its services in the Latin American region, marking its entry into global markets.Photo by Leon Overweel on UnsplashLaunched in February, Burrito Wallet’s primary functions include convenient chat-based cryptocurrency transfers and crypto swapping. It is the largest multi-chain wallet in Korea that supports 11 mainnets, including Bitcoin and Ethereum, as well as over 1,000 token currencies.Expanding region-specific servicesIn addition to these basic services, the Burrito Wallet’s available services in Latin America will include both on- and off-ramp functions for buying and selling crypto, which will be added by the end of this year. An on-ramp function facilitates users in acquiring crypto assets, whereas an off-ramp facilitates users in disposing of their crypto assets. Considering that many countries in the region recognize cryptocurrencies as fiat currencies, the company plans to expand its services to meet the market demand. Furthermore, the company aims to secure users by providing transfer services and various airdrop events.“The greatest advantage of Bithumb Burrito Wallet is the ability to use various functions such as cryptocurrency storage, management, transfers and swapping all in one platform,” explained Burrito Wallet’s Chief Financial Officer Chung Jae-kwon. Jeong recently visited Colombia last month to introduce the wallet service. “We believe that we can respond to the specific demands of the financial environment in Latin America through our user-friendly wallet service,” he added.Addressing economic challengesThe blockchain market in Latin America has been growing rapidly with rising demand for convenient and secure crypto services, driven by low accessibility to traditional finance and unstable economic conditions such as inflation.“As the global financial crisis worsens due to a lack of liquidity in banks, the need for financial instruments that can safely protect assets is increasing,” Chung said. “We anticipate a growing demand for our non-custodial wallet, which allows users to hold their own private wallet keys.”Earlier this month, Burrito Wallet signed a business agreement with the blockchain gaming platform Yooldo to expand their respective blockchain ecosystems and secure a global user base.

China’s GAPP proposes ban on gaming crypto token conversionChina’s gaming industry hit a significant speed bump on Friday as the General Administration of Press and Publication (GAPP) unveiled a draft proposing substantial changes to the regulation of in-game tokens, signaling a strategic shift in the country’s stance on digital currencies in gaming.Photo by blurrystock on UnsplashImplementing more stringent controlsThe proposed regulations by GAPP bring about a ban on the conversion of game tokens into physical goods or legal tender. These guidelines, spanning 64 articles, impose stringent requirements on gaming companies. These include mandatory licensing in China, a two-year data retention policy, adherence to national and socialist values in content and the eradication of anonymous user registrations.One significant aspect of the guidelines is Article 23, which specifically addresses the use of game tokens. It proposes restrictions on exchanging them for physical goods, services or legal tender.The regulatory landscape becomes more complex due to the ambiguity surrounding cryptocurrencies, which are not recognized as legal tender in China. Although a warning was issued about the risks inherent in non-fungible tokens (NFTs), they remain legal in China. NFTs feature prominently within blockchain-based gaming.Game providers are also confronted with new limitations on inducements, such as bonuses for registration or daily logins, and are mandated to implement measures against irrational consumer spending.Gaming sector falloutIn the wake of these developments, several Chinese tech giants experienced a significant market downturn in Hong Kong. Tencent, a global gaming powerhouse and one of China’s most valuable companies, saw a 12.4% drop on Friday, marking its worst day since October 2008. This decline erased a massive 367 billion Hong Kong dollars ($47 billion) from Tencent’s market value.NetEase, another gaming giant, witnessed a 25% dive in Hong Kong afternoon trade, recording its most substantial daily loss since its listing in June 2020. Additionally, Bilibili and Kuaishou, prominent players in video-sharing and short-video platforms, experienced declines of 9.7% and 7.2%, respectively, given their involvement in online gaming.Market uncertaintyWith this latest development, the future of gaming crypto tokens remains uncertain in China, with investor confidence having been hit hard. Putting the matter in context on Friday, Stansberry Research Analyst Brian Tycangco took to the X social media platform, stating:”Govt regulation will effectively render prevailing business models irrelevant due to uncertainty regarding monetization. Games are inherently reward-based and if you clamp down on the use of rewards/incentives, you turn an entire industry on its head.”The guidelines, open for public consultation until Jan. 22, 2024, have not yet been legally enacted. This time frame allows for feedback and potential adjustments before enforcement.Notably, the Web3 gaming sector has witnessed substantial activity, with approximately a million unique active wallets engaged daily over the past three months, according to DappRadar. Industry experts, including Yat Siu of Animoca Brands, anticipate a potential surge in user engagement, emphasizing the potential impact of these regulations on the gaming industry’s trajectory.

As is the case in the rest of the world, South Korea is also experiencing a bullish cryptocurrency market these days. However, local blockchain companies that started their business between 2017 and 2018 – those considered the first-generation blockchain firms – are trying to distance themselves from the label “blockchain,” removing words such as “block,” “chain” or “coin” from their names to rebrand themselves.  This is largely due to local regulations that stifle blockchain businesses and widespread negative perspectives towards the crypto industry among the public, the local media outlet News1 reported. Photo by Robert Stump on UnsplashMediBloc rebrands itself to WeavrCare: The two-track strategy Among the first-generation blockchain firms that changed its name is MediBloc. Founded in April 2017 as a blockchain-based digital health company, MediBloc rebranded its Korean branch last month to WeavrCare, combining the words "weave" and "care" to highlight its commitment to connecting patients and hospitals onchain.  WeavrCare offers a blockchain healthcare data platform named Panacea, where patients can directly manage their own medical data. It also provides a blockchain-based medical data and insurance claim platform Medipass. MediBloc's native token MED is currently listed on prominent local crypto exchanges such as Upbit and Bithumb.  The company is known to have well weathered the crypto winter between 2022 and 2023 by pitching a cloud electronic medical record (EMR) solution, Dr. Palette, which enables medical staff to easily check medical charts and manage patients' data.  Following its rebranding, WeavrCare has demonstrated its intention to pursue a two-track strategy, with the company’s Gibraltar branch focusing on blockchain business under the original corporate name MediBloc. In contrast, WeavrCare in Korea will focus on expanding new businesses including Dr. Palette.  Meanwhile, WeavrCare has reportedly embarked on investor relations (IR) activities to secure a Series B investment.  Chain Partners rebrands itself to AI3: Merging Web3 with AIChain Partners, a blockchain firm focused on crypto exchanges and the over-the-counter (OTC) markets, has also recently rebranded itself to AI3, a new name that the company expects will illustrate its aim of focusing more on AI businesses. The name reflects the company's dedication to exploring both Web3 and generative AI technology.  Following its rebranding, AI3 has embarked on developing an AI service equipped with a prompt response system. AI3 had already launched a personal AI assistant dubbed Wrks last year, which aims to improve workflows. A company official said AI3 is currently preparing for IR to qualify for a Series A investment.  CPLABS and Parameta: Earlier pioneers of blockchain Meanwhile, other blockchain firms that launched their businesses earlier than the above two companies have already completed their rebranding last year. CoinPlug changed its name to CPLABS, and Iconloop to Parameta.