KONKRIT NFT Platform Offers Exclusive Reservation Tickets for Hyundai Card’s Cultural Festival

Crypto.com, one of the world's largest cryptocurrency exchanges, has indefinitely delayed its service launch in South Korea after the country's financial regulators conducted an on-site inspection on the exchange. The inspection came after the country’s Financial Intelligence Unit (FIU) under the Financial Services Commission detected data that appeared to violate anti-money laundering (AML) compliance requirements from the documents submitted by Crypto.com, according to local media Segye Ilbo. This decision came just six days ahead of its planned launch, originally scheduled for April 29.  The exchange has secured a virtual asset service provider (VASP) license by acquiring the local trading platform called OkBit in June 2022. A VASP license allows a digital asset exchange to operate in Korea.  Photo by Leeloo The First on PexelMitigating ‘Kimchi Premium’ effect Crypto.com initially planned to launch a mobile app featuring cryptocurrency trading on April 29, targeting South Korean retail investors. The platform aimed to differentiate itself from other local competitors by offering crypto assets at reasonable prices, mitigating the so-called Kimchi Premium effect, as announced in a press conference on April 2. The Kimchi premium refers to relatively high crypto prices in the Korean market compared to other foreign markets, which is prevalent in Korea’s major licensed crypto exchanges. The effect often results in Korean investors buying crypto assets at higher prices than those on other global crypto exchanges such as Binance. This is likely where the concerns for AML violation come up, financial experts assume, as the platform’s strategy could facilitate arbitrage during operation.  Crypto.com remains committed to Korea launch In a statement sent to CoinDesk, a spokesperson of Crypto.com said, “Crypto.com maintains the highest Anti-money Laundering standards in the industry. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls, which have been reviewed and approved by major jurisdictions around the world.”  The person also mentioned that South Korea is a difficult market for global crypto exchanges to enter, but still emphasized the company’s commitment to cooperating with local regulators.  “OkBit maintained approximately 900 customers at the point of acquisition by Crypto.com, and OkBit has never been cited for any AML infractions. Since the acquisition, existing OkBit customer access has been limited to withdrawals,” the spokesperson said. 

Maple Finance Secures $5 Million to Fund Asia ExpansionMaple Finance, a crypto capital network focused on institutional business, has recently concluded a funding round that raised $5 million, with a view towards using the funds to finance an expansion into the Asian market.Maple Finance operates as a platform that empowers lending pool delegates and credit professionals to establish their own credit facilities on the blockchain. These facilities cater to different borrowers who can draw from these pools.Notably, Icebreaker Finance initiated a $300 million lending pool on Maple to assist Bitcoin miners in 2022. Maple Finance functions as the infrastructure atop which these lending pools are built, with pool delegates and lenders independently evaluating and verifying their risk.Photo by Monstera on PexelsMaple Direct lendingThe capital infusion was led by Blocktower Capital and Tioga Capital, with participation from supporters including GSR Ventures, Cherry Crypto, Veris Ventures, and Spartan Capital. This funding will not only facilitate Maple Finance’s expansion endeavors but will also fuel the growth of its newly introduced pure-play lending division, Maple Direct.Maple Finance has spotted an opportunity that has opened up due to the collapse of lending giants like Genesis Lending, BlockFi, Voyager, and Celsius in the institutional lending space. In addition to its role as a platform for facilitating third-party pool creation, Maple Direct was launched in June. It offers overcollateralized loans secured by Bitcoin, Ethereum, and staked Ethereum as collateral.Sydney Powell, the firm’s Co-Founder and CEO explained that Maple Direct is designed to offer an over-collateralized lending product transparently on-chain, providing a differentiated approach in the market. Unlike other platforms, borrowed collateral isn’t rehypothecated for yield generation; instead, it is securely held with a qualified custodian. This strategy positions Maple Finance to cater to market demand while minimizing risk.Strategic expansionPowell told TechCrunch: “I think now is the time to do that because all the other competition exited, and so that’s created this opportunity for us to step in and offer a product.” He expanded further on how the company is thinking strategically, relative to the expansion of the services it is now offering: “Other players try to focus on just trying to build the technology, kind of like Uber and Airbnb. What we’ve tried to do is to act as an underwriter so we need to show credit expertise. I think it gives us a little bit more control over the outcome and it’s a little bit closer to Apple in that it’s more vertically integrated.”Pushing into AsiaThe newly raised funds are earmarked for global expansion, with a particular focus on the Asia-Pacific (APAC) region. This is a strategic move, considering that several jurisdictions in APAC, such as Singapore and Hong Kong, have adopted pro-crypto regulations.“In Asia, you have regulatory clarity, or rather, regulatory support, both coming out of Hong Kong and Singapore in terms of new legislation that’s come through, and you already have a very heavy trading focus over there,” Powell stated.Maple’s product development is ongoing. Earlier this month, the company launched a Treasury Bill Pool that provides accredited investors with access to US Treasury Bills with what it claims is a “risk-free rate” of return, given that the pool generates a yield of 4.67%.

Global pre-registration for Night Crows – a massively multiplayer online role-playing game (MMORPG) developed by Madngine and published by Wemade – opened today (KST), according to an article published by South Korean news outlet Game Focus. Pre-registration rewards include a participatory event and in-game currencies.Photo by Mateo on UnsplashPowered by innovative tech Built on Unreal Engine 5, a three-dimensional computer graphics engine used for game and content development, Night Crows features high-quality graphics, an immersive world, realistic action and large-scale in-game battles. It has topped the popularity and revenue charts on major app markets in South Korea since its launch in April last year. The global version of the game, which is scheduled for official release in March after the global pre-registration period is over, will harness blockchain technology and a multifaceted tokenomics system that tokenizes in-game items. It will also introduce character NFTs that keep character and player data in one place, connecting the game’s internal and external economies.  In addition, Night Crows’ omnichain network will allow users of other blockchain networks connected with the WEMIX3.0 mainnet to enjoy the tokenomics system as well. Wemade expected in TaiwanWemade is set to unveil Night Crows at this year’s Taipei Game Show at Taipei Nangang Exhibition Center from Jan. 25 to 28.