Oasys and XPLA to Host Hackathon Promoting Blockchain Interoperability

South Korean insurance companies, DB Insurance (DB) and DB Life Insurance (DB Life), are hosting the 2024 InsurTech Startup Incubation Program (ISIP) in collaboration with Korea Internet & Security Agency (KISA), local media Daily Korea reported.  Insurtech is a compound word of insurance and technology. This year, the ISIP focuses on recruiting blockchain-based insurtech startups with high potential that can contribute to the insurance business value chain, including activities such as product launch, marketing and customer service. The program is open to any insurtech startup with innovative technologies and services. Photo by Tierra Mallorca on UnsplashLaunched in 2020, the ISIP has been supporting insurtech startups with innovative ideas to expand their business in the insurance industry, aiming to create a robust and collaborative insurtech ecosystem. Over the past four years, the program has served as a mentor for 21 startups, supporting their product release, new technology verification and business pivoting.  Business growth opportunity for insurtch startups Startups selected for the ISIP are provided with the opportunity to receive mentorship – including mentoring services from insurance experts, business strategy advice and IR pitching coaching sessions – that will help facilitate their business growth.  In addition, selected startups will be eligible to apply for surety credit to the Korea Credit Guarantee Fund on favorable terms and gain opportunities to raise funds from venture capitalists. Those deemed profitable enough for commercialization will be able to have a chance to collaborate with DB and DB Life.  Application forms are available on the KISA’s website and can be submitted via e-mail between Feb.27 to March 27. Applicants should undergo document screening and a presentation test to join the ISIP.  

China’s Fuzhou City Offers Incentives to Entice Blockchain Start-UpsAdministrators in Fuzhou city, the capital and one of the largest cities in China’s Fujian Province, have introduced a raft of policies aimed at enticing blockchain-centric companies to establish themselves in the city.Photo by 尧智 林 on UnsplashMonetary rewardsThe measures are understood to include rent subsidies applicable to the use of commercial office space in the city, as well as the payment of cash rewards based on such start-up businesses hitting various revenue targets. The cash reward incentives are being capped at 500,000 yuan, around $71,800 US dollars, for each applicable project.The city administrators are also offering cash rewards to institutions within the city area and local blockchain firms in cases where they attain government-issued certifications. Another category through which these entities can reap more cash rewards is in providing training services centered upon blockchain technology.A blockchain firm basing itself within the city limits that is successful in attaining state certification reflecting its status as a national level laboratory specializing in blockchain technologies may be awarded as much as 1 million yuan ($144,000).Rent subsidiesThree specific industrial locations are applicable where the rent subsidy is concerned. Blockchain-based businesses wanting to avail of that incentive will have access to an annual rent subsidy of up to 600,000 yuan ($86,300) for every 1,000 square meters of commercial office space that they rent.Stepping up activityThere seems to be heightened activity related to various aspects of blockchain-related technology within China’s borders in recent months. It appears that while the country is taking the initiative with blockchain-related technology, that excludes the development of or open market use of decentralized cryptocurrencies.China has been pursuing a policy of pushing cryptocurrency beyond its borders in recent years, to include bans on cryptocurrency exchanges and crypto miners. However, over recent months, it is allowing this segment of the overall blockchain innovation to develop within the autonomous Chinese territory of Hong Kong. In fact, it’s actively encouraging it. It’s quite a savvy move by the Chinese who don’t want their citizens using decentralized cryptocurrency generally but are quite happy to still participate on a global level in that sector, by having Hong Kong make efforts to become a regional crypto hub.A second strand to its overall strategy appears to be a concerted effort to expand the user base within China of the digital yuan, its central bank digital currency (CBDC). A series of initiatives have been rolled out in an effort to bring the CBDC into active use. China remains the global leader in CBDC development, much further along in that process than its international peers.Lastly, it’s strategically pursuing the development of blockchain-related business, just as this initiative in Fuzhou indicates. The local government initiative is not an isolated one. Last Wednesday, China’s National Blockchain Technology Innovation Center was formally launched. As far back as 2019, Beijing-based smart contract platform Trias has been assisting authorities in Fuzhou in utilizing blockchain in an effort to better manage its electrical grid infrastructure.

Subreddit Token Price Slide Following SurgeReddit’s subreddit community tokens, Moon and Brick, having experienced a remarkable surge in prices last week fueled by a significant increase in trading volume, have taken a downward trajectory, plummeting in price.Photo by Mike Petrucci on UnsplashCrypto.com token listingThe Moon token, associated with Reddit’s r/CryptoCurrency community boasting over 6.5 million members, shot up from approximately $0.09 to nearly $0.58 on July 19, just after Singapore trading platform Crypto.com listed the token.Concurrently, trading volume spiked to around $3 million on Wednesday, marking an impressive boost.Similarly, the Fortnite subreddit community token, Brick, which Crypto.com distributes as a reward to contributors of r/Fortnite, also witnessed a substantial price surge. The token’s value surged from $0.01 on July 17 to approximately $0.10 on July 19, according to data from CoinGecko.Surge acknowledgedIn response to the sudden price surges, Crypto.com released a note early on Monday, acknowledging the surge both tokens had experienced recently. However, in a swift turn of events, both tokens experienced a significant downturn in the past 24 hours, with their prices plummeting by over 20%.As of midday (ET) on Monday, Moon was trading at $0.33, while Brick was valued just under $0.05, as reported by CoinGecko data. Moreover, trading volumes for both tokens have significantly contracted during this period of volatility. Moon’s volume shrank from over $1 million on July 23 to approximately $200,000 on Monday. On the other hand, Brick’s volume saw an even more drastic decrease, falling from approximately $210,000 on July 23 to a mere $26,000 on Monday.Terms of service changeMarket analysts speculate that the recent change in Reddit’s Terms of Service might have been the catalyst for the initial price increases. Reddit’s alteration of its Terms of Service on July 16 to permit users to trade community tokens and avatars potentially triggered the surge in token prices. It appears that Web2 centralized virtual goods such as coins and awards are making way for tradable Web3 community points.Speculating on the token price surge, Bobby Ong, the Co-Founder and COO of Malaysia-headquartered cryptocurrency data aggregator CoinGecko, wrote via Twitter last week: “Both tokens increased at the speculation of the changes coming at Reddit. No one knows exactly what is happening but Reddit deprecating Web2 Coins & Awards while allowing trading of their Web3 CPs could be something to monitor in the coming months.”Despite the recent downturn, the overall crypto space remains highly dynamic and unpredictable. Events such as the listing of tokens on prominent trading platforms can cause rapid price fluctuations. As always, that scenario makes it essential for investors to approach these assets with caution.While Moon and Brick may have encountered a sharp decline, the cryptocurrency market, in general, has proven its resilience and ability to rebound with Bitcoin currently holding a unit price of $29,125. As the market continues to evolve and gain wider acceptance, investors will need to continue to exercise caution and consider the volatility inherent in digital assets.