KuCoin Dismisses Notion of a Layoff Plan

WEMIX comes in 9th in CoinMarketCap’s TVL chain rankingSouth Korean gaming publisher Wemade’s layer 1 blockchain network WEMIX has ranked 9th in CoinMarketCap’s list of largest blockchains in crypto ranked by total value locked (TVL). TVL refers to the U.S. dollar value of assets locked or staked on a blockchain. It is a key indicator of liquidity as well as investor and developer participation in a blockchain ecosystem.Photo by GuerrillaBuzz on UnsplashWEMIX’s statsAs of this writing, WEMIX’s TVL is $555.4 million, outpacing 10th place-holder Cardano by over $100 million. Its market capitalization is $1.27 billion. Staking accounts for the largest share of WEMIX’s TVL, which implies a high level of on-chain activity and trust among users in the blockchain’s stability and potential for growth.Expansive ecosystemWEMIX is building a large-scale ecosystem centered on the WEMIX3.0 mainnet, which features popular platforms like the blockchain gaming platform WEMIX PLAY; decentralized autonomous organization (DAO) and NFT platform NILE; and decentralized finance (DeFi) platform WEMIX.Fi.The firm’s more recently developed platform is its joint omnichain network with Chainlink Labs dubbed the Unbound Networking & Accelerating Growth Initiative, or “unagi,” which will serve as an interoperable Web3 gaming platform linking multiple blockchains. It is expected to boost WEMIX’s growth into an even larger mega-ecosystem.

Blockchain firm PiLab Technology has signed a strategic memorandum of understanding (MOU) with Mirae Asset Securities to collaborate on creating Web3 infrastructure – namely Web3 technology for identity authentication – and identify asset management trends in the Web3 sphere. This comes in an effort to establish leverage in the emerging tokenized securities market, according to Korean news outlet The Block Post on Thursday (KST).Photo by GuerrillaBuzz on Unsplash"Through our collaboration with Mirae Asset Securities, we expect to play a major role in the convergence of blockchain technology and financial markets," said Park Do-hyun, CEO of PiLab Technology. "PiLab Technology will continue to lead the way in making Web3 services more user-friendly." Financial giants uniteMirae Asset Securities is the largest investment banking and stock brokerage company by market capitalization in South Korea. The firm previously co-founded a financial innovation consortium with telecommunications conglomerate SK Telecom called Next Finance Initiative, which is preparing to issue tokenized securities by operating a token securities working group on a global blockchain network. Hana Financial Group also recently joined the consortium as a member company. Pioneering services in Web3Meanwhile, PiLab Technology operates its own multichain network called Bifrost, which houses a deposit and lending DeFi service called BiFi. The company has previously raised KRW 14 billion (approximately $10.9 million) in funding from venture capital firms like Korea Investment Partners and more. Last month, PiLab teamed up with the Korea Information Certificate Authority (KICA) and Travel Rule solutions provider CODE to establish an authentication system to advance the country’s Web3 environment. 

Avalanche Blockchain Developer Expands into IndiaAva Labs, the company behind the layer one Avalanche blockchain, is setting its sights on a significant expansion in India.Seeking out state agency partnershipsThe move by the New York-based blockchain development firm reflects the growing interest in blockchain technology within the world’s most populous country. Ava Labs outlined that it is actively seeking partnerships with Indian government agencies and institutions to facilitate the development of applications on the Avalanche (AVA) blockchain, according to a blog post published by the firm on Thursday.While government and state agencies have not been terribly progressive when it comes to decentralized cryptocurrencies in India, they have been more receptive in terms of developing the underlying blockchain technology.Earlier this year, the Royal Bank of India (RBI) highlighted the importance of adopting blockchain technology. Last month, an RBI-led initiative emerged through India’s National Payments Corporation of India (NPCI) to further explore blockchain technology relative to payment systems.Indian government’s initiatives, such as launching a Centre of Excellence in Blockchain Technology, align with Ava Labs’ expansion strategy. Moreover, Indian states like Goa and Telangana have demonstrated a proactive approach to leveraging blockchain for real-world use cases, including land records and vehicle registrations.Photo by Studio Art Smile on PexelsRecruiting local talentAs part of its plans, Ava Labs has made a few pivotal hires to lead its operations and business development in India. Devika Mittal, formerly the Head of Token Listings for OK Group company Okcoin, and Kamakshi Arjun, who has held leadership positions at Polygon (MATIC) India and Tech Mahindra, have joined the team. Both individuals bring extensive experience in the blockchain industry to their new roles.Mittal expressed her excitement about the opportunity, stating:“I am so excited to help Ava Labs expand its reach and impact in the region, and am confident that Ava Labs is well-positioned to meet the demands of India’s large and growing population of tech-savvy individuals and businesses.”Equally Arjun, with her understanding of the blockchain market, is expected to play a critical role in Ava Labs’ expansion strategy.Business development fundMittal said in an interview with The Block that Ava’s operations in India would focus on several sectors, including ticketing, certification, and supply chains. She also highlighted the innovative features of Avalanche subnets. Notably, Ava Labs has a specific business development fund earmarked for India.There’s a lot of activity within India’s blockchain ecosystem, with projects like Loco, an esports and live-streaming platform, leading the way. Loco is developing a range of Web3 products and pioneering innovative fan experiences using a custom Avalanche Subnet.While Polygon Labs, the founder of Ethereum scaling network Polygon, operates on a fully remote basis, its origins can be traced back to India through its founders. One community member responded to this latest news, stating that the Avalanche development team has a lot of ground to make up by comparison with the progress recorded by Polygon in India in terms of partnerships and business development.Ava Labs is actively engaging with various prominent institutions and has already secured a partnership with a government agency, although specific details have not been disclosed.