Netmarble’s MARBLEX Secures Whitelist Approval for MBX Token in Japan

Bithumb META Offers Metaverse Fashion Experience at Preview in Seoul 2023Bithumb META, the metaverse subsidiary of leading South Korean cryptocurrency exchange Bithumb, is participating in the 24th annual Preview in Seoul 2023, Korea’s largest international textile fair organized by the Korea Federation of Textile Industries. The company is using its metaverse, Naemo World, to present the integration of fashion into the metaverse and vice versa.Photo by Amanda Vick on UnsplashFashion’s future unveiledUnder the theme of “Dramatic Core,” this year’s Preview in Seoul is the largest to date with 746 booths from 14 countries participating. Participants are responsible for showcasing materials, textiles, and machinery that represent a future of elevated value.In particular, the digital fashion zone features prominent tech companies from both Korea and abroad and showcases the future of the textile fashion industry’s expansion into the metaverse. Visitors can experience firsthand fashion in the metaverse through artificial intelligence (AI) and augmented reality (AR) technologies.Envisioning fashion in the metaverseTo shed light on the future of digital fashion commerce, Bithumb META created a setup where visitors can dive into Naemo World to virtually replicate real-world environments and items — such as clothing made of high-quality garments — through digital twin technology.Attendees can customize their avatars and explore the brand halls of fashion brand Hazzys and athletic gear brand HEAD in Naemo World. They will also be led through a realistic shopping experience within the metaverse — this includes the entire process, from trying on clothing pieces featured in the brands’ 2023 fall/winter season collections to ordering and purchasing products and getting them delivered in the real world.“At this year’s Preview in Seoul, Bithumb META unveiled some of the blueprints for the future of Naemo World’s integration with real-world products and services,” said Bithumb META CEO Cho Hyun-sik.He added that the company would continue to expand and develop Naemo World’s ecosystem to be used for various purposes.Bithumb META also contributed to the planning and development of an ultra-realistic, three-dimensional showroom using Unreal Engine 5, a real-time 3D creation tool developed by Epic Games.Preview in Seoul 2023 is currently being held at Starfield COEX Mall in southern Seoul until Friday.

CityLabs Secures 8.55% Stake in GopaxCityLabs, a company listed on the KOSDAQ stock exchange, has stepped in as a rescue investor for the South Korean cryptocurrency exchange Gopax.The company announced last Friday that it has acquired a total of 76,308 shares of Streami, the operator of Gopax, securing an 8.55% stake in the company. The investment amounts to a total value of KRW 5.4 billion (approximately $4 million).Photo by Precondo CA on UnsplashGopax’s turbulent historyGopax has recently been facing public and regulatory scrutiny due to its internal struggles, such as undergoing major changes in leadership earlier this year following its acquisition by Binance, with Lee Jun-haeng resigning and Binance’s Asia Pacific Head, Leon Sing Foong, taking over.After this event, Streami submitted reports to the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSS) in line with requirements to inform the regulatory body about such changes. However, due to delays in the FIU’s approval process likely influenced by Binance’s various legal and regulatory challenges, there was yet another leadership transition — Foong stepped down, and Lee Joong-hoon, Gopax’s former Vice President, took over. Notably, Foong recently left Binance altogether amid regulatory crackdowns.During this process, Gopax also struggled to make principal and interest payments on its own decentralized finance (DeFi) service, GOFi, in the wake of last year’s FTX collapse. The amount of customer funds locked in GOFi totals KRW 56.6 billion, according to an announcement made by Gopax in April. Binance acquired a stake in Gopax on the condition that it would inject enough capital into Gopax to repay this amount in full.CityLabs steps inAs a result, there have been speculations that a Korean company would invest in Gopax and deliver the exchange from its woes. Some even predicted that this company might become a major shareholder, although CityLabs has acquired only an 8.55% stake due to the fact that the funds required to do so far exceed CityLabs’ annual revenue.Last year, CityLabs reported a consolidated revenue of KRW 28.4 billion and an operating loss of KRW 6.1 billion. Although its revenue increased by 2% compared to the previous year, operating losses grew by 46.9%. While the company may not have sufficient funds at present to become a major shareholder, there lies the possibility that it may increase its stake in the future.The acquisition seems to be driven by CityLabs’ interest in blockchain businesses and the crypto market. While it currently specializes in intelligent transportation systems (ITS), it was formerly Dayli Blockchain, which was affiliated with the crypto exchange Coinone and Dayli Financial Group (now known as Gowid). In 2017, Yellow Mobile became the largest shareholder of Dayli Financial, and in February 2018, it became the largest shareholder of DailyBlockchain, making Dayli Blockchain its subsidiary. Coinone was also a subsidiary of Yellow Mobile at the time. All of these ownership relations have now been restructured.CityLabs has thus been involved in the blockchain industry for some time now with previous connections to cryptocurrency exchanges while also offering decentralized identity (DID) and blockchain as a service (BaaS) products. Observations point to the possibility that its history has influenced its decision to invest in Gopax.“We acquired shares to secure an entry point into the crypto market and position ourselves as a major player,” the company said in a statement.Meanwhile, financial authorities are considering plans to examine the eligibility of major shareholders when reviewing applications from crypto businesses.

Thai Opposition Party Offers Election Crypto SweetenerThailand’s opposition party, the Pheu Thai Party (PTP), has made a controversial move ahead of next month’s general election by offering 10,000 baht (approximately $300) in digital assets to citizens above 16 years old in exchange for their votes.©Unsplash/Markus WinklerThe stated intention of the policy is to spread the use of blockchain-based assets and attract international digital currencies, as well as to distribute products made in Thailand abroad using blockchain technology. Prommin Lertsuridej, who runs the party’s economic policy committee has claimed that 55 million Thai citizens will benefit from the measure if the PTP wins the election.Populist policiesThe plan will cost $15 billion and it is claimed that it will serve to revive the country’s struggling economy while providing relief to those struggling with debt. Additionally other populist measures will be pursued including an increase in the minimum wage and a minimum monthly household income guarantee.The policy has been met with mixed reactions from citizens, with some welcoming the extra cash and others accusing the party of blatant, cynical manipulation. The PTP has tried to sidestep accusations of manipulation by stating that the money will be limited to spending on local economic stimulus projects. Additionally, it cannot be used for gambling or debt repayment, and must be spent within a four-kilometer radius. The party’s chief adviser on public participation and innovation, Paetongtarn Shinawatra, called this policy an attempt to draw the attention of international currencies to Thailand.New crypto regulationsThis policy announcement comes just two months after the Securities and Exchange Commission (SEC) of Thailand issued new regulations for crypto service providers. The regulations were implemented to prevent a situation similar to the recent FTX collapse and hack, which resulted in the loss of millions of dollars’ worth of digital assets. The SEC has required service providers to establish a digital wallet management system to ensure efficient custody and to have a contingency plan in case of a security breach.Unintended consequencesWhile the PTPs policy has been met with criticism, it has also been seen as a bold move towards promoting the use of blockchain-based assets and digital currencies in Thailand. By offering citizens an incentive to use digital assets, the policy may encourage more people to explore this emerging market, which has the potential to create new opportunities for investment and economic growth.Populist politics and policy comes with a heavy longer term cost. The PTPs policy may be successful in achieving its intended goals, or it could ultimately lead to unintended consequences. Regardless of the outcome, the PTPs policy is a significant development in Thailand’s growing digital asset market and may set a precedent for other countries seeking to promote the use of blockchain-based assets and digital currencies.From an international perspective, even if the move backfires economically within Thailand, ever greater use and normalization of digital assets as in this case can only lead to greater overall adoption.