NEOPIN Launches South Korea’s First ETH Liquid Staking Product

Lotte’s NFT marketplace partners with upcycling brand NiUl for membership NFTsLotte Data Communication, an affiliate of South Korean retail conglomerate Lotte Group, issued a press release on Wednesday (local time) to reveal that its NFT marketplace, Kottonseed, has issued new non-fungible tokens (NFTs) in partnership with upcycling brand NiUl whose name stands for “Nothing is Useless.”Photo by MSA-90 on PixabayPlastic lids to stylish keychainsNiUl recycles discarded plastic lids, transforming them into vibrant, stylish key ring pendants known as NiUl rings. NiUl has successfully sold over 2,000 pendants across a mix of online and offline platforms, with 300 kilograms of plastic lids donated by supporters. In a strategic move to broaden its reach, the company has been partnering with diverse firms and ramping up its donation initiatives, targeting environment and fashion-conscious millennials and Generation Z consumers.In their latest venture with Kottonseed, these pendants have been digitized into membership NFTs, which come with a suite of benefits like a special edition rope strap and discounts on products. Some lucky members may even get the opportunity to be involved in creating a NiUl ring. These membership NFTs are being released in limited numbers and are up for grabs starting today on NiUl’s page on Smart Store, an e-commerce platform of popular search engine Naver.NFTs in five colorsThe NFTs are offered in five distinct colors, each named after the sky’s varying appearances: “Post-rain Clear,” “Blue Sky,” “Sunset,” “Aurora” and “Night Sky.”A spokesperson for Lotte Data Communication expressed that the company sees great value in participating in upcycling initiatives with NiUl through their NFT marketplace, Kottonseed. They are keen on pursuing enjoyable and varied collaborations to support NiUl’s socially beneficial endeavors. Moreover, Lotte is actively exploring ways in which NFTs can contribute to environmental, social and governance (ESG) objectives.

EDX Markets, a crypto-trading platform backed by Citadel Securities and Fidelity Digital Assets, is planning to establish a new crypto exchange in Singapore. EDX ClearingThe plan was revealed in a recent Bloomberg article. In tandem with the report, a press release published on Tuesday also provided further detail on its recently-launched digital asset clearinghouse, EDX Clearing. Unlike traditional exchanges, EDX operates its own clearinghouse, following a non-custodial model in collaboration with Anchorage Digital. This approach allows institutional investors to execute trades without the need for pre-funding in fiat currency or crypto, contributing to capital efficiency and risk management. Since its launch in October, EDX Clearing has cleared more than $3.1 billion of transactions. The recent approval of bitcoin exchange-traded funds has further intensified trading activity, with substantial volumes traded following their launch. EDX Markets offers a unique platform for institutional investors to directly trade major cryptocurrencies like bitcoin, ether and litecoin. EDX addresses institutional players' needs with a non-custodial model, emphasizing risk management and infrastructure that aligns with traditional market practices.Photo by Julien de Salaberry on UnsplashFresh funding infusionThe company is also introducing spot and perpetual futures trading, following a successful additional funding round led by new investor Pantera Capital and existing supporter Sequoia Capital. The recent funding infusion, the exact size of which was not disclosed, empowers EDX Markets to enhance its technology and expand its global footprint. The firm’s CEO, Jamil Nazarali, highlighted Singapore's strategic significance, citing its favorable environment for trading a diverse range of tokens and perpetual futures, along with its pool of financial talent. The platform has gained support from traditional finance heavyweights such as Charles Schwab and Miami International Holdings, alongside original backers Citadel Securities, Virtu Financial and Fidelity Investments' digital-asset arm. The recent funding round saw investors buying in at double the initial share prices from 2022. According to Paul Veradittakit, Managing Partner at Pantera Capital, EDX mirrors traditional market expectations, incorporating speed and capital efficiency while adapting to the unique features of the crypto landscape. Taking to the X social media platform, Veradittakit wrote:”We believe that EDX markets reduces counterparty risk for institutions through its non-custodial clearing model.” EDX Markets has witnessed noticeable trading volumes, with over $1.4 billion in notional volume traded in December alone. The company, headquartered in Hoboken, New Jersey, plans to build out its technology independently and transition away from its initial partnership with MEMX (Members Exchange). Singapore expansionThe expansion into Singapore involves seeking approval from the Monetary Authority of Singapore (MAS) to operate an exchange offering both spot and perpetual futures trading. In December, EDX's clients traded more than $1.4 billion in notional volume. Following the approval of spot bitcoin exchange-traded funds (ETFs), EDX customers executed trades totaling more than $100 million in a single 24-hour period this month. While many in the sector welcome the involvement of TradFi in the crypto space, some have concerns with regard to how things play out over the longer term. Community member Joe Kerr took to social media on the subject, stating:”My concern is that they’ll use the ETFs to buy from public exchanges, custody with Coinbase but when shares sell, the Bitcoin is bought through EDX and locked behind an ‘institutions only’ firewall.”

Busan to Merge Blockchain and Coffee through Smart Logistics PlatformThe Korean southern port city of Busan and its regional institution for industrial innovation, Busan Techno Park, announced that they will begin developing a collaborative platform that facilitates smart logistics in the local coffee industry through the use of blockchain technology. The project is aimed at enhancing transparency and trust in the industry by tracking the entire logistics process — from the importation of raw coffee beans through Busan Port to distribution to businesses, then purchase by consumers.Photo by Theo Crazzolara on UnsplashTracking production and flavor profilingThe platform will use artificial intelligence (AI) technology to track the distribution of coffee beans as well as objectively analyze various types of coffee to arrange flavor profiles based on factors such as weather, storage conditions, and the environment. This would eliminate any room for subjective opinions that are usually associated with taste evaluation.“This project aims to develop blockchain technology that can be used to trace the background of coffee beans starting from their country of origin,” said Kim Hyung-kyun, Director of Busan Techno Park. Blockchain technology’s strength lies in its ability to solve the problem of a lack of transparency between coffee producers and consumers.The platform was selected in April as a technology commercialization initiative under the Korean Ministry of Science and ICT’s 2023 Special R&D Zone Development Project. It is set to receive a total of KRW 11.8 billion (approximately $8.9 million) in governmental, private, and municipal funding until December 2025.Fostering transparency and securing a competitive edgeA ceremony was held at the Asti Hotel in Busan on Tuesday to kickstart the project and form the Busan R&D Innovation Valley Committee — consisting of two subcommittees dedicated to distribution and technology, respectively — to carry out the initiative.“It will be possible to manage data on changes in ingredients and quality due to storage conditions and duration. This will give sellers a competitive advantage and allow consumers to enjoy better-quality coffee at reasonable prices,” explained Oh Dong-joon, who is in charge of the distribution subcommittee.After the platform has been developed over the next three years, it will be available for coffee businesses and startup entrepreneurs in Busan. “In the case of specialty coffee, traceability and transparency are important. When the platform is established, it will be a significant help in verifying objective data related to problems that may occur during the import and storage of coffee beans,” remarked Jeon Joo-yeon, CEO of Busan-based specialty coffee brand Momos Coffee.Jung Yo-han, leader of the business mining division under the project’s technology subcommittee, added that consumers will be able to buy coffee that they can trust after it has been traced through the distribution process. The city will also be able to stimulate startups by leveraging blockchain technology and take advantage of the project’s scalability by applying it to all agricultural and marine products that are imported through Busan Port.