The Sandbox Adds Singapore Virtual Neighborhood Lion City

P2E Game Covenant Child Developer Partners with Pala for Global NFT CollaborationCityLabs, a South Korean smart city integration platform company, made an announcement today regarding its subsidiary, Metablock, which has entered into a memorandum of understanding (MOU) with Pala, the nation’s largest non-fungible token (NFT) trading platform.Photo by Andrey Metelev on UnsplashGlobal expansionAccording to a report by Newsis, the collaboration between the two companies aims to explore various cooperative efforts in the global development and expansion of NFT projects related to games. To accomplish this, they will utilize the intellectual properties (IPs) of Covenant Child, a global play-to-earn (P2E) game developed by MetaBlock.NFT marketplaceThe initial step of this partnership involves the establishment of an NFT trading platform. MetaBlock recently concluded the final closed beta test for Covenant Child on a global scale. In the upcoming months, the company plans to launch a dedicated NFT marketplace for Covenant Child sometime during the open beta test period. Additionally, MetaBlock will conduct pre-sales of NFTs and list the governance token on cryptocurrency exchanges.Cho Young-joong, CEO of CityLabs, expressed enthusiasm for the partnership, noting that it will provide users with a more convenient and reliable NFT trading environment. Cho further emphasized the company’s commitment to creating an infrastructure that allows users to readily enjoy content developed on MetaBlock.

Laos targets crypto operators’ unpaid feesIn a bid to enhance state revenues, Laos has turned its focus to the cryptocurrency sector, revealing that operators in the country owe a total of $20 million in fees. The announcement, reported on Thursday by Chinese state news agency Xinhua News, references information from the Lao People’s Army News.Photo by Alessio Roversi on UnsplashLoss-making mining activityLaos had previously granted authorization to 15 blockchain companies to engage in crypto mining or operate as exchanges as part of a strategy to diversify government income sources. However, Prime Minister Sonexay Siphandone disclosed that two of these companies showed no progress in their operations, while others lagged behind in meeting their financial obligations to the state.It emerged in August that the national electricity supplier, Electricité du Laos, had decided to suspend the supply of energy to crypto miners amid a perfect storm of challenges. Laos has ample hydro electric resources and is a net exporter of electricity. However, a drought this year has challenged it to honor contracts for supply of electricity to the Electricity Generating Authority of Thailand.To deal with this issue, power supply to Laotian crypto miners was suspended. To compound matters, many mining operators have been struggling financially and were unable to pay their bills.Debt reliefSiphandone mentioned that since the government initially set the tax obligations, the overall value of cryptocurrencies has experienced a 50% decline. Consequently, Laos has decided to alleviate the burden on crypto companies by reducing the outstanding balance by an equivalent 50%.Following this decision, the affected companies have commenced the settlement of their fees, and it is anticipated that all outstanding amounts will be fully resolved by the year’s end, according to the country’s Prime Minister. However, he issued a cautionary note, stating that companies failing to make satisfactory progress would face consequences, including the suspension of their operations, imposition of fines or even the revocation of their licenses.Digital transformationIn May, Laos outlined key aspects of its digital transformation strategy, emphasizing the use of digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, and promote sustainable economic growth. The move to reduce crypto companies’ tax burdens amid market volatility underscores Laos’ adaptability to the challenges presented by the dynamic cryptocurrency landscape.As part of its digital transformation strategy, the Laotian government signed a cooperation agreement with Singapore’s MetaBank. Partnering with another overseas entity, the country has also relied upon the expertise of Japanese fintech developer Soramitsu with regard to a central bank digital currency (CBDC). Soramitsu has played a pivotal role in enabling the issuance of Laos’ Digital Lao Kip.Early last year, the landlocked Southeast Asian country authorized trading licenses for two crypto platforms. These included Lao Digital Assets Exchange (LDX), a joint venture between Phongsupthavy Group and AIF Group, and Bitqik, a subsidiary company of Simuong Group.

Untangled Finance Launches Tokenized RWA PlatformUntangled Finance has officially launched its tokenized real-world asset (RWA) marketplace on the Celo network, according to a report by CoinDesk.Photo by Blake Wheeler on UnsplashVietnamese rootsThe platform’s inauguration follows a successful $13.5 million venture capital funding round, with Fasanara Capital, a London-based asset management firm, serving as the lead investor. Untangled is also London-headquartered, with most of its employees from Vietnam.Private tokenized credit poolsIn addition to its investment, Fasanara Capital has initiated two private tokenized credit pools on the Untangled platform, focusing on off-chain operations and underwriting loans.Untangled’s expansion plans are ambitious, aiming to extend its reach to the Ethereum (ETH) network and the layer 2 scaling solution Polygon (MATIC) via Chainlink’s Cross Chain Interoperability Protocol. This strategic move transforms Untangled into a multi-chain and interoperable RWA credit protocol, catering to a broader spectrum of users and assets.Untangled Finance’s specific focus lies in the private credit market, a sector valued at over $1 trillion. The platform aims to bridge the gap between traditional private credit and blockchain technology by tokenizing these assets. Currently, decentralized finance (DeFi) platforms account for only $550 million of private credit assets, according to data from rwa.xyz.To achieve this, Untangled is concentrating on fintech lending, including services like invoice financing and consumer loans based on salary advances. The platform also targets “green assets,” such as working capital or development loans for eco-friendly infrastructure projects like battery swapping stations.Untangled serves as the infrastructure to host blockchain-based credit pools. Investors, including certified investors, firms, and decentralized autonomous organizations (DAOs), can deposit funds into these pools to lend and earn a yield. In return, depositors receive an ERC-20 token representing their positions in the pool.Asset tokenization potentialAsset tokenization, the process of representing traditional financial assets on a blockchain, has emerged as a key growth opportunity in the digital asset space. This trend comes as the industry grapples with the aftermath of a challenging bear market and the fallout from high-profile implosions witnessed in recent years.Tokenization has the potential to transform various real-world assets, such as credit, real estate, or bonds, into blockchain-compatible tokens.Untangled Finance is attempting to set itself apart from other RWA lending protocols through innovative product features, including a built-in liquidation engine designed to auction off collateral assets if the pool’s health falls below a certain threshold. The platform also employs a credit assessment model to monitor borrowers’ future default risks and offers an auction-based withdrawal mechanism for investors seeking an early exit from the pools.Francesco Filia, CEO and CIO of Fasanara Capital, commented on the significance of this development, stating:“We see an upcoming merging of worlds. “On one side, fintech lending which fills the gap in underserved SME and consumer markets and, on the other, the way values are being transferred within the new world of digital assets.”