Algorand Foundation and DWF Labs Partner for Ecosystem Growth

South Korea Embarks on Wholesale CBDC Pilot ProgramAiming to pave the way for a future-oriented monetary infrastructure, South Korean financial agencies announced a plan on Wednesday (local time) to pilot a central bank digital currency (CBDC). This trial is designed to evaluate its practical use in real-world scenarios.The Bank of Korea (BOK), alongside the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), has been working with the Bank for International Settlements (BIS) from the inception of this project’s blueprint. Together, they plan to partner with multiple commercial banks to successfully carry out this initiative.Photo by Y K on UnsplashWholesale CBDCThe test will concentrate on a wholesale CBDC designed for transactions and settlements between financial institutions. This concept is akin to how commercial banks use reserves in their central bank accounts for transactions and settlements.Meanwhile, banks will introduce tokenized deposits for public use within the CBDC network. These payment instruments will circulate securely within the new monetary infrastructure built by the BOK and managed jointly with the FSC and the FSS.The pilot of this cutting-edge monetary infrastructure is poised to set the stage for the introduction of diverse, innovative payment and financial services that stand out from current offerings. This effort will also lay the groundwork for newer financial products, like security tokens, to be traded with greater safety and efficiency.Participation from citizensThe test aims to complete its Proof of Concept (PoC) through technical trials in simulated settings. Furthermore, a select group of citizens will be given the opportunity to engage in specific use case tests, letting them experience firsthand the advantages of the emerging digital payment methods. This project will significantly contribute to the future research and development of CBDC infrastructure.The Korean financial authorities have engaged in in-depth discussions regarding policy matters leading up to the test. To ensure alignment with existing laws, only banks will be involved in this initial phase. Decisions on expanding the test will come later, after a thorough evaluation of relevant policy considerations after the trial.The agencies will continue working to ensure that transaction tests involving citizens are conducted with sufficient user protection measures under the existing legal framework.Moreover, from the outset of the test’s preparation, the BIS offered insights from its research and development experiences with CBDC systems. In particular, members from the BIS’s Innovation Hub and the Monetary and Economic Department provided technical advice on designing and constructing a CBDC network. Stemming from their discussions, the BIS and the BOK jointly released a report highlighting the test’s importance and its intricately crafted model.This trial is a step towards identifying the best CBDC model suited for Korea’s financial and economic landscape. It’s important to note that the test doesn’t necessarily indicate a complete rollout of a CBDC or the final version of a CBDC network.Moving forward, the BOK, FSC, and FSS will form a collaborative working group. They’ll work hand-in-hand with pertinent ministries and entities, including the Ministry of Economy and Finance, to ensure a seamless execution of the test. Their technical partnership with the BIS will also remain ongoing.The selection process for a system developer began on October 4. Later this month, there will be an informational session for companies and banks engaged in the project. By the end of November, the financial authorities will unveil information regarding the banks involved and the specific use cases slated for testing. Public involvement is anticipated to start in the fourth quarter of next year.

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.

Infinite Block Launches Ethereum Staking Service for CorporationsSouth Korean blockchain fintech company Infinite Block announced on Monday (local time) that it has opened a custody-based Ethereum staking service offering corporate clients the ability to earn passive income through their Ethereum holdings.Photo by Choong Deng Xiang on Unsplash“This launch is significant as it is the first-ever staking service exclusively for corporations in the domestic blockchain industry, lowering the technological barriers to blockchain access,” said Jeong Gu-tae, CEO of Infinite Block.Secure Ethereum stakingThe service will be offered on the company’s proprietary custody platform KARBON, and businesses can stake their Ethereum holdings and share a 4% annual yield of their investment with KARBON at an agreed ratio. They can benefit from the security and convenience of earning rewards during the staking period without ever having to entrust their custodial assets to an external wallet address, the company said.Customers utilizing KARBON will not only have access to secure storage of their assets but will also be able to save on fees through staking.“Starting with Ethereum, we will gradually expand our staking services, focusing on highly reliable virtual assets,” Jeong explained.Boosting credibilityThis comes after the company obtained ISO 27001 certification for the information security management system of its upcoming blockchain platform from Lloyd’s Register Quality Assurance (LRQA), a UK-based global assurance provider.