Wemade Launches NFT-Based DeFi Service to Empower Its Ecosystem

Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer ConvenienceWelcome Savings Bank, one of the mutual savings banks in South Korea, has announced a significant step towards enhancing identity security and customer convenience with the incorporation of Bank ID, a blockchain-based decentralized identity (DID) solution operated by the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment services institution.Photo by Jonathan Cooper on UnsplashDID technology to prevent identity fraudThe utilization of DID technology marks a notable stride in preventing identity fraud. By storing user data on a secure distributed ledger, the system becomes highly resilient to counterfeiting or forgery attempts, ensuring a safer environment for customers’ personal information.Single sign-on functionalityWith this initiative, Welcome Savings Bank has become the first savings bank in the country to implement Bank ID, a solution predominantly adopted by prime commercial banks. This strategic move bolsters the bank’s digital competitiveness and improves customer convenience. With Bank ID, users can enjoy seamless access to their accounts across 18 Korean financial institutions without the hassle of logging in separately for each one, streamlining their banking experience.Customers of Welcome Savings Bank can utilize the bank’s mobile app to acquire a Bank ID by undergoing a verification process through a one-time password or security card. For existing Bank ID holders, adding Welcome Savings Bank to their list of banks is a straightforward procedure.The decision to embrace this innovative technology highlights the bank’s commitment to meeting the high standards set by prime commercial banks. By aligning with industry trends and bolstering their digital capabilities, savings banks like Welcome and other subprime banks can deliver improved convenience and a seamless banking journey to their valued customers.

Milk Partners Achieves Integration with OK Cashbag, Elevating Reward Point UtilityMilk Partners, the operator behind a South Korean blockchain-powered platform delivering an integrated service for reward points, announced yesterday that its app, MiL.k, has achieved compatibility with OK Cashbag. This integration is notable as OK Cashbag enjoys a substantial presence in the nation, with a user base exceeding 20 million.Photo by Josh Sorenson on PexelsEnhanced utilization of reward pointsThrough this collaborative initiative, MiL.k aims to facilitate enhanced utilization of reward points for customers of both entities.MiL.k allows point collectors to swap their points across diverse domains like travel, leisure, and shopping, introducing a new approach to utilizing reward points. The company has been forging collaborations with notable companies, including conglomerate Lotte, convenience store chain CU, theater franchise Megabox, travel platform Yanolja, Malaysian budget airline AirAsia, and Indonesian loyalty platform GetPlus.Expanding Web3 servicesThe point exchange service is part of a strategic partnership agreement signed by Milk Partners and SK Planet, the operator of OK Cashbag, in June. Beyond loyalty programs, the two companies plan to maintain collaboration efforts to expand Web3 services. In particular, they will cooperate to enhance the ecosystem of the UPTN blockchain, jointly developed by SK Planet and Ava Labs, utilizing Avalanche Subnet technology.Cho Jung-min, CEO of Milk Partners, said that the utility of MiL.k has increased thanks to its partnership with OK Cashbag, whose points are accepted at numerous retailers both online and in-store. He added that the company will explore more partnerships to provide a wider range of tangible benefits to both corporate partners within the MiL.k alliance and app users.

South Korea’s cryptocurrency market experienced notable growth in the second half of 2024, as total trading volume climbed to 1.35 quadrillion won ($968.5 billion). This marks a 24% increase compared to the 1.09 quadrillion won ($782.7 billion) recorded in the first half of the year. The data was released on May 20 by the Financial Intelligence Unit (FIU), which operates under the Financial Supervisory Service (FSS).Photo by Daniel Bernard on UnsplashTrading volume and market cap surgeThe average daily trading volume rose by 22%, reaching 7.3 trillion won ($5.26 billion), with a significant surge observed after October. According to the financial authority’s report, this sustained momentum was driven by a broader bullish trend in the global crypto market, led by Bitcoin hitting all-time highs. Growing institutional interest following the launch of multiple spot Bitcoin ETFs in the U.S. and increasingly favorable crypto-related policies have further fueled the rise in asset prices. To evaluate the state of the domestic crypto market, the FIU conducted a survey of 25 virtual asset service providers (VASPs) during the second half of 2024. The survey covered 17 exchanges as well as eight entities providing either custodial or wallet services. By the end of 2024, South Korea’s total crypto market cap had surged to 107.7 trillion won ($77.55 billion), representing a 91% increase from 56.5 trillion won ($40.68 billion) in June. In contrast, the global crypto market grew by 60% over the same period, reaching a total of $3.59 trillion. However, the Korean market experienced a sharp decline in assets held by custodial and wallet service providers, which fell by 89% to 1.5 trillion won ($1.08 billion). This drop was largely attributed to a rise in business closures. Additionally, the number of users on these platforms plummeted by 99%, falling to just 1,300 customers who had completed Know Your Customer (KYC) verification. Performance and token preferencesDespite these setbacks, the 25 VASPs reported combined revenues of 1.22 trillion won ($878.5 million), marking a 15% increase. Operating profit also rose by 27% to 744.6 billion won ($536.2 million). However, capital adequacy weakened, with the capital-to-asset ratio falling by 12 percentage points to 36.5%. Meanwhile, Korean won deposits—cash held on platforms for trading—more than doubled, surging 114% to 10.7 trillion won ($7.7 billion). The number of employees at crypto exchanges increased by 18%, reaching 1,862, while staff dedicated to anti-money laundering (AML) efforts rose by 46% to 207 individuals. On average, fiat-to-crypto exchanges offered trading in 224 different tokens, an increase of 28 compared to the previous half-year. Among the top 10 cryptocurrencies by market cap in Korea, six—Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE) and Cardano (ADA)—also appeared in the global top 10. Collectively, these accounted for 71% of Korea’s total crypto market cap. However, the remaining four differed: Korean investors favored Ethereum Classic (ETC), Shiba Inu (SHIB), Stellar (XLM) and Bitcoin Cash (BCH), whereas global investors leaned toward Tether (USDT), Binance Coin (BNB), USD Coin (USDC) and TRON (TRX). User base growth and demographic trendsThe number of KYC-verified users eligible to trade reached 9.7 million in the second half of 2024, representing a 25% increase from the previous period. Individual users accounted for the vast majority, while corporate users made up less than 0.01% of the total. By age group, users in their 30s accounted for the largest share at 29%, followed by those in their 40s (27%), 20s and younger (19%), 50s (18%) and 60s and older (7%). The majority of users—66%, or roughly 6.37 million people—held less than 500,000 won ($360) in digital assets. In contrast, 12% of users held over 10 million won ($7,180), while 2.3% had portfolios exceeding 100 million won ($71,820).