Bithumb Shuts Down Crypto Research Center Amid Trading Volume Slump

Ripple Labs, the American technology company that developed and supports XRP and the XRP Ledger (XRPL), has partnered with Japan’s Web3 Salon initiative, while in a separate development, the company is also funding crypto-related academic research within the Asia-Pacific (APAC) region.Photo by Moose Photos on PexelsDriving Web3 adoption in JapanIn a statement published to its website on June 9, the company outlined that it has partnered with Japan’s Web3 Salon project, a Web3 initiative with the objective of educating businesses and developers, nurturing blockchain startups and driving Web3 adoption through the provision of startup incubator programs and running hackathons and workshops.One of Japan’s most active Web3 projects, Web3 Salon has the backing of the Japan External Trade Organization (JETRO). The project has also collaborated with a range of Japanese Web3 startups, Asia Web3 Alliance Japan (AWAJ), institutional investors and venture capital firms, as well as a number of key industry stakeholders. Grant fundingAs part of its involvement in this collaboration, Ripple will provide grant funding of up to $200,000 to Japanese startups who have developed their projects on XRPL. Ripple’s grant funding forms part of its broader initiative to finance XRPL-related startups in Japan and Korea. Earlier this month, it confirmed that it had established the XRPL Japan and Korea Fund for this purpose.  At a broader level still, Ripple said that this latest funding commitment also falls under its one billion XRP commitment. Back in 2022 the company committed one billion XRP to advance XRPL ecosystem projects. Christina Chan, Senior Director of Developer Growth at Ripple, commented on the development, stating:“Ripple is proud to collaborate with Web3 Salon to unlock new opportunities in Japan’s thriving startup ecosystem. Together, we hope to fuel innovation and support the next generation of leaders.” Supporting APAC university researchIn a separate blog post published to its website on June 10, Ripple outlined that it was committing $5 million in funding within the APAC region as part of its University Blockchain Research Initiative (UBRI). The funding will cover blockchain-related academic research projects in Japan, South Korea, Singapore, Taiwan and Australia. $1.1 million has been allocated to South Korea’s Korea University in funding that will be released over a six-year period. The funding builds on another relationship that had already been established with Yonsei University via the UBRI in 2024. Equally, Japan’s Kyoto University had engaged with the UBRI last year. That support is now being renewed while funding is also being allocated to the University of Tokyo. The two institutions will be able to avail to funding in excess of $1.5 million.Other APAC region educational institutions to benefit include the National Kaohsiung University of Science and Technology (NKUST) in Taiwan, the National University of Singapore (NUS) and Nanyang Technological University (NTU) in Singapore and the Australian National University (ANU) in Australia.’An epicenter of digital finance’Ripple called APAC “an epicenter of digital finance.” Expanding further on that assertion, it stated that the region has shown “an appetite for experimentation and boasting thriving communities for builders.” Consequently, it views the APAC region as a leader in payment technologies and digital asset adoption.

Kandle Secures Funding for Platform DevelopmentSingapore-based crypto fantasy GameFi startup Kandle has recently secured $1.7 million in a seed funding round, with Saama Capital, a venture capital firm that invests in early and growth stage tech sector companies, leading the investment.Other participants in the funding round included PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta, CEO of crypto investment platform CoinDCX.The GameFi concept is an innovative fusion of blockchain technology, gaming, and decentralized finance, allowing players to earn cryptocurrency and non-fungible tokens (NFTs) while playing games on the platform. Additionally, GameFi enables the transfer of in-game items to the virtual world, enabling trade on NFT marketplaces and crypto exchanges.Photo by Towfiqu barbhuiya on UnsplashExpansion plansKandle stands out by offering fantasy games that incorporate crypto tokens, where players compete to win various rewards. Already gaining traction in Southeast Asian countries like Indonesia and Vietnam, as well as in burgeoning markets such as Nigeria and India, Kandle has ambitious plans to expand its footprint across Asia and North America.As part of its efforts to realize that expansion, funding is being used to build out the Kandle platform further, expanding its user base into the bargain. Founder Jaideep Yadav expressed enthusiasm about the potential of gaming and crypto coming together, positioning Kandle at the forefront of this evolving landscape.Yadav stated: “There is a massive opportunity at the intersection of gaming and crypto, and we’re excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition. “Project roadmapLooking ahead, Kandle aims to unveil its project roadmap, which will include token issuance, token utility, and a play-and-win model designed to reimagine the play-to-earn ecosystem. Notably, Kandle has taken a unique approach by prioritizing the development of a fully functioning, sustainable gaming product based on sound gaming principles rather than merely focusing on project tokens. The team plans to integrate smart contracts to ensure transparency, security, and fairness in the gaming experience.Ash Lilani, the Managing Partner at Saama Capital, commented on the importance of making the crypto industry safer for the next wave of users. He praised Kandle’s gamified approach for providing a secure and unique way for users to engage with crypto without taking direct exposure to any specific coins.Kandle’s funding success signifies the increasing interest and investment in the GameFi space, which merges the excitement of gaming with the possibilities offered by blockchain and cryptocurrencies. News of the investment comes within the same time frame as an announcement by Sky Mavis, the team behind Axie Infinity, which is also Singapore-headquartered, which sees it partner with CyberKongz, an Ethereum-based non-fungible token collection.The development of blockchain gaming has not progressed in a neat straight line. It’s been imperfect but ongoing activity in the sector suggests that ultimately, GameFi start-ups will continue to evolve until such time as a mass market breakthrough is made in gaming.

Incheon Joins Hands with The Sandbox to Promote City in the MetaverseIncheon Metropolitan City is partnering with global metaverse platform The Sandbox to create innovative marketing content aimed at promoting its urban landscape within the virtual realm and establishing an overseas promotional network. This move makes it the first South Korean public institution to work with a metaverse platform.Photo by Jiho Choi on UnsplashThe Sandbox’s virtual worldBuilt on the Ethereum blockchain, The Sandbox enables users to employ non-fungible tokens (NFTs) for creating play-to-earn (P2E) games that can be monetized. The ecosystem’s utility token, SAND, facilitates this mechanism as it is used for in-game purchases. Currently, the platform boasts one of the highest cumulative NFT collection volumes among virtual world projects on the world’s largest NFT marketplace, OpenSea. It has also formed partnerships with over 400 entities around the world.City marketing strategyThrough this collaboration, Incheon plans to develop and introduce engaging content for users to experience the city virtually, such as a variety of events. Furthermore, the city also intends to utilize its intellectual property (IP) for activities such as NFT donation campaigns and metaverse creator training programs to implement extensive NFT content within The Sandbox’s virtual world.“We plan to continually develop content that enables people around the world to experience Incheon through our collaboration with the global metaverse platform,” said Lee Se-woong, Head of Incheon’s City Branding Division.