Galaxia Metaverse, NFT Marketplace Pala Join Forces to Expand Blockchain Ecosystem

Singapore High Court Embraces NFTs for Financial InvestigationsA recent decision by the Singapore High Court has seen it embrace non-fungible tokens (NFTs) in financial investigations. Financial investigation firm Intelligent Sanctuary, also known as iSanctuary, has been granted permission to attach NFTs containing legal documents to cold wallets linked to a hacking incident.This innovative approach, similar to the one used in Italy and the United States to deliver court summonses recently, signals a new departure in the application of NFT technology in the legal and financial world.Photo by Choong Deng Xiang on UnsplashMoving towards tokenized legal ordersLondon-based iSanctuary set out details of the court decision in a blog post published to its website recently. A pivotal moment in this scenario was the court’s issuance of a global freezing order encapsulated within soulbound NFTs, securely linked to the specified wallets. Soulbound NFTs are special types of NFTs which are tied to a user’s account. They cannot be transferred or traded.Although these NFTs do not halt transactions, they serve as powerful deterrents, notifying counterparties and exchanges about the wallets’ dubious past involvement in a hacking event.Monitoring fund movementsFurthermore, iSanctuary has unveiled an ingenious strategy to actively monitor funds leaving these wallets through the NFTs. This innovative method ensures a permanent and unbreakable connection between the NFTs and the wallets.iSanctuary recounted on its website that it was employed by a businessperson who had lost $3 million in crypto assets and was able to track the stolen funds successfully. Their method, which combines both on-chain and off-chain evidence, was presented by an iSanctuary senior investigator to the Singapore High Court. This led to the issuance of a worldwide injunction.iSanctuary’s financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime, and the court approved their use of NFTs for service delivery.Mintable collaborationiSanctuary accredited Singaporean NFT marketplace Mintable as the creator of the NFTs. As reported by local news media outlet The Straits Times last week, this case revolved around a stolen private key and the alleged involvement of Singapore-based crypto exchanges in laundering the stolen assets. The fraudsters, purportedly from Singapore, are alleged to have orchestrated this saga that spans countries from Singapore to Spain, Ireland, Britain, and other European territories.Taking to X (formerly Twitter) to comment on the saga, Mintable founder Zach Burks stated:”Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!”In a subsequent post, Burks highlighted further NFT-related innovation when pointing to a central bank digital currency (CBDC) pilot program led by Mastercard that implicated the use of NFTs to stamp out fraud. Mintable supported that particular use of the technology within that project.iSanctuary’s founder, Jonathan Benton, emphasized the impact of the recent initiative, calling it a “game changer.” The approach enables swift action, allowing for the identification of illicit asset holders and expediting the issuance of civil or criminal orders, even red flags, within hours if necessary. It also demonstrates that NFTs can be put to good use, above and beyond speculative trading.

EDUM – a blockchain project run by educational and professional services provider Jinhak’s subsidiary Dream Ladders – has signed a strategic business deal with Web3 firm Metaverse.Network (MNet), according to an article published by South Korean news outlet Maeil Business Newspaper on Friday (KST). Through this agreement, EDUM will be able to strengthen its Web3 platform to help promote effective learning and implement various services within metaverse parameters.Photo by Kelly Sikkema on UnsplashLearning for everyoneEDUM is a Study-to-Earn (S2E) blockchain project that aims to provide learners with affordable, high-quality educational services. Users will be able to earn rewards in the form of EDUM or EDUMP tokens when using different functions on the EDUM mobile application. EDUM is the project’s market-based utility token that can be cashed through external exchanges or even swapped with EDUMP, which has a fixed value and can only be used within the EDUM ecosystem. EDUMP tokens can also be used for purchasing NFTs or lectures on the EDUM platform. MNet’s technological prowessMeanwhile, MNet is a blockchain network operated from headquarters in Singapore. Backed by an Ethereum Virtual Machine (EVM) and WebAssembly (WASM) smart contract playground, builders can develop Web3 decentralized applications (dApps) for Web2 users. Notably, it has secured an investment from global blockchain investment company Animoca and is a key technological partner of the blockchain platform Polkadot. "We will continue to expand the success story and ecosystem of the EDUM project through continuous partnerships with various companies," said Yoo Sung-won, CEO of Dream Ladders. EDUM also recently teamed up with layer 1 blockchain XPLA to expand blockchain-based educational services and increase the role that Web3 can play in various fields.

Datachain Secures Funding from Japan’s MUFG to Advance Blockchain Interoperability InitiativesDatachain, a Japanese blockchain interoperability solution provider, has secured funding from Mitsubishi UFJ Financial Group (MUFJ), one of Japan’s largest banking institutions, according to a press release. This investment will boost their collaboration as they work together to advance ongoing initiatives involving stablecoins, security tokens, and cross-chain technology.Photo by Shubham Dhage on UnsplashGrowing token marketIn a joint report by the Boston Consulting Group (BCG) and Singapore-based investment platform ADDX, it is projected that the market for illiquid asset tokenization could reach $16.1 trillion by 2030 (as a conservative estimate) or potentially $68 trillion in a best-case scenario. This growth in the illiquid asset tokenization market, coupled with the expanding stablecoins and cryptocurrencies market, is expected to drive the overall digital asset market’s expansion.Cross-chain techDatachain will collaborate with MUFG and other partners to develop an infrastructure that enables the transfer of digital assets across different blockchains. Boasting prowess in cross-chain technology, Datachain has been conducting tests and collaborative research with numerous companies in Japan and abroad. Notably, Datachain has been working closely with MUFG to drive initiatives utilizing stablecoins scheduled for issuance and distribution through the Progmat Coin stablecoin platform.Moreover, Datachain, MUFG, and cross-chain bridge provider TOKI will form a three-way partnership aimed at commercializing the issuance and distribution of stablecoins on public blockchains like Ethereum between April and June 2024.Datachain is also collaborating with MUFG to promote cross-chain settlements involving security tokens based on stablecoins. Their goal is to realize this initiative in cooperation with securities firms by 2024.Starting with this new funding, Datachain plans to expedite its business expansion by seeking investments from other companies that can create synergies.Tomohiro Kimura, Director and Managing Executive Officer at MUFG, commented on the investment, emphasizing MUFG’s commitment to the digital asset market’s anticipated growth. According to Kimura, MUFG has established and promoted Progmat Coin in preparation for the expanding digital asset market. Highlighting that multi-chain and cross-chain transactions are essential to the future of digital assets, Kimura expressed delight over MUFG’s investment in Datachain, citing the blockchain company’s unparalleled expertise in key technology areas such as multichains and cross-chain transactions. He also highlighted MUFG’s increased involvement as a shareholder in Datachain, underlining its dedication to making a substantial impact in the digital asset market.