Korean Blockchain Game Publisher Joins UNGC to Bolster ESG Management

Ant Group Targets Web3 Developers With New Brand LaunchChina’s Ant Group, the powerhouse firm behind the world’s largest mobile payment platform, Alipay, has made a strategic move by introducing its new blockchain-focused sub-brand, ZAN.The initiative signals Ant Group’s intention to carve out a specific niche in the blockchain sector while simultaneously preparing for a potential initial public offering (IPO) that is free from its affiliations with Web3.Photo by Denys Nevozhai on UnsplashOffering a suite of solutionsZAN’s unveiling, which was announced in an official press release via Business Wire on Friday, heralds a comprehensive suite of technical solutions and services catering to both institutional players and individual developers in the Web3 ecosystem. At its core, ZAN offers a solution that enables Web3 companies to seamlessly issue and manage real-world assets (RWAs) while adhering to local regulatory frameworks.But ZAN’s ambitions don’t stop there. The brand aspires to revolutionize the Web3 landscape with a suite of technical offerings, including cutting-edge tools for electronic Know Your Customer (KYC) procedures, anti-money laundering (AML) measures, and Know Your Transaction (KYT) checks, all purpose-built with a view towards achieving the highest levels of compliance.Focus on dAppsMoreover, ZAN will also focus its attention on decentralized applications (dApps) through its provision of smart contract reviews and node services. These services, including remote procedure calls (RPCs), are poised to empower developers, offering them the essential tools they need to craft innovative dApps that can thrive within the Web3 ecosystem.ZAN’s journey has already seen notable partnerships, with HashKey DID, a decentralized identity data aggregator in the Web3 space, announcing its adoption of ZAN’s electronic KYC solution during the Hong Kong Web3 Festival in April.This move by Ant Group aligns with its reported intention to segregate its blockchain subsidiary from its core entity. In July it emerged that the company was restructuring with implications for its blockchain activities having been envisaged at the time. Given the size of the enterprise, the adoption of blockchain by Ant Group thus far has played a pivotal role in furthering blockchain use and implementation within Mainland China.IPO and further expansionThis separation is expected to be a pivotal step for the company in securing a financial holding license in China, further underscoring Ant Group’s interest in pursuing compliance and regulatory alignment.Ant Group had ambitious plans for a $30 billion initial public offering (IPO) in Hong Kong and Shanghai in 2020, with a staggering $226 billion valuation at the time. It’s evident that the financial giant remains resolute in its pursuit of expansion and diversification, although it has faced regulatory obstacles in its endeavors to do so.While the IPO was thwarted by the Chinese government, it is promising for the development of blockchain within China to see that the firm is once again making strategic moves in the blockchain sector, spearheaded in this instance through ZAN.

Dunamu Restructures Leadership at Its Blockchain Research ArmDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, has implemented leadership changes at its blockchain research arm, Lambda256. That’s according to a report by local media outlet Decenter.Photo by Lea L on UnsplashCo-leadership structureStarting this month, Lambda256 welcomes a co-leadership structure, with tech maven Chung Ui-chung and financial specialist Park Yong-shin stepping in as co-CEOs. Each CEO holds independent signing authority. Chung previously held the role of Chief Technology Officer (CTO) at internet messaging giant Kakao, while Park Yong-shin boasts a distinguished career in public administration and finance, having passed the civil service examination and later steering the helm at Heungkuk Investment Trust Management, currently known as Heungkuk Asset Management.Tech expert and gov’t affairs specialistThe reshuffle follows the departure of former CEO Park Jae-hyun, who resigned last month. Shedding light on the division of roles, a Lambda256 official mentioned that Chung will spearhead practical endeavors, whereas Park Yong-shin will liaise with government sectors. Industry analysts perceive this strategic move as Lambda256’s intensified drive to hone its technological edge and navigate the evolving government regulations surrounding security tokens and associated blockchain ventures.Dunamu, holding a dominant 60.6% ownership in Lambda256, established the company in 2018, entrusting the leadership to Park Jae-hyun, a former employee of SK Telecom and Samsung Electronics. The subsequent year saw Lambda256 evolve into a subsidiary, rolling out blockchain platforms like Luniverse. However, financial challenges loomed, with the firm recording net losses of KRW 2.1 billion ($1.6 million) in 2020, KRW 3.7 billion in 2021, and KRW 46.5 billion in 2022.

Circle Partners with Asian Convenience Store Chain to Push USDC AdoptionCircle, the issuer of US dollar stablecoin USD Coin (USDC), has entered into a strategic partnership with Taiwanese cryptocurrency service provider BitoGroup and Taiwan FamilyMart, the nation’s second-largest convenience store chain.The primary objective of this collaboration, which Circle announced on Thursday through the publication of a statement on its website, is to expand the utility of loyalty points and enhance their intrinsic value, all the while driving the adoption in the use of USDC in Taiwan.Photo by Jiachen Lin on UnsplashFocus on loyalty pointsThe partnership introduces an innovative service known as “Points-to-Crypto,” accessible through the Taiwan FamilyMart App and the BitoPro Exchange. This service empowers customers to seamlessly convert their FamilyMart loyalty points, commonly known as FamiPoints, into digital currencies such as USDC.This conversion not only preserves the value of loyalty points but also incurs no transaction fees, effectively democratizing access to the world of cryptocurrencies. This move aligns with Circle’s overarching strategy to push the boundaries of digital asset innovation.Broader strategyCircle unveiled a broader strategy along these lines in June. The focus has been on collaborations aimed at transforming how consumers and institutions in the Asia Pacific (APAC) region engage with the digital dollar, especially USDC, to facilitate quicker and more efficient financial transactions. In June Circle acquired a full trading license from the Monetary Authority of Singapore (MAS).Last month it emerged Circle has been actively integrating its Web3 Services platform into the well-known Grab platform. Grab is Southeast Asia’s super app for transportation, deliveries, payments, and more. This integration, initially set to debut in Singapore, seeks to elevate user experiences through blockchain-enabled solutions. Grab has 25 million monthly active users in Southeast Asia.Integrating Circle’s Web3 services and bringing them to these customers eventually will mean a direct touch point for Web3 in their daily lives, and the active use of a digital wallet for each and every one of them.This latest development assumes significance in Taiwan due to the country’s high density of convenience stores, where loyalty points hold substantial value. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, “Points Accumulation and Redemption” ranked as the most practical function among four primary retail app functions in their 2021 consumer behavior survey.Local industry partnersBitoGroup, one of the primary partners in this initiative, boasts a membership base nearing 800,000 and holds a market share of approximately 90% in Taiwan. BitoGroup offers a diverse range of services, including BitoPro, a cryptocurrency exchange; BELS, an NFT empowerment platform; and O2 META, which is a metaverse-focused social media platform.For nearly a decade, Taiwan FamilyMart and BitoGroup have offered customers the ability to purchase Bitcoin at convenience store locations nationwide. This new partnership signifies a shift from physical convenience stores to online experiences, enabling access to innovative financial tools and reinforcing Taiwan’s position as a digital economy leader.This latest partnership marks a significant milestone in bringing Web3 and digital currency into active and mass market use among ordinary people in Taiwan. The development coincides with Taiwan’s legislature and regulators currently working on the introduction of a regulatory framework for digital assets.