Korean Pharma and Running App Employ NFTs to Promote Fatigue Relief

Travala.com, the Cayman-incorporated company that provides crypto-native travel booking service, has unveiled an enticing offer for Bitcoin investors, involving cashback paid in the leading cryptocurrency in collaboration with the AVA Foundation. This initiative, announced by the firm on the X social media platform on March 7, aims to reward travelers who pay for their bookings in Bitcoin, encompassing an array of travel options, from flights to hotels and activities spanning across three million destinations globally.Photo by Kanchanara on Unsplash10% BTC cashbackUnlike traditional cashback systems, where waiting periods for rewards can be lengthy, Travala.com ensures swift crediting of Bitcoin cashback into users' accounts within 24 hours after the completion of their trips. As part of this offer, cashback will be paid to the value of 10% of the customer’s spend, payable in Bitcoin. Since its establishment in 2017, Travala.com has positioned itself at the intersection of cryptocurrency and travel, offering a diverse platform for bookings across various properties, activities and airlines. With support for over 90 digital currencies, the platform remains focused on cryptocurrency adoption, while aiming to provide value and flexibility for its users. Mass adoption opportunityJuan Otero, CEO of Travala.com, emphasized the growing appeal of Bitcoin to mainstream audiences, buoyed by recent developments like the approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States. Otero sees this initiative as a means to broaden the adoption of crypto for everyday transactions, providing travelers with an efficient way to utilize reward programs. The move towards Bitcoin-based rewards reflects the early stages of an industry-wide shift in travel loyalty programs. With traditional points-based systems losing traction, there's a burgeoning demand for innovative incentive schemes. Steve Hipwell, a contributor to the AVA Foundation, highlighted the success of the AVA Smart Program, which has already distributed over $2.1 million worth of travel rewards in AVA tokens to customers who completed trips booked through Travala.com. By integrating direct Bitcoin rewards, the aim is to capture an additional segment of travelers seeking ways to save on their journeys. Bitcoin stands out as one of the top three payment methods on Travala.com, accounting for approximately 9% of travel bookings on the platform. In 2023, travelers splurged over $5 million in BTC on flights, hotels and activities. Travel Tiger NFTsAccess to Travala's BTC cashback scheme comes with a degree of exclusivity. Users must possess a Travel Tiger NFT and stake 2,500 AVA tokens to activate Smart Diamond membership. This exclusivity stems from the limited availability of Travel Tiger NFTs, with only 1,000 in existence. These NFTs, minted on the Ethereum blockchain, serve as randomly generated utility collectibles. Market data from OpenSea places the floor price of Travel Tigers at 2.85 ETH, roughly valued at $11,165 at the time of writing. This tie-up with the AVA Foundation is not Travala’s first partnership. In November 2023 the company struck a deal with travel industry meta-search giant Kayak, allowing it to integrate with Kayak and enable platform users to search more effectively for travel deals. Back in 2019, the company had struck a similar partnership with accommodation booking platform Booking.com. 

Thailand Pushes Back Against Facebook-Enabled Crypto ScamsThai authorities are contemplating serious action against social media giant Meta (formerly Facebook), as Thailand battles against fraudulent cryptocurrency schemes and misleading investment advertisements propagated through Facebook, given a rise in the occurrence of such scams.Photo by Dan Freeman on Unsplash200,000 victimsThe Ministry of Digital Economy and Society (MDES) in Thailand has revealed that over 200,000 individuals in the country have fallen victim to fraudulent Facebook advertisements, which tout promises of massive returns through crypto-related investments and other financial opportunities. These deceitful ads have preyed on unsuspecting users, leading to growing concerns about online safety and consumer protection.The fraudulent adverts often make outrageous claims, guaranteeing daily profits as high as 30%. To add credibility, scammers even resort to using images of celebrities and renowned figures from the financial industry as fabricated endorsements. Some ads have gone to the extent of replicating the logos and symbols of the Thailand Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand to establish an appearance of legitimacy.Inadequate responseChaiwut Thanakamanusorn, Minister of MDES, acknowledged that the ministry has engaged in discussions with Facebook regarding the alarming prevalence of these fraudulent ads on its platform.Thanakamanusorn stated: “In the past, the ministry talked to Facebook all the time, but did not screen advertisers, causing damage to Thai people of more than 100,000 million baht.” Despite sending a letter to the platform requesting the removal of more than 5,301 misleading advertisements, Facebook’s response has been inadequate in addressing the issue effectively.In the face of Facebook’s reluctance to take appropriate action against these fraudulent ads and the substantial financial damage amounting to $2.8 million, MDES has issued a stern warning. Should Facebook fail to rectify the situation, MDES is prepared to pursue a court-issued shutdown order against the platform within a span of seven days.To protect the public from falling victim to these scams, MDES has advised individuals to exercise caution when encountering ads that promise exorbitant profits. Moreover, users are urged to be skeptical of endorsements from celebrities, as these images are often manipulated to deceive the public. The ministry also emphasized the importance of verifying the credentials of businesses and platforms before engaging with them.Safeguarding investorsThailand’s regulatory efforts in the cryptocurrency domain have taken a cautious trajectory. Thailand’s Securities and Exchange Commission (SEC) has stepped up its efforts to safeguard investors from crypto scams by instituting stringent guidelines against deceptive crypto marketing.As part of those guidelines, the SEC stated: “It is forbidden to advertise or persuade the general public or do any other act in the manner of supporting the deposit taking & lending service.” Acknowledging the inherent volatility of the crypto market, the SEC has mandated risk-related disclosures for all crypto trading platforms.With Facebook boasting around 48.1 million users in Thailand as of January 2023, the platform holds substantial influence, making the resolution of this issue even more critical. Striking a balance between innovation and regulatory measures is imperative to ensure that online spaces remain safe and conducive to a healthy crypto market.

SK C&C Issues Voluntary Carbon Offsets on Blockchain-Based Credit PlatformSK C&C, the information communications technology arm of South Korean conglomerate SK Group, said last Thursday that it has issued a total of 186,595 carbon offset credits through 19 projects on the blockchain-based carbon reduction certification and credit trading platform Centero.Amidst the ever-growing challenge of climate change, industries and companies around the world are attempting to reduce their carbon output and reach net zero emissions through involvement in carbon finance — specifically, carbon credit markets.Photo by Jas Min on UnsplashUnderstanding carbon marketsThere are two types of carbon markets — the compliance market, which uses a cap-and-trade system, consists of governments and companies that are legally mandated to offset their carbon emissions. On the other hand, the voluntary carbon market (VCM) operates outside of mandatory frameworks and uses a project-based system to allow companies, organizations, and individuals to trade carbon offset credits voluntarily. Each of these carbon offset credits represents the reduction of one metric tonne of carbon dioxide or greenhouse gas (GHG) emissions. Participants in the voluntary market are mainly driven by their corporate social responsibilities, shareholder pressure, or PR motives.Revolutionizing voluntary carbon reductionCentero — short for Center of Net Zero — provides a one-stop registry service that enables monitoring, reporting, and verification of greenhouse gas reduction projects in the VCM, and issues certified carbon reduction credits to support credit transactions with companies that are pursuing net zero goals. It was developed by SK C&C and is currently operated by the KCCI Center for Carbon Reduction Certification according to the KCCI Carbon Standard, which evaluates and certifies carbon reduction efforts.Centero takes care of the entire process of voluntary carbon reduction projects, from preparation to registration and execution, credit certification, and credit distribution. Its advantage also lies in its transparent management of carbon reduction projects and resources that reflect global regulations and standards, from organizing project information to keeping records of carbon reduction credits. Companies can also buy and sell credits on Centero’s intermediary carbon credit marketplace.Voluntary carbon reduction projects span a vast range of industries, from manufacturing and chemicals to information technology (IT) and construction. Current ongoing projects include carbon capture and waste management initiatives.Notably, Centero manages all credit information and transactions using blockchain technology. It makes all relevant information accessible to companies — including information about certifiers, verification, and quantity of issued credits — thereby increasing security and transparency in transactions. Credit-related events, such as the transfer of ownership, are also managed through blockchain processes.Through its most recent achievement, Centero has demonstrated a total carbon reduction effect of 186,595 tonnes.“The mandatory market has limited corporate participation, resulting in insufficient trading volume and difficulties in handling the demand for carbon emission rights due to the strengthening of global GHG emission regulations. Through Centero, we will encourage participation from local companies and organizations in voluntary carbon reduction projects and help accelerate a privately-led voluntary carbon market,” said Bang Soo-in, Head of SK C&C’s Digital ESG Group.