Korean Banks Look into Safer Crypto Investment Amid Wealth Management Growth

MARBLEX Announces Game Tokenomics Revamp and New Game TitleMARBLEX, the blockchain subsidiary of South Korean game developer Netmarble, said Thursday that it will revamp its game tokenomics strategy, which will debut in Ring Games’ Stella Fantasy game.Photo by Mateo on UnsplashRevolutionizing in-game currencyAs part of the game tokenomics overhaul, MARBLEX plans to incorporate the use of its native token, MARBLEX (MBX), directly into its upcoming game title. In particular, the new gMBXL token, which is directly linked to the existing MBXL bridge token at a 1:1 ratio, will be issued on the game chain instead of each game having its own base in-game currency. gMBXL offers key advantages such as high-speed transactions and enhanced utility, thus guaranteeing more efficient game-specific tokenomics and an improved gaming experience.Paving the way to a new tokenomics eraThe first game to feature this new tokenomics framework will be Stella Fantasy — an online character collectible action role-playing game (RPG) developed by Ring Games where players can embark on adventures in the fantasy-inspired world Reterra. Since the launch of its PC version in April, the game has garnered praise from gamers around the world for its high-quality anime-style graphics and immersive gameplay. The mobile version was released at the end of last month.“We have initiated collaboration with external game studios, starting with Stella Fantasy as our first title,” MARBLEX said in a statement. “With a well-established ecosystem, we are committed to continuously securing AAA games.”MARBLEX also recently updated its multichain service Warp, allowing BNB Chain users to access services within the MBX ecosystem.

Centralized decentralized finance (CeDeFi) protocol NEOPIN is gearing up to launch NEOPIN Bridge, a platform designed to bridge the Finschia network with Ethereum Virtual Machine-based (EVM) networks like Ethereum and Klaytn. According to an official announcement via Medium on Tuesday (KST), the service will be launched by the end of February.Photo by Shubham's Web3 on UnsplashLinking ecosystemsEver since its establishment of an official partnership with the Finschia Foundation last month, NEOPIN has been developing Finschia’s first EVM-compatible bridge. The project is intended to facilitate the process of exchanging cryptocurrencies for users on the Finschia, Ethereum and Klaytn networks. This will enhance the development and liquidity of the Finschia and Klaytn ecosystems through the integration of Ethereum-based stablecoins.  Currently, NEOPIN’s DeFi protocols are accessible only through the NEOPIN Wallet. But with NEOPIN Bridge, user accessibility and convenience will be enhanced through provided support for various wallets like MetaMask, Kaikas, DOSI Vault and more. New services will also be implemented, including token swaps for users to transfer the converted Finschia tokens (FNSA) through the bridge. NEOPIN is the only DeFi protocol that simultaneously supports both the Finschia and Klaytn mainnets, who recently announced a joint proposal for the Dragon DeFi Initiative – a project to build a DeFi ecosystem active on both the Finschia and Klaytn mainnets. NEOPIN’s strengthsWith a record of zero incidents including stake slashing since 2018, along with a 99.99999% block generation rate, the protocol touts a clean track record in node validation across multiple blockchains, emphasizing its dedication to trust and stability. “NEOPIN is recognized for its robust security and reliability, serving as a role model for the Abu Dhabi DeFi regulatory framework. The launch of our self-developed NEOPIN Bridge is a significant stride towards encouraging the growth of the Finschia and Klaytn ecosystems,” said Ethan Kim, CEO of NEOPIN.

Crypto.com Halts Institutional Exchange Service in the USCrypto.com, the Singapore-headquartered cryptocurrency trading platform, has announced the suspension of its institutional exchange service in the United States starting from June 21.Photo by Carl Revell on UnsplashResponding to market conditionsThe decision to halt the service is primarily attributed to limited demand from institutional clients, exacerbated by the challenging market conditions prevailing at present. According to a statement released by Crypto.com, advanced notice was provided to the platform’s institutional users regarding the suspension of the service.However, it is important to note that Crypto.com’s retail mobile application and platform will continue to operate normally in the US. “We recently made a business decision to suspend the institutional offering of the Crypto.com exchange in the US as of 11:59 pm EDT June 21, 2023, due to limited demand from institutions in the US in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition,” the statement clarified.Despite the cessation of institutional services, American retail users can still access CFTC-regulated cryptocurrency derivatives trading offered by Crypto.com. Additionally, the UpDown Options feature remains available, enabling users to open long or short trading positions on the future movements of various cryptocurrencies.Crypto.com has expressed openness to the possibility of relaunching its institutional exchange in the United States in the future, indicating that the suspension is not necessarily permanent.CoinRoute integrationIn more positive news, on Thursday the firm announced that it had entered into a collaboration with smart order routing and trade execution service provider CoinRoute to integrate its service with the platform. Crypto.com Managing Director, Giuseppe Giuliani, said that “the integration aligns perfectly with our mission to accelerate the world’s transition to cryptocurrency by providing institutional-grade solutions that enhance the liquidity environment for cryptocurrencies.”CoinRoute’s algorithmic crypto trading technology is already live on the Crypto.com platform.While Crypto.com adjusts its offerings in the US market, it recently received a major payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS). This regulatory approval allows Crypto.com to continue providing its services in Singapore.Further evidence that the exchange business continues to find ways to propel itself forward includes its recent move to update its service offering to include the use of artificial intelligence-based technology. Additionally, last month it set out plans to list the euro as a trading option, leveraging the liquidity of the European currency while allowing it to be traded against leading digital assets such as bitcoin, Ethereum, and USDT.The month of June 2023 has been a turbulent one for cryptocurrency exchanges operating in the United States. The Securities and Exchange Commission (SEC) has initiated legal proceedings against both Binance.US and Coinbase, accusing them of various securities laws violations. The actions of the SEC have drawn criticism from the broader cryptocurrency community, as the regulatory crackdown in the US appears to be intensifying nearly eight months after the collapse of Bahamas-based cryptocurrency exchange, FTX.As the cryptocurrency industry continues to navigate evolving regulatory landscapes, market participants are closely observing developments in the US and other jurisdictions, which could have far-reaching implications for the future of digital assets.