MEVerse and XPLA forge partnership to herald new era of blockchain gaming

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

Boyaa Interactive Greenlights $5 Million Investment in Bitcoin and EtherBoyaa Interactive International Limited, a Hong Kong-based investment holding company with a track record in developing online chess, card, and puzzle games, has made a strategic move with a proposed investment in digital assets.The company’s board of directors has recently given the green light for the allocation of a substantial budget amounting to $5 million for the purpose of acquiring cryptocurrencies.Photo by Traxer on UnsplashWeb3 positioningThe Chinese company, incorporated in the Cayman Islands, announced the move as Boyaa Interactive seeks to position itself for a dynamic shift into the realm of Web3.While the exact allocation breakdown was not detailed in the disclosure, the company outlined that its primary focus would be on procuring established cryptocurrencies, specifically Bitcoin (BTC) and Ether (ETH). Boyaa Interactive intends to execute these purchases through regulated and licensed trading platforms within the upcoming year.In a letter addressed to its shareholders and potential investors, the company emphasized the strategic nature of this decision:“The purchases of cryptocurrencies are for the consideration of the Group’s future business layout into the field of Web3. The Board is of the view that the purchases of cryptocurrencies (including mainly Bitcoin (BTC) and Ether (ETH)) by the Group are in the interests of the Company and its shareholders as a whole.”A challenging recent historyThe move towards cryptocurrencies is a significant pivot for Boyaa Interactive, a company that has navigated a series of challenges in recent years. In 2018, the company’s Chairman and CEO, Zhang Wei, faced legal troubles and was sentenced to 12 months in prison for bribery, which led to his resignation from all executive and management positions.Subsequent restructuring saw Dai Zhikang stepping in as the new Chairman of the board, while Tao Ying assumed the role of an Executive Director and Chairman of the Nomination Committee.Financially, Boyaa Interactive experienced a tough period marked by revenue contraction. The company reported revenue declines over the course of 2018, largely attributed to a governmental crackdown on online poker applications and the discontinuation of poker as a recognized competitive sport. Regulatory risks stemming from the Chinese government’s stance on Texas Hold’em poker games resulted in a substantial falloff in revenue by comparison with past performance.Funds seizureThese challenges cascaded into the following year, when the company encountered a substantial freeze on its funds. In 2019, a Chinese court ordered the freezing of RMB 635 million (approximately $88.6 million) belonging to Boyaa Interactive, following the legal actions against Zhang Wei and his associated entities.One of the company’s subsidiaries, Boyaa Shenzhen, was found guilty of offering bribes. The company responded by clarifying that the frozen funds could potentially be confiscated if linked to Zhang’s misconduct. However, Boyaa Interactive also stressed that it had not been directly implicated in the case, thus mitigating the legal risks to the broader organization.Amidst these adversities, Boyaa Interactive’s decision to invest in cryptocurrencies demonstrates its openness to adapting to changing technological landscapes and exploring new opportunities in Web3.

Hong Kong licensing success sees SEBA Bank expand APAC crypto presenceSwitzerland-based SEBA Bank AG has taken a significant step in its global expansion strategy by securing a license from Hong Kong’s Securities and Futures Commission (SFC) to manage traditional securities and digital assets through its subsidiary, SEBA Hong Kong.Photo by Ruslan Bardash on UnsplashFirst move into APAC for crypto businessSEBA Hong Kong published a statement on Wednesday to announce the milestone. It marks the crypto-centric bank’s maiden entry into the Asia-Pacific (APAC) region and expands its footprint across three regulated hubs, including Switzerland and Abu Dhabi.The acquisition of the digital asset license from the SFC provides SEBA Bank with the ability to offer regulated services pertaining to digital assets, encompassing both virtual assets and securities. The move is seen as a reflection of SEBA’s confidence in the long-established capital markets and strong appetite for investment and trading in Hong Kong.SEBA Hong Kong’s CEO, Amy Yu, expressed her enthusiasm, stating:“We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this license from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”Opening up OTC derivatives possibilitiesThe license grants SEBA Bank the authority to engage in a wide range of regulated activities related to traditional securities and digital assets within Hong Kong. This includes dealing with and distributing all types of securities, including virtual asset-related products like over-the-counter (OTC) derivatives.What is likely to give SEBA Bank’s licensed services the upper hand is their accessibility to a diverse clientele, including institutional investors, corporate treasuries, funds, family offices and high-net-worth individuals. The aim is to cater to a broad spectrum of clients seeking exposure to the digital asset landscape, from sophisticated institutional investors to individuals with substantial assets.This milestone comes after SEBA’s previous in-principle approval (AIP) for virtual asset trading services, granted in August. The full approval allows SEBA Bank to significantly broaden its product and service offerings in Hong Kong, contributing to the wider adoption of cryptocurrencies and digital assets in the region.Franz Bergmueller, Chief Executive Officer of SEBA Bank, highlighted the significance of this regulatory achievement, not only for the bank but for Hong Kong’s position as a global financial services hub. He stated:“This regulatory clarity not only benefits our business but also supplements Hong Kong’s status as a global financial services hub. The region’s robust legal system provides a solid foundation to conduct crypto-related services, and we look forward to beginning that from today.”The regulatory breakthrough achieved by SEBA Bank in Hong Kong aligns with the broader trend of evolving and expanding regulations in the digital asset space within the region. Hong Kong has been progressively adapting its regulatory landscape to accommodate the growth of digital assets.SEBA Bank’s move also echoes the welcoming environment for crypto firms in Hong Kong. As Standard Chartered-backed Zodia Custody recently announced plans to launch its services in the city, it underscores Hong Kong’s emergence as a prominent player in the APAC region. SEBA's presence in Hong Kong not only strengthens the region’s stature as a global financial services hub but is also suggestive of its interest in fostering the growth of the digital asset industry within the Chinese autonomous territory.