CrossAngle undergoes rebranding, shifting focus to ERP solution

Wemade’s NILE Launches NFT Tickets for Game Exhibition G-STAR 2023NFT Is Life Evolution (NILE), a decentralized autonomous organization (DAO) and NFT platform built on the WEMIX3.0 network of South Korean blockchain gaming publisher Wemade, is starting the sale of its NFT tickets at noon (local time) on October 25 for the upcoming global game exhibition, G-STAR 2023. The highly-anticipated event is scheduled to take place at the Busan Exhibition and Convention Center (BEXCO) in the southern port city from November 16 to 19.Photo by Pete Linforth on PixabayNFTs as admission ticketsJointly prepared by Wemade and G-STAR, these NFT tickets are called Real World Event NFTs, functioning as admission tickets and vouchers for special merchandise. One noteworthy feature is that they undergo changes in appearance upon use, a characteristic inherent to dynamic NFTs.The sale of these NFT tickets begins on NILE’s marketplace at noon (local time) on October 25. Those interested can utilize WEMIX dollars (WEMIX$) via the WEMIX Wallet to purchase a daily NFT ticket for their chosen day of attendance at the event.Game enthusiasts will also have the chance to witness Wemade’s latest games at BEXCO. The Korean game company mentioned that it has reserved a significant space at the exhibition hall to showcase two of its newest games: the MMORPG “Legend of YMIR” and the sports game “Fantastic4 Baseball.”WEMIX and Chainalysis partnershipAlong with its gaming and NFT endeavors, Wemade has been taking steps to fortify the security of its ecosystems. On the day of the NFT sale kickoff, the WEMIX Foundation, a subsidiary of Wemade, announced its strategic partnership with Chainalysis, a blockchain data analytics company. This collaboration will bolster the security of storage and transactions of assets within Wemade’s omnichain network. The network is being developed through a project known as “unagi,” which stands for the Unbound Networking and Accelerating Growth Initiative.Established in 2014, Chainalysis has worked with government agencies, cryptocurrency exchanges, financial institutions, insurance companies, and cybersecurity firms in over 70 countries. They offer services to safeguard customers and combat virtual asset-related crimes.Through this partnership, the WEMIX Foundation seeks to operate a comprehensive risk and compliance program via Chainalysis’ data platform. This will help minimize potential risks associated with illicit activities like money laundering while maintaining a smooth user experience.The foundation will also engage with Chainalysis’ Crypto Incident Response service, enabling immediate tracking and recovery of assets if hacked or stolen.Regarding this development, the WEMIX Foundation underlined that its alliance with Chainalysis will enhance the transparency and reliability of both the WEMIX3.0 mainnet and the unagi omnichain ecosystem.

About three years ago, in March 2021, the South Korean financial regulators implemented the Specific Financial Transaction Information Act to ensure that local cryptocurrency exchanges provide safe and sound crypto trading services to investors. It was also a move to prevent exchanges and investors from engaging in illicit money laundering practices.  However, the law has come across as a hassle to many crypto exchanges, as they were required to undergo verification processes to prove their reliability and to receive real-name accounts from banks. These accounts enable their users to trade crypto against the Korean won, helping exchanges stand out in the fiercely competitive crypto market amid surging Bitcoin prices. At the moment, only five crypto exchanges in Korea are qualified to provide such services. Bithumb, one of these few qualified fiat-to-crypto exchanges, has renewed its real-name account contract with NH Nonghyup Bank (NH Bank) for six more months, according to local news media Yonhap News Agency. Photo by Robin Jonathan Deutsch on UnsplashVarious factors in play for relatively short renewalCrypto insiders say that extending the contract for only six months appears to be quite a conservative move, as Bithumb has been making a year-long contract with NH Bank every year since 2018. Experts suggest various factors may have influenced Bithumb's decision, including the volatile crypto market, the Virtual Asset User Protection Act becoming effective in July and the exchange's planned initial public offering (IPO).  Some say the relatively short renewal of the contract comes after a flurry of complaints from Bithumb users about the unfavorable user experience, including the cumbersome process they must go through to increase the deposit limit of their real-name accounts linked to Bithumb. This appeared to have prompted Bithumb to feel reluctant about the 6-year-long collaboration and seek a partnership with another bank such as KB Kookmin Bank or the online-only Kakao Bank, according to local media Bizwatch. One bank official said that the relatively short renewal reflects Bithumb and NH Bank's commitment to addressing the inefficiencies of crypto transaction services, as the two companies plan to enhance their investor experience and marketing efforts over the next six months.  Crypto boom drives partnership between exchanges and banks NH Bank appears to be persuading Bithumb to maintain their partnership, one bank official said, because providing real-name accounts to crypto exchanges not only benefits exchanges but also banks. Having young crypto investors – mostly in their 20s to 40s – open real-name accounts at banks is seen as a significant opportunity to expand their customer base. One crypto insider said the ability to issue real-name accounts usually puts banks in a superior position when entering a partnership with crypto exchanges, but that doesn't seem to be the case in times like this when the crypto market is bullish more than ever.  

UAE Accelerates Cross-Border Payments with JPMorgan’s OnyxFirst Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), has ventured into the world of blockchain technology through a partnership with JPMorgan and its Onyx blockchain.Photo by Kamil Rogalinski on UnsplashFast tracking cross-border transactionsInternational financial transactions have long been afflicted by intricate procedures and snail-paced response times. These challenges have been particularly acute when it comes to cross-border payments. In response, FAB will utilize JPMorgan’s Coin Systems in order to expedite and streamline such cross-border payments.Powered by blockchain technology, JPMorgan’s Coin Systems advocates for swift transfers and settlements through a secure, distributed ledger. This collaboration between FAB and JPMorgan’s Onyx division was announced via a press release published on Tuesday (local time).The initiative represents FAB’s efforts towards leveraging cutting-edge technology, while improving and redefining the customer experience. While the initial testing phase was a success, it’s merely a prologue to FAB’s broader plans to utilize the technology for global transactional banking.With assets totaling AED 1.1 trillion ($312 billion) as of mid-2023 and laudable ratings from Moody’s, S&P, and Fitch, FAB maintains a significant presence in banking in the Middle East region.Onyx blockchainJPMorgan launched its Onyx blockchain in 2020 as a permissioned blockchain network. It is understood that the network processes daily transactions to the value of between $1 billion and $2 billion through partnerships established with banks in the Middle East, Europe, and India. Among the services offered by Onyx Digital Assets are tokenized US treasury bonds and mortgage-backed securities alongside its JPM Coin.JPMorgan is not alone in terms of top-tier banks and financial services firms who are delving into the world of blockchain. Rivals such as Citi announced its Citi Token Services product offering in September. It’s a blockchain-based service that utilizes tokenized deposits for the purpose of trading and providing liquidity.Meanwhile, payments firm Mastercard announced that it was performing testing on its Multi Token Network in June. For its part, JPMorgan has also been a participant in Singapore’s Project Guardian, a collaborative initiative led by the Monetary Authority of Singapore in conjunction with the financial services sector, centered on asset tokenization.Bahrani partnershipThis latest collaboration follows hot on the heels of JPMorgan’s partnership with another Middle Eastern bank last month. Bank ABC, which is headquartered in Bahrain, became the first Middle Eastern bank to utilize JPMorgan’s Onyx Coin Systems for faster cross-border payments.That initiative also had the support of Bahrain’s central bank. At the time of the launch of the collaboration, Central Bank of Bahrain Governor Rasheed Al Maraj stated:”After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”